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Big pharma's monster early haul in Q1

The corporate headquarters of Bristol-Myers Squibb.
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.