<p>今天大多数投资者对 <strong>辉瑞</strong>(PFE 6.77%) 的主要吸引力可能是其高达 7.2% 的股息收益率。这与 <strong>标准普尔 500</strong> 指数的 1.2% 和平均制药股的约 1.3% 相比，显得尤为突出。但在你急于购买这高收益股票之前，你应该了解以下三点。</p>
<h2>1. 辉瑞是一家制药行业的幸存者</h2>
<p>在高股息收益率之后，购买辉瑞的下一个重要理由是其在竞争激烈的制药行业中生存的能力。辉瑞不仅是行业巨头，市值达到 1350 亿美元，而且已经存在超过 100 年。这不是一家新兴公司或单一产品的奇迹。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU0OTMvMjVfMDJfMDQtYS1wZXJzb24tdXNpbmctYW4taW5qZWN0aW9uLXBlbi1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTM5Mzk5MTk0OS0xMjAweDY3NS0xMjg1NTRlLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU0OTMvMjVfMDJfMDQtYS1wZXJzb24tdXNpbmctYW4taW5qZWN0aW9uLXBlbi1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTM5Mzk5MTk0OS0xMjAweDY3NS0xMjg1NTRlLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>辉瑞在推动业务发展的过程中，长期以来一直在进行必要的投资。这尤其包括投入资金和时间用于新药的研发过程。但是，当需要时，它也会作为行业整合者，通过收购公司来获得有吸引力的药物候选者。</p>
<p>辉瑞最近就做了这一点，达成收购 <strong>Metsera</strong>(MTSR -0.40%) 的协议，以获得一款有前景的减肥药，因为辉瑞自己的减肥药失败了。这笔数十亿美元的交易显示了辉瑞快速行动的能力，以及根据需要调整策略以确保公司长期生存的能力。</p>
<h2>2. 辉瑞现在必须采取行动，这也是一个问题</h2>
<p>考虑到这一快速背景，辉瑞丰厚的股息收益率对股息投资者来说似乎是一个有吸引力的机会。但在你急于购买股票之前，先不要行动。</p>
<p>辉瑞同意以每股 47.50 美元（大约 49 亿美元）收购 Metsera，并有机会获得额外的 22.50 美元的潜在收益，这也是因为它面临专利悬崖。制药公司被授予临时权利，可以在没有竞争的情况下销售新药。当专利到期时，可以生产仿制药。这通常会导致原药物的收入大幅下降。</p>
<p>辉瑞的肿瘤药物 Ibrance 预计将在 2027 年失去专利保护。其心血管药物 Eliquis 和 Vyndaqel 将在 2028 年面临仿制药竞争。公司收购 Metsera 是为了增强其药物管线，以便能够抵御专利损失。这在制药行业是正常现象，但需要注意的是，辉瑞的高收益率至少部分反映了它尚未解决专利悬崖问题。</p>
<h2>3. 辉瑞的股息可能并不像看起来那么安全</h2>
<p>当你考虑辉瑞的股息支付比率时，专利悬崖变得更加令人担忧。2025 年第二季度的支付比率为 85%，而过去 12 个月的支付比率超过 90%。这个比例令人担忧。如果制药公司无法找到替代 2027 年和 2028 年将失去的收入的办法，它可能会在维持股息方面遇到困难。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1757876c771da73bfb55fa6956ed92f9.png?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://media.ycharts.com/charts/1757876c771da73bfb55fa6956ed92f9.png"/></p>
<p>PFE 支付比率（TTM）数据来源于 YCharts</p>
<p>但这里还有另一个问题需要考虑。辉瑞在 2009 年收购 Wyeth 制药时削减了股息。Wyeth 交易规模更大，约为 680 亿美元。但董事会显然已经表明，它会根据大型企业行动（如收购）调整股息。换句话说，你在购买辉瑞时，必须充分考虑股息削减的风险。尤其是在即将收购 Metsera 的背景下，这一点尤为重要。</p>
<h2>辉瑞可能最好被视为一只转机股</h2>
<p>自 2021 年底达到峰值以来，辉瑞的股价已损失约 60% 的价值。尽管这一高点部分是由于新冠疫情推动的，但长期投资者似乎仍然可以从业务的复苏潜力中受益。这表明辉瑞是一只有吸引力的转机股，特别是考虑到它在肥胖药物领域的举措。</p>
<p>但如果你将辉瑞视为一只股息股票，请谨慎行事。它也可能是这样，但历史表明，股息故事可能并不像你想象的那么强劲。</p>

