Global biopharmaceutical company Pfizer (PFE) will raise its quarterly dividend by 6.3 percent to $0.34 per share in the first quarter of 2018. This marks the 8th consecutive year of dividend increases by PFE.

The increased dividend is payable March 1, 2018, to shareholders of record at the close of business on February 2, 2018. At a current stock price of $37.21 the new dividend yield for PFE is 3.5%.

“The dividend increase and new repurchase program demonstrate our commitment to returning capital to shareholders and are supported by our continued confidence in the business,” stated Ian Read, Pfizer chairman and chief executive officer.

Pfizer Inc. is a biopharmaceutical company with a global portfolio that includes medicines, vaccines and consumer healthcare products. The company runs its commercial operations through two business segments: Pfizer Innovative Health (IH) and Pfizer Essential Health (EH). The majority of Pfizer's revenues come from the manufacture and sale of biopharmaceutical products. The company's brands include Advil, Centrum, Prevnar 13, Xeljanz, Eliquis, Lipitor, Celebrex, Pristiq and Viagra. Pfizer was incorporated in 1942 and had its IPO in 1944.