<p><strong>亞馬遜</strong>（AMZN -0.87%）主要以其電子商務市場和雲計算基礎設施業務而聞名。但信不信由你，亞馬遜還在多個其他終端市場運營，包括流媒體、娛樂、廣告等。</p>
<p>亞馬遜多年來能夠實現業務多元化的一種方式是通過一系列收購。雖然亞馬遜的大多數收購都集中在技術領域，但近年來該公司在醫療保健領域也進行了些許低調的佈局。</p>
<p>2018 年，亞馬遜以 7.53 億美元收購了在線藥房業務 PillPack。此外，該公司在 2023 年以 39 億美元收購了基於會員的初級醫療服務提供商 1Life Healthcare。</p>
<p>這兩家公司幫助亞馬遜在醫療服務方面取得了領先，主要通過亞馬遜藥房。接下來，我將分析我認為亞馬遜可能收購的下一家公司，並解釋為什麼我認為這筆交易在現在非常有意義。</p>
<h2>亞馬遜應該收購 Hims &amp; Hers Health</h2>
<p><strong>Hims &amp; Hers Health</strong>（HIMS 1.21%）是一家專注於提供多種生活方式和健康產品的遠程醫療公司，包括護膚、頭髮生長、減肥、焦慮、性健康等治療。</p>
<p>去年 11 月，亞馬遜藥房宣佈擴展其產品範圍，包括 “常見的健康、美容和生活方式問題”，如抗衰老護膚、頭髮生長和勃起功能障礙。</p>
<p>我立刻看到 Hims &amp; Hers 平台與亞馬遜通過其在線藥房增強的產品之間有很多重疊。接下來，我將深入探討 Hims &amp; Hers 為何對亞馬遜的生態系統特別具有吸引力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIwOTMvcGhhcm1hY3ktY3VzdG9tZXItMTQxOTI0NzY0OC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIwOTMvcGhhcm1hY3ktY3VzdG9tZXItMTQxOTI0NzY0OC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>為什麼 Hims &amp; Hers Health 和亞馬遜可能是天作之合</h2>
<p>根據下圖，投資者可以看到 Hims &amp; Hers Health 的絕大多數收入來自在線銷售。根據該公司的 10Q 文件，“我們在線收入的主要部分是基於訂閲的，客户同意定期收費，以便產品和服務自動送達他們。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIwOTMvc2NyZWVuc2hvdC0yMDI0LTEyLTI0LTEzNDMxNS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIwOTMvc2NyZWVuc2hvdC0yMDI0LTEyLTI0LTEzNDMxNS5qcGcmdz03MDA"/></p>
<p>圖片來源：Hims &amp; Hers 投資者關係。</p>
<p>我認為 Hims &amp; Hers Health 對亞馬遜如此具有吸引力的原因歸結為一點：亞馬遜 Prime，這是一項訂閲服務，為會員提供一系列福利，如免費送貨和通過公司的流媒體平台訪問某些娛樂內容。</p>
<p>正如我之前提到的，亞馬遜近年來的兩項主要醫療相關收購包括 PillPack 和 1Life Healthcare。1Life Healthcare 是 Prime 會員的獨家福利，而 PillPack 和亞馬遜藥房整體更傾向於 Prime 訂閲者（儘管您實際上不需要成為 Prime 會員才能訪問亞馬遜藥房的一些產品）。</p>
<p>我認為這裏顯而易見的協同機會是，亞馬遜可以將 Hims &amp; Hers Health 的訂閲用户整合到 Prime 會員平台中，從而進一步增強其在線藥房能力，並在此過程中增加一條穩定的高利潤、經常性收入流。</p>
<h2>現在看起來是達成交易的機會</h2>
<p>Hims &amp; Hers Health 是一個有趣的案例研究。儘管今年股價飆升了 216%，但該股票在 12 月卻下跌了近 13%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f18b30084dbbec12e1917f2d4b71f56.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/5f18b30084dbbec12e1917f2d4b71f56.png"/></p>
<p>HIMS 數據來源於 YCharts</p>
<p>影響 Hims &amp; Hers Health 近期價格走勢的一個主要趨勢源於減肥市場。目前，類似 Ozempic、Wegovy、Mounjaro 和 Zepbound 的胰高血糖素樣肽-1（GLP-1）激動劑被用於治療糖尿病和慢性體重管理。這四種重磅藥物均由 <strong>諾和諾德</strong> 或 <strong>禮來</strong> 生產。</p>
<p>雖然 GLP-1 市場的競爭相對較少，但 Hims &amp; Hers 通過提供像 Ozempic 這樣的治療的複合版本找到了自己的獨特市場。複合藥物未獲得食品和藥物管理局（FDA）的批准，但一些患者會因為其低成本和易於獲取而選擇這些仿製藥。</p>
<p>幾個月以來，諾和諾德和禮來對複合 GLP-1 治療發表了公開評論，並採取了自己的措施，試圖使其減肥藥物更具可負擔性和更易獲取。</p>
<p>此外，就在本週，FDA 將 Mounjaro 和 Zepbound 的主要成分 tirzepatide 從短缺清單中移除。這意味着複合藥物設施有有限的時間（根據某些監管框架為 60 到 90 天）繼續銷售複合 GLP-1。一旦停止，Hims &amp; Hers 在減肥市場的滲透將面臨更大挑戰，其增長可能會顯著放緩。</p>
<p>在我看來，這些發展直接導致了 Hims &amp; Hers Health 股票的當前拋售。以 62 億美元的市值，亞馬遜可以輕鬆用其資產負債表上的現金收購 Hims &amp; Hers Health。</p>
<p>考慮到亞馬遜藥房與 Hims &amp; Hers Health 之間的產品重疊，加上亞馬遜可以納入其 Prime 會員福利的強大經常性收入基礎，我認為雙方之間的交易是天作之合。</p>