辉瑞

MTSR

<p>辉瑞（Pfizer，股票代码：PFE）提供 7.2% 的高股息收益率，吸引了投资者。然而，潜在买家应考虑三个关键因素：1）辉瑞在制药行业的长期存在以及其最近收购 Metsera，以增强其药物管线，尤其是在即将面临专利悬崖的情况下。2）由于派息比率超过 90%，存在减息的风险，特别是在 2027 年和 2028 年即将到来的专利到期。3）自 2021 年底以来，辉瑞的股价已下跌 60%，使其成为潜在的反弹股票，但对于以股息为重点的投资者来说，仍需谨慎</p>

<p>The big draw for most investors with <strong>Pfizer</strong>(PFE 6.77%) today is likely to be its lofty 7.2% dividend yield. That compares to 1.2% for the <strong>S&amp;P 500</strong> index and about 1.3% for the average pharmaceutical stock. But before you rush out and buy that high yield, you should understand these three things.</p>
<div class="lb-trans"><p>今天大多数投资者对 <strong>辉瑞</strong>(PFE 6.77%) 的主要吸引力可能是其高达 7.2% 的股息收益率。这与 <strong>标准普尔 500</strong> 指数的 1.2% 和平均制药股的约 1.3% 相比，显得尤为突出。但在你急于购买这高收益股票之前，你应该了解以下三点。</p>
</div><h2>1. Pfizer is a pharmaceutical survivor</h2>
<div class="lb-trans"><h2>1. 辉瑞是一家制药行业的幸存者</h2>
</div><p>After the lofty dividend yield, the next big reason to buy Pfizer is its proven ability to survive in the highly competitive pharmaceutical sector. Not only is it a giant in the industry, with a $135 billion market capitalization, but it has existed for well over 100 years. This is not some upstart or some one-trick wonder.</p>
<div class="lb-trans"><p>在高股息收益率之后，购买辉瑞的下一个重要理由是其在竞争激烈的制药行业中生存的能力。辉瑞不仅是行业巨头，市值达到 1350 亿美元，而且已经存在超过 100 年。这不是一家新兴公司或单一产品的奇迹。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU0OTMvMjVfMDJfMDQtYS1wZXJzb24tdXNpbmctYW4taW5qZWN0aW9uLXBlbi1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTM5Mzk5MTk0OS0xMjAweDY3NS0xMjg1NTRlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835493%2F25_02_04-a-person-using-an-injection-pen-_mf-dload-gettyimages-1393991949-1200x675-128554e.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>Pfizer has a long history of making the investments needed to continue moving the business forward. That notably includes putting money and time into the difficult process of creating new drugs. But, when it has to, it will also act as an industry consolidator, buying companies to gain access to attractive drug candidates.</p>
<div class="lb-trans"><p>辉瑞在推动业务发展的过程中，长期以来一直在进行必要的投资。这尤其包括投入资金和时间用于新药的研发过程。但是，当需要时，它也会作为行业整合者，通过收购公司来获得有吸引力的药物候选者。</p>
</div><p>It did just that recently when it agreed to buy <strong>Metsera</strong>(MTSR -0.40%) to gain access to a promising weight loss drug after Pfizer's own weight loss drug flamed out. The multibillion-dollar deal shows both Pfizer's capacity for quick action and its ability to change its approach as needed to ensure the company's long-term survival.</p>
<div class="lb-trans"><p>辉瑞最近就做了这一点，达成收购 <strong>Metsera</strong>(MTSR -0.40%) 的协议，以获得一款有前景的减肥药，因为辉瑞自己的减肥药失败了。这笔数十亿美元的交易显示了辉瑞快速行动的能力，以及根据需要调整策略以确保公司长期生存的能力。</p>
</div><h2>2. Pfizer has to take action now, which is a problem</h2>
<div class="lb-trans"><h2>2. 辉瑞现在必须采取行动，这也是一个问题</h2>
</div><p>Given that quick backdrop, it sounds like Pfizer's fat dividend yield is an attractive opportunity for dividend investors. But don't rush out to buy the stock just yet.</p>
<div class="lb-trans"><p>考虑到这一快速背景，辉瑞丰厚的股息收益率对股息投资者来说似乎是一个有吸引力的机会。但在你急于购买股票之前，先不要行动。</p>
</div><p>One of the other reasons why Pfizer has agreed to pay $47.50 per share (roughly $4.9 billion) for Metsera with the opportunity for an additional $22.50 in potential earn outs is that it is facing a patent cliff. Drugmakers are granted temporary rights to sell a new drug without competition. When that patent runs out, generic versions can be created. That normally leads to material revenue declines for the original drug.</p>
