<h2>關鍵要點</h2>
<ul>
<li>輝瑞的前瞻性股息收益率高於百時美施貴寶，但後者在大多數其他標準上勝過前者。</li>
<li>百時美施貴寶在股息增長方面的記錄更強，根據其派息比率，似乎也具有更大的股息持續性潛力。</li>
<li>由於兩家公司面臨類似的挑戰，因此股息增長和可持續性等指標是判斷哪一家公司更適合成為優質股息股票的最佳方式。</li>
<li>我們更看好的 10 只股票 ›</li>
</ul>
<p>在製藥股票和收益方面，<strong>百時美施貴寶</strong>（NYSE: BMY）和 <strong>輝瑞</strong>（NYSE: PFE）脱穎而出。然而，在決定這兩者中哪一個是更好的高收益股息股票時，需要考慮多個標準，而不僅僅是原始收益率。</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>在當前收益方面，輝瑞顯然是贏家。然而，當考慮到更高的收益是否可持續時，股息派發比率和盈利預測等因素開始引發懷疑。</p>
<p>考慮到這一點，讓我們檢查一下兩家公司的股息健康狀況，以更好地瞭解哪一家公司更適合以收入為導向的長期投資者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjI4My9maW5hbmNpYWwtaGVhbHRoLXN0ZXRob3Njb3BlLW1vbmV5LWNhc2gtaHVuZHJlZC1iaWxscy1tZWRpY2FsLWhlYWx0aGNhcmUtMTIwMHg4MDMtMzc0MDNiNi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="468" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjI4My9maW5hbmNpYWwtaGVhbHRoLXN0ZXRob3Njb3BlLW1vbmV5LWNhc2gtaHVuZHJlZC1iaWxscy1tZWRpY2FsLWhlYWx0aGNhcmUtMTIwMHg4MDMtMzc0MDNiNi5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>股息之戰：百時美施貴寶 vs. 輝瑞</h2>
<p>在當前價格下，百時美施貴寶的前瞻性股息收益率約為 4.6%。這明顯低於輝瑞的前瞻性收益率，目前為 6.7%。然而，輝瑞的前瞻性收益率如此之高，尤其是對於一家醫療保健股票，這應該向你發出市場對股息持續性存在擔憂的信號。</p>
<p>一旦你深入瞭解與股息相關的指標，例如每隻股票的派息比率，這一點應該也會顯而易見。百時美施貴寶的派息比率約為 40%，而輝瑞的派息比率超過 60%。換句話説，前者的派息比率處於健康範圍內，而輝瑞的派息比率則接近於過高，難以在長期內維持。</p>
<p>在這個水平上，輝瑞產生的收益足以維持股息，但由於大量現金以股息的形式流出，這使得用於償還債務、資助有機增長或進行新收購的資本減少。除了派息比率指標外，百時美施貴寶在股息增長方面也勝過輝瑞。兩家公司都有相似的連續股息增長年數。</p>
<p>百時美施貴寶連續 18 年增加股息，而輝瑞則連續 16 年增長股息。然而，在過去十年中，前者的平均年股息增長率超過後者，百時美施貴寶的股息平均增長率為 5.3%，而輝瑞為 4.4%。因此，即使輝瑞設法避免削減股息，隨着時間的推移，這兩隻藍籌股息股票之間的收益差距將繼續縮小。</p>
<h2>哪一家公司更勝一籌？</h2>
<p>百時美施貴寶在股息持續性和增長潛力方面可能勝過輝瑞，但俗話説，過去的表現並不能預示未來的結果。兩家公司都有類似的短期增長預測。分析師預測輝瑞今年銷售額將下降 1.4%，到 2027 年下降 3.8%，而盈利今年將增長 8.7%，但明年基本持平。</p>
<p>至於百時美施貴寶，分析師預測 2026 年和 2027 年的銷售額將分別下降 1.8% 和 2.3%，而盈利今年將增長 3%，但明年將下降 2.2%。儘管如此，從預期的 2026 年結果來看，輝瑞和百時美施貴寶可能都在繼續交出超出預期的數字。兩家公司都在擴大其產品線，並採取了削減成本的措施。</p>
<p>投資者繼續採取 “觀望” 態度。自 1 月以來，百時美施貴寶和輝瑞的股票總回報分別為 3.2% 和 6.1%。這兩隻股票的估值也都較低，均在前瞻性收益的 9 倍以下交易。</p>
<p>那麼，這兩隻醫療保健股息股票中哪一隻更值得購買呢？兩家公司都面臨類似的挑戰和不確定性，但百時美施貴寶在股息增長和持續性方面表現良好；可以認為它是更強的選擇。</p>
<h2>你現在應該購買百時美施貴寶的股票嗎？</h2>
<p>在你購買百時美施貴寶的股票之前，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的 <strong>10 只最佳股票</strong> 供投資者現在購買……而百時美施貴寶並不在其中。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 日上榜時……如果你在我們推薦時投資了 1000 美元，<strong>你將擁有 449,393 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜時……如果你在我們推薦時投資了 1000 美元，<strong>你將擁有 1,366,006 美元</strong>！*</p>
<p>現在值得注意的是，<em>Stock Advisor</em> 的總平均回報率為 983%——與標準普爾 500 的 212% 相比，表現超出市場。<strong>不要錯過最新的前 10 名名單，加入由個人投資者為個人投資者建立的投資社區。</strong></p>
<p><strong>查看這 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回報截至 2026 年 6 月 4 日。</em></p>
<p><em>Thomas Niel 在提到的任何股票中沒有持倉。Motley Fool 持有並推薦百時美施貴寶和輝瑞。Motley Fool 有披露政策。</em></p>
<p>本文中表達的觀點和意見是作者的觀點和意見，並不一定反映 Nasdaq, Inc.的觀點。</p>

輝瑞

百時美施貴寶

