I sold ABT about a year ago. Not bearish - just seemed like there were more promising stocks out there. I am also concerned about the possible impact of oral RA drugs. I do also own a little PFE as well right now - just seems so cheap. I've also owned Novartis because I like their science, but for some reason got impatient and sold. The only other big cap I've owned in size is Teva - got them when they acquired Ivax back in 2005 and held them until last year.
My general concern with owning big pharma is that I just don't follow them closely enough to have real any reason to believe that I can beat the market's view on them. Basically the analysts understand them better than I do.
NVO I like for basically your demographic tailwind argument - diabetes is such a growing market that a good company in the space is very likely to do well. (I bought my NVO in June 2009 - it's been more than a double since then). So it's mostly a "buy and forget" type of stock.
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