<p>美联储持续的降息周期已经引发了投资者情绪的重大转变。随着固定收益投资的收益率下降，机构投资者显然正在转向支付股息的股票，特别是那些交易估值合理且收益率高于平均水平的股票。事实上，几只高收益股息股票在 2024 年表现优于 <strong>标准普尔 500 指数</strong>。在这种环境下，<strong>辉瑞</strong>（PFE -0.74%）高达 5.9% 的股息收益率和极低的估值尤其引人注目。</p>
<p>这家制药巨头的股票在 2024 年严重滞后于大盘，下降了 2.43%，而标准普尔 500 指数今年上涨了 21.4%。辉瑞的前瞻性市盈率仅为 9.4 倍，远低于其同行平均的 17 倍，华尔街似乎专注于辉瑞不稳定的 COVID 收入、在肿瘤学等关键领域的竞争定位以及近期的业务发展活动。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY0MDQvaGlnaC15aWVsZC1sb3ctcmlzay5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY0MDQvaGlnaC15aWVsZC1sb3ctcmlzay5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>但在这股悲观情绪的洪流之下，隐藏着一个投资者可能忽视的引人入胜的转型故事。继续阅读以了解更多。</p>
<h2>执行推动核心增长</h2>
<p>辉瑞的非 COVID 产品收入在上个季度运营增长了 14%。肿瘤学业务表现出色，收入增长 31%，达到 40 亿美元，使辉瑞在 2024 年上半年成为第三大生物制药公司。</p>
<p>最近收购的 Seagen 产品组合贡献了 8.54 亿美元，Padcev 的强劲需求尤为突出。与 <strong>默克</strong> 的 Keytruda（帕博利珠单抗）结合后，该疗法已成为美国局部晚期或转移性尿路上皮癌的首选一线治疗。</p>
<p>其他几款关键产品在本季度也显示出强劲的势头。具体而言，Vyndaqel 系列的收入在运营上增长了 63%，得益于诊断率的提高和患者获取的改善——该疗法目前在全球 44 个市场获得报销，并且还在增长。</p>
<p>在这三个月期间，畅销抗凝药物 Eliquis 的销售在运营上增长了 9%，得益于口服抗凝药物的持续采用和在美国及欧洲某些市场的非瓣膜性房颤适应症中的市场份额增长。</p>
<p>这些强劲的财务结果展示了辉瑞成功从对 COVID 的依赖转向可持续增长驱动因素。随着肿瘤学业务的快速扩展和已建立药物的市场份额增长，该公司的折价估值似乎与其运营表现越来越脱节。</p>
<h2>成本控制推动创新</h2>
<p>在节省成本方面，管理层仍在按计划通过其重组计划实现 40 亿美元的净成本节省。到 2027 年，目标再节省 15 亿美元的制造优化成本，显示辉瑞对运营效率的承诺。</p>
<p>这家制药公司的转型不仅限于削减成本。辉瑞成功整合了 Seagen，并在此过程中创建了一个端到端的肿瘤学研究组织，保留了关键人才，同时加速了管道开发。公司还引入了著名研究分析师 Andrew Baum，以帮助优先考虑研究投资并指导未来的业务发展。</p>
<h2>在市场怀疑中重塑自我</h2>
<p>尽管华尔街对这家顶级制药公司仍然过于悲观，但辉瑞的核心业务显示出惊人的实力。公司在收购 Seagen 后，向肿瘤学作为其核心价值驱动因素的转型正在加速。</p>
<p>此外，其在临床前沿的强劲表现，涉及多种实验性肿瘤学药物和突破性疫苗，表明辉瑞的折扣——相对于其大型制药同行——可能是不合理的。</p>
<h2>现在是买入时机吗？</h2>
<p>随着降息继续推动资金流向高收益股息股票，这家高收益的制药领导者现在看起来是一个顶级买入机会。尽管如此，辉瑞的转型远未结束，仍面临几项重要挑战，例如即将到来的专利悬崖。然而，对于具有长期投资思维的投资者来说，这家经过验证的创新者呈现出引人入胜的风险与回报比。其丰厚的收益率也应吸引收入投资者。</p>

辉瑞

<p>辉瑞的股票以低估值交易，股息收益率为 5.9%，吸引了长期投资者，因为美联储的降息使市场情绪转向支付股息的股票。尽管 2024 年下降了 2.43%，辉瑞的非新冠收入增长了 14%，肿瘤学销售增长了 31%。公司专注于节省成本和提高运营效率，目标是在年底前节省 30 亿美元。尽管面临专利悬崖等挑战，辉瑞在肿瘤学领域的转型和强劲表现使其成为收入导向投资者的一个引人注目的投资选择</p>

