<p>美聯儲持續的降息週期已經引發了投資者情緒的重大轉變。隨着固定收益投資的收益率下降，機構投資者顯然正在轉向支付股息的股票，特別是那些交易估值合理且收益率高於平均水平的股票。事實上，幾隻高收益股息股票在 2024 年表現優於 <strong>標準普爾 500 指數</strong>。在這種環境下，<strong>輝瑞</strong>（PFE -0.74%）高達 5.9% 的股息收益率和極低的估值尤其引人注目。</p>
<p>這家制藥巨頭的股票在 2024 年嚴重滯後於大盤，下降了 2.43%，而標準普爾 500 指數今年上漲了 21.4%。輝瑞的前瞻性市盈率僅為 9.4 倍，遠低於其同行平均的 17 倍，華爾街似乎專注於輝瑞不穩定的 COVID 收入、在腫瘤學等關鍵領域的競爭定位以及近期的業務發展活動。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY0MDQvaGlnaC15aWVsZC1sb3ctcmlzay5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY0MDQvaGlnaC15aWVsZC1sb3ctcmlzay5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<p>但在這股悲觀情緒的洪流之下，隱藏着一個投資者可能忽視的引人入勝的轉型故事。繼續閲讀以瞭解更多。</p>
<h2>執行推動核心增長</h2>
<p>輝瑞的非 COVID 產品收入在上個季度運營增長了 14%。腫瘤學業務表現出色，收入增長 31%，達到 40 億美元，使輝瑞在 2024 年上半年成為第三大生物製藥公司。</p>
<p>最近收購的 Seagen 產品組合貢獻了 8.54 億美元，Padcev 的強勁需求尤為突出。與 <strong>默克</strong> 的 Keytruda（帕博利珠單抗）結合後，該療法已成為美國局部晚期或轉移性尿路上皮癌的首選一線治療。</p>
<p>其他幾款關鍵產品在本季度也顯示出強勁的勢頭。具體而言，Vyndaqel 系列的收入在運營上增長了 63%，得益於診斷率的提高和患者獲取的改善——該療法目前在全球 44 個市場獲得報銷，並且還在增長。</p>
<p>在這三個月期間，暢銷抗凝藥物 Eliquis 的銷售在運營上增長了 9%，得益於口服抗凝藥物的持續採用和在美國及歐洲某些市場的非瓣膜性房顫適應症中的市場份額增長。</p>
<p>這些強勁的財務結果展示了輝瑞成功從對 COVID 的依賴轉向可持續增長驅動因素。隨着腫瘤學業務的快速擴展和已建立藥物的市場份額增長，該公司的折價估值似乎與其運營表現越來越脱節。</p>
<h2>成本控制推動創新</h2>
<p>在節省成本方面，管理層仍在按計劃通過其重組計劃實現 40 億美元的淨成本節省。到 2027 年，目標再節省 15 億美元的製造優化成本，顯示輝瑞對運營效率的承諾。</p>
<p>這家制藥公司的轉型不僅限於削減成本。輝瑞成功整合了 Seagen，並在此過程中創建了一個端到端的腫瘤學研究組織，保留了關鍵人才，同時加速了管道開發。公司還引入了著名研究分析師 Andrew Baum，以幫助優先考慮研究投資並指導未來的業務發展。</p>
<h2>在市場懷疑中重塑自我</h2>
<p>儘管華爾街對這家頂級製藥公司仍然過於悲觀，但輝瑞的核心業務顯示出驚人的實力。公司在收購 Seagen 後，向腫瘤學作為其核心價值驅動因素的轉型正在加速。</p>
<p>此外，其在臨牀前沿的強勁表現，涉及多種實驗性腫瘤學藥物和突破性疫苗，表明輝瑞的折扣——相對於其大型製藥同行——可能是不合理的。</p>
<h2>現在是買入時機嗎？</h2>
<p>隨着降息繼續推動資金流向高收益股息股票，這家高收益的製藥領導者現在看起來是一個頂級買入機會。儘管如此，輝瑞的轉型遠未結束，仍面臨幾項重要挑戰，例如即將到來的專利懸崖。然而，對於具有長期投資思維的投資者來説，這家經過驗證的創新者呈現出引人入勝的風險與回報比。其豐厚的收益率也應吸引收入投資者。</p>

輝瑞

<p>輝瑞的股票以低估值交易，股息收益率為 5.9%，吸引了長期投資者，因為美聯儲的降息使市場情緒轉向支付股息的股票。儘管 2024 年下降了 2.43%，輝瑞的非新冠收入增長了 14%，腫瘤學銷售增長了 31%。公司專注於節省成本和提高運營效率，目標是在年底前節省 30 億美元。儘管面臨專利懸崖等挑戰，輝瑞在腫瘤學領域的轉型和強勁表現使其成為收入導向投資者的一個引人注目的投資選擇</p>

