<p><strong>輝瑞</strong>(PFE 0.64%) 的股息收益率高達 7.1%。這無疑與大盤的 1.2% 收益率以及平均醫療股票的 1.7% 收益率相比，顯得相當有吸引力。但輝瑞的高收益率僅僅是因為自 2022 年底以來其股價下跌了 55%。</p>
<p>這種價格下跌並非偶然，這意味着你需要仔細考慮這隻高收益股票是否值得加入你的收入投資組合。讓我們深入探討一下，試圖找出答案。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUwNjgvMjNfMDZfMjgtdGhlLXdvcmRzLXNhZmV0eS1maXJzdC13aXRoLWEtcGVyc29uLWdpdmluZy1hLXRodW1icy11cC1zaWduLWluLXRoZS1iYWNrZ3JvdW5kLV9tZi1kbG9hZC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUwNjgvMjNfMDZfMjgtdGhlLXdvcmRzLXNhZmV0eS1maXJzdC13aXRoLWEtcGVyc29uLWdpdmluZy1hLXRodW1icy11cC1zaWduLWluLXRoZS1iYWNrZ3JvdW5kLV9tZi1kbG9hZC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>輝瑞的業務是什麼？</h2>
<p>輝瑞是全球最大的製藥公司之一。它在發現、開發和銷售藥物方面有着非常悠久和成功的歷史，包括處理將有前景的藥物批准用於人類使用這一非常困難的任務。它在與其他製藥公司競爭方面表現良好，且該業務在短期內不太可能消失。</p>
<p>話雖如此，自 2022 年底以來，輝瑞的股價下跌了令人震驚的 55%。即使是管理良好的企業也會經歷困難時期，顯然，這對輝瑞來説就是一個困難時期。有兩個廣泛的問題需要考慮。</p>
<p>首先，藥品製造商的看法發生了變化，這種變化是由於 COVID-19 大流行後消費者信任度降低所驅動的。這對輝瑞尤其令人擔憂，因為輝瑞恰好生產疫苗，而疫苗在公眾領域正成為一個越來越有爭議的話題。</p>
<p>這種情緒的轉變與輝瑞面臨的另一個重要趨勢相伴隨，但在製藥行業中這相對正常。製藥公司因藥物開發成本而獲得新藥的臨時獨佔權。當這些藥物失去專利保護時，通常會出現仿製藥，導致原藥物的收入大幅下降。</p>
<p>這在行業中被稱為專利懸崖，而輝瑞正接近這樣一個懸崖，預計從 2027 年開始，腫瘤藥物 Ibrance 將失去專利保護。隨後在 2028 年，心血管藥物 Eliquis 和 Vyndaqel 也將失去專利保護。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7e8e379b002fe00ec57fc4e3c959d116.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/7e8e379b002fe00ec57fc4e3c959d116.png"/></p>
<p>PFE 數據來源於 YCharts</p>
<h2>輝瑞正在採取必要的措施</h2>
<p>輝瑞對疫苗的負面看法幾乎無能為力，只能等待情緒的轉變。考慮到疫苗改善健康結果的悠久歷史，這種轉變很可能會發生。但公司可以採取措施應對專利懸崖，這基本上要求這家醫療巨頭投資於新藥。</p>
<p>它的一種方式是進行內部研發。問題在於，研發本質上是一個不均勻的過程，因此成功並不保證，也不太可能在與公司專利到期相符的固定時間框架內展開。最近在肥胖藥物領域的一次高調失敗就是一個例子。</p>
<p>但還有另一種選擇。輝瑞足夠大，可以直接收購其他擁有有前景藥物的公司。輝瑞最近就這樣做了，達成了收購 <strong>Metsera</strong>(MTSR -0.49%) 的協議。該協議規定對 Metsera 的每股預付款為 47.50 美元，總計約 49 億美元。然而，還有三筆附帶付款可能使交易總額增加到每股 22.50 美元，進一步將整體成本提高數十億美元。</p>
<p>這筆交易的關鍵目標是獲取 Metsera 有前景的藥物管線，包括肥胖領域的藥物。這對輝瑞的業務是個好消息，管理層基本上正在採取必要措施，以確保公司的長期成功。</p>
<p>然而，在你急於購買高收益的輝瑞股票之前，請考慮兩個事實。輝瑞過去 12 個月的股息支付比率高達 90%，這表明股息可能並不像一些投資者希望的那樣安全。而且，董事會在 2009 年輝瑞收購 Wyeth 製藥後選擇削減股息。</p>
<p>680 億美元的 Wyeth 交易是一次更大的交易，但考慮到如此高的股息支付比率，收購後股息削減的風險不容忽視。同樣重要的是要考慮輝瑞正在收購的藥物候選者並不保證會成為暢銷藥，這就是為什麼在確定交易價格時採用了收益模型。</p>
<h2>購買業務，而不是股息</h2>
<p>鑑於股價大幅下跌，輝瑞的股票今天具有反彈的吸引力。值得注意的是，管理層和董事會正在採取必要措施，使公司重回正軌，即在新藥方面進行投資（無論是內部還是通過收購）。輝瑞很可能最終會重新回到增長軌道上。</p>
<p>但高股息支付比率和削減股息的歷史表明，尋求收入的投資者可能應該謹慎行事。這家制藥巨頭可能並不像你希望的那樣安全。</p>

輝瑞

<p>輝瑞的股票自 2022 年底以來暴跌了 55%，儘管其提供了 7.1% 的高股息收益率。這一下降歸因於 COVID-19 後消費者對製藥公司的信任降低，以及從 2027 年開始關鍵藥物即將到期的專利。輝瑞正在通過內部研發和收購來應對這些挑戰，例如最近以 49 億美元收購 Metsera。然而，由於其 90% 的高股息支付比率和削減股息的歷史，投資者在考慮以輝瑞作為收入來源時應保持謹慎</p>

