<h2>關鍵要點</h2>
<ul>
<li>在 Warsh 領導的美聯儲下，輝瑞可能會蓬勃發展，原因有幾個。</li>
</ul>
<ul>
<li>然而，由於其債務和專利懸崖，這家制藥公司並不會是一個穩操勝券的贏家。</li>
</ul>
<ul>
<li>最大的挑戰是沒有人確切知道 Warsh 會做出什麼改變。</li>
</ul>
<ul>
<li>我們更喜歡的 10 只股票超過輝瑞 ›</li>
</ul>
<p>精明的投資者知道，變革帶來機會。而國家中央銀行正在進行重大變革。Kevin Warsh 現在是新的美聯儲主席，接替了 Jerome Powell。Warsh 公開呼籲美聯儲進行 “政權更替”，這一術語可能暗示着政策的重大變化。</p>
<p>在 Warsh 掌舵的情況下，投資者應該考慮購買哪些股票？<strong>輝瑞</strong>（NYSE: PFE）看起來是一個引人注目的候選者。這家大型製藥公司提供 6.6% 的豐厚股息收益率。其估值也很有吸引力，股票的前瞻性市盈率僅為 8.9 倍。輝瑞會是 Warsh 領導美聯儲時的完美股票嗎？</p>
<p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司報告，該公司被稱為 “不可或缺的壟斷”，提供 Nvidia 和 Intel 都需要的關鍵技術。<strong>繼續 »</strong></em></p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjE2Mi9mZWQtY2hhaXIta2V2aW4td2Fyc2gtb2ZmaWNpYWwtd2hpdGUtaG91c2UtcGhvdG8tYnktZGFuaWVsLXRvcm9rLmpwZwI2dz03MDA?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjE2Mi9mZWQtY2hhaXIta2V2aW4td2Fyc2gtb2ZmaWNpYWwtd2hpdGUtaG91c2UtcGhvdG8tYnktZGFuaWVsLXRvcm9rLmpwZwI2dz03MDA"/></p>
<p>美聯儲主席 Kevin Warsh。圖片來源：官方白宮照片，攝影：Daniel Torok。</p>
<h2>為什麼輝瑞在 Warsh 領導的美聯儲下可能會蓬勃發展</h2>
<p>沒有人確切知道 Warsh 擔任美聯儲主席的影響將是什麼。我們可能正進入一個不確定的時期。一些股票的波動性將增加。然而，像輝瑞這樣的醫療保健股票在這種情況下往往表現良好。</p>
<p>無論貨幣政策如何變化，患者仍然需要關鍵藥物——醫生也會繼續開處方。輝瑞的銷售在 Warsh 的監督下不應受到利率變化的影響。</p>
<p>在市場動盪時，投資者通常會發現股息股票更具吸引力。輝瑞超高的股息收益率，加上連續 16 年的股息增長和連續 350 個季度的股息支付，如果 Warsh 的 “政權更替” 導致股市波動，這可能會很有吸引力。</p>
<p>製藥公司的低估值也可能有所幫助。通貨膨脹上升可能迫使美聯儲提高利率。利率上升通常對昂貴的成長股打擊最大。另一方面，價值股則更能抵禦利率上升的影響。</p>
<h2>為什麼輝瑞在 Warsh 掌舵下可能不太理想</h2>
<p>然而，輝瑞在 Warsh 擔任美聯儲主席時並不會是一個穩操勝券的贏家。首先，如果利率確實上升，輝瑞的股息可能相對於美國國債的較高、相對無風險收益率變得不那麼吸引人。投資者可能會對輝瑞 131% 的高股息支付比率感到更加緊張。</p>
<p>輝瑞還有 647 億美元的債務。如果公司不得不以更高的利率再融資到期債務，其利息支出將增加，從而對利潤率施加壓力。</p>
<p>不過，輝瑞可能不是在 Warsh 擔任美聯儲主席時的完美股票的最大原因是公司面臨的多重挑戰。輝瑞的專利懸崖位於首位。癌症藥物 Adcetris 和自身免疫疾病藥物 Xeljanz 將在 2026 年失去美國專利獨佔權。明年情況更糟，輝瑞兩大暢銷藥物，抗凝血藥物 Eliquis 和乳腺癌治療藥物 Ibrance 的專利將到期。前列腺癌藥物 Xtandi 也將在 2027 年失去專利獨佔權。</p>
<p>由於這個專利懸崖，輝瑞在未來增長上嚴重依賴其研發管線。然而，正在開發的實驗藥物在臨牀試驗中失敗或被監管機構拒絕的風險始終存在。同時，競爭對手正在開發可能威脅輝瑞現有藥物的產品。</p>
<h2>不確定性因素</h2>
<p>即使我們能夠將輝瑞的所有問題拋諸腦後，仍然有一個壓倒性的理由使我們無法宣佈該股票是 Warsh 領導美聯儲時的完美選擇。這個理由與輝瑞無關，而是與 Warsh 本人有關。如前所述，沒有人確切知道新任美聯儲主席將做出什麼政策變化，或者他將多快實施這些變化。</p>
<p>Warsh 可能也還沒有完全知道這些問題的答案。他無法單方面做出貨幣政策決策。如果他試圖進行重大改變，Warsh 可能會遭遇美聯儲其他成員的強烈反對。宏觀經濟現實也可能阻止他推進一些想法。</p>
<p>這種不確定性因素使得我們無法宣佈任何股票是在 Warsh 領導的美聯儲下的理想選擇。但儘管輝瑞可能不是完美的股票，但對於尋求豐厚、可靠股息的收入投資者來説，它仍然應該具有吸引力。</p>
<h2>你現在應該購買輝瑞的股票嗎？</h2>
<p>在你購買輝瑞的股票之前，請考慮以下幾點：</p>
<p><em>Motley Fool Stock Advisor</em> 分析師團隊剛剛確定了他們認為現在投資者應該購買的 <strong>10 只最佳股票</strong>……而輝瑞並不在其中。入選的 10 只股票在未來幾年可能會產生巨大的回報。</p>
