<p>一些股票之所以可能以便宜的估值交易，很可能是有非常合理的原因，但在考虑将一家企业加入投资组合时，除了股价之外，还有更多要考虑的因素。当您长期投资股票时，您愿意投入资本并持有的公司清单可能会变得更狭窄。</p>
<p>优秀的公司不会因为投资者情绪的转变而突然变得不那么优秀。有时，看起来像是长期买入机会的优质企业可能会因为各种原因被市场打压。这可能为精明的投资者提供一个引人注目的机会。</p>
<p>在这方面，让我们看看两家折价的医疗保健股票，如果您有数年或更长时间的持有视野，这些股票仍然可能是优质的购买选择。</p>
<h2>1. 辉瑞</h2>
<p><strong>辉瑞</strong>(PFE 3.39%) 过去几年经历了有趣的时期，特别是在应对其 COVID-19 产品成功带来的增长潮流时，随着大流行病的演变，这种增长不可避免地下降。辉瑞目前的前瞻市盈率约为 13.1，投资者情绪推动股价下跌，但这可能为有远见的投资者提供机会。</p>
<p>其疫苗和口服抗病毒药物的销售带来了数十亿美元的收入，创造了创纪录的利润和收入，公司充分利用了这笔资本。它进行了多项备受关注的收购，包括以 430 亿美元收购癌症药物制造商 Seagen，通过这些努力以及通过自身内部开发迅速扩大了其产品线。</p>
<p>目前，辉瑞正处于转型期，这在制药行业的周期性中并不罕见。像辉瑞这样的医疗领域领导者在各种环境中都具有一定的韧性，因为他们生产的产品和药物是消费者在所有市场环境中都需要的。</p>
<p>去年，该公司获得了美国食品和药物管理局比其他任何医疗保健企业都多的批准，并进入了一个积极的 18 个月推出期，在此期间推出了 19 个新产品或适应症。管理层认为公司在多个疾病领域有重大机会，其中包括肿瘤学（这已经是辉瑞历史上的一个重点）。辉瑞计划到 2030 年在市场上推出八种或更多的畅销肿瘤药物。</p>
<p>辉瑞最近收购的另一家公司 Biohaven Pharmaceuticals 带来了多种新药。其中包括治疗偏头痛的药物 Nurtec，预计单独将带来约 60 亿美元的年销售额。</p>
<p>在财务方面，辉瑞在过去 12 个月实现了约 550 亿美元的收入，以及约 86 亿美元的经营现金流。公司还在努力削减成本，并预计到今年年底将至少实现 40 亿美元的净节省。利润下降，但在最近一个季度，辉瑞的净收入约为 31 亿美元，而不包括其 COVID-19 产品的收入，同比增长了 11%。</p>
<p>未来几个季度将需要股东的耐心，因为辉瑞努力将不利的与大流行时期增长的比较降至最低，并将新产品推出到市场中。与此同时，公司一直致力于支付股息。</p>
<p>当前的股息收益率，受最近股价表现不佳的影响，高达 5.6%。如果您计划在医疗保健股票上进行五到十年的投资，辉瑞短期的调整期不应阻止您购买这家全球领先的制药企业的股票。</p>
<h2>2. 西维斯</h2>
<p><strong>西维斯</strong>(CVS 4.01%) 股价在过去一年下跌了两位数的百分比，在撰写本文时的市销率低于 1。公司在过去几年里不得不应对许多障碍；这些因素包括挑战性的宏观经济条件，由增加的医疗保险利用率等因素推动的不断上升的医疗成本，以及 COVID-19 疫苗接种的下降。该公司还不得不多次下调其指导，这使一些投资者感到恐慌。</p>
<p>然而，有几个引人注目的原因不容忽视这家企业，其中一个原因是公司在医疗保健行业中建立的重要壕沟。西维斯是全国最大的药房服务提供商。截至 2023 年，它在全国拥有超过 9000 家零售店、数百家初级医疗诊所和 1000 多家全国各地的随访医疗诊所；其业务服务超过 3500 万消费者。</p>
<p>西维斯的零售药店网络、药房服务、索赔处理和处方计划管理只是公司赚钱的一部分。它将其业务分为四个部分：健康服务、医疗保险、药房与消费者健康以及 “公司/其他”。</p>
<p>其健康服务部门包括药房福利管理解决方案、虚拟和临床环境中的医疗服务，以及各种医疗提供者的解决方案。医疗保险部门包括非常多样化的健康保险产品，从医疗、药品和牙科计划到医疗保险优势和医疗保险补充计划。</p>
<p>药房与消费者健康部门提供您可能熟悉的服务，如药房服务、患者护理计划、各种健康和健康产品的广泛选择以及疫苗服务。养老金计划和长期护理保险产品等其他服务属于其公司/其他部门。</p>
<p>在美国的药店零售商中，CVS 仍然占据着处方药收入的绝大部分份额，仅在 2023 年就占据了超过 25%。去年，CVS 完成了两项重大收购：斥资 80 亿美元收购专注于家庭护理的健康科技公司 Signify Health，以及斥资 106 亿美元收购针对 Medicare 老年患者的初级护理中心网络 Oak Street Health。</p>
<p>这些收购也对 CVS 的资产负债表造成了一定影响，但在不同患者群体中提升初级护理和虚拟护理服务的长期好处可能远远超过短期影响。增长速度相比几年前有所放缓，但资产负债表仍然相对强劲。</p>
<p>2024 年第一季度，CVS 的总收入约为 880 亿美元，比去年同期增长约 4%。营业收入同比下降，但总额达到 23 亿美元。过去 12 个月，公司净收入达 73 亿美元。同时，公司在过去 12 个月内创造了约 110 亿美元的营业现金流和 84 亿美元的自由现金流。</p>
<p>多年来，CVS 一直是忠实的股息支付者，并持续提高股息。其股息支付比率约为收益的 44%，股息率已上升至令人垂涎的 4.5%，大约是 <strong>标普 500 指数</strong> 的三倍。如果您是长期投资者，您可能会对这支股票有很多喜欢的地方，而其目前被低估的估值可能是一个黄金机会。</p>

西维斯

<p>两家医疗股票，辉瑞（Pfizer）和西维斯（CVS Health），目前以折扣价格交易。辉瑞公司由于其 COVID-19 产品的增长而经历了增长潮，但目前正处于转型阶段。尽管如此，它仍然是一家具有强大产品线和众多收购的弹性公司。另一方面，西维斯公司近年来面临挑战，但在医疗行业建立了重要地位。这两家股票都为长期投资者提供潜在机会</p>

