Cramer said Bristol-Myers (BMY) remains his favorite. The company reported strong third-quarter sales with 16% earnings growth and has a 5.7% dividend yield. He said while the company will be hurt by its blockbuster drug, Plavix, coming off patent in 2012, Bristol-Myers is taking steps to diversify itself and expand its pipeline to cover the shortfall.

Pfizer has 22 cancer drugs, the top performers being Aromasin for breast cancer, Camptoar for colorectal cancer and Sutent, a small molecule drug that inhibits the flow of blood to tumors. Cramer noted Sutent as Pfizer’s biggest opportunity, saying that last quarter’s sales came in above expectations and growth in the future could come from ongoing treatment of kidney, lung, liver and prostate cancer. The drug has suffered a few setbacks, but there are still six Phase III trials in Sutent that have yet to report, meaning this could be a “major blockbuster cancer drug” with multiple indications.

Cramer said Celgene (CELG) is attractive because of its blockbuster blood cancer drug, Revlimid, which is seeing a jump in sales and is about to be launched in Canada, Latin America, Japan and in other countries around the globe. The company also has other products in its pipeline, making it an attractive play for years to come, he said.

Immunogen (IMGN), a once high-flying name during the market’s 2000-era heyday, looks ready to take off again. The company is working along side Roche/Genetech (DNA) on the breast-cancer drug T-DM1, and Phase II results are due Dec. 12. If the news is good, Cramer said, “Immunogen will be up gigantically.” Of course, the stock will head lower if the study’s data proves disappointing, but T-DM1 shows real promise. Cramer called it “a better version of Herceptin,” the $4 billion drug from Genetech that’s become the standard of care for treating breast cancer. What’s better, though, is that T-DM1 could work in cases where Herceptin doesn’t, and the former could replace the latter entirely.

Cramer said while Exelixis (EXEL) is intriguing, he prefers to wait for the company's next update on their drugs' performance on Nov. 15 before committing any cash to the company.

Dendreon (DNDN) is a $3 billion company whose main drug, Provenge, could receive FDA approval for colon cancer by mid-2010. Cramer said the company also has a drug in clinical trials for bladder cancer as well. The stock is speculative and is already up 507% from its lows on the positive flow of news on Provenge.

Onyx Pharmaceuticals (ONXX) is the smaller of the two, at $1.5 billion, and has drugs to treat both kidney and liver cancer, with more indications possible. Unlike Dendreon, Onyxx is turning a profit, and beat Wall Street's expectations by 13 cents in its most recent quarter. At just $5 from its 52-week lows, Cramer said Onyx is the less speculative of the two companies.

Onyx Pharmaceuticals (ONXX) is the smaller of the two, at $1.5 billion, and has drugs to treat both kidney and liver cancer, with more indications possible. Unlike Dendreon, Onyxx is turning a profit, and beat Wall Street's expectations by 13 cents in its most recent quarter. At just $5 from its 52-week lows, Cramer said Onyx is the less speculative of the two companies.