Amgen Inc to boost dividend 31% for first quarter of 2013
Amgen Inc said it will raise its dividend 31% for the first quarter of next year and buy back the additional $2 billion in shares. The world’s largest biotechnology company will pay stockholders 47 cents on March 7, the Thousand Oaks, said.
Amgen became the first biotechnology company to pay a dividend in July 2011. The current payment is 36 cents and the analyst estimated a rise to 40 cents.
The biotechnology firm is looking for new products and buyouts to up revenue as its earlier core anemia business fell. On Dec 10, the company had agreed to acquire DeCode Genetcs Inc, a genetics research company, for $415 million.
Besides, earlier this year, Amgen bought Micromet Inc for $1.16 billion to add an experimental leukemia drug. It also signed a development deal with London-based AstraZeneca Plc and also boosted its presence in the cancer market through sales of Xgeva, a bone drug that reduces fractures.
The company also said it has authorized further share repurchase with $500 million left to spend from its present $10 billion program.
Amgen discovers, develops, manufactures, and delivers innovative human therapeutics. It was the first company to realize the new science’s promise by bringing safe, effective medicines from lab, to manufacturing plant to patient.