<p>今天大多數投資者對 <strong>輝瑞</strong>(PFE 6.77%) 的主要吸引力可能是其高達 7.2% 的股息收益率。這與 <strong>標準普爾 500</strong> 指數的 1.2% 和平均製藥股的約 1.3% 相比，顯得尤為突出。但在你急於購買這高收益股票之前，你應該瞭解以下三點。</p>
<h2>1. 輝瑞是一家制藥行業的倖存者</h2>
<p>在高股息收益率之後，購買輝瑞的下一個重要理由是其在競爭激烈的製藥行業中生存的能力。輝瑞不僅是行業巨頭，市值達到 1350 億美元，而且已經存在超過 100 年。這不是一家新興公司或單一產品的奇蹟。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU0OTMvMjVfMDJfMDQtYS1wZXJzb24tdXNpbmctYW4taW5qZWN0aW9uLXBlbi1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTM5Mzk5MTk0OS0xMjAweDY3NS0xMjg1NTRlLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU0OTMvMjVfMDJfMDQtYS1wZXJzb24tdXNpbmctYW4taW5qZWN0aW9uLXBlbi1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTM5Mzk5MTk0OS0xMjAweDY3NS0xMjg1NTRlLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>輝瑞在推動業務發展的過程中，長期以來一直在進行必要的投資。這尤其包括投入資金和時間用於新藥的研發過程。但是，當需要時，它也會作為行業整合者，通過收購公司來獲得有吸引力的藥物候選者。</p>
<p>輝瑞最近就做了這一點，達成收購 <strong>Metsera</strong>(MTSR -0.40%) 的協議，以獲得一款有前景的減肥藥，因為輝瑞自己的減肥藥失敗了。這筆數十億美元的交易顯示了輝瑞快速行動的能力，以及根據需要調整策略以確保公司長期生存的能力。</p>
<h2>2. 輝瑞現在必須採取行動，這也是一個問題</h2>
<p>考慮到這一快速背景，輝瑞豐厚的股息收益率對股息投資者來説似乎是一個有吸引力的機會。但在你急於購買股票之前，先不要行動。</p>
<p>輝瑞同意以每股 47.50 美元（大約 49 億美元）收購 Metsera，並有機會獲得額外的 22.50 美元的潛在收益，這也是因為它面臨專利懸崖。製藥公司被授予臨時權利，可以在沒有競爭的情況下銷售新藥。當專利到期時，可以生產仿製藥。這通常會導致原藥物的收入大幅下降。</p>
<p>輝瑞的腫瘤藥物 Ibrance 預計將在 2027 年失去專利保護。其心血管藥物 Eliquis 和 Vyndaqel 將在 2028 年面臨仿製藥競爭。公司收購 Metsera 是為了增強其藥物管線，以便能夠抵禦專利損失。這在製藥行業是正常現象，但需要注意的是，輝瑞的高收益率至少部分反映了它尚未解決專利懸崖問題。</p>
<h2>3. 輝瑞的股息可能並不像看起來那麼安全</h2>
<p>當你考慮輝瑞的股息支付比率時，專利懸崖變得更加令人擔憂。2025 年第二季度的支付比率為 85%，而過去 12 個月的支付比率超過 90%。這個比例令人擔憂。如果製藥公司無法找到替代 2027 年和 2028 年將失去的收入的辦法，它可能會在維持股息方面遇到困難。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1757876c771da73bfb55fa6956ed92f9.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/1757876c771da73bfb55fa6956ed92f9.png"/></p>
<p>PFE 支付比率（TTM）數據來源於 YCharts</p>
<p>但這裏還有另一個問題需要考慮。輝瑞在 2009 年收購 Wyeth 製藥時削減了股息。Wyeth 交易規模更大，約為 680 億美元。但董事會顯然已經表明，它會根據大型企業行動（如收購）調整股息。換句話説，你在購買輝瑞時，必須充分考慮股息削減的風險。尤其是在即將收購 Metsera 的背景下，這一點尤為重要。</p>
<h2>輝瑞可能最好被視為一隻轉機股</h2>
<p>自 2021 年底達到峯值以來，輝瑞的股價已損失約 60% 的價值。儘管這一高點部分是由於新冠疫情推動的，但長期投資者似乎仍然可以從業務的復甦潛力中受益。這表明輝瑞是一隻有吸引力的轉機股，特別是考慮到它在肥胖藥物領域的舉措。</p>
<p>但如果你將輝瑞視為一隻股息股票，請謹慎行事。它也可能是這樣，但歷史表明，股息故事可能並不像你想象的那麼強勁。</p>

