<h2>关键点</h2>
<ul>
<li>上个季度，Millennium Management 增加了对百时美施贵宝的持股超过 580 万股。</li>
<li>这可能表明这家多策略对冲基金对这家制药巨头的前景持乐观态度。</li>
<li>BMY 的应对专利到期的计划可能有助于推动该股票进一步复苏。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
<p>以色列 “伊兹” 英格兰德可能不是家喻户晓的名字，但他是美国最富有的投资者之一，净资产约为 265 亿美元。英格兰德作为 Millennium Management 的创始人和经理积累了财富，这是一家管理资产超过 870 亿美元的多策略对冲基金。</p>
<p>考虑到其庞大的资本基础和多策略方法，基金向美国证券交易委员会（SEC）提交的 13F 文件列出了数千个股票头寸并不令人惊讶。然而，在这些头寸中，有一只股票显得尤为突出，英格兰德及其基金似乎对其持高度看涨态度：<strong>百时美施贵宝</strong>（NYSE: BMY）。</p>
<p><em><strong>人工智能会创造出世界首位万亿富翁吗？</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”，提供英伟达和英特尔都需要的关键技术。<strong>继续 »</strong></em></p>
<p>上个季度，Millennium 实质性地增加了对该公司的持股。尽管这一持股仅占其整体投资组合的一小部分，但这位 “聪明资金” 投资者的大额购买表明，这只受到即将到来的多款重磅药物专利到期影响的制药股票未来可能会迎来更好的时光。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjI3OC9iaW90ZWNoLXBoYXJtYS1yZXNlYXJjaGVycy10YWxrLWxhYi0xMjAweDgwMC01YjJkZjc5LmpwZwI2dz03MDA?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjI3OC9iaW90ZWNoLXBoYXJtYS1yZXNlYXJjaGVycy10YWxrLWxhYi0xMjAweDgwMC01YjJkZjc5LmpwZwI2dz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Millennium 上个季度增加了对百时美施贵宝的持股</h2>
<p>根据 Millennium 的 2026 年第一季度 13F 文件，该对冲基金将其持股增加了 580 万股，从 743,659 股增至 6,545,442 股。尽管这一持股占基金管理资产的比例不到 0.2%，但上个季度的看涨转变表明，基金经理相信这家制药公司的股票可能会进一步复苏。</p>
<p>事实上，在 2026 年第一季度，百时美施贵宝似乎正在走向复苏。从 2025 年底到 2026 年初，该股票上涨了约 25%。推动这一上涨的主要因素可能包括一份令人鼓舞的季度财报，该财报不仅超出预期，还发布了超出投资者预期的指引。</p>
<p>然而，自那时以来，百时美施贵宝的股票有所回落，但年初至今仍上涨约 1%。该公司再次超出预期，发布了财报。此外，百时美施贵宝重申了其全年指引，预计收入为 460 亿至 475 亿美元，调整后的每股收益为 6.05 至 6.35 美元。</p>
<p>然而，关于 Eliquis（该公司最畅销药物之一）即将到期的专利的不确定性可能导致近期的疲软潮。那么，Millennium 的看涨论点是否如我所理解的那样破裂？并不一定，因为这家制药巨头仍在继续其应对关键短期阻力的计划。</p>
<h2>你应该跟随吗？</h2>
<p>在过去的几年里，百时美施贵宝一直面临着一个重大专利悬崖，即不仅仅是几款畅销品牌药物的专利独占权到期。随着专利到期，仿制药制造商可以自由进入市场。这通常会导致原专利和品牌产品的销售下降。</p>
<p>此前，该公司似乎已经从失去多发性骨髓瘤疗法 Revlimid 的专利独占权的影响中恢复过来。百时美施贵宝的收入在 2023 年下降，但到 2024 年又超过了 2022 年的水平，调整后的收益在 2025 年恢复。</p>
<p>然而，这一次，百时美施贵宝即将失去几款重磅药物的专利独占权，包括抗凝血药物 Eliquis 和癌症治疗药物 Opdivo。尽管如此，正如上次该公司面临专利悬崖时一样，减轻损害的措施可能会有效。例如，创造 Opdivo 的变体可能有助于部分延长其专利独占权。</p>
<p>该公司还利用人工智能（AI）来降低成本并加快其药物候选管线的临床开发时间。</p>
<p>只有时间能证明这些努力是否有效，但风险/回报似乎是有利的。目前，该股票的市盈率不到 9 倍，且具有 4.6% 的前瞻性股息收益率。考虑到不确定性在其估值中占据如此重要的地位，即使是少量的积极意外也可能推动这只医疗股票回到更高的价格水平。</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额回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入该名单时……如果你在我们推荐时投资了 1,000 美元，<strong>你将拥有 439,847 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入该名单时……如果你在我们推荐时投资了 1,000 美元，<strong>你将拥有 1,342,065 美元</strong>！*</p>
<p>现在，值得注意的是 <em>Stock Advisor</em> 的总平均回报为 968%——相比之下，标准普尔 500 指数的回报为 211%。<strong>不要错过最新的前 10 名股票列表，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 回报截至 2026 年 6 月 5 日。</em></p>
<p><em>Thomas Niel 在提到的任何股票中没有持仓。Motley Fool 在百时美施贵宝中有持仓并给予推荐。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>

百时美施贵宝