亞馬遜

HIMS

<p>亞馬遜正在考慮收購 Hims & Hers Health，這是一家遠程醫療公司，旨在增強其醫療服務。這是繼亞馬遜之前在醫療領域的收購，包括 PillPack 和 1Life Healthcare 之後的又一舉措。Hims & Hers 專注於生活方式和健康產品，其收入的很大一部分來自基於訂閲的在線銷售。這筆潛在的收購與亞馬遜將醫療服務整合到其 Prime 會員中的戰略相一致，為其提供穩定的收入來源。儘管最近股票下跌，Hims & Hers 仍然是亞馬遜在醫療市場擴張的一個有吸引力的目標</p>

<p><strong>Amazon</strong>(AMZN -0.87%) is primarily known for its e-commerce marketplace and cloud computing infrastructure business. But believe it or not, Amazon also operates within several other end markets including streaming, entertainment, advertising, and more.</p>
<div class="lb-trans"><p><strong>亞馬遜</strong>（AMZN -0.87%）主要以其電子商務市場和雲計算基礎設施業務而聞名。但信不信由你，亞馬遜還在多個其他終端市場運營，包括流媒體、娛樂、廣告等。</p>
</div><p>One way that Amazon has been able to diversify its business over the years is through a series of acquisitions. While the majority of Amazon's buyouts have revolved around the technology sector, the company has made some quiet moves in the healthcare space in recent years.</p>
<div class="lb-trans"><p>亞馬遜多年來能夠實現業務多元化的一種方式是通過一系列收購。雖然亞馬遜的大多數收購都集中在技術領域，但近年來該公司在醫療保健領域也進行了些許低調的佈局。</p>
</div><p>In 2018, Amazon acquired online pharmacy business PillPack for $753 million. Moreover, the company acquired membership-based primary healthcare provider 1Life Healthcare for $3.9 billion in 2023.</p>
<div class="lb-trans"><p>2018 年，亞馬遜以 7.53 億美元收購了在線藥房業務 PillPack。此外，該公司在 2023 年以 39 億美元收購了基於會員的初級醫療服務提供商 1Life Healthcare。</p>
</div><p>These two companies have helped Amazon spearhead its healthcare services, primarily through Amazon Pharmacy. Below, I'm going to break down which company I think Amazon could acquire next and explain why I think the deal makes a lot of sense right now.</p>
<div class="lb-trans"><p>這兩家公司幫助亞馬遜在醫療服務方面取得了領先，主要通過亞馬遜藥房。接下來，我將分析我認為亞馬遜可能收購的下一家公司，並解釋為什麼我認為這筆交易在現在非常有意義。</p>
</div><h2>Amazon should acquire Hims &amp; Hers Health</h2>
<div class="lb-trans"><h2>亞馬遜應該收購 Hims &amp; Hers Health</h2>
</div><p><strong>Hims &amp; Hers Health</strong>(HIMS 1.21%) is a telemedicine company that specializes in providing a number of lifestyle and wellness products, including treatments for skincare, hair growth, weight loss, anxiety, sexual health, and more.</p>
<div class="lb-trans"><p><strong>Hims &amp; Hers Health</strong>（HIMS 1.21%）是一家專注於提供多種生活方式和健康產品的遠程醫療公司，包括護膚、頭髮生長、減肥、焦慮、性健康等治療。</p>
</div><p>Back in November, Amazon Pharmacy announced that it was expanding its product offerings to include &#34;common health, beauty, and lifestyle concerns&#34; such as anti-aging skincare, hair regrowth, and erectile dysfunction.</p>
<div class="lb-trans"><p>去年 11 月，亞馬遜藥房宣佈擴展其產品範圍，包括 “常見的健康、美容和生活方式問題”，如抗衰老護膚、頭髮生長和勃起功能障礙。</p>
</div><p>Right off the bat, I see a lot of overlap between the Hims &amp; Hers platform and Amazon's bolstered offerings through its online pharmacy. Below, I'll dig into what makes Hims &amp; Hers a particularly attractive asset for Amazon's ecosystem.</p>
<div class="lb-trans"><p>我立刻看到 Hims &amp; Hers 平台與亞馬遜通過其在線藥房增強的產品之間有很多重疊。接下來，我將深入探討 Hims &amp; Hers 為何對亞馬遜的生態系統特別具有吸引力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIwOTMvcGhhcm1hY3ktY3VzdG9tZXItMTQxOTI0NzY0OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F802093%2Fpharmacy-customer-1419247648.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><h2>Why Hims &amp; Hers Health and Amazon could be a match made in heaven</h2>
