Amgen dividend: payout, cash cover and yield
Amgen's latest declared quarterly dividend is $2.52. In 2025, its $8,100 million of free cash flow exceeded $5,124 million of dividends paid, so the dividend was covered by that year's free cash flow.
How much does Amgen pay in dividends?
The latest declared quarterly dividend is $2.52. The base follows the recent 6% increase; the bull uses roughly 7% annual growth. Amgen's fourteen-year growth record and $8,100 million of 2025 free cash flow, versus $5,124 million of dividends paid, support continued increases.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Dividends per share | 10.53 (10.08 / 10.59) | 11.32 (10.08 / 11.56) | 12.00 (10.08 / 12.36) |
Does Amgen's cash cover its dividend?
Stock compensation also belongs in the economic calculation. Amgen added back $494 million of stock pay in operating cash flow because issuing shares is not an immediate cash payment. Deducting it gives real free cash flow of $7,606 million, or 20.7% of revenue. That remains substantial, but it was below the $8,040 million achieved in 2021.
Horizon changed the financing scale. In 2023, Amgen spent $26,989 million on acquisitions and raised $27,777 million through debt issuance. Afterward, buybacks largely stopped; Amgen spent $200 million on them in 2024, while dividends reached $5,124 million in 2025. Net debt fell to $45,475 million in 2025 from $53,669 million in 2023, but remained above its 2021 level.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 8,100 | 10,394 | 7,359 | 8,785 | 8,381 |
| − Dividends paid | 5,124 | 4,832 | 4,556 | 4,196 | 4,013 |
| − Share buybacks | 0 | 200 | 0 | 6,360 | 4,975 |
| = Free cash flow not paid out | 2,976 | 5,362 | 2,803 | ||
| = Net debt | 45,475 | 48,126 | 53,669 | 29,640 | 25,272 |
| Paid out, % of free cash flow | 63.3% | 48.4% | 61.9% | 120.2% | 107.2% |
What could change Amgen's dividend?
The forecast would move toward the bear case if faster denosumab switching reduced revenue and margins during 2027–2029, or if weaker cash flow slowed debt reduction and buybacks.
MariTide Phase 3 results during 2028–2029 are the clearest swing factor. Durable weight loss with acceptable tolerability would increase pipeline value; disappointing evidence would remove a major source of upside.
What is Amgen's dividend yield today?
| Today (Oct 12, 2026) | |
|---|---|
| Share price | 417.57 |
| Free cash flow yield (calculated) | 3.6% |
| Dividend yield (calculated) | 2.4% |