<p>千禧管理公司（Millennium Management）在亿万富翁伊齐·英格兰德（Izzy Englander）的领导下，在 2026 年第一季度显著增加了对百时美施贵宝（Bristol Myers Squibb，BMY）的持股，增持了 580 万股。这一看涨举措表明，尽管即将面临埃利奎斯（Eliquis）和奥普迪沃（Opdivo）等关键药物的专利到期，市场对这家制药巨头的复苏充满信心。BMY 最近超出了盈利预期，并重申了强劲的全年指引。该基金认为，股票的低估值和高股息收益率在通过人工智能和管道开发来减轻专利悬崖影响的努力中，提供了有利的风险/回报机会</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键点</h2>
</div><ul>
<li>Last quarter, Millennium Management increased its position in Bristol Myers Squibb by over 5.8 million shares.</li>
<li>This could be a sign that the multi-strategy hedge fund sees better times ahead for the pharmaceutical giant.</li>
<li>BMY's game plan to mitigate the pain of patent expirations could help drive a further recovery for the stock.</li>
<li>10 stocks we like better than Bristol Myers Squibb ›</li>
</ul>
<div class="lb-trans"><ul>
<li>上个季度，Millennium Management 增加了对百时美施贵宝的持股超过 580 万股。</li>
<li>这可能表明这家多策略对冲基金对这家制药巨头的前景持乐观态度。</li>
<li>BMY 的应对专利到期的计划可能有助于推动该股票进一步复苏。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
</div><p>Israel &#34;Izzy&#34; Englander may not be a household name, but he's one of America's wealthiest investors, with a net worth of around $26.5 billion. Englander made his fortune as founder and manager of Millennium Management, a multi-strategy hedge fund with over $87 billion in assets under management .</p>
<div class="lb-trans"><p>以色列 “伊兹” 英格兰德可能不是家喻户晓的名字，但他是美国最富有的投资者之一，净资产约为 265 亿美元。英格兰德作为 Millennium Management 的创始人和经理积累了财富，这是一家管理资产超过 870 亿美元的多策略对冲基金。</p>
</div><p>Given its enormous capital base and multi-strategy approach, it's not surprising that the fund's 13F filings with the Securities and Exchange Commission (SEC) list thousands of equity positions. However, among these positions, one stands out as a stock that Englander and his fund appear to be highly bullish on: <strong>Bristol Myers Squibb</strong>(NYSE: BMY).</p>
<div class="lb-trans"><p>考虑到其庞大的资本基础和多策略方法，基金向美国证券交易委员会（SEC）提交的 13F 文件列出了数千个股票头寸并不令人惊讶。然而，在这些头寸中，有一只股票显得尤为突出，英格兰德及其基金似乎对其持高度看涨态度：<strong>百时美施贵宝</strong>（NYSE: BMY）。</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首位万亿富翁吗？</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”，提供英伟达和英特尔都需要的关键技术。<strong>继续 »</strong></em></p>
</div><p>Last quarter, Millennium materially increased its position in the company. Although this position accounts for only a tiny portion of its overall portfolio, this &#34;smart money&#34; investor's big buy suggests better times ahead for this pharmaceutical stock, which has been weighed down by upcoming patent expirations for several of its blockbuster drugs.</p>
<div class="lb-trans"><p>上个季度，Millennium 实质性地增加了对该公司的持股。尽管这一持股仅占其整体投资组合的一小部分，但这位 “聪明资金” 投资者的大额购买表明，这只受到即将到来的多款重磅药物专利到期影响的制药股票未来可能会迎来更好的时光。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjI3OC9iaW90ZWNoLXBoYXJtYS1yZXNlYXJjaGVycy10YWxrLWxhYi0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F872278%2Fbiotech-pharma-researchers-talk-lab-1200x800-5b2df79.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>Millennium upped its Bristol Myers Squibb position last quarter</h2>