<p><strong>Pfizer</strong>(PFE 0.64%) has a huge 7.1% dividend yield. That certainly compares favorably to the broader market's 1.2% yield and the average healthcare stock's yield of 1.7%. But Pfizer's lofty yield only exists because of a worrying 55% stock price decline since late 2022.</p>
<div class="lb-trans"><p><strong>輝瑞</strong>(PFE 0.64%) 的股息收益率高達 7.1%。這無疑與大盤的 1.2% 收益率以及平均醫療股票的 1.7% 收益率相比，顯得相當有吸引力。但輝瑞的高收益率僅僅是因為自 2022 年底以來其股價下跌了 55%。</p>
</div><p>That kind of price decline doesn't happen by accident, which means you need to carefully consider whether this high-yield stock is worth adding to your income portfolio. Let's dig in and try to find out.</p>
<div class="lb-trans"><p>這種價格下跌並非偶然，這意味着你需要仔細考慮這隻高收益股票是否值得加入你的收入投資組合。讓我們深入探討一下，試圖找出答案。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUwNjgvMjNfMDZfMjgtdGhlLXdvcmRzLXNhZmV0eS1maXJzdC13aXRoLWEtcGVyc29uLWdpdmluZy1hLXRodW1icy11cC1zaWduLWluLXRoZS1iYWNrZ3JvdW5kLV9tZi1kbG9hZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835068%2F23_06_28-the-words-safety-first-with-a-person-giving-a-thumbs-up-sign-in-the-background-_mf-dload.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>What does Pfizer do?</h2>
<div class="lb-trans"><h2>輝瑞的業務是什麼？</h2>
</div><p>Pfizer is one of the largest pharmaceutical companies in the world. It has a very long and successful history of finding, developing, and selling drugs, including dealing with the very difficult task of getting promising drugs approved for human use. It competes well with other drug makers and it is highly unlikely that the business is going to go away anytime soon.</p>
<div class="lb-trans"><p>輝瑞是全球最大的製藥公司之一。它在發現、開發和銷售藥物方面有着非常悠久和成功的歷史，包括處理將有前景的藥物批准用於人類使用這一非常困難的任務。它在與其他製藥公司競爭方面表現良好，且該業務在短期內不太可能消失。</p>
</div><p>That said, the stock has fallen a shocking 55% since late 2022. Even well-run businesses go through hard times and, pretty clearly, this is a hard time for Pfizer. There are two broad issues to consider.</p>
<div class="lb-trans"><p>話雖如此，自 2022 年底以來，輝瑞的股價下跌了令人震驚的 55%。即使是管理良好的企業也會經歷困難時期，顯然，這對輝瑞來説就是一個困難時期。有兩個廣泛的問題需要考慮。</p>
</div><p>First, there's been a shift in the view of drug makers, driven by reduced trust among consumers since the COVID-19 pandemic. That has been particularly troubling for Pfizer, which happens to make vaccines, which are an increasingly contentious issue in the public sphere.</p>
<div class="lb-trans"><p>首先，藥品製造商的看法發生了變化，這種變化是由於 COVID-19 大流行後消費者信任度降低所驅動的。這對輝瑞尤其令人擔憂，因為輝瑞恰好生產疫苗，而疫苗在公眾領域正成為一個越來越有爭議的話題。</p>
