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Bristol-Myers Squibb raked in $1.5 billion of profit in the first quarter of 2018. Photo: John Greim/LightRocket via Getty Images

Seven of the world's largest pharmaceutical companies — AbbVie, Amgen, Novartis, GlaxoSmithKline, Bristol-Myers Squibb, Eli Lilly and Biogen — cumulatively collected $12.1 billion of profit in the first three months of 2018. That's up 29% from the same time last year.

The bottom line: Drug makers have not been shy about raising list prices on previously approved medications, despite President Trump's rhetoric about going after the industry.

Some highlights from those companies thus far:

  • Amgen CEO Bob Bradway said on an earnings call that his company will "work with Congress and the administration to advocate for policies that improve the affordability and access to important new medicines." Lobbying reports show Amgen has attempted to influence bills that would allow prescription drugs to be imported from other countries.
  • The Trump administration has made it clear it is focused on a handful of drug pricing issues, like Medicare Part B and the federal discount program for hospitals known as 340B. "I don't think they're new," Novartis CEO Vas Narasimhan said.
  • AbbVie's Humira treatment remains the lifeblood of the company, representing about 60% of its revenue.
  • Earnings still to come: Pfizer, Merck, Gilead Sciences, Novo Nordisk and Celgene report next week.

Go deeper

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.

4 hours ago - Health

CDC extends interval between COVID vaccine doses for exceptional cases

Photo: Joseph Prezioso/AFP via Getty

Patients can space out the two doses of the coronavirus vaccine by up to six weeks if it’s "not feasible" to follow the shorter recommended window, according to updated guidance from the Centers for Disease and Control and Prevention.

Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.