<h2>关键要点</h2>
<ul>
<li>在 Warsh 领导的美联储下，辉瑞可能会蓬勃发展，原因有几个。</li>
</ul>
<ul>
<li>然而，由于其债务和专利悬崖，这家制药公司并不会是一个稳操胜券的赢家。</li>
</ul>
<ul>
<li>最大的挑战是没有人确切知道 Warsh 会做出什么改变。</li>
</ul>
<ul>
<li>我们更喜欢的 10 只股票超过辉瑞 ›</li>
</ul>
<p>精明的投资者知道，变革带来机会。而国家中央银行正在进行重大变革。Kevin Warsh 现在是新的美联储主席，接替了 Jerome Powell。Warsh 公开呼吁美联储进行 “政权更替”，这一术语可能暗示着政策的重大变化。</p>
<p>在 Warsh 掌舵的情况下，投资者应该考虑购买哪些股票？<strong>辉瑞</strong>（NYSE: PFE）看起来是一个引人注目的候选者。这家大型制药公司提供 6.6% 的丰厚股息收益率。其估值也很有吸引力，股票的前瞻性市盈率仅为 8.9 倍。辉瑞会是 Warsh 领导美联储时的完美股票吗？</p>
<p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjE2Mi9mZWQtY2hhaXIta2V2aW4td2Fyc2gtb2ZmaWNpYWwtd2hpdGUtaG91c2UtcGhvdG8tYnktZGFuaWVsLXRvcm9rLmpwZwI2dz03MDA?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjE2Mi9mZWQtY2hhaXIta2V2aW4td2Fyc2gtb2ZmaWNpYWwtd2hpdGUtaG91c2UtcGhvdG8tYnktZGFuaWVsLXRvcm9rLmpwZwI2dz03MDA"/></p>
<p>美联储主席 Kevin Warsh。图片来源：官方白宫照片，摄影：Daniel Torok。</p>
<h2>为什么辉瑞在 Warsh 领导的美联储下可能会蓬勃发展</h2>
<p>没有人确切知道 Warsh 担任美联储主席的影响将是什么。我们可能正进入一个不确定的时期。一些股票的波动性将增加。然而，像辉瑞这样的医疗保健股票在这种情况下往往表现良好。</p>
<p>无论货币政策如何变化，患者仍然需要关键药物——医生也会继续开处方。辉瑞的销售在 Warsh 的监督下不应受到利率变化的影响。</p>
<p>在市场动荡时，投资者通常会发现股息股票更具吸引力。辉瑞超高的股息收益率，加上连续 16 年的股息增长和连续 350 个季度的股息支付，如果 Warsh 的 “政权更替” 导致股市波动，这可能会很有吸引力。</p>
<p>制药公司的低估值也可能有所帮助。通货膨胀上升可能迫使美联储提高利率。利率上升通常对昂贵的成长股打击最大。另一方面，价值股则更能抵御利率上升的影响。</p>
<h2>为什么辉瑞在 Warsh 掌舵下可能不太理想</h2>
<p>然而，辉瑞在 Warsh 担任美联储主席时并不会是一个稳操胜券的赢家。首先，如果利率确实上升，辉瑞的股息可能相对于美国国债的较高、相对无风险收益率变得不那么吸引人。投资者可能会对辉瑞 131% 的高股息支付比率感到更加紧张。</p>
<p>辉瑞还有 647 亿美元的债务。如果公司不得不以更高的利率再融资到期债务，其利息支出将增加，从而对利润率施加压力。</p>
<p>不过，辉瑞可能不是在 Warsh 担任美联储主席时的完美股票的最大原因是公司面临的多重挑战。辉瑞的专利悬崖位于首位。癌症药物 Adcetris 和自身免疫疾病药物 Xeljanz 将在 2026 年失去美国专利独占权。明年情况更糟，辉瑞两大畅销药物，抗凝血药物 Eliquis 和乳腺癌治疗药物 Ibrance 的专利将到期。前列腺癌药物 Xtandi 也将在 2027 年失去专利独占权。</p>
<p>由于这个专利悬崖，辉瑞在未来增长上严重依赖其研发管线。然而，正在开发的实验药物在临床试验中失败或被监管机构拒绝的风险始终存在。同时，竞争对手正在开发可能威胁辉瑞现有药物的产品。</p>
<h2>不确定性因素</h2>
<p>即使我们能够将辉瑞的所有问题抛诸脑后，仍然有一个压倒性的理由使我们无法宣布该股票是 Warsh 领导美联储时的完美选择。这个理由与辉瑞无关，而是与 Warsh 本人有关。如前所述，没有人确切知道新任美联储主席将做出什么政策变化，或者他将多快实施这些变化。</p>
<p>Warsh 可能也还没有完全知道这些问题的答案。他无法单方面做出货币政策决策。如果他试图进行重大改变，Warsh 可能会遭遇美联储其他成员的强烈反对。宏观经济现实也可能阻止他推进一些想法。</p>
<p>这种不确定性因素使得我们无法宣布任何股票是在 Warsh 领导的美联储下的理想选择。但尽管辉瑞可能不是完美的股票，但对于寻求丰厚、可靠股息的收入投资者来说，它仍然应该具有吸引力。</p>
<h2>你现在应该购买辉瑞的股票吗？</h2>
<p>在你购买辉瑞的股票之前，请考虑以下几点：</p>
<p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为现在投资者应该购买的 <strong>10 只最佳股票</strong>……而辉瑞并不在其中。入选的 10 只股票在未来几年可能会产生巨大的回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 463,900 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 1,294,401 美元</strong>！*</p>
<p>现在，值得注意的是_Stock Advisor_的总平均回报率为 978%——与 S&amp;P 500 的 211% 相比，表现超出市场。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区，获取_Stock Advisor_。</strong></p>
<p><strong>查看这 10 只股票 »</strong></p>
<p><em>截至 2026 年 6 月 1 日的股票顾问回报。</em></p>
<p><em>Keith Speights 持有辉瑞的股份。Motley Fool 持有并推荐辉瑞。Motley Fool 有披露政策。</em></p>
<p>本文中表达的观点和意见仅代表作者个人观点，并不一定反映纳斯达克公司的观点。</p>

辉瑞

<p>本文分析了在新任美联储主席凯文·沃什（Kevin Warsh）领导下，辉瑞（Pfizer）是否是一个理想的持股选择。尽管辉瑞的高股息收益率和低估值在潜在市场波动期间可能具有吸引力，但风险包括其沉重的债务负担、即将到来的关键药物如艾利克斯（Eliquis）的专利到期，以及沃什实际政策变化的不确定性。最终，尽管由于这些挑战，辉瑞并不是一个 “稳操胜券” 的赢家，但对于收入投资者来说仍然具有吸引力</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键要点</h2>
