<p>你会认为那些拥有悠久成功历史和数千亿美元市值的公司会被视为相对强大的。然而，事实并非总是如此。</p>
<p>三位《傻瓜投资》贡献者选择了现在值得购买的意外被低估的股票。以下是他们选择大型制药公司 <strong>默克</strong>（MRK 0.71%）、<strong>诺和诺德</strong>（NVO 1.34%）和 <strong>辉瑞</strong>（PFE -0.52%）的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY2NDQvcGVyc29uLXBsZWFzYW50bHktc3VycHJpc2VkLXdpdGgtbGFwdG9wLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY2NDQvcGVyc29uLXBsZWFzYW50bHktc3VycHJpc2VkLXdpdGgtbGFwdG9wLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>这只股票仍然是一个很好的长期投资</h2>
<p><strong>Prosper Junior Bakiny（默克）：</strong> 默克作为一家制药巨头，目前面临至少两个挑战。首先，该公司到 2028 年将失去其癌症药物 Keytruda 的专利独占权，这是其最重要的增长驱动力。其次，即使在 Keytruda 专利到期之前，一些新药可能会进入市场，挑战该药物在某些细分市场的主导地位，包括非小细胞肺癌，这是其最重要的适应症之一。这些问题解释了为什么默克的股票在过去一年中表现落后于市场。</p>
<p>然而，在这些水平上，这只股票可以说是个便宜货——默克的前瞻市盈率为 9.4，相比医疗行业的平均值 16.5 显得极为便宜。考虑到制药公司能够找到克服面临挑战的方法，默克显得尤其有吸引力。默克正在开发 Keytruda 的皮下（SC）版本，预计将其专利寿命延长至 2030 年代，同时保留许多之前配方的适应症。</p>
<p>SC Keytruda 在临床试验中已经产生了强劲的结果，显示出与其前身相比并不劣于，同时显著减少了医生给药和监测患者所需的时间。</p>
<p>此外，默克还应该开发新产品。该公司通过收购增强了其产品线。其他药物如 Winrevair，针对肺动脉高压，将在未来几年成为重要的增长驱动力。</p>
<p>最后，默克仍然是一只稳健的分红股票。该公司的分红在过去五年中增长了 39.3%。其前瞻收益率为 4%，远高于 <strong>标准普尔 500</strong> 的平均值 1.3%，而其接近 46% 的分红支付比率为进一步提高分红留出了充足的空间。默克的长期前景依然强劲。今天投资该公司可能在未来十年内带来优越的回报。</p>
<h2><strong>诺和诺德是一只可能太便宜而无法错过的成长股</strong></h2>
<p><strong>David Jagielski（诺和诺德）：</strong> 尽管是全球最大的医疗保健股票之一，诺和诺德目前看起来相当被低估。在过去一年中，其股价暴跌超过 50%，估值现在低于 3000 亿美元。</p>
<p>投资者对其减肥药 CagriSema 的最新三期试验结果感到失望。该药帮助患者平均减重 22.7%，低于之前预期的 25%。虽然这是一个名义上的失误，但仍然是失误。而在竞争对手 <strong>礼来</strong>（NYSE: LLY）交出更令人鼓舞的结果时，这也是投资者近期对这家丹麦公司的看空原因之一。</p>
<p>但诺和诺德仍然表现相当不错，未来有很多增长机会。它仍在将其受欢迎的减肥药 Wegovy 扩展到新市场。并且它有一个前景良好的下一代治疗药物 amycretin，在早期试验中显示可以帮助人们在 36 周内减重 22%。预计 amycretin 的口服版本将在明年初开始三期试验，如果证明是真正的有效药物，这可能会迅速使诺和诺德成为一只热门股票。</p>
<p>该公司在过去 12 个月中产生了 35% 的强劲利润率。随着未来仍有出色的增长机会，这只股票对于长期投资者来说可能是个便宜的交易：目前的交易价格不到其过去收益的 18 倍。</p>
<h2>华尔街看好这只股票的潜力，但许多投资者却不这样认为</h2>
<p><strong>Keith Speights（辉瑞）：</strong> 并不是每个人都认为辉瑞被低估。华尔街对该股票的 12 个月共识目标价反映出近 20% 的上涨潜力。然而，许多投资者似乎与分析师并不一致，因为辉瑞的股价仍远低于其 52 周高点。</p>
<p>诚然，辉瑞面临挑战。该公司经历了一些产品线的挫折，尤其是放弃了其口服肥胖候选药物 danuglipron。在接下来的几年中，其几款顶级产品也将失去专利独占权，其中包括重磅药物 Eliquis 和 Ibrance。</p>
<p>但辉瑞仍然有很多值得关注的地方。其增长前景比你想象的要好。包括 Nurtec ODT、Padcev 和 Vyndaqel 在内的药物销售持续飙升。辉瑞预计今年将有四项监管决定和九项关键的晚期临床研究结果公布。</p>
<p>辉瑞的分红仍然非常有吸引力，前瞻收益率为 6.79%。首席执行官 Albert Bourla 在上个月的 <strong>高盛</strong>（NYSE: GS）全球医疗保健会议上表示：“我们将保持增长的分红。”</p>
<p>该股票的估值是另一个重要的优势。辉瑞的股票交易价格约为前瞻收益的 8.7 倍。这反映了过多的悲观情绪——在我看来，实在是太多了。</p>

诺和诺德公司

<p>三位 Motley Fool 的贡献者强调了三只被低估的股票：默克（Merck）、诺和诺德（Novo Nordisk）和辉瑞（Pfizer）。尽管默克面临 Keytruda 专利的挑战，但其前瞻市盈率较低且股息增长强劲。诺和诺德的股价已下跌超过 50%，但其减肥药具有良好的增长机会。辉瑞虽然面临管线挫折，但在多个产品上销售增长强劲，华尔街认为其有 20% 的潜在上涨空间。这些股票可能提供有吸引力的长期投资机会</p>

<p>You'd think that companies with long, successful track records and market caps in the hundreds of billions of dollars would be viewed as relatively formidable. However, that's not always the case.</p>
