Big Pharma: How Can You Not Like Them at These Prices?

Okay, I know all the criticisms of big pharma. Nevertheless, that's where the legal drugs are and the baby boomers aren't getting any younger. I bought Pfizer and recently Merck (despite the law suits) recently. I'm going to buy more. My valuation model indicates these firms are (on a discounted cash flow basis) among the most undervalued blue chips available. Yes, Virginia, I plan to profit from the behavior of these "evil" doers. (My daughter's first job after college was with Pfizer and I believe many of the criticisms depend upon an essentialist view of these firms --- firms whose creative talent and hard working researchers generate products that really do save a lot of lives.)