<p>在如今的市场中，寻找被低估的股票并不容易。标准普尔 500 指数中公司的平均股价已飙升至 24.8 倍的过去 12 个月收益。</p>
<p>尽管整体股市大幅上涨，但医疗保健行业中的几家公司并没有得到应有的关注。让我们更仔细地看看 <strong>诺和诺德</strong>（Novo Nordisk）(NVO 0.13%) 和 <strong>Healthpeak Properties</strong>（DOC -0.61%），看看它们在未来几年如何可能腾飞。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIwMTEvaW52ZXN0b3ItbG9va3Mtd29ycmllZC1hdC1jb21wdXRlci1pbi1hLWxpdmluZy1yb29tLXNldHRpbmctZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIwMTEvaW52ZXN0b3ItbG9va3Mtd29ycmllZC1hdC1jb21wdXRlci1pbi1hLWxpdmluZy1yb29tLXNldHRpbmctZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 诺和诺德</h2>
<p>这家总部位于丹麦的公司在 2021 年推出其抗肥胖药物 Wegovy 时低估了市场需求。更糟糕的是，几年前，<strong>礼来</strong>（Eli Lilly）推出了一种新一代抗肥胖药物，其减重效果比 Wegovy 更为显著。</p>
<p>投资者注意到 semaglutide（Wegovy 和 Ozempic 中的 GLP-1 药物）市场份额的下降，导致该股票在过去 12 个月内下跌了 68%。股票的下跌可能看起来像是业务面临困境，但事实并非如此。实际上，管理层预计在调整汇率波动后，今年的营业利润将增长 10% 至 16%。</p>
<p>其最近下跌的股价仅为预期前瞻性收益的 13.8 倍，这对于一家年利润以两位数百分比增长的公司来说似乎过低。</p>
<p>投资者可能不需要担心礼来的 Zepbound 和仍在开发中的更强 GLP-1 药物会使 semaglutide 失去市场地位。这是因为诺和诺德的药物相对容易耐受。虽然达到相同程度的减重可能需要几个月的时间，但这是许多患者及其医生乐于接受的权衡。</p>
<p>最近，诺和诺德发布了一些数据显示，使用 semaglutide 的患者发生心血管事件（如心脏病发作或中风）的可能性比使用礼来的 GLP-1 药物 tirzepatide 的患者低 57%。虽然该研究的结论需要谨慎对待，但显然我们不应假设 semaglutide 无法保持在抗肥胖市场中的重要份额。</p>
<p>在美国，semaglutide 的专利预计最早将在 2032 年之前保持生物类似药的竞争处于低位。与此同时，患者股东可能会收到大量的股息支付。在其被压低的价格下，诺和诺德的股票提供 3.1% 的收益率。这对于一家自 2021 年以来年股息支付翻了一番的公司来说是一个很高的收益率。</p>
<h2>2. Healthpeak Properties</h2>
<p>在过去的几年中，初创生物技术公司的融资有所放缓，但对药物的需求并没有下降。在美国，处方药的总支出在 2023 年飙升了 11.4%，达到了 4497 亿美元。</p>
<p>处方药是我们健康系统的基石，但它们占总医疗费用的比例不到 10%。凭借如此出色的价值主张，机构投资者再次向生物技术行业投入资金只是时间问题。</p>
<p>Healthpeak Properties 是一家房地产投资信托（REIT），专门收购和建设世界最大制药公司、生物技术初创企业及其间的实验室。为了抵消因资本流向前商业药物制造商减少而造成的损失，它在去年 3 月与 Physicians Realty Trust 合并。此次合并使 Healthpeak 的投资组合多样化，增加了大量医疗办公楼，但增加的股份数量迫使其削减股息支付。</p>
<p>如果有一件事情是 REIT 投资者无法容忍的，那就是股息减少。因此，您现在可以以超低价格购买 Healthpeak Properties。今年，管理层预计运营资金（用于评估 REIT 的收益的代理指标）将在其指导范围的中点达到每股 1.84 美元。考虑到其股价约为每股 18 美元，您可以以大约 10 倍的今年调整后的 FFO 预期价格购买该股票。</p>
<p>Healthpeak Properties 的股票在最近的价格下提供了高达 6.8% 的股息收益率。将一些股票添加到多元化投资组合中，并持有数十年，对于大多数投资者来说似乎是正确的选择。</p>

诺和诺德公司

<p>本文讨论了两只被低估的医疗保健股票，适合长期投资：诺和诺德公司和 Healthpeak Properties。尽管诺和诺德公司的股票下跌了 68%，但预计今年的营业利润将增长 10-16%，前瞻市盈率为 13.8，股息收益率为 3.1%。Healthpeak Properties 是一家专注于生物技术设施的房地产投资信托，提供 6.8% 的股息收益率，交易价格约为其预期运营资金的 10 倍。这两只股票为希望长期持有的投资者提供了有吸引力的机会</p>

<p>Finding undervalued stocks isn't easy these days. The average stock price for companies in the benchmark <strong>S&amp;P 500</strong> index has soared to 24.8 times trailing 12-month earnings.</p>
<div class="lb-trans"><p>在如今的市场中，寻找被低估的股票并不容易。标准普尔 500 指数中公司的平均股价已飙升至 24.8 倍的过去 12 个月收益。</p>
</div><p>While the overall stock market is way up, a couple of companies in the healthcare sector aren't getting the attention they deserve. Here's a closer look at <strong>Novo Nordisk</strong>(NVO 0.13%) and <strong>Healthpeak Properties</strong>(DOC -0.61%) to see how they could soar in the years ahead.</p>