</div><p>The mood shift has come against another important trend for Pfizer, but one that is fairly normal in the pharma space. Drug companies are granted temporary exclusivity on new drugs because of the cost of drug development. When those drugs lose their patent protections generic alternatives can be produced, usually leading to a material drop in revenue for the original drug.</p>
<div class="lb-trans"><p>這種情緒的轉變與輝瑞面臨的另一個重要趨勢相伴隨，但在製藥行業中這相對正常。製藥公司因藥物開發成本而獲得新藥的臨時獨佔權。當這些藥物失去專利保護時，通常會出現仿製藥，導致原藥物的收入大幅下降。</p>
</div><p>This is called a patent cliff in the industry and Pfizer is nearing just such a cliff starting in 2027, when oncology drug Ibrance comes off patent. That will be followed in 2028 with cardiovascular drugs Eliquis and Vyndaqel losing patent protections in 2028.</p>
<div class="lb-trans"><p>這在行業中被稱為專利懸崖，而輝瑞正接近這樣一個懸崖，預計從 2027 年開始，腫瘤藥物 Ibrance 將失去專利保護。隨後在 2028 年，心血管藥物 Eliquis 和 Vyndaqel 也將失去專利保護。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7e8e379b002fe00ec57fc4e3c959d116.png" alt="" original-src="https://media.ycharts.com/charts/7e8e379b002fe00ec57fc4e3c959d116.png"/></p>
<p>PFE data by YCharts</p>
<div class="lb-trans"><p>PFE 數據來源於 YCharts</p>
</div><h2>Pfizer is doing what needs to be done</h2>
<div class="lb-trans"><h2>輝瑞正在採取必要的措施</h2>
</div><p>Pfizer can't do much about the negative view of vaccines other than wait for the mood to shift. It likely will, given the long history of vaccines improving health outcomes. But the company can do something about patent cliffs, which basically require the healthcare giant to invest in new drugs.</p>
<div class="lb-trans"><p>輝瑞對疫苗的負面看法幾乎無能為力，只能等待情緒的轉變。考慮到疫苗改善健康結果的悠久歷史，這種轉變很可能會發生。但公司可以採取措施應對專利懸崖，這基本上要求這家醫療巨頭投資於新藥。</p>
</div><p>One way it does this is with internal research and development. The problem is that R&amp;D is an inherently lumpy process, so success isn't guaranteed and isn't likely to unfold on a set time frame that coincides with the company's patent expirations. A recent high profile failure came in the obesity drug arena.</p>
<div class="lb-trans"><p>它的一種方式是進行內部研發。問題在於，研發本質上是一個不均勻的過程，因此成功並不保證，也不太可能在與公司專利到期相符的固定時間框架內展開。最近在肥胖藥物領域的一次高調失敗就是一個例子。</p>
</div><p>But there's another option. Pfizer is large enough to simply go out and buy other companies with promising drugs. It did just that recently when it agreed to buy <strong>Metsera</strong>(MTSR -0.49%). The agreement calls for an upfront payment of $47.50 per share for Metsera, or about $4.9 billion in total. However, there are three contingent payments that could add up to $22.50 per share to the deal, increasing the overall cost by billions of dollars.</p>
<div class="lb-trans"><p>但還有另一種選擇。輝瑞足夠大，可以直接收購其他擁有有前景藥物的公司。輝瑞最近就這樣做了，達成了收購 <strong>Metsera</strong>(MTSR -0.49%) 的協議。該協議規定對 Metsera 的每股預付款為 47.50 美元，總計約 49 億美元。然而，還有三筆附帶付款可能使交易總額增加到每股 22.50 美元，進一步將整體成本提高數十億美元。</p>