<p>The Federal Reserve's ongoing rate-cutting cycle is already triggering a major shift in investor sentiment. As yields on fixed-income investments decline, institutional investors are clearly rotating into dividend-paying stocks, particularly those trading at reasonable valuations and above-average yields. In fact, several high-yield dividend stocks have outperformed the <strong>S&amp;P 500</strong> in 2024. This environment makes <strong>Pfizer</strong>'s (PFE -0.74%) hefty 5.9% dividend yield and rock-bottom valuation especially intriguing.</p>
<div class="lb-trans"><p>美聯儲持續的降息週期已經引發了投資者情緒的重大轉變。隨着固定收益投資的收益率下降，機構投資者顯然正在轉向支付股息的股票，特別是那些交易估值合理且收益率高於平均水平的股票。事實上，幾隻高收益股息股票在 2024 年表現優於 <strong>標準普爾 500 指數</strong>。在這種環境下，<strong>輝瑞</strong>（PFE -0.74%）高達 5.9% 的股息收益率和極低的估值尤其引人注目。</p>
</div><p>The pharmaceutical giant's stock has severely lagged the broader market in 2024, falling 2.43% while the S&amp;P 500 has surged 21.4% this year. Trading at just 9.4 times forward earnings-a steep discount to its peer group average of 17 times-Wall Street seems fixated on Pfizer's uneven COVID revenues, competitive positioning in key areas like oncology, and recent business development activities.</p>
<div class="lb-trans"><p>這家制藥巨頭的股票在 2024 年嚴重滯後於大盤，下降了 2.43%，而標準普爾 500 指數今年上漲了 21.4%。輝瑞的前瞻性市盈率僅為 9.4 倍，遠低於其同行平均的 17 倍，華爾街似乎專注於輝瑞不穩定的 COVID 收入、在腫瘤學等關鍵領域的競爭定位以及近期的業務發展活動。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY0MDQvaGlnaC15aWVsZC1sb3ctcmlzay5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796404%2Fhigh-yield-low-risk.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image Source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><p>But beneath this avalanche of pessimism lies an intriguing transformation story that investors might be missing. Read on to find out more.</p>
<div class="lb-trans"><p>但在這股悲觀情緒的洪流之下，隱藏着一個投資者可能忽視的引人入勝的轉型故事。繼續閲讀以瞭解更多。</p>
</div><h2>Execution drives core growth</h2>
<div class="lb-trans"><h2>執行推動核心增長</h2>
</div><p>Pfizer's non-COVID product revenues surged 14% operationally last quarter. The oncology business delivered exceptional performance, with revenue jumping 31% to $4 billion, making Pfizer the third-largest biopharma company in oncology through the first half of 2024.</p>
<div class="lb-trans"><p>輝瑞的非 COVID 產品收入在上個季度運營增長了 14%。腫瘤學業務表現出色，收入增長 31%，達到 40 億美元，使輝瑞在 2024 年上半年成為第三大生物製藥公司。</p>
</div><p>The recently acquired Seagen portfolio contributed $854 million, highlighted by the strong uptake of Padcev. When combined with <strong>Merck</strong>'s Keytruda (pembrolizumab), this therapy has become the most prescribed first-line treatment in the U.S. for locally advanced or metastatic urothelial cancer.</p>
<div class="lb-trans"><p>最近收購的 Seagen 產品組合貢獻了 8.54 億美元，Padcev 的強勁需求尤為突出。與 <strong>默克</strong> 的 Keytruda（帕博利珠單抗）結合後，該療法已成為美國局部晚期或轉移性尿路上皮癌的首選一線治療。</p>
</div><p>Several other key products also showed strong momentum during the quarter. Specifically, Vyndaqel family revenues grew 63% operationally, driven by increasing diagnosis rates and improved patient access-the therapy is now reimbursed in 44 markets globally and growing.</p>
<div class="lb-trans"><p>其他幾款關鍵產品在本季度也顯示出強勁的勢頭。具體而言，Vyndaqel 系列的收入在運營上增長了 63%，得益於診斷率的提高和患者獲取的改善——該療法目前在全球 44 個市場獲得報銷，並且還在增長。</p>
</div><p>Sales of the top-selling anticoagulant Eliquis grew by 9% operationally during the three-month period, driven by continued oral anticoagulant adoption and market share gains in the non-valvular atrial fibrillation indication in the U.S. and certain markets in Europe.</p>