<p>雖然輝瑞的預期股息收益率（6.7%）高於百時美施貴寶（4.6%），但由於百時美施貴寶在股息的持久性和增長方面表現更佳，因此被認為是更好的高收益選擇。百時美施貴寶的派息比率較低（約 40% vs. 輝瑞的超過 60%），這表明其可持續性更強，並且在過去十年中，其平均年度股息增長超過輝瑞。儘管短期銷售預測和挑戰相似，但百時美施貴寶更強的財務健康狀況使其成為以收入為重點的投資者的首選</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>關鍵要點</h2>
</div><ul>
<li>Pfizer has a higher forward dividend yield than Bristol Myers Squibb, but the latter beats the former in most other criteria.</li>
<li>Bristol Myers Squibb has a stronger dividend growth track record, and based on its payout ratio, appears to have greater dividend durability potential as well.</li>
<li>As both companies face similar challenges, metrics like dividend growth and sustainability are the best way to determine which of the two makes for the better dividend stock.</li>
<li>10 stocks we like better than Bristol Myers Squibb ›</li>
</ul>
<div class="lb-trans"><ul>
<li>輝瑞的前瞻性股息收益率高於百時美施貴寶，但後者在大多數其他標準上勝過前者。</li>
<li>百時美施貴寶在股息增長方面的記錄更強，根據其派息比率，似乎也具有更大的股息持續性潛力。</li>
<li>由於兩家公司面臨類似的挑戰，因此股息增長和可持續性等指標是判斷哪一家公司更適合成為優質股息股票的最佳方式。</li>
<li>我們更看好的 10 只股票 ›</li>
</ul>
</div><p>When it comes to pharmaceutical stocks and yield, <strong>Bristol Myers Squibb</strong>(NYSE: BMY) and <strong>Pfizer</strong>(NYSE: PFE) stand out. However, when deciding which of the two is the better high-yield dividend stock, you need to consider numerous criteria, not just the raw yield itself.</p>
<div class="lb-trans"><p>在製藥股票和收益方面，<strong>百時美施貴寶</strong>（NYSE: BMY）和 <strong>輝瑞</strong>（NYSE: PFE）脱穎而出。然而，在決定這兩者中哪一個是更好的高收益股息股票時，需要考慮多個標準，而不僅僅是原始收益率。</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>When it comes to today's yield, Pfizer is the clear victor. However, when considering whether the higher yield is sustainable, factors such as dividend payout ratios and earnings forecasts start to cast doubt.</p>
<div class="lb-trans"><p>在當前收益方面，輝瑞顯然是贏家。然而，當考慮到更高的收益是否可持續時，股息派發比率和盈利預測等因素開始引發懷疑。</p>
</div><p>With this in mind, let's examine the dividend health of both companies to get a better idea of which of the two is the better choice for income-focused long-term investors.</p>
<div class="lb-trans"><p>考慮到這一點，讓我們檢查一下兩家公司的股息健康狀況，以更好地瞭解哪一家公司更適合以收入為導向的長期投資者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjI4My9maW5hbmNpYWwtaGVhbHRoLXN0ZXRob3Njb3BlLW1vbmV5LWNhc2gtaHVuZHJlZC1iaWxscy1tZWRpY2FsLWhlYWx0aGNhcmUtMTIwMHg4MDMtMzc0MDNiNi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F872283%2Ffinancial-health-stethoscope-money-cash-hundred-bills-medical-healthcare-1200x803-37403b6.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Dividend wars: Bristol Myers Squibb vs. Pfizer</h2>
<div class="lb-trans"><h2>股息之戰：百時美施貴寶 vs. 輝瑞</h2>
</div><p>At current prices, Bristol Myers Squibb has a forward dividend yield of around 4.6%. This clearly trails Pfizer's forward yield, which currently comes in at 6.7%. However, the fact that Pfizer's forward yield is so high, especially for a healthcare stock, should signal to you that the market has its own concerns about dividend durability.</p>
