Amgen

Amgen is one of the world's leading biotechnology companies, developing and manufacturing biologic medicines for serious illnesses in areas such as oncology, cardiovascular disease, inflammation and bone health. Its portfolio of established therapies generates substantial cash flow, though the business faces the perennial biotech challenge of patent expiries and the need to replenish its pipeline. Amgen began paying dividends comparatively recently for a large-cap, but has raised the payout aggressively since, backed by strong margins and heavy cash generation. The yield is moderate and the record of increases spans over a decade. The stock offers a blend of income and biotech growth, with pipeline risk being the main caveat for income-focused investors.