The board of directors of Gilead Sciences Inc (Nasdaq:GILD) declared a higher dividend of USD0.63 per share of the company's common stock for the first quarter 2019, it revealed on Monday.

This new dividend marks a growth of 11% in the company's quarterly cash dividend. The company added that future dividends will be subject to board approval.

Stockholders of record at the close of business as of 15 March 2019 will receive the cash dividend on 28 March 2019.

Headquartered in Foster City, California, the biopharmaceutical company discovers, develops and commercialises innovative medicines in areas of unmet medical need.