13 Best Pharma Dividend Stocks To Buy In 2024

8. Amgen Inc. (NASDAQ:AMGN)

Dividend Yield as of December 28: 3.61%

Number of Hedge Fund Holders: 68

Amgen Inc. (NASDAQ:AMGN) develops and delivers human therapeutics globally. Its key products address conditions like psoriasis, osteoporosis, cardiovascular risks, cancer, and anemia. Amgen is particularly appealing due to its undervaluation and strong pipeline, including the experimental obesity drug MariTide, which could significantly boost its valuation. Even without MariTide’s success, Amgen’s intrinsic value remains solid. This favorable risk/reward dynamic, combined with its strong fundamentals, makes Amgen a compelling choice, with the potential for significant upside as the pharma sector stabilizes. Amgen Inc. (NASDAQ:AMGN) is also 8th on our list of the best dividend stocks.

Amgen Inc. (NASDAQ:AMGN) reported strong Q3 results with a 23% revenue increase to $8.5 billion, driven by double-digit growth in 10 products. Key drivers included a 17% rise in oncology sales, a 21% increase in rare disease sales, and a 67% growth in TEZSPIRE for severe asthma. Repatha and EVENITY also showed strong performance in general medicine. The company’s pipeline progress, particularly with the obesity drug MariTide, positions it for long-term growth. Biosimilars also performed well, with a 9% sales increase.

Amgen Inc. (NASDAQ:AMGN) returned capital to shareholders with a 6% increase in its dividend, paying $2.25 per share in Q2. For 2024, the company expects total revenues between $33.0 billion and $33.8 billion, with non-GAAP EPS ranging from $19.20 to $20. Q4 non-GAAP EPS is expected to be lower than Q3 due to planned investments in key assets like MariTide and olpasiran, as well as other strategic initiatives.

According to Insider Monkey’s Q3 database, Amgen Inc. (NASDAQ:AMGN) was found in 68 public stock portfolios, compared to 69 in the last quarter. Two Sigma Advisors is one of the most prominent stakeholders of the company.