<div class="lb-trans"><p>在當前價格下，百時美施貴寶的前瞻性股息收益率約為 4.6%。這明顯低於輝瑞的前瞻性收益率，目前為 6.7%。然而，輝瑞的前瞻性收益率如此之高，尤其是對於一家醫療保健股票，這應該向你發出市場對股息持續性存在擔憂的信號。</p>
</div><p>This should be apparent to you as well, once you dive into dividend-related metrics such as each stock's payout ratio. Bristol Myers Squibb has a payout ratio of around 40%, whereas Pfizer's payout ratio is over 60%. In other words, while the former's payout ratio is within the healthy range, Pfizer's payout ratio puts it on the cusp of being too high to be sustainable over the long term.</p>
<div class="lb-trans"><p>一旦你深入瞭解與股息相關的指標，例如每隻股票的派息比率，這一點應該也會顯而易見。百時美施貴寶的派息比率約為 40%，而輝瑞的派息比率超過 60%。換句話説，前者的派息比率處於健康範圍內，而輝瑞的派息比率則接近於過高，難以在長期內維持。</p>
</div><p>At this level, Pfizer generates enough earnings to sustain the dividend, but with so much cash flowing out as dividends, this leaves less capital to pay down debt, fund organic growth, or make new acquisitions. Besides the payout ratio metric, Bristol Myers Squibb also beats Pfizer on dividend growth. Both companies have a similar number of years of consecutive dividend growth.</p>
<div class="lb-trans"><p>在這個水平上，輝瑞產生的收益足以維持股息，但由於大量現金以股息的形式流出，這使得用於償還債務、資助有機增長或進行新收購的資本減少。除了派息比率指標外，百時美施貴寶在股息增長方面也勝過輝瑞。兩家公司都有相似的連續股息增長年數。</p>
</div><p>Bristol Myers Squibb has increased its dividend 18 years in a row, while Pfizer has grown its dividend 16 years in a row. However, over the past decade, average annual dividend growth for the former has outpaced the latter, with Bristol Myers' dividend increasing by an average of 5.3%, versus 4.4% for Pfizer. Hence, even if Pfizer manages to avoid a dividend cut, in time, the yield gap between these two blue chip dividend stocks will continue to narrow.</p>
<div class="lb-trans"><p>百時美施貴寶連續 18 年增加股息，而輝瑞則連續 16 年增長股息。然而，在過去十年中，前者的平均年股息增長率超過後者，百時美施貴寶的股息平均增長率為 5.3%，而輝瑞為 4.4%。因此，即使輝瑞設法避免削減股息，隨着時間的推移，這兩隻藍籌股息股票之間的收益差距將繼續縮小。</p>
</div><h2>Which one comes out on top?</h2>
<div class="lb-trans"><h2>哪一家公司更勝一籌？</h2>
</div><p>Bristol Myers Squibb may beat Pfizer in terms of dividend durability and growth potential, but as the saying goes, past performance is not indicative of future results. Both companies have similar short-term growth forecasts. Analyst forecasts call for Pfizer's sales to fall 1.4% this year, and by 3.8% in 2027, with earnings rising 8.7% this year, but essentially flatlining next year.</p>
<div class="lb-trans"><p>百時美施貴寶在股息持續性和增長潛力方面可能勝過輝瑞，但俗話説，過去的表現並不能預示未來的結果。兩家公司都有類似的短期增長預測。分析師預測輝瑞今年銷售額將下降 1.4%，到 2027 年下降 3.8%，而盈利今年將增長 8.7%，但明年基本持平。</p>
</div><p>As for Bristol Myers Squibb, analyst forecasts call for 2026 and 2027 sales to decline 1.8% and 2.3%, respectively, with earnings rising by 3% this year but declining 2.2% next year. That said, as seen from the anticipated 2026 results, both Pfizer and Bristol Myers may be on track to continue delivering numbers that exceed expectations. Both companies have expanded their pipelines, as well as pursued cost-cutting measures.</p>
