Amgen declared its most recent quarterly dividend of $2.38 per share in July 2026. The biotechnology giant yields approximately 3.1 percent at recent prices. For income investors seeking exposure to the healthcare sector, AMGN offers a rare combination of dividend reliability and defensive revenue streams.
Amgen dividend history and current yield
Amgen has raised its dividend annually since 2011. The compound annual growth rate over the past decade exceeds 12 percent. The current $2.38 quarterly payment translates to $9.52 annually. At a share price near $305, the yield sits at roughly 3.12 percent. That exceeds the S&P 500 average yield of approximately 1.4 percent.
| Metric | Value | Context |
|---|---|---|
| Quarterly dividend | $2.38 per share | Most recent declared |
| Annual dividend | $9.52 per share | $2.38 × 4 |
| Estimated yield | ~3.1% | Based on ~$305 share price |
| Years of increases | 15 consecutive years | Since 2011 |
| Payout ratio | ~55% | Estimated from earnings |
What drives Amgen’s defensive revenue profile
Amgen’s portfolio includes blockbuster therapies for osteoporosis, oncology, and inflammation. Enbrel, Prolia, and Repatha generate recurring prescription revenue that is less sensitive to economic cycles than consumer discretionary spending. The company’s biosimilar business adds a lower-margin but growing income stream. Medicare and commercial insurance coverage provides stable reimbursement rates.
Analyst outlook for Amgen
Analysts at Mizuho Securities maintain a “Buy” rating on AMGN with a price target of $330. They cite the company’s pipeline of oncology candidates and its established cardiovascular franchise as key factors. Goldman Sachs assigns a fair value estimate of $325, noting the defensive characteristics of biologic drug revenue. Jefferies analysts point out that Amgen’s acquisition of Horizon Therapeutics strengthened its rare disease portfolio. They expect this segment to contribute incremental revenue through 2027.
Common mistakes income investors make with biotech stocks
Some investors avoid all biotech names because of patent-cliff fears. Amgen’s diversified portfolio mitigates single-drug concentration risk. Others chase smaller biotechs for yield and face dividend cuts when clinical trials fail. AMGN’s size and cash flow generation provide a buffer that speculative biotechs lack. Timing purchases around earnings volatility can backfire for long-term holders focused on income.
Risks to watch for Amgen income investors
Amgen faces patent expiration pressure on several legacy products. Biosimilar competition for Enbrel continues to intensify in European markets. The company’s acquisition of Horizon added debt to the balance sheet. While cash flow remains robust, investors should monitor the net debt-to-EBITDA ratio. Interest rate sensitivity also matters for a stock yielding above 3 percent, as rising rates can pressure utility-like valuations in the healthcare sector. Amgen’s dividend coverage ratio remains above 1.5x, providing a margin of safety that should sustain the payout even during revenue transitions. The company has not cut its dividend in over fifteen years.
Per-$100,000 income comparison for biotech dividend investors
| Company | Ticker | Shares per $100K | Annual Income |
|---|---|---|---|
| Amgen | AMGN | ~328 | ~$3,123 |
| Johnson & Johnson | JNJ | ~580 | ~$2,102 |
| AbbVie | ABBV | ~640 | ~$3,200 |
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