輝瑞

MTSR

<p>輝瑞（Pfizer，股票代碼：PFE）提供 7.2% 的高股息收益率，吸引了投資者。然而，潛在買家應考慮三個關鍵因素：1）輝瑞在製藥行業的長期存在以及其最近收購 Metsera，以增強其藥物管線，尤其是在即將面臨專利懸崖的情況下。2）由於派息比率超過 90%，存在減息的風險，特別是在 2027 年和 2028 年即將到來的專利到期。3）自 2021 年底以來，輝瑞的股價已下跌 60%，使其成為潛在的反彈股票，但對於以股息為重點的投資者來説，仍需謹慎</p>

<p>The big draw for most investors with <strong>Pfizer</strong>(PFE 6.77%) today is likely to be its lofty 7.2% dividend yield. That compares to 1.2% for the <strong>S&amp;P 500</strong> index and about 1.3% for the average pharmaceutical stock. But before you rush out and buy that high yield, you should understand these three things.</p>
<div class="lb-trans"><p>今天大多數投資者對 <strong>輝瑞</strong>(PFE 6.77%) 的主要吸引力可能是其高達 7.2% 的股息收益率。這與 <strong>標準普爾 500</strong> 指數的 1.2% 和平均製藥股的約 1.3% 相比，顯得尤為突出。但在你急於購買這高收益股票之前，你應該瞭解以下三點。</p>
</div><h2>1. Pfizer is a pharmaceutical survivor</h2>
<div class="lb-trans"><h2>1. 輝瑞是一家制藥行業的倖存者</h2>
</div><p>After the lofty dividend yield, the next big reason to buy Pfizer is its proven ability to survive in the highly competitive pharmaceutical sector. Not only is it a giant in the industry, with a $135 billion market capitalization, but it has existed for well over 100 years. This is not some upstart or some one-trick wonder.</p>
<div class="lb-trans"><p>在高股息收益率之後，購買輝瑞的下一個重要理由是其在競爭激烈的製藥行業中生存的能力。輝瑞不僅是行業巨頭，市值達到 1350 億美元，而且已經存在超過 100 年。這不是一家新興公司或單一產品的奇蹟。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU0OTMvMjVfMDJfMDQtYS1wZXJzb24tdXNpbmctYW4taW5qZWN0aW9uLXBlbi1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTM5Mzk5MTk0OS0xMjAweDY3NS0xMjg1NTRlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835493%2F25_02_04-a-person-using-an-injection-pen-_mf-dload-gettyimages-1393991949-1200x675-128554e.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>Pfizer has a long history of making the investments needed to continue moving the business forward. That notably includes putting money and time into the difficult process of creating new drugs. But, when it has to, it will also act as an industry consolidator, buying companies to gain access to attractive drug candidates.</p>
<div class="lb-trans"><p>輝瑞在推動業務發展的過程中，長期以來一直在進行必要的投資。這尤其包括投入資金和時間用於新藥的研發過程。但是，當需要時，它也會作為行業整合者，通過收購公司來獲得有吸引力的藥物候選者。</p>
</div><p>It did just that recently when it agreed to buy <strong>Metsera</strong>(MTSR -0.40%) to gain access to a promising weight loss drug after Pfizer's own weight loss drug flamed out. The multibillion-dollar deal shows both Pfizer's capacity for quick action and its ability to change its approach as needed to ensure the company's long-term survival.</p>
<div class="lb-trans"><p>輝瑞最近就做了這一點，達成收購 <strong>Metsera</strong>(MTSR -0.40%) 的協議，以獲得一款有前景的減肥藥，因為輝瑞自己的減肥藥失敗了。這筆數十億美元的交易顯示了輝瑞快速行動的能力，以及根據需要調整策略以確保公司長期生存的能力。</p>
</div><h2>2. Pfizer has to take action now, which is a problem</h2>
<div class="lb-trans"><h2>2. 輝瑞現在必須採取行動，這也是一個問題</h2>
</div><p>Given that quick backdrop, it sounds like Pfizer's fat dividend yield is an attractive opportunity for dividend investors. But don't rush out to buy the stock just yet.</p>
<div class="lb-trans"><p>考慮到這一快速背景，輝瑞豐厚的股息收益率對股息投資者來説似乎是一個有吸引力的機會。但在你急於購買股票之前，先不要行動。</p>
</div><p>One of the other reasons why Pfizer has agreed to pay $47.50 per share (roughly $4.9 billion) for Metsera with the opportunity for an additional $22.50 in potential earn outs is that it is facing a patent cliff. Drugmakers are granted temporary rights to sell a new drug without competition. When that patent runs out, generic versions can be created. That normally leads to material revenue declines for the original drug.</p>
