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Designed to provide broad exposure to the Healthcare - Pharma segment of the equity market, the Invesco Pharmaceuticals ETF (PJP) is a passively managed exchange traded fund launched on June 23, 2005.

When activist investors take a stake in a pharmaceutical company, markets often cheer. The expectation is leaner operations, sharper strategy and higher stock prices.

With Q1 earnings season well underway, it was Johnson & Johnson (JNJ) giving investors a peek at how the broader healthcare sector might perform. The healthcare giant beat expectations on Tuesday in revenue ($24.1 billion actual versus $23.6 expected) and earnings per share ($2.70 actual versus $2.66 expected).

Designed to provide broad exposure to the Healthcare - Pharma segment of the equity market, the iShares U.S. Pharmaceuticals ETF (IHE) is a passively managed exchange traded fund launched on May 1, 2006.

The iShares U.S. Pharmaceuticals ETF is led by Johnson & Johnson and Eli Lilly, two stocks whose earnings per share has nearly doubled over the last twelve months. Also in IHE's top ten holdings list are lower-growth but cheaper stocks like Pfizer. Overall, this balance results in a portfolio with very appealing growth-at-a-reasonable-price statistics. My calculations show that IHE's one-year estimated EPS growth…