</div><ul>
<li>Pfizer could flourish under a Warsh-led Fed for several reasons.</li>
</ul>
<div class="lb-trans"><ul>
<li>在 Warsh 领导的美联储下，辉瑞可能会蓬勃发展，原因有几个。</li>
</ul>
</div><ul>
<li>However, the drugmaker won't be a slam-dunk winner, in part because of its debt and patent cliff.</li>
</ul>
<div class="lb-trans"><ul>
<li>然而，由于其债务和专利悬崖，这家制药公司并不会是一个稳操胜券的赢家。</li>
</ul>
</div><ul>
<li>The biggest challenge is that no one knows for sure what changes Warsh will make.</li>
</ul>
<div class="lb-trans"><ul>
<li>最大的挑战是没有人确切知道 Warsh 会做出什么改变。</li>
</ul>
</div><ul>
<li>10 stocks we like better than Pfizer ›</li>
</ul>
<div class="lb-trans"><ul>
<li>我们更喜欢的 10 只股票超过辉瑞 ›</li>
</ul>
</div><p>Savvy investors know that change creates opportunities. And a major change is underway at the nation's central bank. Kevin Warsh is now the new Federal Reserve Chair, taking the baton from Jerome Powell. Warsh has publicly called for &#34;regime change&#34; at the Fed, a term that could signal significant policy shifts.</p>
<div class="lb-trans"><p>精明的投资者知道，变革带来机会。而国家中央银行正在进行重大变革。Kevin Warsh 现在是新的美联储主席，接替了 Jerome Powell。Warsh 公开呼吁美联储进行 “政权更替”，这一术语可能暗示着政策的重大变化。</p>
</div><p>Which stocks should investors consider buying with Warsh in charge? <strong>Pfizer</strong>(NYSE: PFE) looks like an intriguing candidate. The big drugmaker offers a juicy dividend yield of 6.6%. Its valuation is attractive, with shares trading at only 8.9 times forward earnings. Could Pfizer be the perfect stock to own with Warsh heading the Fed?</p>
<div class="lb-trans"><p>在 Warsh 掌舵的情况下，投资者应该考虑购买哪些股票？<strong>辉瑞</strong>（NYSE: PFE）看起来是一个引人注目的候选者。这家大型制药公司提供 6.6% 的丰厚股息收益率。其估值也很有吸引力，股票的前瞻性市盈率仅为 8.9 倍。辉瑞会是 Warsh 领导美联储时的完美股票吗？</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjE2Mi9mZWQtY2hhaXIta2V2aW4td2Fyc2gtb2ZmaWNpYWwtd2hpdGUtaG91c2UtcGhvdG8tYnktZGFuaWVsLXRvcm9rLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F872162%2Ffed-chair-kevin-warsh-official-white-house-photo-by-daniel-torok.jpg&amp;w=700"/></p>
<p>Fed Chair Kevin Warsh. Image source: Official White House Photo by Daniel Torok.</p>
<div class="lb-trans"><p>美联储主席 Kevin Warsh。图片来源：官方白宫照片，摄影：Daniel Torok。</p>
</div><h2>Why Pfizer could flourish under a Warsh-led Fed</h2>
<div class="lb-trans"><h2>为什么辉瑞在 Warsh 领导的美联储下可能会蓬勃发展</h2>
</div><p>No one knows for sure what the implications will be with Warsh serving as Fed chair. We're likely entering a period of uncertainty. Volatility will increase for some stocks. However, healthcare stocks such as Pfizer tend to hold up quite well during such times.</p>
<div class="lb-trans"><p>没有人确切知道 Warsh 担任美联储主席的影响将是什么。我们可能正进入一个不确定的时期。一些股票的波动性将增加。然而，像辉瑞这样的医疗保健股票在这种情况下往往表现良好。</p>
</div><p>Regardless of what happens with monetary policy, patients will continue to need critical medications -- and physicians will continue prescribing them. Pfizer's sales shouldn't be affected much, if at all, by interest rate changes under Warsh's watch.</p>
<div class="lb-trans"><p>无论货币政策如何变化，患者仍然需要关键药物——医生也会继续开处方。辉瑞的销售在 Warsh 的监督下不应受到利率变化的影响。</p>