<div class="lb-trans"><p>你会认为那些拥有悠久成功历史和数千亿美元市值的公司会被视为相对强大的。然而，事实并非总是如此。</p>
</div><p>Three Motley Fool contributors have picked surprisingly underrated stocks to buy right now. Here's why they chose big pharma stocks <strong>Merck</strong>(MRK 0.71%), <strong>Novo Nordisk</strong>(NVO 1.34%), and <strong>Pfizer</strong>(PFE -0.52%).</p>
<div class="lb-trans"><p>三位《傻瓜投资》贡献者选择了现在值得购买的意外被低估的股票。以下是他们选择大型制药公司 <strong>默克</strong>（MRK 0.71%）、<strong>诺和诺德</strong>（NVO 1.34%）和 <strong>辉瑞</strong>（PFE -0.52%）的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY2NDQvcGVyc29uLXBsZWFzYW50bHktc3VycHJpc2VkLXdpdGgtbGFwdG9wLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826644%2Fperson-pleasantly-surprised-with-laptop.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><h2>This stock remains a great long-term bet</h2>
<div class="lb-trans"><h2>这只股票仍然是一个很好的长期投资</h2>
</div><p><strong>Prosper Junior Bakiny (Merck):</strong> There are at least two challenges Merck, a pharmaceutical giant, is facing right now. First, the company will lose patent exclusivity for its cancer drug Keytruda, by far its most significant growth driver, by 2028. Second, even before the Keytruda patent cliff, some new medicines could hit the market that would challenge the drug's dominance in some niches, including non-small cell lung cancer, one of its most important indications. These issues explain why Merck's shares have lagged the market over the past year.</p>
<div class="lb-trans"><p><strong>Prosper Junior Bakiny（默克）：</strong> 默克作为一家制药巨头，目前面临至少两个挑战。首先，该公司到 2028 年将失去其癌症药物 Keytruda 的专利独占权，这是其最重要的增长驱动力。其次，即使在 Keytruda 专利到期之前，一些新药可能会进入市场，挑战该药物在某些细分市场的主导地位，包括非小细胞肺癌，这是其最重要的适应症之一。这些问题解释了为什么默克的股票在过去一年中表现落后于市场。</p>
</div><p>However, the stock is arguably a steal at these levels -- Merck's forward price-to-earnings ratio of 9.4 looks dirt cheap compared to the healthcare sector's average of 16.5. Merck appears especially attractive when considering that the drugmaker can find ways to overcome the challenges it faces. Merck is developing a subcutaneous (SC) version of Keytruda, which is expected to extend its patent life well into the 2030s, while retaining many of the indications of the previous formulation.</p>
<div class="lb-trans"><p>然而，在这些水平上，这只股票可以说是个便宜货——默克的前瞻市盈率为 9.4，相比医疗行业的平均值 16.5 显得极为便宜。考虑到制药公司能够找到克服面临挑战的方法，默克显得尤其有吸引力。默克正在开发 Keytruda 的皮下（SC）版本，预计将其专利寿命延长至 2030 年代，同时保留许多之前配方的适应症。</p>
</div><p>SC Keytruda has already produced strong results in clinical trials, showing non-inferiority compared to its predecessor, while significantly reducing the time it takes for physicians to administer it and monitor patients afterward.</p>
<div class="lb-trans"><p>SC Keytruda 在临床试验中已经产生了强劲的结果，显示出与其前身相比并不劣于，同时显著减少了医生给药和监测患者所需的时间。</p>
