Mylan Labs ( MYL), a provider of generic drugs, has been one of the key beneficiaries of the ongoing stream of big pharma drugs that lose patent protection. As more drugs have moved off-patent, Mylan's opportunities have expanded. And as the company doesn't need to spend a lot on R&D every year, it has become a veritable cash cow: Mylan has generated a collective $900 million in free cash flow over the last two years. The road ahead looks bright as well, thanks to another wave of major drugs soon to go off-patent. This will never be a high-growth stock, but 10% annual profit growth looks quite achievable. And that outlook doesn't require a robust economy. Shares are actually below where they were back in late 2003, even though Mylan's sales base is much larger. Back then, this stock made a run at the $30 mark, and from a recent $23, could do so again in the next year or two. As of the most recently reported quarter, Mylan is one of John Paulson's top holdings. To see these stocks in action, check out the Perpetual Growers portfolio.