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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

Scoop: Stephanie Murphy announcing challenge to Marco Rubio

Rep. Stephanie Murphy. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Democratic Rep. Stephanie Murphy is planning to announce a campaign for the U.S. Senate in Florida against Republican Sen. Marco Rubio in early June, people familiar with the matter tell Axios.

Why it matters: Murphy is a proven fundraiser. Jumping in now would give her an early start to build her case for the Democratic nomination and potentially force Rubio and allied GOP groups to spend heavily to retain a seat in a state that’s trending Republican.

2 hours ago - Politics & Policy

Inside the GOP's infrastructure strategy

Sen. Roger Wicker. Photo: Stefani Reynolds/Bloomberg via Getty Images

Top Republican senators are hoping the White House will make some sort of counteroffer to their infrastructure proposal when they meet with President Biden on Thursday, lawmakers and their aides tell Axios.

Why it matters: This is a sign of how serious the negotiations are, they say. In advance of the meeting, some of the senators are already publicly signaling the areas in which they have flexibility.

2 hours ago - Politics & Policy

By the numbers: Senate seats to watch in 2022

Data: Axios Research, Dave Leip's Atlas of U.S. Elections; Chart: Andrew Witherspoon/Axios

While Republicans are giddy about their chances for regaining the House next year, GOP prospects for taking the Senate remain more uncertain, data reviewed by Axios suggests.

By the numbers: At least five Republican senators are retiring after the midterms, and four of their seats are in battleground states. That makes a simple Republican-for-Republican election exchange all the more difficult.

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