<p>While some stocks may trade at cheap valuations for very valid reasons, there's always more than share prices to consider when you're considering a business to add to your portfolio. When you invest in stocks for many years at a time, the list of companies you're willing to put capital into and hold for that long may narrow.</p>
<div class="lb-trans"><p>一些股票之所以可能以便宜的估值交易，很可能是有非常合理的原因，但在考虑将一家企业加入投资组合时，除了股价之外，还有更多要考虑的因素。当您长期投资股票时，您愿意投入资本并持有的公司清单可能会变得更狭窄。</p>
</div><p>Great companies don't suddenly become less so because the tide of investor sentiment shifts. Sometimes, quality businesses that look like long-term buy propositions may be beaten down by the market for various reasons. That can present a compelling opportunity for shrewd investors.</p>
<div class="lb-trans"><p>优秀的公司不会因为投资者情绪的转变而突然变得不那么优秀。有时，看起来像是长期买入机会的优质企业可能会因为各种原因被市场打压。这可能为精明的投资者提供一个引人注目的机会。</p>
</div><p>On that note, let's take a look at two discounted healthcare stocks that could still be quality buys if you have a hold horizon of several years or more.</p>
<div class="lb-trans"><p>在这方面，让我们看看两家折价的医疗保健股票，如果您有数年或更长时间的持有视野，这些股票仍然可能是优质的购买选择。</p>
</div><h2>1. Pfizer</h2>
<div class="lb-trans"><h2>1. 辉瑞</h2>
</div><p><strong>Pfizer</strong>(PFE 3.39%) has had an interesting time of it the last few years, particularly as it dealt with a surge of growth from the success of its COVID-19 products, which inevitably fell as the pandemic evolved. Pfizer is trading at a forward price-to-earnings (P/E) ratio of around 13.1 right now as investor sentiment has driven shares downward, but that could present an opportunity for forward-thinking investors.</p>
<div class="lb-trans"><p><strong>辉瑞</strong>(PFE 3.39%) 过去几年经历了有趣的时期，特别是在应对其 COVID-19 产品成功带来的增长潮流时，随着大流行病的演变，这种增长不可避免地下降。辉瑞目前的前瞻市盈率约为 13.1，投资者情绪推动股价下跌，但这可能为有远见的投资者提供机会。</p>
</div><p>The sales of its vaccine and oral antiviral drug brought in billions of dollars, creating record profits and revenue, and the company has put that capital to good use. It made numerous high-profile acquisitions -- including a $43 billion purchase of cancer drugmaker Seagen -- and it's rapidly expanded its pipeline through these efforts, as well as via its own internal development.</p>
<div class="lb-trans"><p>其疫苗和口服抗病毒药物的销售带来了数十亿美元的收入，创造了创纪录的利润和收入，公司充分利用了这笔资本。它进行了多项备受关注的收购，包括以 430 亿美元收购癌症药物制造商 Seagen，通过这些努力以及通过自身内部开发迅速扩大了其产品线。</p>
</div><p>Right now, Pfizer is in a period of transition, a phase that's not uncommon in the cyclicality of the pharmaceutical business. Leaders in the healthcare field, such as Pfizer, have a level of resilience in a wide range of environments, as they're making essential products and medicines that consumers need in all market environments.</p>
