Illustration: Aïda Amer/Axios

The health care industry has been on a long run of financial prosperity, but early data points show the coronavirus is abruptly ending that run.

The big picture: Health care is usually pretty recession-proof because people still need to see doctors and fill prescriptions when the economy tanks. 

  • But almost no business is immune to a pandemic that is severely curtailing almost all forms of consumption, including most health care services.

Driving the news: Walgreens and Tenet Healthcare yesterday previewed how bad things have been so far.

  • Sales at Walgreens stores shot up 26% in the first 21 days of March compared with the same time in 2019, as people stockpiled prescriptions, toiletries and any other product they could find. But sales then plummeted "at a mid-teens rate of decline" as people hunkered down at home. April will be worse.
  • Hospital and surgery center chain Tenet Healthcare withdrew its 2020 financial expectations and furloughed 500 people, as surgery volumes dried up. Tenet, through the new bailout package, also will be asking the federal government to advance the pay on $1.5 billion of Medicare revenue — which will have to be repaid later.

Go deeper: Health care profits dip, but stocks soar

Go deeper

Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 21,056,850 — Total deaths: 762,293— Total recoveries: 13,100,902Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m ET: 5,306,215 — Total deaths: 168,334 — Total recoveries: 1,796,309 — Total tests: 65,676,624Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health — FDA releases first-ever list of medical supplies in shortage.
  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  7. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.