<div class="lb-trans"><h2>為什麼 Hims &amp; Hers Health 和亞馬遜可能是天作之合</h2>
</div><p>Per the chart below, investors can see that the overwhelming majority of revenue for Hims &amp; Hers Health comes from online. And according to the company's 10Q filing, &#34;the majority of our online revenue is subscription-based, where customers agree to be billed on a recurring basis to have products and services automatically delivered to them.&#34;</p>
<div class="lb-trans"><p>根據下圖，投資者可以看到 Hims &amp; Hers Health 的絕大多數收入來自在線銷售。根據該公司的 10Q 文件，“我們在線收入的主要部分是基於訂閲的，客户同意定期收費，以便產品和服務自動送達他們。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIwOTMvc2NyZWVuc2hvdC0yMDI0LTEyLTI0LTEzNDMxNS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F802093%2Fscreenshot-2024-12-24-134315.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Hims &amp; Hers investor relations.</p>
<div class="lb-trans"><p>圖片來源：Hims &amp; Hers 投資者關係。</p>
</div><p>The reason I see Hims &amp; Hers Health as such an attractive asset for Amazon comes down to one thing: Amazon Prime, the subscription service that offers members a host of benefits such as free shipping and access to certain entertainment content through the company's streaming platform.</p>
<div class="lb-trans"><p>我認為 Hims &amp; Hers Health 對亞馬遜如此具有吸引力的原因歸結為一點：亞馬遜 Prime，這是一項訂閲服務，為會員提供一系列福利，如免費送貨和通過公司的流媒體平台訪問某些娛樂內容。</p>
</div><p>As I referenced above, two of Amazon's major healthcare-related acquisitions in recent years include PillPack and 1Life Healthcare. 1Life Healthcare is an exclusive perk for Prime members, while PillPack and Amazon Pharmacy as a whole are tailored more toward Prime subscribers (although you technically do not need to be a Prime member to access some of Amazon Pharmacy's offerings).</p>
<div class="lb-trans"><p>正如我之前提到的，亞馬遜近年來的兩項主要醫療相關收購包括 PillPack 和 1Life Healthcare。1Life Healthcare 是 Prime 會員的獨家福利，而 PillPack 和亞馬遜藥房整體更傾向於 Prime 訂閲者（儘管您實際上不需要成為 Prime 會員才能訪問亞馬遜藥房的一些產品）。</p>
</div><p>I think the obvious synergy opportunity here is for Amazon to roll up Hims &amp; Hers Health's subscriber base into the Prime membership platform -- thereby bolstering its online pharmacy capabilities even further and adding a steady stream of high-margin, recurring revenue in the process.</p>
<div class="lb-trans"><p>我認為這裏顯而易見的協同機會是，亞馬遜可以將 Hims &amp; Hers Health 的訂閲用户整合到 Prime 會員平台中，從而進一步增強其在線藥房能力，並在此過程中增加一條穩定的高利潤、經常性收入流。</p>
</div><h2>Now looks like the opportunity to get a deal done</h2>
<div class="lb-trans"><h2>現在看起來是達成交易的機會</h2>
</div><p>Hims &amp; Hers Health is an interesting case study. Although shares have soared by 216% this year, the stock is actually down by nearly 13% just in December.</p>
<div class="lb-trans"><p>Hims &amp; Hers Health 是一個有趣的案例研究。儘管今年股價飆升了 216%，但該股票在 12 月卻下跌了近 13%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f18b30084dbbec12e1917f2d4b71f56.png" alt="" original-src="https://media.ycharts.com/charts/5f18b30084dbbec12e1917f2d4b71f56.png"/></p>
<p>HIMS data by YCharts</p>
