Healthcare companies are facing many issues. From sovereign countries strong arming them, to less people visiting doctors and pipeline issues. But many of the stocks trade at single digit multiples and the stock prices reflect the risks.
At the same time many industrial, retail and material shares trade at twice the multiples of healthcare, even though there are clearly risks to the economy. Financials trade on "normalized" earnings which is a whole other ballgame. Recently, healthcare has started to outperform. I expect the trend to continue.