</div><p>Investors often find dividend stocks more appealing when markets are turbulent. Pfizer's ultra-high dividend yield, along with its 16 consecutive years of dividend increases and 350 consecutive quarterly dividend payments, could be attractive if Warsh's &#34;regime change&#34; leads to stock market choppiness.</p>
<div class="lb-trans"><p>在市场动荡时，投资者通常会发现股息股票更具吸引力。辉瑞超高的股息收益率，加上连续 16 年的股息增长和连续 350 个季度的股息支付，如果 Warsh 的 “政权更替” 导致股市波动，这可能会很有吸引力。</p>
</div><p>The pharmaceutical company's low valuation could help, too. Rising inflation could force the Fed to raise interest rates. Rising rates usually hit expensive growth stocks the hardest. Value stocks, on the other hand, are more insulated from the effects of increasing interest rates.</p>
<div class="lb-trans"><p>制药公司的低估值也可能有所帮助。通货膨胀上升可能迫使美联储提高利率。利率上升通常对昂贵的成长股打击最大。另一方面，价值股则更能抵御利率上升的影响。</p>
</div><h2>Why Pfizer may be less than ideal with Warsh in charge</h2>
<div class="lb-trans"><h2>为什么辉瑞在 Warsh 掌舵下可能不太理想</h2>
</div><p>However, Pfizer won't be a slam-dunk winner with Warsh at the helm of the Federal Reserve. For one thing, if rates indeed move higher, Pfizer's dividend could become less appealing relative to the higher, relatively risk-free yields of U.S. Treasuries. Investors may become more skittish about Pfizer's high dividend payout ratio of 131%.</p>
<div class="lb-trans"><p>然而，辉瑞在 Warsh 担任美联储主席时并不会是一个稳操胜券的赢家。首先，如果利率确实上升，辉瑞的股息可能相对于美国国债的较高、相对无风险收益率变得不那么吸引人。投资者可能会对辉瑞 131% 的高股息支付比率感到更加紧张。</p>
</div><p>Pfizer also has $64.7 billion of debt. If the company has to refinance maturing debt at higher rates, its interest expense will increase, putting pressure on margins.</p>
<div class="lb-trans"><p>辉瑞还有 647 亿美元的债务。如果公司不得不以更高的利率再融资到期债务，其利息支出将增加，从而对利润率施加压力。</p>
</div><p>Probably the biggest reason Pfizer may not be the perfect stock to own with Warsh serving as Fed chair, though, is the multiple challenges the company faces. Pfizer's patent cliff stands at the top of the list. Cancer drug Adcetris and autoimmune disease drug Xeljanz lose U.S. patent exclusivity in 2026. Next year is even worse, with patents expiring on Pfizer's two biggest blockbusters, the blood thinner Eliquis and the breast cancer therapy Ibrance. Prostate cancer drug Xtandi also loses patent exclusivity in 2027.</p>
<div class="lb-trans"><p>不过，辉瑞可能不是在 Warsh 担任美联储主席时的完美股票的最大原因是公司面临的多重挑战。辉瑞的专利悬崖位于首位。癌症药物 Adcetris 和自身免疫疾病药物 Xeljanz 将在 2026 年失去美国专利独占权。明年情况更糟，辉瑞两大畅销药物，抗凝血药物 Eliquis 和乳腺癌治疗药物 Ibrance 的专利将到期。前列腺癌药物 Xtandi 也将在 2027 年失去专利独占权。</p>
</div><p>Because of this patent cliff, Pfizer is heavily dependent on its pipeline for future growth. However, there's always a risk that experimental drugs in development will flop in clinical trials or be rejected by regulatory agencies. Meanwhile, competitors are developing products that could threaten Pfizer's existing drugs.</p>
<div class="lb-trans"><p>由于这个专利悬崖，辉瑞在未来增长上严重依赖其研发管线。然而，正在开发的实验药物在临床试验中失败或被监管机构拒绝的风险始终存在。同时，竞争对手正在开发可能威胁辉瑞现有药物的产品。</p>
</div><h2>The uncertainty factor</h2>
<div class="lb-trans"><h2>不确定性因素</h2>