<div class="lb-trans"><p>HIMS 數據來源於 YCharts</p>
</div><p>One of the bigger trends influencing recent price action for Hims &amp; Hers Health stems from the weight loss market. Right now, glucagon-like peptide-1 (GLP-1) agonists such as Ozempic, Wegovy, Mounjaro, and Zepbound are used to treat diabetes and chronic weight management. All four of these blockbuster drugs are made by either <strong>Novo Nordisk</strong> or <strong>Eli Lilly</strong>.</p>
<div class="lb-trans"><p>影響 Hims &amp; Hers Health 近期價格走勢的一個主要趨勢源於減肥市場。目前，類似 Ozempic、Wegovy、Mounjaro 和 Zepbound 的胰高血糖素樣肽-1（GLP-1）激動劑被用於治療糖尿病和慢性體重管理。這四種重磅藥物均由 <strong>諾和諾德</strong> 或 <strong>禮來</strong> 生產。</p>
</div><p>While competition in the GLP-1 landscape is sparse, Hims &amp; Hers has been able to find its own unique pocket by offering patients compounded versions of treatments such as Ozempic. Compounded medications are not approved by the Food and Drug Administration (FDA), yet some patients will opt for these knockoffs purely due to their low cost and ease of access.</p>
<div class="lb-trans"><p>雖然 GLP-1 市場的競爭相對較少，但 Hims &amp; Hers 通過提供像 Ozempic 這樣的治療的複合版本找到了自己的獨特市場。複合藥物未獲得食品和藥物管理局（FDA）的批准，但一些患者會因為其低成本和易於獲取而選擇這些仿製藥。</p>
</div><p>For months now, Novo and Lilly have made public comments about compounded GLP-1 treatments and have been making moves of their own to try to make their weight loss medications more affordable and easier to access.</p>
<div class="lb-trans"><p>幾個月以來，諾和諾德和禮來對複合 GLP-1 治療發表了公開評論，並採取了自己的措施，試圖使其減肥藥物更具可負擔性和更易獲取。</p>
</div><p>Furthermore, just this week the FDA removed tirzepatide -- the main ingredient in Mounjaro and Zepbound -- from its shortage list. This means that compounding facilities have a limited time (60 to 90 days depending on certain regulatory frameworks) to continue selling compounded GLP-1s. Once this stops, Hims &amp; Hers will likely have a much tougher time penetrating the weight loss market, and its growth could slow down materially.</p>
<div class="lb-trans"><p>此外，就在本週，FDA 將 Mounjaro 和 Zepbound 的主要成分 tirzepatide 從短缺清單中移除。這意味着複合藥物設施有有限的時間（根據某些監管框架為 60 到 90 天）繼續銷售複合 GLP-1。一旦停止，Hims &amp; Hers 在減肥市場的滲透將面臨更大挑戰，其增長可能會顯著放緩。</p>
</div><p>To me, these developments are directly contributing to the current sell-off in Hims &amp; Hers Health stock. With a market capitalization of $6.2 billion, Amazon could easily acquire Hims &amp; Hers Health with cash from the balance sheet.</p>
<div class="lb-trans"><p>在我看來，這些發展直接導致了 Hims &amp; Hers Health 股票的當前拋售。以 62 億美元的市值，亞馬遜可以輕鬆用其資產負債表上的現金收購 Hims &amp; Hers Health。</p>
</div><p>Given the overlap of product offerings between Amazon Pharmacy and Hims &amp; Hers Health, combined with the robust recurring revenue base that Amazon could roll into its Prime membership perks, I see a deal between the two parties as a match made in heaven.</p>
<div class="lb-trans"><p>考慮到亞馬遜藥房與 Hims &amp; Hers Health 之間的產品重疊，加上亞馬遜可以納入其 Prime 會員福利的強大經常性收入基礎，我認為雙方之間的交易是天作之合。</p>
</div>

Prediction: This Will Be Amazon's Next Big Acquisition

- 亞馬遜通過收購擴展業務，近期收購了 PillPack 和 1Life Healthcare。  
- Hims & Hers Health 是一家專注於生活方式和健康產品的遠程醫療公司。  
- 收購 Hims & Hers 可增強亞馬遜的在線藥房能力，增加高利潤的經常性收入。

預測：這將是亞馬遜的下一次重大收購