<div class="lb-trans"><h2>Millennium 上个季度增加了对百时美施贵宝的持股</h2>
</div><p>According to Millennium's Q1 2026 13F filing, the hedge fund increased its position by 5.8 million shares, from 743,659 to 6,545,442 shares. Even as this position makes up less than a fifth of 1% of the fund's assets under management, last quarter's bullish shift suggests that the fund manager believes the pharma company's shares could make a further recovery.</p>
<div class="lb-trans"><p>根据 Millennium 的 2026 年第一季度 13F 文件，该对冲基金将其持股增加了 580 万股，从 743,659 股增至 6,545,442 股。尽管这一持股占基金管理资产的比例不到 0.2%，但上个季度的看涨转变表明，基金经理相信这家制药公司的股票可能会进一步复苏。</p>
</div><p>In fact, during Q1 2026, it appeared as though Bristol Myers Squibb was en route to a recovery. From late 2025 to early 2026, the stock surged by around 25%. A major factor driving this surge may have included a promising quarterly earnings release, which, alongside better-than-expected results, unveiled guidance that also exceeded investor expectations.</p>
<div class="lb-trans"><p>事实上，在 2026 年第一季度，百时美施贵宝似乎正在走向复苏。从 2025 年底到 2026 年初，该股票上涨了约 25%。推动这一上涨的主要因素可能包括一份令人鼓舞的季度财报，该财报不仅超出预期，还发布了超出投资者预期的指引。</p>
</div><p>Since then, however, Bristol Myers shares have pulled back but remain up by around 1% year to date. The company once again exceeded expectations with its results. Also, Bristol Myers Squibb reiterated its full-year guidance, calling for revenue of $46 billion to $47.5 billion and adjusted earnings per share of $6.05 to $6.35.</p>
<div class="lb-trans"><p>然而，自那时以来，百时美施贵宝的股票有所回落，但年初至今仍上涨约 1%。该公司再次超出预期，发布了财报。此外，百时美施贵宝重申了其全年指引，预计收入为 460 亿至 475 亿美元，调整后的每股收益为 6.05 至 6.35 美元。</p>
</div><p>However, it's possible that uncertainty surrounding the pending patent expiration for Eliquis, one of the company's top-selling drugs, has led to the recent wave of weakness. So, is Millennium's bullish thesis, as I understand it, breaking? Not necessarily, as the pharmaceutical giant continues its game plan to mitigate the impact of its key near-term headwind.</p>
<div class="lb-trans"><p>然而，关于 Eliquis（该公司最畅销药物之一）即将到期的专利的不确定性可能导致近期的疲软潮。那么，Millennium 的看涨论点是否如我所理解的那样破裂？并不一定，因为这家制药巨头仍在继续其应对关键短期阻力的计划。</p>
</div><h2>Should you follow suit?</h2>
<div class="lb-trans"><h2>你应该跟随吗？</h2>
</div><p>For the past several years, Bristol Myers Squibb has contended with a major patent cliff, or the expiration of patent exclusivity for not one but several of its top-selling branded drug products. As patents expire, generic drugmakers become free to enter the market. This typically leads to declining sales for the original patented and branded product.</p>
<div class="lb-trans"><p>在过去的几年里，百时美施贵宝一直面临着一个重大专利悬崖，即不仅仅是几款畅销品牌药物的专利独占权到期。随着专利到期，仿制药制造商可以自由进入市场。这通常会导致原专利和品牌产品的销售下降。</p>
