The board of directors of biopharmaceutical company Pfizer Inc (NYSE:PFE) approved a dividend payment of USD0.38 per share on the company's common stock for the first-quarter 2020, it declared on Monday.

Pfizer stated that the 6% higher quarterly payment reflects its 325th consecutive quarterly dividend.

This dividend will be paid on 6 March 2020 to holders of the common stock of record at the close of business as of 31 January 2020.

Also, the company said it plans to host an Investor Day at 9:00 a.m. EDT on 31 March 2020, at its global headquarters in New York, NY, to provide updates on its progress in advancing its R&D pipeline, product candidates with blockbuster potential that are expected to launch by 2025.

Pfizer collaborates with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world.