輝瑞公司（NYSE：PFE）最近提醒投資者毒品開發業務的風險。

4月14日，該公司告訴投資者，它將廢除其口頭GLP-1體重管理候選人Danuglipron的開發。

Pfizer (NYSE:PFE) recently reminded investors how risky the drug-development business can be. On April 14, the company told investors it would scrap development of danuglipron, its oral GLP-1 candidate for weight management. The stock has been trading about 63% below its all-time high.

輝瑞公司（NYSE：PFE）最近提醒投資者毒品開發業務的風險。 4月14日，該公司告訴投資者，它將廢除其口頭GLP-1體重管理候選人Danuglipron的開發。該股票的交易量低約63％。

Pfizer's stock price is way down, but the quarterly dividend it pays has risen for 16 consecutive years. At its beaten-down price, the stock offers an eye-popping 7.8% yield.

輝瑞公司的股價下跌，但它支付的季度股息連續16年增加。該股票以人為降低的價格提供了7.8％的收益率。

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現在在哪裡投資1,000美元？我們的分析師團隊剛剛透露了他們認為現在要購買的10種最佳股票。了解更多 ”

If Pfizer continues its dividend-raising streak, investors who buy at recent prices could realize market-beating gains over the long run. Let's look a little closer at danuglipron, plus some bigger problems the company faces, to see if this stock could be a smart buy on the dip.

如果輝瑞繼續其股息提高連勝，那麼以近期價格購買的投資者從長遠來看可以實現市場上的收益。讓我們仔細看看Danuglipron，以及公司面臨的一些更大的問題，看看該股票是否可以在下跌中明智地購買。

The end of Pfizer's oral GLP-1 program

輝瑞口頭GLP-1程序的結尾

The end of Pfizer's danuglipron program highlights just how risky the drug-development process can be. According to the company, it discontinued development after just one patient in a dose-optimization study experienced a liver injury that could have been caused by the experimental GLP-1 pill.

輝瑞公司Danuglipron計劃的結束突出了該藥物開發過程的風險。據該公司稱，在劑量優化研究中只有一名患者經歷了肝損傷，這可能是由實驗性GLP-1藥丸引起的。

The danuglipron program's termination is disappointing, but it won't be the end of Pfizer's attempt to develop blockbuster weight-management drugs. The company has an oral glucose-dependent insulinotropic polypeptide receptor (GIPR) antagonist in phase 2 trials. Investors will probably hear more about this candidate, tentatively named PF-07976016, down the road.

Danuglipron計劃的終止令人失望，但這並不是輝瑞公司試圖開發大型體重管理藥物的終結。該公司在2期試驗中具有口服葡萄糖依賴性胰島多肽受體（GIPR）拮抗劑。投資者可能會聽到有關這位候選人的更多信息，該候選人暫定地命名為PF-07976016。

Bigger problems

更大的問題

A disappointing outcome for a weight-management candidate isn't anywhere near the top of Pfizer's list of problems. Investors should be far more concerned with an upcoming loss of patent-protected market exclusivity for Eliquis. Sales of the oral blood thinner it markets in partnership with Bristol-Myers Squibb (NYSE:BMY) rose to $7.4 billion, or 11.6% of total revenue last year.

對體重管理候選人的令人失望的結果並不是輝瑞隊問題列表的頂部。投資者應該更關心即將到來的Eliquis損失專利保護的市場獨占性。與Bristol-Myers Squibb（紐約證券交易所：BMY）合作的口腔血液稀薄IT銷售銷售額上升至去年總收入的11.6％。

Eliquis is expected to lose patent-protected exclusivity in 2026, although generic competition in the U.S. market isn't expected to begin until 2028. Pfizer's second-largest revenue stream in 2024 could also start drying up soon. The Prevnar family of vaccines was responsible for over 10% of total sales last year. Prevnar 13 is expected to lose patent-protected exclusivity in the U.S. next year.

