Jan 8, 2019

Abbott Labs forecasts "solid" business in China

Abbott makes numerous medical products, including heart devices. Photo: Smith Collection/Gado/Getty Images

Abbott Laboratories collects about 10% of its estimated $30 billion in annual revenue from China, and the health care conglomerate, known for its medical devices and infant formula, has no concerns about its Chinese business in light of Apple's relatively dismal fourth-quarter projections.

What they're saying: "We're not $1,400 iPhones," Abbott CFO Brian Yoor said at the J.P. Morgan Healthcare Conference. "Health care is a very sticky, very good place to be."

The big picture: Apple is not China. Health care companies like Abbott also are not consumer brands like Apple or Nike.

  • Health care is mostly recession-proof, and this point holds in foreign countries. People still get heart surgeries or undergo chemotherapy regardless of the economy.
  • In the U.S., health care companies benefit from how the costs of things like medical devices, surgeries and hospital stays are baked into health insurance premiums — which come directly out of people's paychecks.

Go deeper

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 1,014,673 — Total deaths: 52,973 — Total recoveries: 210,335Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 244,678 — Total deaths: 5,911 — Total recoveries: 9,058Map.
  3. 2020 updates: The Democratic National Committee said its July convention will be postponed until August because of the coronavirus. A federal judge declined to delay Wisconsin's April 7 primary election.
  4. Jobs latest: Coronavirus unemployment numbers are like a natural disaster hitting every state.
  5. Public health latest: Anthony Fauci called for all states across the U.S. to issue stay-at-home orders. The FDA will allow blood donations from gay men after 3-month waiting period, citing "urgent need."
  6. Business latest: Treasury Secretary Steven Mnuchin said oil companies are eligible for aid from new lending programs the Federal Reserve is setting up, but not direct loans from his department.
  7. U.S.S. Theodore Roosevelt: Navy removes captain of aircraft carrier who sounded alarm about coronavirus.
  8. 1 future thing: In developing countries, consequences of COVID-19 could be deeper and far more difficult to recover from.
  9. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Mark Meadows considers new White House press secretary

Photos: Alyssa Farah, Defense Department; Stephanie Grisham, Alex Wong/Getty Images; Kayleigh McEnany, Scott W. Grau/Icon Sportswire via Getty Images

White House chief of staff Mark Meadows has privately discussed bringing on Pentagon spokeswoman Alyssa Farah or Trump campaign spokeswoman Kayleigh McEnany as a new White House press secretary, two sources familiar with the talks tell Axios.

Why it matters: Meadows' start on Tuesday as Trump's new chief — and televised coronavirus briefings that feature President Trump himself — present a chance to overhaul a press shop that's kept a low profile since President Trump ended the tradition of daily press secretary briefings.

CNN: Fauci advises all states issue stay-at-home orders

Dr. Anthony Fauci listens to President Trump speak during a briefing on April 1. Photo: Win McNamee/Getty Images

Director of the National Institute of Allergy and Infectious Diseases Anthony Fauci recommended on Thursday that all states across the U.S. implement stay-at-home orders, at a CNN town hall.

Why it matters: The recommendation stands in contrast to President Trump's calls for "flexibility." Nearly 4o states have issued stay-at-home orders to promote social distancing as a way to combat the novel coronavirus — but the orders vary in strictness and duration.