Amgen Raises Dividend Amid Rising Debt and Declining Franchises

Amgen, the biotech giant, has raised its dividend by 6% to $2.52 per share quarterly, marking a steady increase in line with its utility-like rhythm.

The company's dividend cash has risen from $3.509 billion in 2019 to $5.124 billion in 2025, while free cash flow covered the payout comfortably, with earnings guidance far above the forward rate.

However, Amgen's debt load stands at $57.304 billion, largely due to the Horizon Therapeutics acquisition, limiting growth and setting a speed limit for future raises.

The company's mature franchises are declining, with Prolia and XGEVA sales down 33% in the second quarter, while Enbrel fell 37% in the first quarter due to Medicare Part D price setting. Otezla's IRA selection also triggered a $1.2 billion impairment.

MariTide is Amgen's largest pipeline opportunity and biggest competitor to the dividend for cash, with nine Phase 3 studies running and three more planned.