<div class="lb-trans"><p>在這三個月期間，暢銷抗凝藥物 Eliquis 的銷售在運營上增長了 9%，得益於口服抗凝藥物的持續採用和在美國及歐洲某些市場的非瓣膜性房顫適應症中的市場份額增長。</p>
</div><p>These strong financial results demonstrate Pfizer's successful pivot from COVID dependency to sustainable growth drivers. With the oncology franchise expanding rapidly and established medicines gaining market share, the company's discounted valuation appears increasingly disconnected from its operational performance.</p>
<div class="lb-trans"><p>這些強勁的財務結果展示了輝瑞成功從對 COVID 的依賴轉向可持續增長驅動因素。隨着腫瘤學業務的快速擴展和已建立藥物的市場份額增長，該公司的折價估值似乎與其運營表現越來越脱節。</p>
</div><h2>Cost discipline drives innovation</h2>
<div class="lb-trans"><h2>成本控制推動創新</h2>
</div><p>On the cost-savings front, management remains on track to deliver $4 billion in net cost savings by year-end through its realignment program. An additional $1.5 billion in manufacturing optimization savings are targeted by 2027, demonstrating Pfizer's commitment to operational efficiency.</p>
<div class="lb-trans"><p>在節省成本方面，管理層仍在按計劃通過其重組計劃實現 40 億美元的淨成本節省。到 2027 年，目標再節省 15 億美元的製造優化成本，顯示輝瑞對運營效率的承諾。</p>
</div><p>The drugmaker's transformation extends beyond cost-cutting. Pfizer has successfully integrated Seagen and created an end-to-end oncology research organization in the process, retaining key talent while accelerating pipeline development. The company also brought in noted research analyst Andrew Baum to help prioritize research investments and guide future business development.</p>
<div class="lb-trans"><p>這家制藥公司的轉型不僅限於削減成本。輝瑞成功整合了 Seagen，並在此過程中創建了一個端到端的腫瘤學研究組織，保留了關鍵人才，同時加速了管道開發。公司還引入了著名研究分析師 Andrew Baum，以幫助優先考慮研究投資並指導未來的業務發展。</p>
</div><h2>Reinvention amid market skepticism</h2>
<div class="lb-trans"><h2>在市場懷疑中重塑自我</h2>
</div><p>While Wall Street remains overly pessimistic about this top pharma company, Pfizer's core business shows surprising strength. The company's pivot to oncology as its core value driver is accelerating following its acquisition of Seagen.</p>
<div class="lb-trans"><p>儘管華爾街對這家頂級製藥公司仍然過於悲觀，但輝瑞的核心業務顯示出驚人的實力。公司在收購 Seagen 後，向腫瘤學作為其核心價值驅動因素的轉型正在加速。</p>
</div><p>Moreover, its strong showing on the clinical front with a variety of experimental oncology medicines and groundbreaking vaccines suggests Pfizer's steep discount -- relative to its big pharma peers -- might be unwarranted.</p>
<div class="lb-trans"><p>此外，其在臨牀前沿的強勁表現，涉及多種實驗性腫瘤學藥物和突破性疫苗，表明輝瑞的折扣——相對於其大型製藥同行——可能是不合理的。</p>
</div><h2>Time to buy?</h2>
<div class="lb-trans"><h2>現在是買入時機嗎？</h2>
</div><p>As rate cuts continue to drive a rotation into high-yielding dividend stocks with compelling valuations, this high-yielding pharmaceutical leader scans as a top buy right now. That said, Pfizer's transformation is far from over, with several important challenges, such as its upcoming patent cliff, remaining firmly in view. However, for investors with a long-term mindset, this proven innovator presents an intriguing risk-to-reward ratio. Its hefty yield should also appeal to income investors.</p>
<div class="lb-trans"><p>隨着降息繼續推動資金流向高收益股息股票，這家高收益的製藥領導者現在看起來是一個頂級買入機會。儘管如此，輝瑞的轉型遠未結束，仍面臨幾項重要挑戰，例如即將到來的專利懸崖。然而，對於具有長期投資思維的投資者來説，這家經過驗證的創新者呈現出引人入勝的風險與回報比。其豐厚的收益率也應吸引收入投資者。</p>
</div>

Is Pfizer Stock a Bargain for Long-Term Investors?

- 美聯儲的降息週期促使投資者情緒轉變，機構投資者轉向高股息股票。  
- 較低的固定收益投資收益率使輝瑞的 5.9% 股息收益率引人關注。  
- 輝瑞的非 COVID 產品收入增長 14%，顯示出可持續增長的潛力。  

輝瑞股票對長期投資者來説是否是一個便宜貨？