<p>The Federal Reserve's ongoing rate-cutting cycle is already triggering a major shift in investor sentiment. As yields on fixed-income investments decline, institutional investors are clearly rotating into dividend-paying stocks, particularly those trading at reasonable valuations and above-average yields. In fact, several high-yield dividend stocks have outperformed the <strong>S&amp;P 500</strong> in 2024. This environment makes <strong>Pfizer</strong>'s (PFE -0.74%) hefty 5.9% dividend yield and rock-bottom valuation especially intriguing.</p>
<div class="lb-trans"><p>美联储持续的降息周期已经引发了投资者情绪的重大转变。随着固定收益投资的收益率下降，机构投资者显然正在转向支付股息的股票，特别是那些交易估值合理且收益率高于平均水平的股票。事实上，几只高收益股息股票在 2024 年表现优于 <strong>标准普尔 500 指数</strong>。在这种环境下，<strong>辉瑞</strong>（PFE -0.74%）高达 5.9% 的股息收益率和极低的估值尤其引人注目。</p>
</div><p>The pharmaceutical giant's stock has severely lagged the broader market in 2024, falling 2.43% while the S&amp;P 500 has surged 21.4% this year. Trading at just 9.4 times forward earnings-a steep discount to its peer group average of 17 times-Wall Street seems fixated on Pfizer's uneven COVID revenues, competitive positioning in key areas like oncology, and recent business development activities.</p>
<div class="lb-trans"><p>这家制药巨头的股票在 2024 年严重滞后于大盘，下降了 2.43%，而标准普尔 500 指数今年上涨了 21.4%。辉瑞的前瞻性市盈率仅为 9.4 倍，远低于其同行平均的 17 倍，华尔街似乎专注于辉瑞不稳定的 COVID 收入、在肿瘤学等关键领域的竞争定位以及近期的业务发展活动。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY0MDQvaGlnaC15aWVsZC1sb3ctcmlzay5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796404%2Fhigh-yield-low-risk.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image Source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>But beneath this avalanche of pessimism lies an intriguing transformation story that investors might be missing. Read on to find out more.</p>
<div class="lb-trans"><p>但在这股悲观情绪的洪流之下，隐藏着一个投资者可能忽视的引人入胜的转型故事。继续阅读以了解更多。</p>
</div><h2>Execution drives core growth</h2>
<div class="lb-trans"><h2>执行推动核心增长</h2>
</div><p>Pfizer's non-COVID product revenues surged 14% operationally last quarter. The oncology business delivered exceptional performance, with revenue jumping 31% to $4 billion, making Pfizer the third-largest biopharma company in oncology through the first half of 2024.</p>
<div class="lb-trans"><p>辉瑞的非 COVID 产品收入在上个季度运营增长了 14%。肿瘤学业务表现出色，收入增长 31%，达到 40 亿美元，使辉瑞在 2024 年上半年成为第三大生物制药公司。</p>
</div><p>The recently acquired Seagen portfolio contributed $854 million, highlighted by the strong uptake of Padcev. When combined with <strong>Merck</strong>'s Keytruda (pembrolizumab), this therapy has become the most prescribed first-line treatment in the U.S. for locally advanced or metastatic urothelial cancer.</p>
<div class="lb-trans"><p>最近收购的 Seagen 产品组合贡献了 8.54 亿美元，Padcev 的强劲需求尤为突出。与 <strong>默克</strong> 的 Keytruda（帕博利珠单抗）结合后，该疗法已成为美国局部晚期或转移性尿路上皮癌的首选一线治疗。</p>
</div><p>Several other key products also showed strong momentum during the quarter. Specifically, Vyndaqel family revenues grew 63% operationally, driven by increasing diagnosis rates and improved patient access-the therapy is now reimbursed in 44 markets globally and growing.</p>
<div class="lb-trans"><p>其他几款关键产品在本季度也显示出强劲的势头。具体而言，Vyndaqel 系列的收入在运营上增长了 63%，得益于诊断率的提高和患者获取的改善——该疗法目前在全球 44 个市场获得报销，并且还在增长。</p>
</div><p>Sales of the top-selling anticoagulant Eliquis grew by 9% operationally during the three-month period, driven by continued oral anticoagulant adoption and market share gains in the non-valvular atrial fibrillation indication in the U.S. and certain markets in Europe.</p>
