Because of the Memorial Day holiday, the next Sivy on Stocks column will be published on Tuesday, June 1.

NEW YORK (CNN/MONEY) -- Judging by current price/earnings ratios, investors think that pharmaceuticals stocks have less growth potential than makers of laundry detergent.

How can this be? It wasn't so long ago that Big Pharma was one of America's top growth businesses and that the stocks carried P/Es of 35 or more. Moreover, the current environment ought to favor drug stocks, which are classic defensive businesses.

But drug stocks have lost their glamour factor almost entirely.

Admittedly, the industry faces some problems -- but I think that they are overstated. Moreover, at present prices, I believe that the shares of top drug companies fully discount the bad news.

Continued...