<h2>关键要点</h2>
<ul>
<li>辉瑞的前瞻性股息收益率高于百时美施贵宝，但后者在大多数其他标准上胜过前者。</li>
<li>百时美施贵宝在股息增长方面的记录更强，根据其派息比率，似乎也具有更大的股息持续性潜力。</li>
<li>由于两家公司面临类似的挑战，因此股息增长和可持续性等指标是判断哪一家公司更适合成为优质股息股票的最佳方式。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
<p>在制药股票和收益方面，<strong>百时美施贵宝</strong>（NYSE: BMY）和 <strong>辉瑞</strong>（NYSE: PFE）脱颖而出。然而，在决定这两者中哪一个是更好的高收益股息股票时，需要考虑多个标准，而不仅仅是原始收益率。</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>在当前收益方面，辉瑞显然是赢家。然而，当考虑到更高的收益是否可持续时，股息派发比率和盈利预测等因素开始引发怀疑。</p>
<p>考虑到这一点，让我们检查一下两家公司的股息健康状况，以更好地了解哪一家公司更适合以收入为导向的长期投资者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjI4My9maW5hbmNpYWwtaGVhbHRoLXN0ZXRob3Njb3BlLW1vbmV5LWNhc2gtaHVuZHJlZC1iaWxscy1tZWRpY2FsLWhlYWx0aGNhcmUtMTIwMHg4MDMtMzc0MDNiNi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="468" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjI4My9maW5hbmNpYWwtaGVhbHRoLXN0ZXRob3Njb3BlLW1vbmV5LWNhc2gtaHVuZHJlZC1iaWxscy1tZWRpY2FsLWhlYWx0aGNhcmUtMTIwMHg4MDMtMzc0MDNiNi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>股息之战：百时美施贵宝 vs. 辉瑞</h2>
<p>在当前价格下，百时美施贵宝的前瞻性股息收益率约为 4.6%。这明显低于辉瑞的前瞻性收益率，目前为 6.7%。然而，辉瑞的前瞻性收益率如此之高，尤其是对于一家医疗保健股票，这应该向你发出市场对股息持续性存在担忧的信号。</p>
<p>一旦你深入了解与股息相关的指标，例如每只股票的派息比率，这一点应该也会显而易见。百时美施贵宝的派息比率约为 40%，而辉瑞的派息比率超过 60%。换句话说，前者的派息比率处于健康范围内，而辉瑞的派息比率则接近于过高，难以在长期内维持。</p>
<p>在这个水平上，辉瑞产生的收益足以维持股息，但由于大量现金以股息的形式流出，这使得用于偿还债务、资助有机增长或进行新收购的资本减少。除了派息比率指标外，百时美施贵宝在股息增长方面也胜过辉瑞。两家公司都有相似的连续股息增长年数。</p>
<p>百时美施贵宝连续 18 年增加股息，而辉瑞则连续 16 年增长股息。然而，在过去十年中，前者的平均年股息增长率超过后者，百时美施贵宝的股息平均增长率为 5.3%，而辉瑞为 4.4%。因此，即使辉瑞设法避免削减股息，随着时间的推移，这两只蓝筹股息股票之间的收益差距将继续缩小。</p>
<h2>哪一家公司更胜一筹？</h2>
<p>百时美施贵宝在股息持续性和增长潜力方面可能胜过辉瑞，但俗话说，过去的表现并不能预示未来的结果。两家公司都有类似的短期增长预测。分析师预测辉瑞今年销售额将下降 1.4%，到 2027 年下降 3.8%，而盈利今年将增长 8.7%，但明年基本持平。</p>
<p>至于百时美施贵宝，分析师预测 2026 年和 2027 年的销售额将分别下降 1.8% 和 2.3%，而盈利今年将增长 3%，但明年将下降 2.2%。尽管如此，从预期的 2026 年结果来看，辉瑞和百时美施贵宝可能都在继续交出超出预期的数字。两家公司都在扩大其产品线，并采取了削减成本的措施。</p>
<p>投资者继续采取 “观望” 态度。自 1 月以来，百时美施贵宝和辉瑞的股票总回报分别为 3.2% 和 6.1%。这两只股票的估值也都较低，均在前瞻性收益的 9 倍以下交易。</p>
<p>那么，这两只医疗保健股息股票中哪一只更值得购买呢？两家公司都面临类似的挑战和不确定性，但百时美施贵宝在股息增长和持续性方面表现良好；可以认为它是更强的选择。</p>
<h2>你现在应该购买百时美施贵宝的股票吗？</h2>
<p>在你购买百时美施贵宝的股票之前，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的 <strong>10 只最佳股票</strong> 供投资者现在购买……而百时美施贵宝并不在其中。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 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 449,393 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 1,366,006 美元</strong>！*</p>
<p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 983%——与标准普尔 500 的 212% 相比，表现超出市场。<strong>不要错过最新的前 10 名名单，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
<p><strong>查看这 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回报截至 2026 年 6 月 4 日。</em></p>
<p><em>Thomas Niel 在提到的任何股票中没有持仓。Motley Fool 持有并推荐百时美施贵宝和辉瑞。Motley Fool 有披露政策。</em></p>
<p>本文中表达的观点和意见是作者的观点和意见，并不一定反映 Nasdaq, Inc.的观点。</p>

辉瑞

百时美施贵宝

