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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

Drought, record heat wave in West tied to climate change

People on Folsom Lake in Granite Bay, California, U.S., June 16, 2021. Photo: David Paul Morris/Bloomberg via Getty Images

The prolonged and widespread heat wave in the West, along with the region's increasingly severe drought, is a sign of how climate change has already tilted the odds in favor of such extremes, studies show.

Why it matters: The rapidly growing Southwest, in particular, is also the nation's fastest-warming region. The combination of heat and drought could lead to a repeat, or even eclipse, the severity of 2020's wildfire season in California and other states.

Ben Geman, author of Generate
2 hours ago - Energy & Environment

What to watch as infrastructure talks heat up

Illustration: Annelise Capossela/Axios

A mix of Beltway action and extreme weather events have brought the fault lines in infrastructure talks and their planetary stakes into sharper focus.

Catch up fast: Senate Democratic leaders pledged to seek big climate measures in a multitrillion-dollar, Democrats-only package that faces a very narrow political path.

Kendall Baker, author of Sports
4 hours ago - Sports

The sports stock market

Note: Michael Jordan's card is for baseball; Data: Alt; Table: Andrew Witherspoon/Axios

Shohei Ohtani's trading card value has risen 781% since the start of 2021, the highest year-to-date return of any athlete on Alt, a sports card exchange that aims to bring more liquidity to alternative assets.

Why it matters: The trading card market is the closest thing we have to a stock market for sports.