</div><p>Furthermore, Merck should also develop new products. The company has enhanced its pipeline through acquisitions. Other medicines like Winrevair, which targets pulmonary arterial hypertension, will be meaningful growth drivers for years.</p>
<div class="lb-trans"><p>此外，默克还应该开发新产品。该公司通过收购增强了其产品线。其他药物如 Winrevair，针对肺动脉高压，将在未来几年成为重要的增长驱动力。</p>
</div><p>Lastly, Merck remains a solid dividend stock. The company's payouts have increased by 39.3% in the past five years. Its forward yield of 4% is much higher than the <strong>S&amp;P 500</strong>'s average of 1.3%, while its payout ratio of almost 46% leaves ample room for more hikes. Merck's long-term prospects remain strong. Investing in the company today could yield superior returns over the next decade.</p>
<div class="lb-trans"><p>最后，默克仍然是一只稳健的分红股票。该公司的分红在过去五年中增长了 39.3%。其前瞻收益率为 4%，远高于 <strong>标准普尔 500</strong> 的平均值 1.3%，而其接近 46% 的分红支付比率为进一步提高分红留出了充足的空间。默克的长期前景依然强劲。今天投资该公司可能在未来十年内带来优越的回报。</p>
</div><h2><strong>Novo Nordisk is a growth stock that may be too cheap to pass up</strong></h2>
<div class="lb-trans"><h2><strong>诺和诺德是一只可能太便宜而无法错过的成长股</strong></h2>
</div><p><strong>David Jagielski</strong> <strong>(Novo Nordisk):</strong> Despite being one of the largest healthcare stocks in the world, Novo Nordisk is looking pretty underrated right now. In the past year, its shares have plummeted by more than 50%, with its valuation now below $300 billion.</p>
<div class="lb-trans"><p><strong>David Jagielski（诺和诺德）：</strong> 尽管是全球最大的医疗保健股票之一，诺和诺德目前看起来相当被低估。在过去一年中，其股价暴跌超过 50%，估值现在低于 3000 亿美元。</p>
</div><p>Investors have been underwhelmed with recent phase 3 trial results related to its weight loss drug, CagriSema. It helped patients lose an average of 22.7% of their body weight, which was less than the 25% that was previously expected. It's a nominal miss but a miss nonetheless. And at a time when rival <strong>Eli Lilly</strong>(NYSE: LLY) has been delivering more encouraging results, it's an example of why investors have been bearish on the Danish company of late.</p>
<div class="lb-trans"><p>投资者对其减肥药 CagriSema 的最新三期试验结果感到失望。该药帮助患者平均减重 22.7%，低于之前预期的 25%。虽然这是一个名义上的失误，但仍然是失误。而在竞争对手 <strong>礼来</strong>（NYSE: LLY）交出更令人鼓舞的结果时，这也是投资者近期对这家丹麦公司的看空原因之一。</p>
</div><p>But Novo is still doing fairly well, with plenty of growth opportunities on the horizon. It's still expanding its popular weight loss drug, Wegovy, to new markets. And it has a promising next-gen treatment, amycretin, which has shown, in an early-stage trial, that it can help people lose 22% of their weight after a period of 36 weeks. An oral version of amycretin is expected to begin phase 3 trials early next year, and if it proves to be the real deal, that could quickly make Novo Nordisk a hot stock to own again.</p>
