Bob Herman Nov 15
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Health care profits concentrated at drug companies

Ninety-nine of the largest publicly traded health care companies cumulatively collected $33 billion of profit and $577 billion of revenue worldwide in the third quarter this year, according to earnings reports we tracked. Pharmaceutical companies collected more than 60% of those profits, but only 22% of the revenue.

Data: SEC filings; Chart: Andrew Witherspoon / Axios

The bottom line: Drug companies handle a small portion of U.S. and global health care spending, but reap a majority of the overall profit.

Here are other takeaways from our analysis of 2017 third-quarter earnings reports:

  • No health care company netted more profits than Johnson & Johnson, the behemoth maker of drugs, medical devices and consumer products like Band-Aids and Tylenol. Its net profit was $3.8 billion in the quarter.
  • Eight of the 15 highest net profit margins were at drug companies.
  • Twelve of the 15 highest net profit totals were at drug companies.
  • McKesson controlled more health care dollars than any other company, with $52.1 billion of revenue. But lower generic drug prices contributed to the distributor's break-even margin.
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Where Trump's steel and aluminum trade war will hit first

Note: Includes only products under the "Iron & Steel & Ferroalloy" and "Alumina & Aluminum & Processing" NAICS commodity classifications. Data: Census Bureau; Chart: Chris Canipe and Lazaro Gamio / Axios

The Trump administration has begun imposing tariffs on imports of steel and aluminum, but several countries are exempted temporarily until May 1, as shown in the chart above. The administration may still apply quotas on exempted countries to prevent a flood of foreign steel and aluminum in the U.S. market, per the White House.

Why it matters: After railroading past a number of his advisors, Trump announced the tariffs on imports of steel (at 25%) and aluminum (at 10%) earlier this month, citing national security concerns. But with the exemption noted above, the tariffs won't carry major bite, at least to start.

Alexi McCammond 7 hours ago
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Trump signs spending bill despite veto threat

Photo: Mark Wilson/Getty Images

President Trump announced that he has signed the $1.3 trillion spending bill that passed Congress last night "as a matter of national security," citing the bill's increase in defense spending, even though he threatened to veto earlier today. "My highest duty is to keep America safe," Trump said. He said he's disappointed in most of the bill.

Key quote: "I will never sign another bill like this again. I'm not going to do it again. Nobody read it. It's only hours old."