<p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你將擁有 463,900 美元</strong>！* 或者當 <strong>Nvidia</strong> 在 2005 年 4 月 15 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你將擁有 1,294,401 美元</strong>！*</p>
<p>現在，值得注意的是_Stock Advisor_的總平均回報率為 978%——與 S&amp;P 500 的 211% 相比，表現超出市場。<strong>不要錯過最新的前 10 名單，加入由個人投資者為個人投資者建立的投資社區，獲取_Stock Advisor_。</strong></p>
<p><strong>查看這 10 只股票 »</strong></p>
<p><em>截至 2026 年 6 月 1 日的股票顧問回報。</em></p>
<p><em>Keith Speights 持有輝瑞的股份。Motley Fool 持有並推薦輝瑞。Motley Fool 有披露政策。</em></p>
<p>本文中表達的觀點和意見僅代表作者個人觀點，並不一定反映納斯達克公司的觀點。</p>

輝瑞

<p>本文分析了在新任美聯儲主席凱文·沃什（Kevin Warsh）領導下，輝瑞（Pfizer）是否是一個理想的持股選擇。儘管輝瑞的高股息收益率和低估值在潛在市場波動期間可能具有吸引力，但風險包括其沉重的債務負擔、即將到來的關鍵藥物如艾利克斯（Eliquis）的專利到期，以及沃什實際政策變化的不確定性。最終，儘管由於這些挑戰，輝瑞並不是一個 “穩操勝券” 的贏家，但對於收入投資者來説仍然具有吸引力</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>關鍵要點</h2>
</div><ul>
<li>Pfizer could flourish under a Warsh-led Fed for several reasons.</li>
</ul>
<div class="lb-trans"><ul>
<li>在 Warsh 領導的美聯儲下，輝瑞可能會蓬勃發展，原因有幾個。</li>
</ul>
</div><ul>
<li>However, the drugmaker won't be a slam-dunk winner, in part because of its debt and patent cliff.</li>
</ul>
<div class="lb-trans"><ul>
<li>然而，由於其債務和專利懸崖，這家制藥公司並不會是一個穩操勝券的贏家。</li>
</ul>
</div><ul>
<li>The biggest challenge is that no one knows for sure what changes Warsh will make.</li>
</ul>
<div class="lb-trans"><ul>
<li>最大的挑戰是沒有人確切知道 Warsh 會做出什麼改變。</li>
</ul>
</div><ul>
<li>10 stocks we like better than Pfizer ›</li>
</ul>
<div class="lb-trans"><ul>
<li>我們更喜歡的 10 只股票超過輝瑞 ›</li>
</ul>
</div><p>Savvy investors know that change creates opportunities. And a major change is underway at the nation's central bank. Kevin Warsh is now the new Federal Reserve Chair, taking the baton from Jerome Powell. Warsh has publicly called for &#34;regime change&#34; at the Fed, a term that could signal significant policy shifts.</p>
<div class="lb-trans"><p>精明的投資者知道，變革帶來機會。而國家中央銀行正在進行重大變革。Kevin Warsh 現在是新的美聯儲主席，接替了 Jerome Powell。Warsh 公開呼籲美聯儲進行 “政權更替”，這一術語可能暗示着政策的重大變化。</p>
</div><p>Which stocks should investors consider buying with Warsh in charge? <strong>Pfizer</strong>(NYSE: PFE) looks like an intriguing candidate. The big drugmaker offers a juicy dividend yield of 6.6%. Its valuation is attractive, with shares trading at only 8.9 times forward earnings. Could Pfizer be the perfect stock to own with Warsh heading the Fed?</p>
