Global biopharmaceutical company Pfizer (PFE) will raise its quarterly dividend by 5.6 percent to $0.38 per share in the first quarter of 2020. This marks the 10th consecutive year of dividend increases by PFE.

The next dividend is payable March 6, 2020 to holders of the Common Stock of record at the close of business on January 31, 2020. A new annual dividend rate of $1.52 per share yields 3.9% at a stock price of $39.

“The dividend increase is a testament to our commitment to returning capital to shareholders and reflects our continued confidence in the business and in our pipeline,” stated Dr. Albert Bourla, Pfizer chief executive officer. “It also reinforces that our focus on creating meaningful value for patients benefits all our stakeholders.”

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.