</div><p>Previously, the company appeared to have recovered from the impact of losing patent exclusivity for its multiple myeloma therapy, Revlimid. Bristol Myers' revenue declined in 2023 but surged to above 2022 levels by 2024, with adjusted earnings recovering in 2025.</p>
<div class="lb-trans"><p>此前，该公司似乎已经从失去多发性骨髓瘤疗法 Revlimid 的专利独占权的影响中恢复过来。百时美施贵宝的收入在 2023 年下降，但到 2024 年又超过了 2022 年的水平，调整后的收益在 2025 年恢复。</p>
</div><p>This time, however, Bristol Myers Squibb is on the verge of losing exclusivity on several blockbuster drugs, including blood thinner Eliquis and cancer treatment Opdivo. Still, as with the last time the company faced a patent cliff, measures to mitigate the damage could prove effective. For example, creating variations of Opdivo may help to partially extend its patent exclusivity.</p>
<div class="lb-trans"><p>然而，这一次，百时美施贵宝即将失去几款重磅药物的专利独占权，包括抗凝血药物 Eliquis 和癌症治疗药物 Opdivo。尽管如此，正如上次该公司面临专利悬崖时一样，减轻损害的措施可能会有效。例如，创造 Opdivo 的变体可能有助于部分延长其专利独占权。</p>
</div><p>The company is also utilizing artificial intelligence (AI) to both reduce costs and to speed up clinical development times for its drug candidate pipeline.</p>
<div class="lb-trans"><p>该公司还利用人工智能（AI）来降低成本并加快其药物候选管线的临床开发时间。</p>
</div><p>Only time will tell whether these efforts work, but the risk/reward appears favorable. Currently, the stock trades for less than 9 times earnings, and has a 4.6% forward dividend yield to boot. With uncertainty factored so much into its valuation, even a small amount of positive surprises could propel this healthcare stock back to higher price levels.</p>
<div class="lb-trans"><p>只有时间能证明这些努力是否有效，但风险/回报似乎是有利的。目前，该股票的市盈率不到 9 倍，且具有 4.6% 的前瞻性股息收益率。考虑到不确定性在其估值中占据如此重要的地位，即使是少量的积极意外也可能推动这只医疗股票回到更高的价格水平。</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额回报。</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 $439,847</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 $1,342,065</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入该名单时……如果你在我们推荐时投资了 1,000 美元，<strong>你将拥有 439,847 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入该名单时……如果你在我们推荐时投资了 1,000 美元，<strong>你将拥有 1,342,065 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 968% — 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 <em>Stock Advisor</em> 的总平均回报为 968%——相比之下，标准普尔 500 指数的回报为 211%。<strong>不要错过最新的前 10 名股票列表，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 5, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 回报截至 2026 年 6 月 5 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. 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 在百时美施贵宝中有持仓并给予推荐。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>
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Billionaire Izzy Englander Just Made a Big Bet on This Beaten-Down High-Yield Dividend Stock

nasdaq

亿万富翁伊齐·英格兰德刚刚对这只被低估的高收益股息股票进行了重大投资