AbbVie (NYSE: ABBV) and Johnson & Johnson (NYSE: JNJ) battle each other in the marketplace every day. But they also are partners. That's not an unusual scenario in the biopharmaceutical world today.

Since being spun off from parent Abbott Labs (NYSE: ABT) in 2013, AbbVie stock's performance has more than doubled that of Johnson & Johnson. The two companies face different opportunities and challenges in the years ahead than they have in the past, though. So which big pharma stock is the better buy now?

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The case for AbbVie

Investors typically fall into one of three categories: growth, income, or value. AbbVie is one of those relatively rare stocks that offer something to each type of investor.

AbbVie's historical growth stemmed primarily from Humira, the top-selling drug in the world. The autoimmune-disease drug continues to generate 65% of AbbVie's total revenue. And sales for Humira keep growing. AbbVie projects the drug's sales will approach $21 billion by 2020.

Future growth, though, will be driven by other products. At the the top of the list is Imbruvica, which AbbVie co-markets with Johnson & Johnson. Sales for the cancer drug jumped 40% last year and peak annual sales could top $7 billion within a few years. AbbVie's new hepatitis C drug, Mavyret, is expected to become the company's next blockbuster.

AbbVie CFO Bill Chase recently stated that the drugmaker's pipeline has "almost an embarrassment of riches." The list of these "riches" includes endometriosis and uterine fibroids drug elagolix, and autoimmune-disease drugs upadacitinib and risankizumab.

For income-seeking investors, AbbVie offers a dividend that currently yields a little under 4%. Since its spinoff from Abbott five years ago, AbbVie has increased its dividend by a whopping 140%.

The stock is also priced attractively, something value investors would like. AbbVie shares trade at less than 11 times expected earnings. Factoring in the company's growth prospects makes the valuation look even better.

The case for Johnson & Johnson

How does Johnson & Johnson measure up in the three areas of growth, income, and value? Pretty well.

Johnson & Johnson hasn't achieved the rate of earnings growth or stock gains that AbbVie has in recent years. Yet the company appears to be positioned for future growth thanks to acquisitions and a strong pipeline.

Several acquisitions over the past couple of years have boosted J&J's top and bottom lines. The company's medical-device segment acquired Megadyne Medical Products, Torax Medical, and Abbott Medical Optics. Johnson & Johnson's biggest recent acquisition, however, was the $30 billion purchase of Swiss drugmaker Actelion last year.