</div><p>Even if we could sweep all of Pfizer's issues under the rug, there's still one overriding reason why we can't declare the stock as a perfect pick to own with Warsh leading the Fed. That reason has nothing to do with Pfizer; instead, it's about Warsh himself. As mentioned earlier, no one knows exactly what policy changes the new Fed chair will make or how quickly he will be able to implement those changes.</p>
<div class="lb-trans"><p>即使我们能够将辉瑞的所有问题抛诸脑后，仍然有一个压倒性的理由使我们无法宣布该股票是 Warsh 领导美联储时的完美选择。这个理由与辉瑞无关，而是与 Warsh 本人有关。如前所述，没有人确切知道新任美联储主席将做出什么政策变化，或者他将多快实施这些变化。</p>
</div><p>Warsh probably doesn't fully know the answers to these questions yet, either. He can't make monetary policy decisions unilaterally. It's possible (and perhaps probable) that Warsh will encounter significant pushback from other members of the Fed if he tries to make a drastic change. Macroeconomic realities could also prevent him from advancing some of his ideas.</p>
<div class="lb-trans"><p>Warsh 可能也还没有完全知道这些问题的答案。他无法单方面做出货币政策决策。如果他试图进行重大改变，Warsh 可能会遭遇美联储其他成员的强烈反对。宏观经济现实也可能阻止他推进一些想法。</p>
</div><p>This uncertainty factor makes it impossible to declare any stock as the ideal choice to own with a Warsh-led Fed. But while Pfizer may not be a perfect stock, it should still be attractive to income investors seeking juicy, reliable dividends.</p>
<div class="lb-trans"><p>这种不确定性因素使得我们无法宣布任何股票是在 Warsh 领导的美联储下的理想选择。但尽管辉瑞可能不是完美的股票，但对于寻求丰厚、可靠股息的收入投资者来说，它仍然应该具有吸引力。</p>
</div><h2>Should you buy stock in Pfizer right now?</h2>
<div class="lb-trans"><h2>你现在应该购买辉瑞的股票吗？</h2>
</div><p>Before you buy stock in Pfizer, consider this:</p>
<div class="lb-trans"><p>在你购买辉瑞的股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Pfizer wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为现在投资者应该购买的 <strong>10 只最佳股票</strong>……而辉瑞并不在其中。入选的 10 只股票在未来几年可能会产生巨大的回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $463,900</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,294,401</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 463,900 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 1,294,401 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 978% — a market-crushing outperformance compared to 211% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在，值得注意的是_Stock Advisor_的总平均回报率为 978%——与 S&amp;P 500 的 211% 相比，表现超出市场。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区，获取_Stock Advisor_。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看这 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of June 1, 2026.</em></p>
<div class="lb-trans"><p><em>截至 2026 年 6 月 1 日的股票顾问回报。</em></p>
</div><p><em>Keith Speights has positions in Pfizer. The Motley Fool has positions in and recommends Pfizer. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Keith Speights 持有辉瑞的股份。Motley Fool 持有并推荐辉瑞。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>本文中表达的观点和意见仅代表作者个人观点，并不一定反映纳斯达克公司的观点。</p>
</div>

Is Pfizer the Perfect Stock to Own with Kevin Warsh Heading the Fed?

- Pfizer 可能在 Warsh 主导的美联储下表现良好，但面临多重挑战。  
- 该公司债务高达 647 亿美元，且专利即将到期。  
- 不确定政策变化可能影响投资者信心，建议谨慎投资。

在凯文·沃什领导美联储的情况下，辉瑞是否是完美的持有股票？