<p>虽然辉瑞的预期股息收益率（6.7%）高于百时美施贵宝（4.6%），但由于百时美施贵宝在股息的持久性和增长方面表现更佳，因此被认为是更好的高收益选择。百时美施贵宝的派息比率较低（约 40% vs. 辉瑞的超过 60%），这表明其可持续性更强，并且在过去十年中，其平均年度股息增长超过辉瑞。尽管短期销售预测和挑战相似，但百时美施贵宝更强的财务健康状况使其成为以收入为重点的投资者的首选</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键要点</h2>
</div><ul>
<li>Pfizer has a higher forward dividend yield than Bristol Myers Squibb, but the latter beats the former in most other criteria.</li>
<li>Bristol Myers Squibb has a stronger dividend growth track record, and based on its payout ratio, appears to have greater dividend durability potential as well.</li>
<li>As both companies face similar challenges, metrics like dividend growth and sustainability are the best way to determine which of the two makes for the better dividend stock.</li>
<li>10 stocks we like better than Bristol Myers Squibb ›</li>
</ul>
<div class="lb-trans"><ul>
<li>辉瑞的前瞻性股息收益率高于百时美施贵宝，但后者在大多数其他标准上胜过前者。</li>
<li>百时美施贵宝在股息增长方面的记录更强，根据其派息比率，似乎也具有更大的股息持续性潜力。</li>
<li>由于两家公司面临类似的挑战，因此股息增长和可持续性等指标是判断哪一家公司更适合成为优质股息股票的最佳方式。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
</div><p>When it comes to pharmaceutical stocks and yield, <strong>Bristol Myers Squibb</strong>(NYSE: BMY) and <strong>Pfizer</strong>(NYSE: PFE) stand out. However, when deciding which of the two is the better high-yield dividend stock, you need to consider numerous criteria, not just the raw yield itself.</p>
<div class="lb-trans"><p>在制药股票和收益方面，<strong>百时美施贵宝</strong>（NYSE: BMY）和 <strong>辉瑞</strong>（NYSE: PFE）脱颖而出。然而，在决定这两者中哪一个是更好的高收益股息股票时，需要考虑多个标准，而不仅仅是原始收益率。</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>When it comes to today's yield, Pfizer is the clear victor. However, when considering whether the higher yield is sustainable, factors such as dividend payout ratios and earnings forecasts start to cast doubt.</p>
<div class="lb-trans"><p>在当前收益方面，辉瑞显然是赢家。然而，当考虑到更高的收益是否可持续时，股息派发比率和盈利预测等因素开始引发怀疑。</p>
</div><p>With this in mind, let's examine the dividend health of both companies to get a better idea of which of the two is the better choice for income-focused long-term investors.</p>
<div class="lb-trans"><p>考虑到这一点，让我们检查一下两家公司的股息健康状况，以更好地了解哪一家公司更适合以收入为导向的长期投资者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjI4My9maW5hbmNpYWwtaGVhbHRoLXN0ZXRob3Njb3BlLW1vbmV5LWNhc2gtaHVuZHJlZC1iaWxscy1tZWRpY2FsLWhlYWx0aGNhcmUtMTIwMHg4MDMtMzc0MDNiNi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F872283%2Ffinancial-health-stethoscope-money-cash-hundred-bills-medical-healthcare-1200x803-37403b6.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Dividend wars: Bristol Myers Squibb vs. Pfizer</h2>
<div class="lb-trans"><h2>股息之战：百时美施贵宝 vs. 辉瑞</h2>
</div><p>At current prices, Bristol Myers Squibb has a forward dividend yield of around 4.6%. This clearly trails Pfizer's forward yield, which currently comes in at 6.7%. However, the fact that Pfizer's forward yield is so high, especially for a healthcare stock, should signal to you that the market has its own concerns about dividend durability.</p>