<div class="lb-trans"><p>尽管整体股市大幅上涨，但医疗保健行业中的几家公司并没有得到应有的关注。让我们更仔细地看看 <strong>诺和诺德</strong>（Novo Nordisk）(NVO 0.13%) 和 <strong>Healthpeak Properties</strong>（DOC -0.61%），看看它们在未来几年如何可能腾飞。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIwMTEvaW52ZXN0b3ItbG9va3Mtd29ycmllZC1hdC1jb21wdXRlci1pbi1hLWxpdmluZy1yb29tLXNldHRpbmctZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832011%2Finvestor-looks-worried-at-computer-in-a-living-room-setting-getty.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>1. Novo Nordisk</h2>
<div class="lb-trans"><h2>1. 诺和诺德</h2>
</div><p>This Denmark-headquartered company underestimated demand for its anti-obesity treatment Wegovy when it launched in the U.S. in 2021. To make matters worse, a couple of years ago, <strong>Eli Lilly</strong> launched a next-generation anti-obesity drug that reduces weight more effectively than Wegovy.</p>
<div class="lb-trans"><p>这家总部位于丹麦的公司在 2021 年推出其抗肥胖药物 Wegovy 时低估了市场需求。更糟糕的是，几年前，<strong>礼来</strong>（Eli Lilly）推出了一种新一代抗肥胖药物，其减重效果比 Wegovy 更为显著。</p>
</div><p>Investors noticing the loss of market share for semaglutide, the GLP-1 drug in Wegovy and Ozempic, have knocked the stock down by 68% over the past 12 months. The stock decline might seem like the business is at death's door, but this isn't the case. In fact, management expects operating profits to rise by 10% to 16% this year once adjusted for fluctuating currency exchange rates.</p>
<div class="lb-trans"><p>投资者注意到 semaglutide（Wegovy 和 Ozempic 中的 GLP-1 药物）市场份额的下降，导致该股票在过去 12 个月内下跌了 68%。股票的下跌可能看起来像是业务面临困境，但事实并非如此。实际上，管理层预计在调整汇率波动后，今年的营业利润将增长 10% 至 16%。</p>
</div><p>Its recently knocked-down price is only 13.8 times forward-looking earnings expectations, which seems way too low for shares of a company with profits that are growing by a double-digit annual percentage.</p>
<div class="lb-trans"><p>其最近下跌的股价仅为预期前瞻性收益的 13.8 倍，这对于一家年利润以两位数百分比增长的公司来说似乎过低。</p>
</div><p>Investors probably don't need to worry that Zepbound from Eli Lilly and stronger GLP-1 drugs still in development will make semaglutide irrelevant. That's because Novo Nordisk's drug is relatively easy to tolerate. It might take a few months longer to achieve the same degree of weight loss, but this is a trade-off many patients and their physicians are comfortable with.</p>
<div class="lb-trans"><p>投资者可能不需要担心礼来的 Zepbound 和仍在开发中的更强 GLP-1 药物会使 semaglutide 失去市场地位。这是因为诺和诺德的药物相对容易耐受。虽然达到相同程度的减重可能需要几个月的时间，但这是许多患者及其医生乐于接受的权衡。</p>
</div><p>Recently, Novo Nordisk published some data that suggests patients on semaglutide are 57% less likely to experience a cardiovascular event like a heart attack or stroke than patients on tirzepatide, Eli Lilly's GLP-1 drug. While the study's conclusion needs to be taken with a grain of salt, it's clear that we shouldn't assume semaglutide can't maintain a significant share of the anti-obesity market.</p>
<div class="lb-trans"><p>最近，诺和诺德发布了一些数据显示，使用 semaglutide 的患者发生心血管事件（如心脏病发作或中风）的可能性比使用礼来的 GLP-1 药物 tirzepatide 的患者低 57%。虽然该研究的结论需要谨慎对待，但显然我们不应假设 semaglutide 无法保持在抗肥胖市场中的重要份额。</p>
