礼来公司最近剥离了动物保健业务，GSK也将其消费者健康业务与辉瑞合并，两家巨型药企都在加速瘦身专注于制药业务。GSK把提高股息看作是一种红利，但年度分红在近十年里没有增长。
If you haven't looked at GlaxoSmithKline and Eli Lilly in several years, you probably wouldn't recognize them today. Eli Lilly recently spun off its animal health segment, and Glaxo's merging its consumer health business with Pfizer's .
如果你几年没有看过葛兰素史克和礼来，你今天可能不会认出它们。礼来公司最近剥离了动物保健业务，葛兰素史克也将其消费者健康业务与辉瑞合并。
New drug development is a top priority for Glaxo and Lilly, but it's important to remember they're also walking away from some reliable revenue streams. Let's find out which is better positioned to make its big transition work for investors.
新药开发是葛兰素和礼来公司的首要任务，但重要的是要记住，它们也在远离一些可靠的收入来源，让我们了解哪一个更适合让其大转型对投资者有效。
By the end of the year, Glaxo's Theraflu should join forces with Pfizer's Advil in a joint venture that will be 68% owned by the big British pharma. Investors won't be too sad to see it go. Glaxo's consumer division racked up $10.0 billion in sales last year, which was 2% lower than a year earlier.
到今年年底，葛兰素史克的泰拉流感应该与辉瑞的 Advil 联手成立合资企业，由英国大型制药公司持有68%的股份。投资者不会太难过，看它走了。葛兰素史克的消费者部门去年的销售额达到了100亿美元，比去年同期下降了2%。
Glaxo's stagnant consumer segment was responsible for 25% of total sales last year. As a slimmed-down operation, the company will focus on rebuilding a clinical-stage pipeline that hasn't been terribly productive in recent years.
葛兰素史克停滞不前的消费者部门去年占了总销售额的25%。作为一项精简的业务，该公司将专注于重建一条临床阶段的管道，这条管道近年来的生产率并不高。
Glaxo has 16 drugs in clinical-stage testing right now, one of which was acquired in late 2018 for $5.1 billion. Zejula is already generating significant sales as a maintenance treatment for recurrent ovarian cancer patients who have tumors in response to their second or third round of chemotherapy. In a few years, Zejula could begin producing $1 billion in annual sales if approved to treat a larger population of first-line ovarian cancer patients.
葛兰素史克目前有16种药物处于临床阶段测试阶段，其中一种是在2018年底以51亿美元收购的。Zejula 已经获得了可观的销售，作为一种对复发的卵巢癌患者的维持治疗，这些患者因第二轮或第三轮化疗而患有肿瘤。几年后，如果批准治疗更多的一线卵巢癌患者， Zejula 将开始产生10亿美元的年销售额。
Last year, generic competition for Glaxo's former top drug, Advair, dragged sales of the blockbuster 23% lower to $3.1 billion, and the losses will probably accelerate this year. Luckily, annual sales of Ellipta brand inhalers grew 29% to $3.1 billion in 2018, which will help offset this year's Advair losses.
去年葛兰素前顶级药物 Advair 的仿制药竞争，将该重磅炸弹的销售额降低了23%，至31亿美元，今年的损失可能会加速。幸运的是， Ellipa 品牌吸气器的年销售额在2018年增长了29%，达到31亿美元，这将有助于抵消今年 Advair 的亏损。
GlaxoSmithKline isn't the only big pharma company willing to pay through the nose for potential new cancer therapies. In January, Eli Lilly spent $8.1 billion to get its hands on some highly targeted new drugs for patients with genetically defined tumors.
葛兰素史克不是唯一一家愿意通过鼻子支付潜在新癌症治疗费用的大型制药公司。今年1月，礼来公司斥资81亿美元，为一些基因明确的肿瘤患者开发了一些具有高度针对性的新药。
The first to earn approval, Vitrakvi, treats patients with any type of cancer, as long as their tumors test positive for a specific mutation. Bayer (NASDAQOTH: BAYRY) will market Vitrakvi and send Lilly royalties in a low-30s percentage range on U.S. sales and a tiered double-digit percentage of sales everywhere else.
第一个获得批准的， Vitrakvi ，治疗任何类型的癌症患者，只要他们的肿瘤测试为阳性的特定突变。拜耳将在美国市场上销售 Vitrakvi ，并向礼来（Lilly）收取30%的美国销售提成，在其他地区的销售提成为两位数。
Before the year's over, Lilly will probably send an application to the FDA for LOXO-292. This is a super-specific RET inhibitor that produced a response among 25 of the first 37 lung cancer patients treated in the Libretto study. While that's impressive on its own, you should know that a majority of these patients had already received three or more lines of treatment.
在今年年底之前，礼来公司可能会向 FDA 提交 LOXO-292的申请。这是一种超级特异性的 RET 抑制剂，在 Libretto 研究中治疗的前37名肺癌患者中有25人产生了反应。虽然这本身就令人印象深刻，但你应该知道，这些患者中的大多数已经接受了三种或更多的治疗。
While Lilly's late-stage pipeline gets closer to delivering another new cancer therapy, products approved since 2014 are climbing fast. Trulicity led the charge with a 58% gain in 2018 that raised annual sales of the diabetes treatment to $3.2 billion. Although Trulicity was the largest contributor, combined sales of nine products launched since 2014 rose 60% to $7.2 billion last year.
虽然礼来公司后期的管道越来越接近提供另一种新的癌症治疗，但自2014年以来批准的产品正在快速攀升。Trulicity 在2018年以58%的涨幅领先，使糖尿病治疗的年销售额达到32亿美元。尽管 Trulicity 是最大的贡献者，但自2014年以来推出的9款产品的总销售额增长了60%，达到72亿美元。
Glaxo treats dividend raises as more of a bonus than a commitment, and its annual payout hasn't grown in nearly a decade. Glaxo shares offer a nice 5.8% yield at the moment, but you'll probably receive more income over the long run from Eli Lilly despite the meager 2.1% yield it offers now. Lilly bumped up its dividend by 15% in December, which was the sixth consecutive annual increase that the company's delivered.
葛兰素史克把提高股息更多地看作是一种红利，而不是一种承诺，它的年度分红在近十年里没有增长。葛兰素史克股票目前的收益率为5.8%，但从长期来看，你可能会从 EliLilly 那里获得更多的收入，尽管它现在提供的收益率只有2.1%。去年12月，礼来公司的股息增长了15%，这是该公司连续第六次实现年度增长。
GlaxoSmithKline expects adjusted earnings per share will contract by 5% to 9% in 2019, and the company doesn't intend to raise its dividend payout above its current level this year. An $8.1 billion acquisition and Lartruvo's recent failure will pressure Eli Lilly's profit growth, but it isn't about to contract. In 2019, Lilly expects adjusted earnings per share to rise just 2% at the top end of its guided range.
葛兰素史克预计，调整后的每股收益在2019年将收缩5%至9%，该公司不打算将今年的股息支付额提高到目前水平之上。一笔81亿美元的收购和 Lartruvo 最近的失败将给 EliLilly 的利润增长带来压力，但它并不打算收缩。礼来预计，2019年调整后的每股收益将在其指导区间的高端仅增长2%。