<div class="lb-trans"><p>在 Warsh 掌舵的情況下，投資者應該考慮購買哪些股票？<strong>輝瑞</strong>（NYSE: PFE）看起來是一個引人注目的候選者。這家大型製藥公司提供 6.6% 的豐厚股息收益率。其估值也很有吸引力，股票的前瞻性市盈率僅為 8.9 倍。輝瑞會是 Warsh 領導美聯儲時的完美股票嗎？</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司報告，該公司被稱為 “不可或缺的壟斷”，提供 Nvidia 和 Intel 都需要的關鍵技術。<strong>繼續 »</strong></em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjE2Mi9mZWQtY2hhaXIta2V2aW4td2Fyc2gtb2ZmaWNpYWwtd2hpdGUtaG91c2UtcGhvdG8tYnktZGFuaWVsLXRvcm9rLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F872162%2Ffed-chair-kevin-warsh-official-white-house-photo-by-daniel-torok.jpg&amp;w=700"/></p>
<p>Fed Chair Kevin Warsh. Image source: Official White House Photo by Daniel Torok.</p>
<div class="lb-trans"><p>美聯儲主席 Kevin Warsh。圖片來源：官方白宮照片，攝影：Daniel Torok。</p>
</div><h2>Why Pfizer could flourish under a Warsh-led Fed</h2>
<div class="lb-trans"><h2>為什麼輝瑞在 Warsh 領導的美聯儲下可能會蓬勃發展</h2>
</div><p>No one knows for sure what the implications will be with Warsh serving as Fed chair. We're likely entering a period of uncertainty. Volatility will increase for some stocks. However, healthcare stocks such as Pfizer tend to hold up quite well during such times.</p>
<div class="lb-trans"><p>沒有人確切知道 Warsh 擔任美聯儲主席的影響將是什麼。我們可能正進入一個不確定的時期。一些股票的波動性將增加。然而，像輝瑞這樣的醫療保健股票在這種情況下往往表現良好。</p>
</div><p>Regardless of what happens with monetary policy, patients will continue to need critical medications -- and physicians will continue prescribing them. Pfizer's sales shouldn't be affected much, if at all, by interest rate changes under Warsh's watch.</p>
<div class="lb-trans"><p>無論貨幣政策如何變化，患者仍然需要關鍵藥物——醫生也會繼續開處方。輝瑞的銷售在 Warsh 的監督下不應受到利率變化的影響。</p>
</div><p>Investors often find dividend stocks more appealing when markets are turbulent. Pfizer's ultra-high dividend yield, along with its 16 consecutive years of dividend increases and 350 consecutive quarterly dividend payments, could be attractive if Warsh's &#34;regime change&#34; leads to stock market choppiness.</p>
<div class="lb-trans"><p>在市場動盪時，投資者通常會發現股息股票更具吸引力。輝瑞超高的股息收益率，加上連續 16 年的股息增長和連續 350 個季度的股息支付，如果 Warsh 的 “政權更替” 導致股市波動，這可能會很有吸引力。</p>
</div><p>The pharmaceutical company's low valuation could help, too. Rising inflation could force the Fed to raise interest rates. Rising rates usually hit expensive growth stocks the hardest. Value stocks, on the other hand, are more insulated from the effects of increasing interest rates.</p>
<div class="lb-trans"><p>製藥公司的低估值也可能有所幫助。通貨膨脹上升可能迫使美聯儲提高利率。利率上升通常對昂貴的成長股打擊最大。另一方面，價值股則更能抵禦利率上升的影響。</p>
</div><h2>Why Pfizer may be less than ideal with Warsh in charge</h2>
<div class="lb-trans"><h2>為什麼輝瑞在 Warsh 掌舵下可能不太理想</h2>
</div><p>However, Pfizer won't be a slam-dunk winner with Warsh at the helm of the Federal Reserve. For one thing, if rates indeed move higher, Pfizer's dividend could become less appealing relative to the higher, relatively risk-free yields of U.S. Treasuries. Investors may become more skittish about Pfizer's high dividend payout ratio of 131%.</p>