<div class="lb-trans"><p>辉瑞同意以每股 47.50 美元（大约 49 亿美元）收购 Metsera，并有机会获得额外的 22.50 美元的潜在收益，这也是因为它面临专利悬崖。制药公司被授予临时权利，可以在没有竞争的情况下销售新药。当专利到期时，可以生产仿制药。这通常会导致原药物的收入大幅下降。</p>
</div><p>Pfizer's oncology drug Ibrance is set to lose patent protections in 2027. Its cardiovascular drugs Eliquis and Vyndaqel will see generic competition in 2028. The company is buying Metsera to strengthen its pipeline of drugs so it can withstand patent losses. That's normal for the drug industry, but it is important to keep in mind that Pfizer's high yield is at least partly a reflection of the fact that it hasn't yet solved its patent cliff issue.</p>
<div class="lb-trans"><p>辉瑞的肿瘤药物 Ibrance 预计将在 2027 年失去专利保护。其心血管药物 Eliquis 和 Vyndaqel 将在 2028 年面临仿制药竞争。公司收购 Metsera 是为了增强其药物管线，以便能够抵御专利损失。这在制药行业是正常现象，但需要注意的是，辉瑞的高收益率至少部分反映了它尚未解决专利悬崖问题。</p>
</div><h2>3. Pfizer's dividend may not be as safe as it seems</h2>
<div class="lb-trans"><h2>3. 辉瑞的股息可能并不像看起来那么安全</h2>
</div><p>The patent cliff becomes even more worrying when you consider Pfizer's dividend payout ratio. The payout ratio was 85% in the second quarter of 2025 and over 90% on a trailing-12-month basis. That is worryingly high. If the drug maker can't find a replacement for the revenue that it is set to lose in 2027 and 2028, it could have trouble sustaining its dividend.</p>
<div class="lb-trans"><p>当你考虑辉瑞的股息支付比率时，专利悬崖变得更加令人担忧。2025 年第二季度的支付比率为 85%，而过去 12 个月的支付比率超过 90%。这个比例令人担忧。如果制药公司无法找到替代 2027 年和 2028 年将失去的收入的办法，它可能会在维持股息方面遇到困难。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1757876c771da73bfb55fa6956ed92f9.png" alt="" original-src="https://media.ycharts.com/charts/1757876c771da73bfb55fa6956ed92f9.png"/></p>
<p>PFE Payout Ratio (TTM) data by YCharts</p>
<div class="lb-trans"><p>PFE 支付比率（TTM）数据来源于 YCharts</p>
</div><p>But there's another problem to consider here as well. Pfizer cut its dividend in 2009 when it acquired Wyeth Pharmaceuticals. The Wyeth transaction was larger, at around $68 billion. But the board of directors has clearly shown that it will adjust the dividend to accommodate large corporate actions like acquisitions. In other words, you can't buy Pfizer without giving great consideration to the risk of a dividend cut. That's especially true right now, in light of the pending acquisition of Metsera.</p>
<div class="lb-trans"><p>但这里还有另一个问题需要考虑。辉瑞在 2009 年收购 Wyeth 制药时削减了股息。Wyeth 交易规模更大，约为 680 亿美元。但董事会显然已经表明，它会根据大型企业行动（如收购）调整股息。换句话说，你在购买辉瑞时，必须充分考虑股息削减的风险。尤其是在即将收购 Metsera 的背景下，这一点尤为重要。</p>
</div><h2>Pfizer is probably best viewed as a turnaround stock</h2>
<div class="lb-trans"><h2>辉瑞可能最好被视为一只转机股</h2>
</div><p>Pfizer's stock has lost roughly 60% of its value since hitting a peak in late 2021. Although that high water mark was partly driven by the coronavirus pandemic, it still seems like long-term investors could benefit from the recovery potential in the business. And that suggests that Pfizer is an attractive turnaround stock, particularly given the moves it is making in the obesity drug space.</p>
<div class="lb-trans"><p>自 2021 年底达到峰值以来，辉瑞的股价已损失约 60% 的价值。尽管这一高点部分是由于新冠疫情推动的，但长期投资者似乎仍然可以从业务的复苏潜力中受益。这表明辉瑞是一只有吸引力的转机股，特别是考虑到它在肥胖药物领域的举措。</p>
</div><p>But tread carefully if you are looking at Pfizer as a dividend stock. It could be that, too, but history suggests that the dividend story may not be as strong as you think.</p>
<div class="lb-trans"><p>但如果你将辉瑞视为一只股息股票，请谨慎行事。它也可能是这样，但历史表明，股息故事可能并不像你想象的那么强劲。</p>
</div>

3 Things You Need to Know if You Buy Pfizer Today

- 较高的 7.2% 股息收益率吸引投资者，但需谨慎。  
- 辉瑞面临专利到期风险，需通过收购增强药物管线。  
- 股息支付比率高达 85%，未来可能面临削减风险。  

如果你今天购买辉瑞股票，你需要了解的三件事