It's a bit of a strange world when a company growing at perhaps 5% per year, with downside risks, trades at 23X TTM EPS (historical GAAP numbers), but that's completely par for the course. The S&P 500 trades near 25X TTM EPS.
Some competitors to Roche Holding AG (OTCQX:RHHBY) trade much pricier than it does. Pfizer (NYSE:PFE) is at 29X. Before a one-time payment to settle a patent suit that affected Merck's (NYSE:MRK) Q4 EPS, MRK was around 32X. Eli Lilly (NYSE:LLY), a smaller player, is at 33X.