<div class="lb-trans"><p>目前，辉瑞正处于转型期，这在制药行业的周期性中并不罕见。像辉瑞这样的医疗领域领导者在各种环境中都具有一定的韧性，因为他们生产的产品和药物是消费者在所有市场环境中都需要的。</p>
</div><p>The company garnered more approvals from the U.S. Food and Drug Administration last year than any other healthcare business, and it entered an aggressive 18-month launch period during which it introduced 19 new products or indications. Management sees significant opportunity for the company in multiple disease areas, with oncology (already a key focus for Pfizer historically) being one of them. Pfizer plans to have eight or more blockbuster oncology drugs on the market by 2030.</p>
<div class="lb-trans"><p>去年，该公司获得了美国食品和药物管理局比其他任何医疗保健企业都多的批准，并进入了一个积极的 18 个月推出期，在此期间推出了 19 个新产品或适应症。管理层认为公司在多个疾病领域有重大机会，其中包括肿瘤学（这已经是辉瑞历史上的一个重点）。辉瑞计划到 2030 年在市场上推出八种或更多的畅销肿瘤药物。</p>
</div><p>Another recent acquisition of Pfizer's, Biohaven Pharmaceuticals, brought multiple new drugs into the mix. Those included migraine medication Nurtec, which alone is expected to bring in peak annual sales of around $6 billion.</p>
<div class="lb-trans"><p>辉瑞最近收购的另一家公司 Biohaven Pharmaceuticals 带来了多种新药。其中包括治疗偏头痛的药物 Nurtec，预计单独将带来约 60 亿美元的年销售额。</p>
</div><p>On the financial front, Pfizer has brought in revenue of about $55 billion over the trailing 12 months, along with operating cash flow of close about $8.6 billion. It's also been working diligently to cut costs, and expects to deliver at least $4 billion in net savings by the end of this year. Profits are down, but in the recent quarter Pfizer delivered net income of about $3.1 billion, while revenue excluding its COVID-19 products rose 11% year over year.</p>
<div class="lb-trans"><p>在财务方面，辉瑞在过去 12 个月实现了约 550 亿美元的收入，以及约 86 亿美元的经营现金流。公司还在努力削减成本，并预计到今年年底将至少实现 40 亿美元的净节省。利润下降，但在最近一个季度，辉瑞的净收入约为 31 亿美元，而不包括其 COVID-19 产品的收入，同比增长了 11%。</p>
</div><p>The coming quarters will require patience from shareholders, as Pfizer works to minimize unfavorable comparisons to pandemic-era growth while incorporating new product launches into the mix. In the meantime, the company has remained committed to paying out its dividend.</p>
<div class="lb-trans"><p>未来几个季度将需要股东的耐心，因为辉瑞努力将不利的与大流行时期增长的比较降至最低，并将新产品推出到市场中。与此同时，公司一直致力于支付股息。</p>
</div><p>The current dividend yield, helped by recent lackluster share performance, is a whopping 5.6%. If you're looking at a five- to 10-year investment in a healthcare stock, Pfizer's near-term period of adjustment shouldn't dissuade you from buying shares of one of the world's leading pharmaceutical businesses.</p>
<div class="lb-trans"><p>当前的股息收益率，受最近股价表现不佳的影响，高达 5.6%。如果您计划在医疗保健股票上进行五到十年的投资，辉瑞短期的调整期不应阻止您购买这家全球领先的制药企业的股票。</p>