<div class="lb-trans"><p>然而，輝瑞在 Warsh 擔任美聯儲主席時並不會是一個穩操勝券的贏家。首先，如果利率確實上升，輝瑞的股息可能相對於美國國債的較高、相對無風險收益率變得不那麼吸引人。投資者可能會對輝瑞 131% 的高股息支付比率感到更加緊張。</p>
</div><p>Pfizer also has $64.7 billion of debt. If the company has to refinance maturing debt at higher rates, its interest expense will increase, putting pressure on margins.</p>
<div class="lb-trans"><p>輝瑞還有 647 億美元的債務。如果公司不得不以更高的利率再融資到期債務，其利息支出將增加，從而對利潤率施加壓力。</p>
</div><p>Probably the biggest reason Pfizer may not be the perfect stock to own with Warsh serving as Fed chair, though, is the multiple challenges the company faces. Pfizer's patent cliff stands at the top of the list. Cancer drug Adcetris and autoimmune disease drug Xeljanz lose U.S. patent exclusivity in 2026. Next year is even worse, with patents expiring on Pfizer's two biggest blockbusters, the blood thinner Eliquis and the breast cancer therapy Ibrance. Prostate cancer drug Xtandi also loses patent exclusivity in 2027.</p>
<div class="lb-trans"><p>不過，輝瑞可能不是在 Warsh 擔任美聯儲主席時的完美股票的最大原因是公司面臨的多重挑戰。輝瑞的專利懸崖位於首位。癌症藥物 Adcetris 和自身免疫疾病藥物 Xeljanz 將在 2026 年失去美國專利獨佔權。明年情況更糟，輝瑞兩大暢銷藥物，抗凝血藥物 Eliquis 和乳腺癌治療藥物 Ibrance 的專利將到期。前列腺癌藥物 Xtandi 也將在 2027 年失去專利獨佔權。</p>
</div><p>Because of this patent cliff, Pfizer is heavily dependent on its pipeline for future growth. However, there's always a risk that experimental drugs in development will flop in clinical trials or be rejected by regulatory agencies. Meanwhile, competitors are developing products that could threaten Pfizer's existing drugs.</p>
<div class="lb-trans"><p>由於這個專利懸崖，輝瑞在未來增長上嚴重依賴其研發管線。然而，正在開發的實驗藥物在臨牀試驗中失敗或被監管機構拒絕的風險始終存在。同時，競爭對手正在開發可能威脅輝瑞現有藥物的產品。</p>
</div><h2>The uncertainty factor</h2>
<div class="lb-trans"><h2>不確定性因素</h2>
</div><p>Even if we could sweep all of Pfizer's issues under the rug, there's still one overriding reason why we can't declare the stock as a perfect pick to own with Warsh leading the Fed. That reason has nothing to do with Pfizer; instead, it's about Warsh himself. As mentioned earlier, no one knows exactly what policy changes the new Fed chair will make or how quickly he will be able to implement those changes.</p>
<div class="lb-trans"><p>即使我們能夠將輝瑞的所有問題拋諸腦後，仍然有一個壓倒性的理由使我們無法宣佈該股票是 Warsh 領導美聯儲時的完美選擇。這個理由與輝瑞無關，而是與 Warsh 本人有關。如前所述，沒有人確切知道新任美聯儲主席將做出什麼政策變化，或者他將多快實施這些變化。</p>
