Buying individual stocks can be a smart way to build wealth over time. However, the reality of the situation is that it's exceptionally difficult to consistently beat the market averages over time. One way to increase your odds of success is to buy shares of high-quality companies that sport strong competitive advantages, solid growth prospects, and attractive valuations. Biotech giant (NASDAQ: AMGN) ticks many of these boxes. Read on to find out more about this top dividend-paying biotech stock.

Amgen has several competitive advantages that make it stand out from its peers in the biotech industry. First, Amgen has a diversified portfolio of products that span multiple therapeutic areas, such as oncology, cardiovascular, immunology, nephrology, and neuroscience.

Some of its leading drugs include Enbrel, Neulasta, Prolia, Xgeva, Otezla, and Repatha, which encapsulate a wide variety of conditions and market opportunities. These drugs also generate billions of dollars in annual revenue in aggregate and have strong market positions in their respective segments.

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Source Fool.com