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Amgen Increases Dividend by 10% as Growth Continues

Amgen Inc. (AMGN is one of the world’s largest independent biotechnology companies focused on recombinant DNA technology.

The company’s largest product is Enbrel – an autoimmune drug targeting five chronic diseases – which accounted for about 28% of third-quarter 2020 revenue. The remaining portfolio consists of drugs that account for about 10% or less of revenue, and several promising growth franchises, such as Otezla.

The company generated about 76% of its sales from the United States and 24% from the rest of the world during the third quarter of 2020.

Earnings Exceed Expectations

Amgen reported third-quarter revenue that rose by 11.8% to $6.42 billion, beating consensus estimates by $40 million, along with GAAP earnings of $3.43 per share, beating consensus estimates by 62 cents. Revenue growth was driven by key products, like Prolia, along with newer products, such as Repatha, Parsabiv, Aimovig and Evenity.

While the COVID-19 pandemic initially delayed diagnosis and treatment for some patients, sales recovered during the second and third quarters. Management sees a certain degree of unpredictability in the foreseeable future due to these impacts, as well as the potential impact on insurance coverage in the United States.

The company raised its quarterly dividend by 10% to $1.76 per share, which represents a 2.8% forward yield. The dividend is payable on March 8, 2021, to shareholders on record as of February 15, 2021.

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