</div><p>Warsh probably doesn't fully know the answers to these questions yet, either. He can't make monetary policy decisions unilaterally. It's possible (and perhaps probable) that Warsh will encounter significant pushback from other members of the Fed if he tries to make a drastic change. Macroeconomic realities could also prevent him from advancing some of his ideas.</p>
<div class="lb-trans"><p>Warsh 可能也還沒有完全知道這些問題的答案。他無法單方面做出貨幣政策決策。如果他試圖進行重大改變，Warsh 可能會遭遇美聯儲其他成員的強烈反對。宏觀經濟現實也可能阻止他推進一些想法。</p>
</div><p>This uncertainty factor makes it impossible to declare any stock as the ideal choice to own with a Warsh-led Fed. But while Pfizer may not be a perfect stock, it should still be attractive to income investors seeking juicy, reliable dividends.</p>
<div class="lb-trans"><p>這種不確定性因素使得我們無法宣佈任何股票是在 Warsh 領導的美聯儲下的理想選擇。但儘管輝瑞可能不是完美的股票，但對於尋求豐厚、可靠股息的收入投資者來説，它仍然應該具有吸引力。</p>
</div><h2>Should you buy stock in Pfizer right now?</h2>
<div class="lb-trans"><h2>你現在應該購買輝瑞的股票嗎？</h2>
</div><p>Before you buy stock in Pfizer, consider this:</p>
<div class="lb-trans"><p>在你購買輝瑞的股票之前，請考慮以下幾點：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Pfizer wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析師團隊剛剛確定了他們認為現在投資者應該購買的 <strong>10 只最佳股票</strong>……而輝瑞並不在其中。入選的 10 只股票在未來幾年可能會產生巨大的回報。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $463,900</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,294,401</strong>!*</p>
<div class="lb-trans"><p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你將擁有 463,900 美元</strong>！* 或者當 <strong>Nvidia</strong> 在 2005 年 4 月 15 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你將擁有 1,294,401 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 978% — a market-crushing outperformance compared to 211% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>現在，值得注意的是_Stock Advisor_的總平均回報率為 978%——與 S&amp;P 500 的 211% 相比，表現超出市場。<strong>不要錯過最新的前 10 名單，加入由個人投資者為個人投資者建立的投資社區，獲取_Stock Advisor_。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看這 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of June 1, 2026.</em></p>
<div class="lb-trans"><p><em>截至 2026 年 6 月 1 日的股票顧問回報。</em></p>
</div><p><em>Keith Speights has positions in Pfizer. The Motley Fool has positions in and recommends Pfizer. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Keith Speights 持有輝瑞的股份。Motley Fool 持有並推薦輝瑞。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>本文中表達的觀點和意見僅代表作者個人觀點，並不一定反映納斯達克公司的觀點。</p>
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Is Pfizer the Perfect Stock to Own with Kevin Warsh Heading the Fed?

- Pfizer 可能在 Warsh 主導的美聯儲下表現良好，但面臨多重挑戰。  
- 該公司債務高達 647 億美元，且專利即將到期。  
- 不確定政策變化可能影響投資者信心，建議謹慎投資。

在凱文·沃什領導美聯儲的情況下，輝瑞是否是完美的持有股票？