Business is booming for health care companies. Photo: Andy Cross/The Denver Post via Getty Images

With more than a week to go in the second-quarter earnings season, the health care industry has already banked more profits than any other quarter in the past year.

The bottom line: Company after company has posted profits that have exceeded Wall Street estimates, and most firms have raised profit estimates for the rest of 2018.

By the numbers: As of Aug. 2, 85 publicly traded health care companies have amassed $47 billion of global profit on $545 billion of global revenue in the second quarter, according to company documents.

  • That profit is higher than the $45.6 billion that 118 health care companies posted in the first quarter of this year, and it's higher than anything recorded in the past year.
  • Pharmaceutical companies continue to rake in the highest profit margins.
  • The numbers do not include not-for-profit hospital systems, which have not filed second-quarter reports yet.
  • Fatter profits are due in part to growing sales of prescription drugs, medical devices, tests and procedures — that reflects both higher prices and more quantities sold.
  • But the larger earnings also stemmed from Republicans' massive cut in corporate taxes. The income tax expense for drug giant AbbVie, for example, was 93% lower in the second quarter this year.

Go deeper: Check out the entire Axios health care earnings tracker.

Go deeper

Trump announces plan to distribute 150 million rapid coronavirus tests

Photo: Alex Wong/Getty Images

President Trump announced on Monday that the federal government will distribute 150 million rapid, point-of-care coronavirus tests to states over the next few weeks, including to K-12 schools and vulnerable communities like nursing homes and assisted living facilities.

Why it matters: The Trump administration has stressed the importance of reopening schools in allowing parents to return to work and jumpstarting the economy.

Updated 49 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 33,217,895 — Total deaths: 999,273 — Total recoveries: 22,975,269Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 7,128,774 — Total deaths: 204,881 — Total recoveries: 2,766,280 — Total tests: 101,298,794Map.
  3. States: Cuomo extends New York moratorium on evictions until 2021.
  4. Business: Companies are still holding back earnings guidance.
  5. Health: The childless vaccine — Why kids get less severe coronavirus infections.
  6. World: India the second country after U.S. to hit 6 million cases.
50 mins ago - Podcasts

Digging into Trump's taxes

President Trump paid no federal income tax in 10 of the past 15 years, and just $750 in 2016 and 2017, according to a new report from the New York Times. He also is reported to have hundreds of millions of dollars in outstanding debts, most of which would come due during a second term.

Axios Re:Cap focuses on what is and isn't surprising about the revelations, plus how real estate developers are taxed, with Francine McKenna, an independent financial journalist and certified public accountant.

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