<p>你會認為那些擁有悠久成功歷史和數千億美元市值的公司會被視為相對強大的。然而，事實並非總是如此。</p>
<p>三位《傻瓜投資》貢獻者選擇了現在值得購買的意外被低估的股票。以下是他們選擇大型製藥公司 <strong>默克</strong>（MRK 0.71%）、<strong>諾和諾德</strong>（NVO 1.34%）和 <strong>輝瑞</strong>（PFE -0.52%）的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY2NDQvcGVyc29uLXBsZWFzYW50bHktc3VycHJpc2VkLXdpdGgtbGFwdG9wLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY2NDQvcGVyc29uLXBsZWFzYW50bHktc3VycHJpc2VkLXdpdGgtbGFwdG9wLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>這隻股票仍然是一個很好的長期投資</h2>
<p><strong>Prosper Junior Bakiny（默克）：</strong> 默克作為一家制藥巨頭，目前面臨至少兩個挑戰。首先，該公司到 2028 年將失去其癌症藥物 Keytruda 的專利獨佔權，這是其最重要的增長驅動力。其次，即使在 Keytruda 專利到期之前，一些新藥可能會進入市場，挑戰該藥物在某些細分市場的主導地位，包括非小細胞肺癌，這是其最重要的適應症之一。這些問題解釋了為什麼默克的股票在過去一年中表現落後於市場。</p>
<p>然而，在這些水平上，這隻股票可以説是個便宜貨——默克的前瞻市盈率為 9.4，相比醫療行業的平均值 16.5 顯得極為便宜。考慮到製藥公司能夠找到克服面臨挑戰的方法，默克顯得尤其有吸引力。默克正在開發 Keytruda 的皮下（SC）版本，預計將其專利壽命延長至 2030 年代，同時保留許多之前配方的適應症。</p>
<p>SC Keytruda 在臨牀試驗中已經產生了強勁的結果，顯示出與其前身相比並不劣於，同時顯著減少了醫生給藥和監測患者所需的時間。</p>
<p>此外，默克還應該開發新產品。該公司通過收購增強了其產品線。其他藥物如 Winrevair，針對肺動脈高壓，將在未來幾年成為重要的增長驅動力。</p>
<p>最後，默克仍然是一隻穩健的分紅股票。該公司的分紅在過去五年中增長了 39.3%。其前瞻收益率為 4%，遠高於 <strong>標準普爾 500</strong> 的平均值 1.3%，而其接近 46% 的分紅支付比率為進一步提高分紅留出了充足的空間。默克的長期前景依然強勁。今天投資該公司可能在未來十年內帶來優越的回報。</p>
<h2><strong>諾和諾德是一隻可能太便宜而無法錯過的成長股</strong></h2>
<p><strong>David Jagielski（諾和諾德）：</strong> 儘管是全球最大的醫療保健股票之一，諾和諾德目前看起來相當被低估。在過去一年中，其股價暴跌超過 50%，估值現在低於 3000 億美元。</p>
<p>投資者對其減肥藥 CagriSema 的最新三期試驗結果感到失望。該藥幫助患者平均減重 22.7%，低於之前預期的 25%。雖然這是一個名義上的失誤，但仍然是失誤。而在競爭對手 <strong>禮來</strong>（NYSE: LLY）交出更令人鼓舞的結果時，這也是投資者近期對這家丹麥公司的看空原因之一。</p>
<p>但諾和諾德仍然表現相當不錯，未來有很多增長機會。它仍在將其受歡迎的減肥藥 Wegovy 擴展到新市場。並且它有一個前景良好的下一代治療藥物 amycretin，在早期試驗中顯示可以幫助人們在 36 周內減重 22%。預計 amycretin 的口服版本將在明年初開始三期試驗，如果證明是真正的有效藥物，這可能會迅速使諾和諾德成為一隻熱門股票。</p>
<p>該公司在過去 12 個月中產生了 35% 的強勁利潤率。隨着未來仍有出色的增長機會，這隻股票對於長期投資者來説可能是個便宜的交易：目前的交易價格不到其過去收益的 18 倍。</p>
<h2>華爾街看好這隻股票的潛力，但許多投資者卻不這樣認為</h2>
<p><strong>Keith Speights（輝瑞）：</strong> 並不是每個人都認為輝瑞被低估。華爾街對該股票的 12 個月共識目標價反映出近 20% 的上漲潛力。然而，許多投資者似乎與分析師並不一致，因為輝瑞的股價仍遠低於其 52 周高點。</p>
<p>誠然，輝瑞面臨挑戰。該公司經歷了一些產品線的挫折，尤其是放棄了其口服肥胖候選藥物 danuglipron。在接下來的幾年中，其幾款頂級產品也將失去專利獨佔權，其中包括重磅藥物 Eliquis 和 Ibrance。</p>
<p>但輝瑞仍然有很多值得關注的地方。其增長前景比你想象的要好。包括 Nurtec ODT、Padcev 和 Vyndaqel 在內的藥物銷售持續飆升。輝瑞預計今年將有四項監管決定和九項關鍵的晚期臨牀研究結果公佈。</p>
<p>輝瑞的分紅仍然非常有吸引力，前瞻收益率為 6.79%。首席執行官 Albert Bourla 在上個月的 <strong>高盛</strong>（NYSE: GS）全球醫療保健會議上表示：“我們將保持增長的分紅。”</p>
<p>該股票的估值是另一個重要的優勢。輝瑞的股票交易價格約為前瞻收益的 8.7 倍。這反映了過多的悲觀情緒——在我看來，實在是太多了。</p>

諾和諾德公司

<p>三位 Motley Fool 的貢獻者強調了三隻被低估的股票：默克（Merck）、諾和諾德（Novo Nordisk）和輝瑞（Pfizer）。儘管默克面臨 Keytruda 專利的挑戰，但其前瞻市盈率較低且股息增長強勁。諾和諾德的股價已下跌超過 50%，但其減肥藥具有良好的增長機會。輝瑞雖然面臨管線挫折，但在多個產品上銷售增長強勁，華爾街認為其有 20% 的潛在上漲空間。這些股票可能提供有吸引力的長期投資機會</p>

<p>You'd think that companies with long, successful track records and market caps in the hundreds of billions of dollars would be viewed as relatively formidable. However, that's not always the case.</p>