</div><p>The key goal of the transaction is to get access to Metsera's promising drug pipelines, including in the obesity space. This is good news for Pfizer's business and management is, basically, doing what it needs to do to ensure the company's long-term success.</p>
<div class="lb-trans"><p>這筆交易的關鍵目標是獲取 Metsera 有前景的藥物管線，包括肥胖領域的藥物。這對輝瑞的業務是個好消息，管理層基本上正在採取必要措施，以確保公司的長期成功。</p>
</div><p>Before you run out and buy high yield Pfizer, however, consider two more facts. Pfizer's trailing 12-month dividend payout ratio is a lofty 90%, which suggests that the dividend may not be as secure as some investors might like. And the board of directors chose to cut the dividend in 2009 following Pfizer's acquisition of Wyeth Pharmaceuticals.</p>
<div class="lb-trans"><p>然而，在你急於購買高收益的輝瑞股票之前，請考慮兩個事實。輝瑞過去 12 個月的股息支付比率高達 90%，這表明股息可能並不像一些投資者希望的那樣安全。而且，董事會在 2009 年輝瑞收購 Wyeth 製藥後選擇削減股息。</p>
</div><p>The $68 billion Wyeth deal was a larger transaction, but with such a high dividend payout ratio, the risk of a dividend cut following a material acquisition shouldn't be ignored. Also important to consider here is the fact that the drug candidates Pfizer is acquiring aren't guaranteed to be blockbuster drugs, which is why an earnout model was used in determining the price of the deal.</p>
<div class="lb-trans"><p>680 億美元的 Wyeth 交易是一次更大的交易，但考慮到如此高的股息支付比率，收購後股息削減的風險不容忽視。同樣重要的是要考慮輝瑞正在收購的藥物候選者並不保證會成為暢銷藥，這就是為什麼在確定交易價格時採用了收益模型。</p>
</div><h2>Buy the business, not the dividend</h2>
<div class="lb-trans"><h2>購買業務，而不是股息</h2>
</div><p>Given the steep price decline, there is turnaround appeal in Pfizer's stock today. And notably, management and the board are doing what is necessary to get the company back on track, namely investing (internally and via acquisition) in new drugs. It is highly likely that Pfizer does, eventually, get back on the growth track.</p>
<div class="lb-trans"><p>鑑於股價大幅下跌，輝瑞的股票今天具有反彈的吸引力。值得注意的是，管理層和董事會正在採取必要措施，使公司重回正軌，即在新藥方面進行投資（無論是內部還是通過收購）。輝瑞很可能最終會重新回到增長軌道上。</p>
</div><p>But the lofty payout ratio and a history of cutting the dividend suggests that income seekers should probably tread with caution. This pharma giant may not be as safe a dividend stock as you want it to be.</p>
<div class="lb-trans"><p>但高股息支付比率和削減股息的歷史表明，尋求收入的投資者可能應該謹慎行事。這家制藥巨頭可能並不像你希望的那樣安全。</p>
</div>

Down 55%, Should You Buy the Dip on Pfizer?

- 輝瑞公司股息收益率為 7.1%，高於市場平均的 1.2% 和醫療股的 1.7%。  
- 自 2022 年底以來，輝瑞股價下跌 55%，引發對其高收益股的關注。  
- 輝瑞面臨疫苗信任度下降和專利到期風險，投資者需謹慎對待股息安全性。  

輝瑞股價下跌 55%，你是否應該趁機買入？