<div class="lb-trans"><p>在当前价格下，百时美施贵宝的前瞻性股息收益率约为 4.6%。这明显低于辉瑞的前瞻性收益率，目前为 6.7%。然而，辉瑞的前瞻性收益率如此之高，尤其是对于一家医疗保健股票，这应该向你发出市场对股息持续性存在担忧的信号。</p>
</div><p>This should be apparent to you as well, once you dive into dividend-related metrics such as each stock's payout ratio. Bristol Myers Squibb has a payout ratio of around 40%, whereas Pfizer's payout ratio is over 60%. In other words, while the former's payout ratio is within the healthy range, Pfizer's payout ratio puts it on the cusp of being too high to be sustainable over the long term.</p>
<div class="lb-trans"><p>一旦你深入了解与股息相关的指标，例如每只股票的派息比率，这一点应该也会显而易见。百时美施贵宝的派息比率约为 40%，而辉瑞的派息比率超过 60%。换句话说，前者的派息比率处于健康范围内，而辉瑞的派息比率则接近于过高，难以在长期内维持。</p>
</div><p>At this level, Pfizer generates enough earnings to sustain the dividend, but with so much cash flowing out as dividends, this leaves less capital to pay down debt, fund organic growth, or make new acquisitions. Besides the payout ratio metric, Bristol Myers Squibb also beats Pfizer on dividend growth. Both companies have a similar number of years of consecutive dividend growth.</p>
<div class="lb-trans"><p>在这个水平上，辉瑞产生的收益足以维持股息，但由于大量现金以股息的形式流出，这使得用于偿还债务、资助有机增长或进行新收购的资本减少。除了派息比率指标外，百时美施贵宝在股息增长方面也胜过辉瑞。两家公司都有相似的连续股息增长年数。</p>
</div><p>Bristol Myers Squibb has increased its dividend 18 years in a row, while Pfizer has grown its dividend 16 years in a row. However, over the past decade, average annual dividend growth for the former has outpaced the latter, with Bristol Myers' dividend increasing by an average of 5.3%, versus 4.4% for Pfizer. Hence, even if Pfizer manages to avoid a dividend cut, in time, the yield gap between these two blue chip dividend stocks will continue to narrow.</p>
<div class="lb-trans"><p>百时美施贵宝连续 18 年增加股息，而辉瑞则连续 16 年增长股息。然而，在过去十年中，前者的平均年股息增长率超过后者，百时美施贵宝的股息平均增长率为 5.3%，而辉瑞为 4.4%。因此，即使辉瑞设法避免削减股息，随着时间的推移，这两只蓝筹股息股票之间的收益差距将继续缩小。</p>
</div><h2>Which one comes out on top?</h2>
<div class="lb-trans"><h2>哪一家公司更胜一筹？</h2>
</div><p>Bristol Myers Squibb may beat Pfizer in terms of dividend durability and growth potential, but as the saying goes, past performance is not indicative of future results. Both companies have similar short-term growth forecasts. Analyst forecasts call for Pfizer's sales to fall 1.4% this year, and by 3.8% in 2027, with earnings rising 8.7% this year, but essentially flatlining next year.</p>
<div class="lb-trans"><p>百时美施贵宝在股息持续性和增长潜力方面可能胜过辉瑞，但俗话说，过去的表现并不能预示未来的结果。两家公司都有类似的短期增长预测。分析师预测辉瑞今年销售额将下降 1.4%，到 2027 年下降 3.8%，而盈利今年将增长 8.7%，但明年基本持平。</p>
