If you see news about the pharmaceutical industry today and it isn't directly about GLP-1 weight loss drugs, it's likely to include at least a mention of this new class of medications. GLP-1 drugs are an exciting development, for sure. However, Wall Street has a bad habit of getting so myopically focused on one thing that stock prices become irrational.

This is why you might want to look at Bristol Myers Squibb ( BMY +0.40% ) and Merck ( MRK +0.20% ) today. Here's a look at each one.

The GLP-1 poster child

You need to have a reference point when you examine valuations. Right now, the best reference point is GLP-1 leader Eli Lilly ( LLY +0.23% ) . There's no question the company is doing exceptionally well right now, having taken the pole position in a hot new d

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