<div class="lb-trans"><p>至於百時美施貴寶，分析師預測 2026 年和 2027 年的銷售額將分別下降 1.8% 和 2.3%，而盈利今年將增長 3%，但明年將下降 2.2%。儘管如此，從預期的 2026 年結果來看，輝瑞和百時美施貴寶可能都在繼續交出超出預期的數字。兩家公司都在擴大其產品線，並採取了削減成本的措施。</p>
</div><p>Investors continue to take a &#34;wait and see&#34; approach. Since January, Bristol Myers and Pfizer shares have generated total returns of 3.2% and 6.1%, respectively. Both stocks also continue to trade at low valuations, with both stocks trading for just under 9 times forward earnings.</p>
<div class="lb-trans"><p>投資者繼續採取 “觀望” 態度。自 1 月以來，百時美施貴寶和輝瑞的股票總回報分別為 3.2% 和 6.1%。這兩隻股票的估值也都較低，均在前瞻性收益的 9 倍以下交易。</p>
</div><p>So, which of these healthcare dividend stocks is the better buy?? Both companies are facing similar challenges and uncertainty, but Bristol Myers Squibb scores well on dividend growth and durability; consider it the stronger choice.</p>
<div class="lb-trans"><p>那麼，這兩隻醫療保健股息股票中哪一隻更值得購買呢？兩家公司都面臨類似的挑戰和不確定性，但百時美施貴寶在股息增長和持續性方面表現良好；可以認為它是更強的選擇。</p>
</div><h2>Should you buy stock in Bristol Myers Squibb right now?</h2>
<div class="lb-trans"><h2>你現在應該購買百時美施貴寶的股票嗎？</h2>
</div><p>Before you buy stock in Bristol Myers Squibb, consider this:</p>
<div class="lb-trans"><p>在你購買百時美施貴寶的股票之前，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 Bristol Myers Squibb 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的 <strong>10 只最佳股票</strong> 供投資者現在購買……而百時美施貴寶並不在其中。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 $449,393</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 $1,366,006</strong>!*</p>
<div class="lb-trans"><p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜時……如果你在我們推薦時投資了 1000 美元，<strong>你將擁有 449,393 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜時……如果你在我們推薦時投資了 1000 美元，<strong>你將擁有 1,366,006 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 983% — a market-crushing outperformance compared to 212% 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，<em>Stock Advisor</em> 的總平均回報率為 983%——與標準普爾 500 的 212% 相比，表現超出市場。<strong>不要錯過最新的前 10 名名單，加入由個人投資者為個人投資者建立的投資社區。</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 4, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回報截至 2026 年 6 月 4 日。</em></p>
</div><p><em>Thomas Niel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bristol Myers Squibb and Pfizer. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Thomas Niel 在提到的任何股票中沒有持倉。Motley Fool 持有並推薦百時美施貴寶和輝瑞。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是作者的觀點和意見，並不一定反映 Nasdaq, Inc.的觀點。</p>
</div>

Better High-Yield Dividend Stock to Buy: Bristol Myers Squibb or Pfizer?

- 布里斯托梅爾斯的股息增長較強，但輝瑞的股息收益率更高。
- 布里斯托梅爾斯的派息比率約為 40%，輝瑞則超過 60%。
- 兩家公司面臨類似挑戰，但布里斯托梅爾斯在股息可持續性上表現更佳。

更值得購買的高收益股息股票：百時美施貴寶還是輝瑞？