<div class="lb-trans"><p>輝瑞同意以每股 47.50 美元（大約 49 億美元）收購 Metsera，並有機會獲得額外的 22.50 美元的潛在收益，這也是因為它面臨專利懸崖。製藥公司被授予臨時權利，可以在沒有競爭的情況下銷售新藥。當專利到期時，可以生產仿製藥。這通常會導致原藥物的收入大幅下降。</p>
</div><p>Pfizer's oncology drug Ibrance is set to lose patent protections in 2027. Its cardiovascular drugs Eliquis and Vyndaqel will see generic competition in 2028. The company is buying Metsera to strengthen its pipeline of drugs so it can withstand patent losses. That's normal for the drug industry, but it is important to keep in mind that Pfizer's high yield is at least partly a reflection of the fact that it hasn't yet solved its patent cliff issue.</p>
<div class="lb-trans"><p>輝瑞的腫瘤藥物 Ibrance 預計將在 2027 年失去專利保護。其心血管藥物 Eliquis 和 Vyndaqel 將在 2028 年面臨仿製藥競爭。公司收購 Metsera 是為了增強其藥物管線，以便能夠抵禦專利損失。這在製藥行業是正常現象，但需要注意的是，輝瑞的高收益率至少部分反映了它尚未解決專利懸崖問題。</p>
</div><h2>3. Pfizer's dividend may not be as safe as it seems</h2>
<div class="lb-trans"><h2>3. 輝瑞的股息可能並不像看起來那麼安全</h2>
</div><p>The patent cliff becomes even more worrying when you consider Pfizer's dividend payout ratio. The payout ratio was 85% in the second quarter of 2025 and over 90% on a trailing-12-month basis. That is worryingly high. If the drug maker can't find a replacement for the revenue that it is set to lose in 2027 and 2028, it could have trouble sustaining its dividend.</p>
<div class="lb-trans"><p>當你考慮輝瑞的股息支付比率時，專利懸崖變得更加令人擔憂。2025 年第二季度的支付比率為 85%，而過去 12 個月的支付比率超過 90%。這個比例令人擔憂。如果製藥公司無法找到替代 2027 年和 2028 年將失去的收入的辦法，它可能會在維持股息方面遇到困難。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1757876c771da73bfb55fa6956ed92f9.png" alt="" original-src="https://media.ycharts.com/charts/1757876c771da73bfb55fa6956ed92f9.png"/></p>
<p>PFE Payout Ratio (TTM) data by YCharts</p>
<div class="lb-trans"><p>PFE 支付比率（TTM）數據來源於 YCharts</p>
</div><p>But there's another problem to consider here as well. Pfizer cut its dividend in 2009 when it acquired Wyeth Pharmaceuticals. The Wyeth transaction was larger, at around $68 billion. But the board of directors has clearly shown that it will adjust the dividend to accommodate large corporate actions like acquisitions. In other words, you can't buy Pfizer without giving great consideration to the risk of a dividend cut. That's especially true right now, in light of the pending acquisition of Metsera.</p>
<div class="lb-trans"><p>但這裏還有另一個問題需要考慮。輝瑞在 2009 年收購 Wyeth 製藥時削減了股息。Wyeth 交易規模更大，約為 680 億美元。但董事會顯然已經表明，它會根據大型企業行動（如收購）調整股息。換句話説，你在購買輝瑞時，必須充分考慮股息削減的風險。尤其是在即將收購 Metsera 的背景下，這一點尤為重要。</p>
</div><h2>Pfizer is probably best viewed as a turnaround stock</h2>
<div class="lb-trans"><h2>輝瑞可能最好被視為一隻轉機股</h2>
</div><p>Pfizer's stock has lost roughly 60% of its value since hitting a peak in late 2021. Although that high water mark was partly driven by the coronavirus pandemic, it still seems like long-term investors could benefit from the recovery potential in the business. And that suggests that Pfizer is an attractive turnaround stock, particularly given the moves it is making in the obesity drug space.</p>
<div class="lb-trans"><p>自 2021 年底達到峯值以來，輝瑞的股價已損失約 60% 的價值。儘管這一高點部分是由於新冠疫情推動的，但長期投資者似乎仍然可以從業務的復甦潛力中受益。這表明輝瑞是一隻有吸引力的轉機股，特別是考慮到它在肥胖藥物領域的舉措。</p>
</div><p>But tread carefully if you are looking at Pfizer as a dividend stock. It could be that, too, but history suggests that the dividend story may not be as strong as you think.</p>
<div class="lb-trans"><p>但如果你將輝瑞視為一隻股息股票，請謹慎行事。它也可能是這樣，但歷史表明，股息故事可能並不像你想象的那麼強勁。</p>
</div>

3 Things You Need to Know if You Buy Pfizer Today

- 較高的 7.2% 股息收益率吸引投資者，但需謹慎。  
- 輝瑞面臨專利到期風險，需通過收購增強藥物管線。  
- 股息支付比率高達 85%，未來可能面臨削減風險。  

如果你今天購買輝瑞股票，你需要了解的三件事