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Stock splits have created a lot of excitement in the market in recent times, with big name players across industries announcing such operations -- from retail giant Walmart to artificial intelligence (AI) chip leader Nvidia and popular fast-casual chain Chipotle Mexican Grill. All three completed their stock splits in the first half of this year following years of stellar stock performance.

And this movement may not be over. Many other companies have seen their share prices advance over time, reaching levels that may make investing in them difficult for some investors. The idea of a stock split is to issue more shares to current investors to lower the price of each individual share. This doesn't change anything fundamental about a company -- market value and valuation stay the same. It just means that a broader range of investors can buy the stock without relying on fractional shares.

Why are investors on the lookout for the next stock split? Stock splits themselves aren't a reason to buy a stock and won't cause a stock to rise or fall. But, as mentioned, stock splits offer investors easier access to a once high-flying stock. And a split also leads us to companies that have done well in the past and often have what it takes to continue performing. So, which stocks may be next? These two healthcare stocks have soared in recent years thanks to solid revenue growth -- and at today's levels, they look ready to split.

1. Eli Lilly

Eli Lilly (NYSE: LLY) shares have climbed 300% over the past three years and right now trade for more than $900, around their highest level ever. This is thanks to a revenue pattern that looks more like a growth company than a slower and steadier-paced pharma player. Lilly's broad portfolio of products has helped revenue rise over the years, but in recent times, two products in particular have made revenue surge.

I'm talking about Mounjaro and Zepbound, two Lilly drugs that doctors regularly prescribe for weight loss. Both composed of tirzepatide, these drugs interact with hormones involved in controlling blood sugar levels and appetite. Mounjaro, approved in 2022, brought in more than $5.1 billion in revenue last year, and the more recently approved Zepbound generated more than $517 million in its first full quarter on the market.

Lilly faces competition now from Novo Nordisk and potentially competition from other players down the road, but high demand for these types of weight loss drugs means there may be plenty of revenue growth for everyone. Lilly and Novo Nordisk both have said demand has surpassed supply of their products.

Even though that's great news and Lilly's earnings growth is far from over, the company's stock price, approaching the $1,000 mark, could make some investors think twice before buying. So today, with more growth ahead that could boost the stock well into the future, sounds like a good time to launch a split. And Lilly has completed four stock splits in the past, showing the company is open to this type of operation.

2. Vertex Pharmaceuticals

Vertex Pharmaceuticals (NASDAQ: VRTX) shares have gained about 145% over the past three years. That's as the company's cystic fibrosis (CF) drugs generated blockbuster revenue and the biotech also showed its ability to successfully expand into other treatment areas.

Vertex is the world's leading CF treatment company and expects this dominance to continue through the 2030s due to its solid intellectual property. Last year, these products helped Vertex report more than $9.8 billion in annual revenue.

As for expansion into new areas, late last year Vertex won approval for blood disorders treatment Casgevy, and this year the company started its rolling submission for non-opioid pain candidate suzetrigine. The pain category could be a huge opportunity for Vertex because today treatment options are limited to often inefficacious over-the-counter options or opioid drugs that have been linked to addiction.

On top of this, Vertex may be set to ensure its long-term CF dominance with a candidate, known as "the vanza triple," that it recently submitted to regulators for consideration. The vanza triple beat Vertex's top-selling treatment Trikafta in clinical trials, and due to its once-daily format, may win when it comes to convenience too.

All of this could offer Vertex plenty of fuel for gains in the coming months and years, but as with Eli Lilly, today's share price might hold the stock back. Vertex is trading for more than $480 a share, a record high. Of course, it's far from Lilly's level and remains at a lower price than fellow biotech company Regeneron Pharmaceuticals -- but Vertex still trades at a level that's higher than other big biotech companies like Biogen and Amgen, for example.

That could prompt Vertex to, for the second time in its history, launch a stock split to lower the share price -- and potentially mark the start of a new era of gains.

Should you invest $1,000 in Eli Lilly right now?

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Adria Cimino has positions in Vertex Pharmaceuticals. The Motley Fool has positions in and recommends Chipotle Mexican Grill, Nvidia, Vertex Pharmaceuticals, and Walmart. The Motley Fool recommends Amgen, Biogen, and Novo Nordisk. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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