</div><h2>2. CVS Health</h2>
<div class="lb-trans"><h2>2. 西维斯</h2>
</div><p><strong>CVS Health</strong>(CVS 4.01%) stock is down by double-digit percentages over the last year, and at the time of this writing is at a price-to-sales ratio of less than 1. The company has had to contend with numerous hurdles the last few years; these factors include challenging macroeconomic conditions, rising healthcare costs driven by factors such as increased Medicare utilization, and declining COVID-19 vaccination. The company has also had to slash its guidance multiple times, which has spooked some investors.</p>
<div class="lb-trans"><p><strong>西维斯</strong>(CVS 4.01%) 股价在过去一年下跌了两位数的百分比，在撰写本文时的市销率低于 1。公司在过去几年里不得不应对许多障碍；这些因素包括挑战性的宏观经济条件，由增加的医疗保险利用率等因素推动的不断上升的医疗成本，以及 COVID-19 疫苗接种的下降。该公司还不得不多次下调其指导，这使一些投资者感到恐慌。</p>
</div><p>However, there are several compelling reasons not to overlook this business, and one is the significant moat the company has built with its footprint in the healthcare industry. CVS is the largest pharmacy services provider in the country. It finished 2023 with over 9,000 retail locations, hundreds of primary care medical clinics, and over 1,000 walk-in medical clinics across the nation; its businesses serve over 35 million consumers.</p>
<div class="lb-trans"><p>然而，有几个引人注目的原因不容忽视这家企业，其中一个原因是公司在医疗保健行业中建立的重要壕沟。西维斯是全国最大的药房服务提供商。截至 2023 年，它在全国拥有超过 9000 家零售店、数百家初级医疗诊所和 1000 多家全国各地的随访医疗诊所；其业务服务超过 3500 万消费者。</p>
</div><p>CVS's network of retail pharmacy stores, pharmacy services, claims processing, and prescription plan management is just part of how the company makes money. It divides its operations into four segments: health services, healthcare benefits, pharmacy &amp; consumer wellness, and &#34;corporate/other.&#34;</p>
<div class="lb-trans"><p>西维斯的零售药店网络、药房服务、索赔处理和处方计划管理只是公司赚钱的一部分。它将其业务分为四个部分：健康服务、医疗保险、药房与消费者健康以及 “公司/其他”。</p>
</div><p>Its health services segment includes pharmacy benefit management solutions, healthcare services both virtually and in a clinical setting, and various solutions for medical providers. The healthcare benefits segment includes an incredibly diverse range of health insurance products, ranging from medical, pharmacy, and dental plans to Medicare Advantage and Medicare Supplement plans.</p>
<div class="lb-trans"><p>其健康服务部门包括药房福利管理解决方案、虚拟和临床环境中的医疗服务，以及各种医疗提供者的解决方案。医疗保险部门包括非常多样化的健康保险产品，从医疗、药品和牙科计划到医疗保险优势和医疗保险补充计划。</p>
</div><p>The pharmacy &amp; consumer wellness segment features offerings that you may know well, such as its pharmacy services, patient-care programs, a wide selection of health and wellness products, and vaccine services. Miscellaneous services such as pension plans and long-term care insurance products are part of its corporate/other segment.</p>
