Definitely an interesting stock.
P/B is high as majority of its products are outsourced. The other MNC peers such as Sanofi, Pfizer and GSK are also trading at similar valuations.
Valuations do seem high as industry expectations are around 8-10% so even if we assume 15% growth for Abbott and a similar growth in earnings, 35x P/E does not seem on the higher side. Apart from the risk of multiple entities, regulatory risk like price controls and policy changes can be significant.