These companies are investing heavily into their pipelines and the payoff for long-term investors can be substantial.

Investing in pharmaceutical stocks can carry risks. It's not always clear which drugs will be successful and turn into blockbusters for their respective businesses. As a result, it can take years before investors see significant gains from these types of investments.

But one way you can stack the odds in your favor is by going with businesses that have significant pipelines and that also have excellent track records for growth and innovation. Two companies that easily check off both boxes are Eli Lilly ( LLY -0.97% ) and AstraZeneca ( AZN -1.18% ) .

Here's why these can be solid pharma stocks to buy and hold not just for years, but decades.

Eli Lilly

El

See Full Page