The three major stock indexes all rose in January as many stocks soared. In fact, some of last year's biggest-losing stocks rebounded in the first month of 2023. But not every stock has taken part in this rally. In fact, two stocks that outperformed the S&P 500 last year are now down more than 6% since the start of the year: Johnson & Johnson (JNJ 0.67%) and AbbVie (ABBV 0.25%)..

But this isn't a sign that you should flee these healthcare giants. Motley Fool contributors Adria Cimino and Keith Speights talk about why these two stocks actually make great buys right now.

J&J's problems are temporary

Adria Cimino (Johnson & Johnson): J&J may have disappointed investors when it reported fourth-quarter earnings on Jan. 24. The company's revenue fell due to lower coronavirus vaccine sales and foreign currency headwinds, but these two problems are temporary. In upcoming quarters, J&J's revenue won't be compared to a period with high vaccine revenue. And currencies fluctuate, meaning they eventually may move in J&J's favor.

Now let's look at the long-term picture. J&J has grown revenue over time and has a broad portfolio of blockbuster products, such as immunology drugs Stelara and Tremfya. Sales of both climbed last year. J&J also has more than 100 candidates in the pipeline to support future growth.

The stock is down almost 7% so far this year, but it may have a great positive catalyst ahead. J&J is spinning off its slowest-growing business -- consumer health -- into a new entity called Kenvue this year. Consumer health revenue rose 3.9% last year on an adjusted operational basis. That's compared to growth of more than 6% for J&J's pharmaceutical and medtech businesses. So, this new structure should help lift J&J's overall growth.

It's important to remember J&J is also likely to serve investors well when it comes to dividends. The company is a Dividend King, meaning it's lifted its dividend every year for at least 50 years. This shows that sharing its successes with investors is a priority for the company. There's no reason to believe it won't continue along this path.

At this point, you might ask: What does an investor have to pay for all of this? Not much. J&J trades for about 15 times earnings estimates. That's a steal considering the company's track record, growth potential post-spinoff, and status as a top dividend stock.

Don't worry about Humira

Keith Speights (AbbVie): AbbVie trounced the market last year with a 19% gain. It's a different story in 2023, though. The big pharma stock is down more than 10% while the S&P 500 is on a roll.

What happened? Humira stands out as one likely culprit. AbbVie's top-selling drug now faces biosimilar competition in the U.S. for the first time ever. It's a foregone conclusion that AbbVie's sales and profits will decline sharply this year.

However, investors have known about the loss of U.S. exclusivity for a long time. While I suspect some are giving up on AbbVie because of this, there could be an even bigger factor at play behind the stock's year-to-date drop. AbbVie is a safe haven stock, of sorts and with the overall stock market rising, investors appear to again be shifting money to more aggressive growth stocks.

Regardless of why AbbVie's share price has fallen, I think the stock is still a great long-term pick. The company already has two successors to Humira on the market. These newer drugs plus other products in AbbVie's lineup should pave the way for a return to growth beginning in 2024. 

AbbVie's valuation is attractive, with shares trading below 13 times expected earnings. We can't leave out that juicy dividend, either. The company's dividend yield currently tops 4%. AbbVie is a Dividend King with 51 consecutive years of dividend increases.

My view is that the current pullback presents a great opportunity for patient investors to buy AbbVie.

When will J&J and AbbVie rebound?

It's too early to predict whether J&J and AbbVie will outperform the general market again this year. Declines so far may have been due to some investors locking in profits. And, in the coming weeks, it's possible investors will favor stocks that dropped last year -- and are ripe for a rebound.

But none of this changes the bright future picture for both of these stocks -- or the fact that their valuations are  compelling. And that's why now is a great time to get in on these top pharmaceutical companies.