We're not in a new bull market yet. However, the major indexes -- especially the Nasdaq Composite Index -- aren't too far away from bull territory.

Three Motley Fool contributors have identified their picks for no-brainer stocks to buy in a new bull market. Here's why they chose Novo Nordisk (NVO -0.84%), Pfizer (PFE 3.64%), and Vertex Pharmaceuticals (VRTX 1.25%).  

Exceptionally strong growth prospects 

David Jagielski (Novo Nordisk): In a bull market, investors pay less attention to earnings multiples and are often more willing to pay a big premium for growth stocks. While Novo Nordisk isn't a cheap stock right now (it trades at more than 40 times its trailing earnings), its valuation could still climb even higher. Between the growth it's going to achieve through the sale of Ozempic and Wegovy (its diabetes and weight-loss treatments) and commanding a higher multiple for all that potential, investors can still earn a great return from buying the stock right now.

The Ozempic craze has helped propel Novo Nordisk stock to a new 52-week high. Obesity is a growing problem that's linked to many illnesses. There's a big incentive besides just appearance for people to keep their weight under control. According to analysts at Grand View Research, the U.S. market for weight supplements is projected to grow at a compounded annual growth rate of 22.5% until 2028. The demand is strong for weight-loss treatments and supplements, which is why Novo Nordisk has some exciting growth prospects. In clinical trials, Wegovy (which is approved in the U.S. to treat weight loss) has shown the ability for patients to lose, on average, about 15% of their body weight.

Last year, the company's obesity-care sales jumped by 101% (84% when factoring out foreign exchange), which helped Novo Nordisk's bottom line also rise by 15% to 55.5 billion Danish krone ($8.2 billion). The company's profit margin is more than 31% of revenue and puts the business in a great position to see its bottom line soar along with sales. That also means that a high-earnings multiple could look lower in the future as the business' profits continue to rise. Novo Nordisk estimates that of the more than 764 million people with obesity in the world, only 2% are treated medically, presenting a fantastic opportunity for the company.

In a bull market, the stock should be an even hotter buy than it is right now. And while its valuation may appear expensive, a few years from now today's price could look like a bargain with all the growth that the company could generate by then.

A deeply overlooked pharma giant

Prosper Junior Bakiny (Pfizer): It isn't easy to know whether the market has fully recovered from last year's downturn, but history tells us it will happen eventually. One excellent stock investors should consider buying before then is Pfizer. This drugmaker is a bit of a victim of its success. After beating its annual-revenue records last year, sales are bound to shrink substantially along with the rest of the COVID-19 vaccine market. 

Here's why that's no problem for long-term investors. Pfizer is well on its way to replacing its COVID-19 lineup. The recently announced acquisition of oncology specialist Seagen will help, but even without that, Pfizer has a deep pipeline. The company boasts 23 programs in phase 3 studies and 16 in the registration phase that are being considered by regulatory authorities for approval.

Some are already commercialized products seeking new indications, but many are brand-new medicines or vaccines that will broaden Pfizer's portfolio and drive top-line growth for years. Pfizer also probably isn't done with acquisitions. The company's lineup will almost certainly get another boost relatively soon. And while all that happens, Pfizer's shares continue to decline; they are already down by 18% this year. In my view, this drop is hardly justified given the drugmaker's prospects. 

Things could reverse quickly for the company once market and economic conditions change and Pfizer starts delivering regulatory wins one after the other. More importantly, Pfizer has set a solid foundation for long-term success in the past couple of years, largely thanks to the money it has made in the coronavirus market. Investors should take notice before it's too late.

Ready for the bulls (or the bears)

Keith Speights (Vertex Pharmaceuticals): Shares of Vertex Pharmaceuticals performed quite well during last year's bear market, soaring over 30%. The biotech stock is off to a pretty good start in 2023 as well with a double-digit percentage gain.

Vertex's success so far has been driven by its cystic fibrosis (CF) franchise. The company still has plenty of room for growth with its CF drugs. However, Vertex's opportunities beyond CF are even greater.

One of those opportunities is just around the corner. Vertex and partner CRISPR Therapeutics have already filed for approvals for exa-cel in treating rare blood disorders sickle cell disease and transfusion-dependent beta thalassemia in the U.S. and Europe.

Vertex has two other programs that could launch in the near term. Late-stage testing of non-opioid pain drug VX-548 should wrap up by late 2023 or early 2024. The company is also evaluating a triple-drug CF combo in late-stage testing.

In addition to these candidates, Vertex has great expectations for inaxaplin in treating APOL1-mediated kidney disease. It also has a promising early-stage program that holds the potential to cure type 1 diabetes.

With its multiple potential catalysts, I think that Vertex will continue its winning ways. And I suspect it will do so whether there's a bull or bear market.