Merck & Co (MRK) will raise its quarterly dividend by 2.1 percent to $0.48 per share in the fourth quarter of 2017. The new dividend yield for MRK is 3.5%.

The increased dividend will be paid on January 8, 2018 to shareholders of record on December 15, 2017.

“Our strong balance sheet, consistent performance and the strength of our underlying business allow us to increase the dividend and authorize additional opportunistic share repurchases,” said Kenneth C. Frazier, chairman and chief executive officer, Merck. “Today’s actions reflect confidence in our ability to continue to invent and deliver differentiated medicines and vaccines, and our commitment to return value to shareholders.”

Merck & Co., Inc. is a global healthcare company known as MSD outside of the United States and Canada. The company's core product categories include diabetes, cancer, vaccines and hospital acute care. Its products include prescription medicines, vaccines, biologic therapies, and animal health products.