Overall market valuations are high right now, but Pfizer (PFE) and Novo Nordisk (NVO) are looking cheap compared to the rest of the healthcare sector. Pfizer is trading at 9x forward earnings, well below the sector average of 18.5x. Their stock has taken a hit since 2021 due to weak financials, but they are starting over a dozen phase 3 trials this year. They are mostly focusing on oncology and a once-monthly weight loss candidate. Novo Nordisk is also trading low at 10.5x forward earnings. They have been losing ground to Eli Lilly in the weight loss market and expect a sales drop in 2026. To recover, they are pushing next-gen weight loss drugs like CagriSema and recently got new label expansions for Wegovy. Both look like decent holds if you are willing to wait for their pipelines to pan out.