<div class="lb-trans"><p>你會認為那些擁有悠久成功歷史和數千億美元市值的公司會被視為相對強大的。然而，事實並非總是如此。</p>
</div><p>Three Motley Fool contributors have picked surprisingly underrated stocks to buy right now. Here's why they chose big pharma stocks <strong>Merck</strong>(MRK 0.71%), <strong>Novo Nordisk</strong>(NVO 1.34%), and <strong>Pfizer</strong>(PFE -0.52%).</p>
<div class="lb-trans"><p>三位《傻瓜投資》貢獻者選擇了現在值得購買的意外被低估的股票。以下是他們選擇大型製藥公司 <strong>默克</strong>（MRK 0.71%）、<strong>諾和諾德</strong>（NVO 1.34%）和 <strong>輝瑞</strong>（PFE -0.52%）的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY2NDQvcGVyc29uLXBsZWFzYW50bHktc3VycHJpc2VkLXdpdGgtbGFwdG9wLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826644%2Fperson-pleasantly-surprised-with-laptop.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>This stock remains a great long-term bet</h2>
<div class="lb-trans"><h2>這隻股票仍然是一個很好的長期投資</h2>
</div><p><strong>Prosper Junior Bakiny (Merck):</strong> There are at least two challenges Merck, a pharmaceutical giant, is facing right now. First, the company will lose patent exclusivity for its cancer drug Keytruda, by far its most significant growth driver, by 2028. Second, even before the Keytruda patent cliff, some new medicines could hit the market that would challenge the drug's dominance in some niches, including non-small cell lung cancer, one of its most important indications. These issues explain why Merck's shares have lagged the market over the past year.</p>
<div class="lb-trans"><p><strong>Prosper Junior Bakiny（默克）：</strong> 默克作為一家制藥巨頭，目前面臨至少兩個挑戰。首先，該公司到 2028 年將失去其癌症藥物 Keytruda 的專利獨佔權，這是其最重要的增長驅動力。其次，即使在 Keytruda 專利到期之前，一些新藥可能會進入市場，挑戰該藥物在某些細分市場的主導地位，包括非小細胞肺癌，這是其最重要的適應症之一。這些問題解釋了為什麼默克的股票在過去一年中表現落後於市場。</p>
</div><p>However, the stock is arguably a steal at these levels -- Merck's forward price-to-earnings ratio of 9.4 looks dirt cheap compared to the healthcare sector's average of 16.5. Merck appears especially attractive when considering that the drugmaker can find ways to overcome the challenges it faces. Merck is developing a subcutaneous (SC) version of Keytruda, which is expected to extend its patent life well into the 2030s, while retaining many of the indications of the previous formulation.</p>
<div class="lb-trans"><p>然而，在這些水平上，這隻股票可以説是個便宜貨——默克的前瞻市盈率為 9.4，相比醫療行業的平均值 16.5 顯得極為便宜。考慮到製藥公司能夠找到克服面臨挑戰的方法，默克顯得尤其有吸引力。默克正在開發 Keytruda 的皮下（SC）版本，預計將其專利壽命延長至 2030 年代，同時保留許多之前配方的適應症。</p>
</div><p>SC Keytruda has already produced strong results in clinical trials, showing non-inferiority compared to its predecessor, while significantly reducing the time it takes for physicians to administer it and monitor patients afterward.</p>
<div class="lb-trans"><p>SC Keytruda 在臨牀試驗中已經產生了強勁的結果，顯示出與其前身相比並不劣於，同時顯著減少了醫生給藥和監測患者所需的時間。</p>
