Pfizer (NYSE:PFE) and Eli Lilly and Company (NYSE:LLY) offer unique divergent investment opportunities in the pharmaceutical industry. Pfizer Value Investment PlayPfizer (NYSE:PFE) has seen its valuation drop significantly, to the extent of becoming a value investment play pursued by income-focused investors. Eli Lilly Growth ThesisEli Lilly and Company (NYSE:LLY), on its part, has delivered rapid revenue growth by gaining significant market share in diabetes and weight-loss drugs. Eli Lilly Investment RisksThe primary risk for Lilly is valuation, as it trades at roughly 40.7x trailing earnings, 14.3x sales, and 29.3x EV/EBITDA. Eli Lilly and Company (NYSE:LLY) offers a strong growth profile owing to a competitive edge on obesity and diabetes drugs.