</div><p>In the US, semaglutide's patents are expected to keep biosimilar competition at bay until 2032 at the earliest. In the meantime, patient shareholders could receive heaps of dividend payments. At their beaten-down price, shares of Novo Nordisk offer a 3.1% yield. That's a big yield from a company that has more than doubled annual dividend payments since 2021.</p>
<div class="lb-trans"><p>在美国，semaglutide 的专利预计最早将在 2032 年之前保持生物类似药的竞争处于低位。与此同时，患者股东可能会收到大量的股息支付。在其被压低的价格下，诺和诺德的股票提供 3.1% 的收益率。这对于一家自 2021 年以来年股息支付翻了一番的公司来说是一个很高的收益率。</p>
</div><h2>2. Healthpeak Properties</h2>
<div class="lb-trans"><h2>2. Healthpeak Properties</h2>
</div><p>Over the past couple of years, funding for start-up biotechnology businesses has slowed down, but demand for drugs hasn't declined. In the U.S., total spending on prescription drugs soared by 11.4% in 2023 to reach $449.7 billion.</p>
<div class="lb-trans"><p>在过去的几年中，初创生物技术公司的融资有所放缓，但对药物的需求并没有下降。在美国，处方药的总支出在 2023 年飙升了 11.4%，达到了 4497 亿美元。</p>
</div><p>Prescription drugs are a cornerstone of our health system, but they soak up less than 10% of total healthcare expenses. With such a terrific value proposition, it's just a matter of time before institutional investors begin hurling capital at the biotech industry again.</p>
<div class="lb-trans"><p>处方药是我们健康系统的基石，但它们占总医疗费用的比例不到 10%。凭借如此出色的价值主张，机构投资者再次向生物技术行业投入资金只是时间问题。</p>
</div><p>Healthpeak Properties is a real estate investment trust (REIT) that acquires and builds laboratories for the world's largest pharmaceutical businesses, biotech start-ups, and everything in between. To offset losses caused by less capital reaching pre-commercial drugmakers, it merged with Physicians Realty Trust last March. The merger diversified Healthpeak's portfolio with heaps of medical office buildings, but the increased share count forced it to slash dividend payments.</p>
<div class="lb-trans"><p>Healthpeak Properties 是一家房地产投资信托（REIT），专门收购和建设世界最大制药公司、生物技术初创企业及其间的实验室。为了抵消因资本流向前商业药物制造商减少而造成的损失，它在去年 3 月与 Physicians Realty Trust 合并。此次合并使 Healthpeak 的投资组合多样化，增加了大量医疗办公楼，但增加的股份数量迫使其削减股息支付。</p>
</div><p>If there's one thing REIT investors won't tolerate, it's a dividend reduction. As a result, you can buy Healthpeak Properties at bargain bin prices right now. This year, management expects funds from operations, a proxy for earnings used to evaluate REITs, to reach $1.84 per share at the midpoint of its guided range. With its stock price down around $18 per share, you can scoop up the stock for roughly 10 times this year's adjusted FFO expectation.</p>
<div class="lb-trans"><p>如果有一件事情是 REIT 投资者无法容忍的，那就是股息减少。因此，您现在可以以超低价格购买 Healthpeak Properties。今年，管理层预计运营资金（用于评估 REIT 的收益的代理指标）将在其指导范围的中点达到每股 1.84 美元。考虑到其股价约为每股 18 美元，您可以以大约 10 倍的今年调整后的 FFO 预期价格购买该股票。</p>
</div><p>Shares of Healthpeak Properties offer a huge 6.8% dividend yield at recent prices. Adding some shares to a diversified portfolio, and holding on for decades, looks like the right move for most investors.</p>
<div class="lb-trans"><p>Healthpeak Properties 的股票在最近的价格下提供了高达 6.8% 的股息收益率。将一些股票添加到多元化投资组合中，并持有数十年，对于大多数投资者来说似乎是正确的选择。</p>
</div>

2025 年值得购买并长期持有的两只被低估的医疗保健股票