The pharmaceutical industry has been a whirlwind of highs and lows for investors over the past two decades. The high-risk, high-reward nature of drug development, coupled with the cyclical pattern of new drug launches and patent expirations, has seemingly lost its allure for many investors over the past 20 years.

However, amid this challenging landscape, some early stage biotech firms have still managed to deliver life-changing returns for their early shareholders. At the same time, several big pharma companies continue to offer attractive valuations and dividend yields.

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Source Fool.com