Sentiment does seem quite negative towards the pharmas, and I wish you luck, but I personally won't use long-term money at such an EV/FCF multiple (18).
Short-term, maybe the PPH can make a nice divergent lower low in the coming months? That's what I will be waiting for to do some searching around for bargains.
How do you feel about FRX now? Buying a little if it gets to around 32 sounds quite reasonable, but I have no insight into the patent lawsuit with Ivax. How about you?