With the market down by more than 21% in 2022, we're officially in a bear market, and many investors are scrambling to protect themselves. And one solid way to protect your portfolio from falling share prices in the bear market is to load up on stocks that aren't having any trouble outperforming it.

On that note, there are two pharmaceutical businesses that are weathering the decline thanks to their strong financial performance and slew of positive catalysts. Here's why they're likely to continue with their winning streaks -- and why it could be worthwhile to invest $1,000 in each.

1. AbbVie

AbbVie's (ABBV -0.30%) stock is up 9.9% this year, and with a bunch of recently reported clinical trial results and green lights from regulators, it isn't too surprising why.

Most recently, on Sept. 10, it announced that a pair of its phase 3 trials of Skyrizi, a psoriatic arthritis drug that's already on the market, showed that the drug was performing favorably in long-term followup studies. The trial is investigating whether the drug can be used safely and effectively over the course of several years in patients with treatment-resistant psoriatic arthritis.

Skyrizi brought in more than $1.2 billion for the company in the second quarter alone out of its total revenue of more than $14.5 billion, and the positive update is a piece of evidence which suggests that AbbVie will be making a lot more money from the drug in the future than it is today.

And Skyrizi is far from the only medicine with a similar ramp-up in progress. Sales of Rinvoq, a medicine for ankylosing spondylitis and also for ulcerative colitis, were $592 million in the second quarter. Regulators at the U.S. Food and Drug Administration (FDA) and the European Commission (EC) both granted expansions to Rinvoq's approved indications in Q2, and that'll guarantee higher sales in both markets for years to come. Plus, AbbVie is continuing to develop both Rinvoq and Skyrizi for additional indications to keep the gravy rolling in.

If you invest $1,000 in AbbVie today and the average price target of $158.30 as estimated by financial analysts for a year from now turns out to be correct, you'll have around $1,107, which isn't half bad, especially if the market continues to fall.

2. Jazz Pharmaceuticals

The recent history of Jazz Pharmaceuticals (JAZZ -0.82%) is similar to AbbVie's, and that's why its shares are up by 1.2% even while the market is contracting sharply.

In the second quarter, it submitted its approval packet in the E.U. for Rylaze, a drug that's already been on the market in the U.S. for acute lymphoblastic leukemia and lymphoblastic lymphoma since the middle of 2021. Per management, its U.S. sales for the medicine totaled $73 million in Q2, and with an E.U. approval looming in early 2023, its revenue will almost certainly continue to ramp up sharply over the next few years. Rylaze's growth will continue to drive top line expansion for Jazz, which management expects will result in total revenue of up to $3.7 billion for 2022.

Jazz is also in the process of scaling up and launching its idiopathic hypersomnia drug called Xywav. Compared to the same quarter last year, Xywav made the company 89% more sales in the second quarter, totaling $235 million. And there should be more growth on the way as more patients get enrolled in treatment. That's yet another tailwind for the stock that'll help it keep beating the bear market, not to mention competing investments. 

Moving forward, management is expecting the company to keep growing its revenue with a compound annual growth rate (CAGR) of 13% between now and 2025. Assuming you make a $1,000 purchase of Jazz shares today and its return is in line with its one-year price target of $198.68, your investment will gain around 50.9% and leave you with somewhere in the ballpark of $1,509. That's quite attractive for such a short period, and Jazz's packed late-stage pipeline will likely help to sustain decent returns in the years that follow, too.