<div class="lb-trans"><p>药房与消费者健康部门提供您可能熟悉的服务，如药房服务、患者护理计划、各种健康和健康产品的广泛选择以及疫苗服务。养老金计划和长期护理保险产品等其他服务属于其公司/其他部门。</p>
</div><p>CVS still accounts for the lion's share of prescription drug revenue among pharmacy retailers in the U.S., capturing more than 25% of this total in 2023 alone. Last year, CVS completed two major acquisitions: an $8 billion purchase of health tech company Signify Health, focused on home care, and a $10.6 billion purchase of Oak Street Health, a network of primary care centers for older patients on Medicare.</p>
<div class="lb-trans"><p>在美国的药店零售商中，CVS 仍然占据着处方药收入的绝大部分份额，仅在 2023 年就占据了超过 25%。去年，CVS 完成了两项重大收购：斥资 80 亿美元收购专注于家庭护理的健康科技公司 Signify Health，以及斥资 106 亿美元收购针对 Medicare 老年患者的初级护理中心网络 Oak Street Health。</p>
</div><p>These purchases have also placed a dent in CVS's balance sheet, but the long-term benefits of boosting its primary care and virtual care services across different patient segments may be well worth the short-term impact. Growth has slowed from a few years ago, no doubt, but the balance sheet is still relatively strong.</p>
<div class="lb-trans"><p>这些收购也对 CVS 的资产负债表造成了一定影响，但在不同患者群体中提升初级护理和虚拟护理服务的长期好处可能远远超过短期影响。增长速度相比几年前有所放缓，但资产负债表仍然相对强劲。</p>
</div><p>In the first quarter of 2024, CVS brought in total revenue of about $88 billion, up about 4% from the prior year's quarter. Operating income was down year over year, but totaled $2.3 billion. Over the trailing 12 months, the company has generated $7.3 billion in net income. It's also raked in approximately $11 billion of operating cash flow and $8.4 billion in free cash flow in the last 12 months.</p>
<div class="lb-trans"><p>2024 年第一季度，CVS 的总收入约为 880 亿美元，比去年同期增长约 4%。营业收入同比下降，但总额达到 23 亿美元。过去 12 个月，公司净收入达 73 亿美元。同时，公司在过去 12 个月内创造了约 110 亿美元的营业现金流和 84 亿美元的自由现金流。</p>
</div><p>CVS has been a faithful dividend payer through the years, and consistently raises its payout. Its payout ratio is around 44% of earnings, and the yield has risen to a mouthwatering 4.5%, roughly three times that of the <strong>S&amp;P 500</strong> . If you're a long-term investor you may find a lot to like about this stock, and its current depressed valuation could be a golden opportunity.</p>
<div class="lb-trans"><p>多年来，CVS 一直是忠实的股息支付者，并持续提高股息。其股息支付比率约为收益的 44%，股息率已上升至令人垂涎的 4.5%，大约是 <strong>标普 500 指数</strong> 的三倍。如果您是长期投资者，您可能会对这支股票有很多喜欢的地方，而其目前被低估的估值可能是一个黄金机会。</p>
</div>

2 Incredibly Cheap Healthcare Stocks to Buy Now

- 较低的股价并非唯一考虑因素，投资公司需综合考虑多方面因素。
- 辉瑞（Pfizer）近年来经历了多项重大变化，包括成功的 COVID-19 产品带来的增长和市场的波动。
- 辉瑞在转型期，通过高额收购和产品推出扩大业务，致力于多个疾病领域的发展。

2 只现在值得买入的极其便宜的医疗保健股票