</div><p>Furthermore, Merck should also develop new products. The company has enhanced its pipeline through acquisitions. Other medicines like Winrevair, which targets pulmonary arterial hypertension, will be meaningful growth drivers for years.</p>
<div class="lb-trans"><p>此外，默克還應該開發新產品。該公司通過收購增強了其產品線。其他藥物如 Winrevair，針對肺動脈高壓，將在未來幾年成為重要的增長驅動力。</p>
</div><p>Lastly, Merck remains a solid dividend stock. The company's payouts have increased by 39.3% in the past five years. Its forward yield of 4% is much higher than the <strong>S&amp;P 500</strong>'s average of 1.3%, while its payout ratio of almost 46% leaves ample room for more hikes. Merck's long-term prospects remain strong. Investing in the company today could yield superior returns over the next decade.</p>
<div class="lb-trans"><p>最後，默克仍然是一隻穩健的分紅股票。該公司的分紅在過去五年中增長了 39.3%。其前瞻收益率為 4%，遠高於 <strong>標準普爾 500</strong> 的平均值 1.3%，而其接近 46% 的分紅支付比率為進一步提高分紅留出了充足的空間。默克的長期前景依然強勁。今天投資該公司可能在未來十年內帶來優越的回報。</p>
</div><h2><strong>Novo Nordisk is a growth stock that may be too cheap to pass up</strong></h2>
<div class="lb-trans"><h2><strong>諾和諾德是一隻可能太便宜而無法錯過的成長股</strong></h2>
</div><p><strong>David Jagielski</strong> <strong>(Novo Nordisk):</strong> Despite being one of the largest healthcare stocks in the world, Novo Nordisk is looking pretty underrated right now. In the past year, its shares have plummeted by more than 50%, with its valuation now below $300 billion.</p>
<div class="lb-trans"><p><strong>David Jagielski（諾和諾德）：</strong> 儘管是全球最大的醫療保健股票之一，諾和諾德目前看起來相當被低估。在過去一年中，其股價暴跌超過 50%，估值現在低於 3000 億美元。</p>
</div><p>Investors have been underwhelmed with recent phase 3 trial results related to its weight loss drug, CagriSema. It helped patients lose an average of 22.7% of their body weight, which was less than the 25% that was previously expected. It's a nominal miss but a miss nonetheless. And at a time when rival <strong>Eli Lilly</strong>(NYSE: LLY) has been delivering more encouraging results, it's an example of why investors have been bearish on the Danish company of late.</p>
<div class="lb-trans"><p>投資者對其減肥藥 CagriSema 的最新三期試驗結果感到失望。該藥幫助患者平均減重 22.7%，低於之前預期的 25%。雖然這是一個名義上的失誤，但仍然是失誤。而在競爭對手 <strong>禮來</strong>（NYSE: LLY）交出更令人鼓舞的結果時，這也是投資者近期對這家丹麥公司的看空原因之一。</p>
</div><p>But Novo is still doing fairly well, with plenty of growth opportunities on the horizon. It's still expanding its popular weight loss drug, Wegovy, to new markets. And it has a promising next-gen treatment, amycretin, which has shown, in an early-stage trial, that it can help people lose 22% of their weight after a period of 36 weeks. An oral version of amycretin is expected to begin phase 3 trials early next year, and if it proves to be the real deal, that could quickly make Novo Nordisk a hot stock to own again.</p>
