Dividend policy: AstraZeneca pays a dividend twice a year which it intends to grow or maintain in line with earnings.
Yield: 4.3 per cent
Payment: Half-yearly, declared in US dollars
Last cut: Between 1999 and 2012, AstraZeneca paid gradually increasing dividends. Since then the payout has remained level at 280ȼ a share
For much of its existence AstraZeneca (AZN), like its larger peer GlaxoSmithKline (GSK), has enjoyed the predictable cash flows of a big pharmaceutical company. This allowed it to return generous dividends to shareholders, which grew in line with earnings until 2011. Even in years when operating profit was knocked by falling sales of certain blockbuster drugs, Astra’s excellent free cash flow gave management the confidence to keep the dividend ticking up.