<div class="lb-trans"><p>在这三个月期间，畅销抗凝药物 Eliquis 的销售在运营上增长了 9%，得益于口服抗凝药物的持续采用和在美国及欧洲某些市场的非瓣膜性房颤适应症中的市场份额增长。</p>
</div><p>These strong financial results demonstrate Pfizer's successful pivot from COVID dependency to sustainable growth drivers. With the oncology franchise expanding rapidly and established medicines gaining market share, the company's discounted valuation appears increasingly disconnected from its operational performance.</p>
<div class="lb-trans"><p>这些强劲的财务结果展示了辉瑞成功从对 COVID 的依赖转向可持续增长驱动因素。随着肿瘤学业务的快速扩展和已建立药物的市场份额增长，该公司的折价估值似乎与其运营表现越来越脱节。</p>
</div><h2>Cost discipline drives innovation</h2>
<div class="lb-trans"><h2>成本控制推动创新</h2>
</div><p>On the cost-savings front, management remains on track to deliver $4 billion in net cost savings by year-end through its realignment program. An additional $1.5 billion in manufacturing optimization savings are targeted by 2027, demonstrating Pfizer's commitment to operational efficiency.</p>
<div class="lb-trans"><p>在节省成本方面，管理层仍在按计划通过其重组计划实现 40 亿美元的净成本节省。到 2027 年，目标再节省 15 亿美元的制造优化成本，显示辉瑞对运营效率的承诺。</p>
</div><p>The drugmaker's transformation extends beyond cost-cutting. Pfizer has successfully integrated Seagen and created an end-to-end oncology research organization in the process, retaining key talent while accelerating pipeline development. The company also brought in noted research analyst Andrew Baum to help prioritize research investments and guide future business development.</p>
<div class="lb-trans"><p>这家制药公司的转型不仅限于削减成本。辉瑞成功整合了 Seagen，并在此过程中创建了一个端到端的肿瘤学研究组织，保留了关键人才，同时加速了管道开发。公司还引入了著名研究分析师 Andrew Baum，以帮助优先考虑研究投资并指导未来的业务发展。</p>
</div><h2>Reinvention amid market skepticism</h2>
<div class="lb-trans"><h2>在市场怀疑中重塑自我</h2>
</div><p>While Wall Street remains overly pessimistic about this top pharma company, Pfizer's core business shows surprising strength. The company's pivot to oncology as its core value driver is accelerating following its acquisition of Seagen.</p>
<div class="lb-trans"><p>尽管华尔街对这家顶级制药公司仍然过于悲观，但辉瑞的核心业务显示出惊人的实力。公司在收购 Seagen 后，向肿瘤学作为其核心价值驱动因素的转型正在加速。</p>
</div><p>Moreover, its strong showing on the clinical front with a variety of experimental oncology medicines and groundbreaking vaccines suggests Pfizer's steep discount -- relative to its big pharma peers -- might be unwarranted.</p>
<div class="lb-trans"><p>此外，其在临床前沿的强劲表现，涉及多种实验性肿瘤学药物和突破性疫苗，表明辉瑞的折扣——相对于其大型制药同行——可能是不合理的。</p>
</div><h2>Time to buy?</h2>
<div class="lb-trans"><h2>现在是买入时机吗？</h2>
</div><p>As rate cuts continue to drive a rotation into high-yielding dividend stocks with compelling valuations, this high-yielding pharmaceutical leader scans as a top buy right now. That said, Pfizer's transformation is far from over, with several important challenges, such as its upcoming patent cliff, remaining firmly in view. However, for investors with a long-term mindset, this proven innovator presents an intriguing risk-to-reward ratio. Its hefty yield should also appeal to income investors.</p>
<div class="lb-trans"><p>随着降息继续推动资金流向高收益股息股票，这家高收益的制药领导者现在看起来是一个顶级买入机会。尽管如此，辉瑞的转型远未结束，仍面临几项重要挑战，例如即将到来的专利悬崖。然而，对于具有长期投资思维的投资者来说，这家经过验证的创新者呈现出引人入胜的风险与回报比。其丰厚的收益率也应吸引收入投资者。</p>
</div>

Is Pfizer Stock a Bargain for Long-Term Investors?

- 美联储的降息周期促使投资者情绪转变，机构投资者转向高股息股票。  
- 较低的固定收益投资收益率使辉瑞的 5.9% 股息收益率引人关注。  
- 辉瑞的非 COVID 产品收入增长 14%，显示出可持续增长的潜力。  

辉瑞股票对长期投资者来说是否是一个便宜货？