<div class="lb-trans"><p>但諾和諾德仍然表現相當不錯，未來有很多增長機會。它仍在將其受歡迎的減肥藥 Wegovy 擴展到新市場。並且它有一個前景良好的下一代治療藥物 amycretin，在早期試驗中顯示可以幫助人們在 36 周內減重 22%。預計 amycretin 的口服版本將在明年初開始三期試驗，如果證明是真正的有效藥物，這可能會迅速使諾和諾德成為一隻熱門股票。</p>
</div><p>The company has generated strong profit margins of 35% over the trailing 12 months. With excellent growth opportunities still ahead, the stock may be a steal of a deal for long-term investors: It's currently trading at less than 18 times its trailing earnings.</p>
<div class="lb-trans"><p>該公司在過去 12 個月中產生了 35% 的強勁利潤率。隨着未來仍有出色的增長機會，這隻股票對於長期投資者來説可能是個便宜的交易：目前的交易價格不到其過去收益的 18 倍。</p>
</div><h2>Wall Street sees this stock's potential, but many investors don't</h2>
<div class="lb-trans"><h2>華爾街看好這隻股票的潛力，但許多投資者卻不這樣認為</h2>
</div><p><strong>Keith Speights (Pfizer):</strong> Not everyone thinks Pfizer is underrated. The consensus Wall Street 12-month price target for the stock reflects an upside potential of nearly 20%. However, many investors don't seem to be on the same page as analysts, considering that Pfizer's share price remains well below its 52-week high.</p>
<div class="lb-trans"><p><strong>Keith Speights（輝瑞）：</strong> 並不是每個人都認為輝瑞被低估。華爾街對該股票的 12 個月共識目標價反映出近 20% 的上漲潛力。然而，許多投資者似乎與分析師並不一致，因為輝瑞的股價仍遠低於其 52 周高點。</p>
</div><p>Admittedly, Pfizer faces challenges. The company has experienced some pipeline setbacks, notably including throwing in the towel on its oral obesity candidate, danuglipron. Several of its top products lose patent exclusivity over the next few years, too, with blockbuster drugs Eliquis and Ibrance at the top of the list.</p>
<div class="lb-trans"><p>誠然，輝瑞面臨挑戰。該公司經歷了一些產品線的挫折，尤其是放棄了其口服肥胖候選藥物 danuglipron。在接下來的幾年中，其幾款頂級產品也將失去專利獨佔權，其中包括重磅藥物 Eliquis 和 Ibrance。</p>
</div><p>But there's still much to like about Pfizer. Its growth prospects are better than you might think. Sales continue to soar for drugs including Nurtec ODT, Padcev, and Vyndaqel. Pfizer anticipates four regulatory decisions and nine key late-stage clinical study readouts this year.</p>
<div class="lb-trans"><p>但輝瑞仍然有很多值得關注的地方。其增長前景比你想象的要好。包括 Nurtec ODT、Padcev 和 Vyndaqel 在內的藥物銷售持續飆升。輝瑞預計今年將有四項監管決定和九項關鍵的晚期臨牀研究結果公佈。</p>
</div><p>Pfizer's dividend remains very attractive with a forward yield of 6.79%. CEO Albert Bourla said at the <strong>Goldman Sachs</strong>(NYSE: GS) Global Healthcare Conference last month, &#34;[W] e are going to maintain a growing dividend.&#34;</p>
<div class="lb-trans"><p>輝瑞的分紅仍然非常有吸引力，前瞻收益率為 6.79%。首席執行官 Albert Bourla 在上個月的 <strong>高盛</strong>（NYSE: GS）全球醫療保健會議上表示：“我們將保持增長的分紅。”</p>
</div><p>The stock's valuation is another big plus. Pfizer's shares trade at roughly 8.7 times forward earnings. This reflects a lot of pessimism -- too much, in my view.</p>
<div class="lb-trans"><p>該股票的估值是另一個重要的優勢。輝瑞的股票交易價格約為前瞻收益的 8.7 倍。這反映了過多的悲觀情緒——在我看來，實在是太多了。</p>
</div>

3 只令人意外被低估的股票，值得現在買入