</div><p>As for Bristol Myers Squibb, analyst forecasts call for 2026 and 2027 sales to decline 1.8% and 2.3%, respectively, with earnings rising by 3% this year but declining 2.2% next year. That said, as seen from the anticipated 2026 results, both Pfizer and Bristol Myers may be on track to continue delivering numbers that exceed expectations. Both companies have expanded their pipelines, as well as pursued cost-cutting measures.</p>
<div class="lb-trans"><p>至于百时美施贵宝，分析师预测 2026 年和 2027 年的销售额将分别下降 1.8% 和 2.3%，而盈利今年将增长 3%，但明年将下降 2.2%。尽管如此，从预期的 2026 年结果来看，辉瑞和百时美施贵宝可能都在继续交出超出预期的数字。两家公司都在扩大其产品线，并采取了削减成本的措施。</p>
</div><p>Investors continue to take a &#34;wait and see&#34; approach. Since January, Bristol Myers and Pfizer shares have generated total returns of 3.2% and 6.1%, respectively. Both stocks also continue to trade at low valuations, with both stocks trading for just under 9 times forward earnings.</p>
<div class="lb-trans"><p>投资者继续采取 “观望” 态度。自 1 月以来，百时美施贵宝和辉瑞的股票总回报分别为 3.2% 和 6.1%。这两只股票的估值也都较低，均在前瞻性收益的 9 倍以下交易。</p>
</div><p>So, which of these healthcare dividend stocks is the better buy?? Both companies are facing similar challenges and uncertainty, but Bristol Myers Squibb scores well on dividend growth and durability; consider it the stronger choice.</p>
<div class="lb-trans"><p>那么，这两只医疗保健股息股票中哪一只更值得购买呢？两家公司都面临类似的挑战和不确定性，但百时美施贵宝在股息增长和持续性方面表现良好；可以认为它是更强的选择。</p>
</div><h2>Should you buy stock in Bristol Myers Squibb right now?</h2>
<div class="lb-trans"><h2>你现在应该购买百时美施贵宝的股票吗？</h2>
</div><p>Before you buy stock in Bristol Myers Squibb, consider this:</p>
<div class="lb-trans"><p>在你购买百时美施贵宝的股票之前，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 Bristol Myers Squibb 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的 <strong>10 只最佳股票</strong> 供投资者现在购买……而百时美施贵宝并不在其中。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 $449,393</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 $1,366,006</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 449,393 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 1,366,006 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 983% — a market-crushing outperformance compared to 212% 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，<em>Stock Advisor</em> 的总平均回报率为 983%——与标准普尔 500 的 212% 相比，表现超出市场。<strong>不要错过最新的前 10 名名单，加入由个人投资者为个人投资者建立的投资社区。</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 4, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回报截至 2026 年 6 月 4 日。</em></p>
</div><p><em>Thomas Niel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bristol Myers Squibb and Pfizer. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Thomas Niel 在提到的任何股票中没有持仓。Motley Fool 持有并推荐百时美施贵宝和辉瑞。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是作者的观点和意见，并不一定反映 Nasdaq, Inc.的观点。</p>
</div>

Better High-Yield Dividend Stock to Buy: Bristol Myers Squibb or Pfizer?

- 布里斯托梅尔斯的股息增长较强，但辉瑞的股息收益率更高。
- 布里斯托梅尔斯的派息比率约为 40%，辉瑞则超过 60%。
- 两家公司面临类似挑战，但布里斯托梅尔斯在股息可持续性上表现更佳。

更值得购买的高收益股息股票：百时美施贵宝还是辉瑞？