Bristol Myers Squibb's (NYSE: BMY) price-to-forward earnings ratio is around 9.7x, which is slightly above its five-year average. However, pharmaceutical competitor Eli Lilly (NYSE: LLY) has a price-to-forward earnings ratio of 35.6x. Compared to that, Bristol Myers Squibb looks downright cheap. And, for investors who think long-term, it could be worth buying despite Wall Street's concerns about upcoming patent losses. Here's what you need to know. The reason why investors are so enamored of Eli Lilly is that it is leading in the new GLP-1 weight-loss space. In other words, it has a hot new product, which is the type of thing that excites investors. The reason why Bristol Myers Squibb's forward P/E is so much lower is that it is set to lose patent protection on blockbuster drugs Opdivo, for cancer, and Eliquis, which treats cardiovascular issues. Image source: Getty Images.
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