預計Eliquis將在2026年失去專利保護的排他性，儘管預計在2028年才開始美國市場的通用競爭。輝瑞在2024年的第二大收入流也可能很快開始枯竭。 Prevnar疫苗家族造成了去年銷售總額的10％以上。預計明年在美國，PREVNAR 13將失去受專利保護的排他性。

Vyndaqel has been a strong growth driver for Pfizer but probably not for much longer. This treatment prevents heart damage caused by transthyretin (TTR) amyloidosis and grew sales by 64% to reach $5.4 billion last year. Bridge Bio (NASDAQ:BBNG) and Alnylam (NASDAQ:ALNY) are now marketing competing treatments for the limited population of TTR amyloidosis patients with heart damage. In addition to competing treatments, Vyndaqel is expected to face generic competition in the U.S. in 2028.

Vyndaqel一直是輝瑞的強勁增長驅動力，但可能沒有更長的時間。這種治療可防止由甲狀腺素蛋白（TTR）澱粉樣變性引起的心臟損傷，去年銷售額增長了64％，達到54億美元。 Bridge Bio（NASDAQ：BBNG）和ALNYLAM（NASDAQ：ALNY）現在正在為有限的心臟損傷TTR澱粉樣變性患者人群營銷相互競爭的治療方法。除了競爭性治療外，Vyndaqel預計將在2028年在美國面臨通用競爭。

Industrywide crisis ahead?

未來的整個行業危機？

Drug developers need to communicate with regulators at the Food and Drug Administration (FDA) before, during, and after they run clinical trials for new drug candidates. In the U.S., many of those regulators recently lost their jobs.

藥物開發人員需要在對新藥候選人進行臨床試驗之前，期間和之後與食品藥品監督管理局（FDA）的監管機構進行溝通。在美國，許多監管機構最近失業了。

In 2024, the FDA's Center for Drug Evaluation and Research (CDER) approved 50 new drugs. The CDER director, Patrizia Cavazzoni, M.D., stepped down in January and joined Pfizer's C-suite as chief medical officer.

2024年，FDA的藥物評估與研究中心（CDER）批准了50種新藥。 CDER董事Patrizia Cavazzoni醫學博士在一月份辭職，並加入了輝瑞隊的C-Suite，擔任首席醫療官。

Having the former CDER director on staff could be advantageous for Pfizer, but I'll be pleasantly surprised if the FDA completes new drug approvals at half the usual pace this year. According to reporting from STAT, more than a few FDA employees involved in the new drug approval process were among thousands recently fired from the agency.

擁有前CDER董事對輝瑞公司可能是有利的，但是如果FDA在今年的一半速度下完成新的藥物批准，我會感到驚喜。根據STAT的報導，該機構最近被開除的成千上萬的FDA員工在新藥批准過程中。

A crippled FDA could be a huge problem for Pfizer and its peers who must constantly launch new drugs to overcome exclusivity losses for established products.

對于輝瑞及其同齡人來說，殘廢的FDA可能是一個巨大的問題，他們必須不斷推出新藥以克服已建立產品的排他性損失。

A buy on the dip

蘸醬購買

Many investors expect pharmaceutical industry lobbyists to prevent the Trump administration from rendering CDER incapable of reviewing new drug applications at its usual pace. They could be right, but I won't support an investment thesis that relies on industry lobbyists protecting a regulatory agency.

許多投資者希望製藥行業遊說者阻止特朗普政府使CDER無法以通常的速度審查新藥應用。他們可能是對的，但我不支持依靠保護監管機構的行業遊說者的投資論文。

If you asked me a month ago, I would have called this stock a buy. In 2023, it earned FDA approval for nine new drugs and last year it reported over a dozen product approvals from the agency. With plenty of new products coming online, Pfizer had a good chance to overcome upcoming patent cliffs and maintain its dividend-raising streak

如果您一個月前問我，我會將這款股票稱為購買。 2023年，它獲得了FDA的九種新藥的批准，去年報告了該機構的十二種產品批准。隨著許多新產品的上網，輝瑞公司有一個很好的機會克服即將到來的專利懸崖並保持其股息提高連勝紀錄