An extraordinary magnetoresistance (EMR) sensor uses a ferromagnetic multilayer to provide perpendicular magnetic biasing for the sensor. The ferromagnetic multilayer has intrinsic perpendicular magnetic anisotropy and is preferably on top of the EMR active film. The multilayer comprises alternating films of Co, Fe or CoFe and Pt, Pd or PtPd with the preferred multilayer being alternating Co/Pt or Co/Pd films. A diffusion barrier may be located between the EMR active film and the ferromagnetic multilayer.