<div class="lb-trans"><p>但诺和诺德仍然表现相当不错，未来有很多增长机会。它仍在将其受欢迎的减肥药 Wegovy 扩展到新市场。并且它有一个前景良好的下一代治疗药物 amycretin，在早期试验中显示可以帮助人们在 36 周内减重 22%。预计 amycretin 的口服版本将在明年初开始三期试验，如果证明是真正的有效药物，这可能会迅速使诺和诺德成为一只热门股票。</p>
</div><p>The company has generated strong profit margins of 35% over the trailing 12 months. With excellent growth opportunities still ahead, the stock may be a steal of a deal for long-term investors: It's currently trading at less than 18 times its trailing earnings.</p>
<div class="lb-trans"><p>该公司在过去 12 个月中产生了 35% 的强劲利润率。随着未来仍有出色的增长机会，这只股票对于长期投资者来说可能是个便宜的交易：目前的交易价格不到其过去收益的 18 倍。</p>
</div><h2>Wall Street sees this stock's potential, but many investors don't</h2>
<div class="lb-trans"><h2>华尔街看好这只股票的潜力，但许多投资者却不这样认为</h2>
</div><p><strong>Keith Speights (Pfizer):</strong> Not everyone thinks Pfizer is underrated. The consensus Wall Street 12-month price target for the stock reflects an upside potential of nearly 20%. However, many investors don't seem to be on the same page as analysts, considering that Pfizer's share price remains well below its 52-week high.</p>
<div class="lb-trans"><p><strong>Keith Speights（辉瑞）：</strong> 并不是每个人都认为辉瑞被低估。华尔街对该股票的 12 个月共识目标价反映出近 20% 的上涨潜力。然而，许多投资者似乎与分析师并不一致，因为辉瑞的股价仍远低于其 52 周高点。</p>
</div><p>Admittedly, Pfizer faces challenges. The company has experienced some pipeline setbacks, notably including throwing in the towel on its oral obesity candidate, danuglipron. Several of its top products lose patent exclusivity over the next few years, too, with blockbuster drugs Eliquis and Ibrance at the top of the list.</p>
<div class="lb-trans"><p>诚然，辉瑞面临挑战。该公司经历了一些产品线的挫折，尤其是放弃了其口服肥胖候选药物 danuglipron。在接下来的几年中，其几款顶级产品也将失去专利独占权，其中包括重磅药物 Eliquis 和 Ibrance。</p>
</div><p>But there's still much to like about Pfizer. Its growth prospects are better than you might think. Sales continue to soar for drugs including Nurtec ODT, Padcev, and Vyndaqel. Pfizer anticipates four regulatory decisions and nine key late-stage clinical study readouts this year.</p>
<div class="lb-trans"><p>但辉瑞仍然有很多值得关注的地方。其增长前景比你想象的要好。包括 Nurtec ODT、Padcev 和 Vyndaqel 在内的药物销售持续飙升。辉瑞预计今年将有四项监管决定和九项关键的晚期临床研究结果公布。</p>
</div><p>Pfizer's dividend remains very attractive with a forward yield of 6.79%. CEO Albert Bourla said at the <strong>Goldman Sachs</strong>(NYSE: GS) Global Healthcare Conference last month, &#34;[W] e are going to maintain a growing dividend.&#34;</p>
<div class="lb-trans"><p>辉瑞的分红仍然非常有吸引力，前瞻收益率为 6.79%。首席执行官 Albert Bourla 在上个月的 <strong>高盛</strong>（NYSE: GS）全球医疗保健会议上表示：“我们将保持增长的分红。”</p>
</div><p>The stock's valuation is another big plus. Pfizer's shares trade at roughly 8.7 times forward earnings. This reflects a lot of pessimism -- too much, in my view.</p>
<div class="lb-trans"><p>该股票的估值是另一个重要的优势。辉瑞的股票交易价格约为前瞻收益的 8.7 倍。这反映了过多的悲观情绪——在我看来，实在是太多了。</p>
</div>

3 只令人意外被低估的股票，值得现在买入