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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

Updated 6 hours ago - Sports

Olympics dashboard

🚨: Japan's Naomi Osaka lights Olympic cauldron; Photos

👻: How the no-spectator Olympics could affect the athletes

🇺🇸: "What an honor it is to watch you soar," first lady tells U.S. Olympians

🌏: Meet the underdogs from Latin America

🥇: The six new sports at Tokyo 2020

💉 About 100 U.S. Olympic athletes are unvaccinated

✍️ Axios at the Olympics: What it's like inside the opening ceremony

Go deeper: Full Axios coverage

Senate Democrats demand answers on FBI's Kavanaugh probe

Photographer: Andrew Harrer/Bloomberg via Getty Images

Senate Democrats are demanding that the FBI hand over "all records and communications" related to the FBI tip line set up to investigate Supreme Court Justice Brett Kavanaugh when he was a nominee in 2018.

Why it matters: The ask comes after the FBI revealed it received more than 4,500 tips about Kavanaugh when he was awaiting Senate confirmation amid sexual assault allegations. Only the most "relevant" of these tips were forwarded to the Trump White House.

Chip relief on the horizon

Illustration: Sarah Grillo

Good news: The worst of the chip supply crunch might be near.

The other side: Here's the bad news... CEOs say chips totally flowing like normal is still a ways out.

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