Even after many US stocks have drastically increased so far this year, I’m still hunting for the best to buy and hold for the long term. And with a fresh earnings season revealing stronger performance on the back of improving economic conditions, a lot of new growth could be just around the corner.

I’ve already started topping up some of my existing portfolio positions as well as opening new ones. So, here are two of my latest stock purchases.

The powerhouse behind pharmaceuticals

Veeva Systems (NYSE:VEEV) is not a household name. But in the world of pharmaceuticals, it’s the platform that powers almost all of modern drug development. Veeva’s platform provides a comprehensive suite of applications designed to streamline the research and commercialisation processes of medicine while simultaneously ensuring regulatory compliance.

It’s effectively the Salesforce of the life sciences industry. And it’s used by 47 of the world’s 50 largest pharma companies including AstraZeneca and GSK. With revenue and earnings increasing by an average of 22% per year since 2019, the firm’s growth has been impressive. But more importantly, it’s been pretty consistent – a trend I expect to continue, given its industry-standard status.

However, one big risk I’m watching carefully is the recent announcement of Salesforce’s new life sciences CRM solution. Many of Veeva’s customers are still using the group’s old CRM system, which was built from the Salesforce platform.

The firm is currently migrating clients to its new proprietary Vault CRM to remove this dependency by 2030. However, if Salesforce’s new solution serves as a viable alternative, customers being forced to migrate might decide to switch sides instead.

Yet, replicating Veeva’s capabilities is no easy task, neither is penetrating its 85% global market share. That’s why, despite the rising competitive risk, I remain optimistic for the long run. And subsequently, I’ve just added more shares to my portfolio this month.

A fintech comeback story

During the 2022 stock market correction, PayPal (NASDAQ:PYPL) shares were hit hard, and more than 75% of the firm’s market cap was wiped out. While I think the sell-off was a bit overblown, there was some justifiable cause for concern both surrounding its valuation and bad communication from management.

Yet the shares are actually up 50% since July 2024. The recent third-quarter results were a bit of a mixed bag as revenue fell just short of expectations. However, they also revealed significant improvements in margins.

Total payment volume increased by 9% during the three-month period to $423bn, driven largely by increased activity among existing customers. This also translated into expanding profitability, enabling earnings per share to jump 22%, beating expectations.

It seems management’s tactics of maximising the value of its existing user base are creating value. And its also capitalised on its depressed valuation with $1.8bn in share buybacks.

There are still some important factors to keep an eye on. While overall profitability has increased, transaction margins are still facing the pressure of intense competition. And with the expected 2025 IPO of Revolut, among other new fintechs, this is a threat that’s not likely to disappear any time soon.

Nevertheless, with PayPal shares trading at a forward price-to-earnings ratio of just 18.2, the growth stock is priced attractively, in my opinion. That’s why it’s on my buy list and why I’ve just bought more.