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Expand chart
Data: Company filings and FactSet; Chart: Naema Ahmed/Axios

The 5 largest conglomerates combining health insurance and pharmacy benefits are on track this year to be bigger than the 5 preeminent tech companies.

The big picture: Anthem, Cigna, CVS Health, Humana and UnitedHealth Group cumulatively expect to collect almost $787 billion in 2019, compared with $783 billion of projected revenue for Facebook, Amazon, Apple, Netflix and Google.

Yes, but: The tech companies cumulatively were 5 times more profitable than the health care companies in 2018 and are projected to be 3.5 times more profitable this year.

  • There's more money to be made selling smartphones and online ads than acting as a health care middleman.
  • Health insurers and pharmacy benefit managers pay out a vast majority of their revenues to hospitals, doctors and drug companies.
  • But insurers and PBMs are still turning large overall profits. And a delay in an Affordable Care Act tax is expected to create a big windfall for the insurance industry this year. Companies are working behind the scenes to get that tax delayed again for 2020 or permanently repealed.

It's also worth remembering that health insurance giants today do a lot more than just pay out claims for medical care and prescriptions.

  • UnitedHealth owns surgery centers, doctors' offices, consulting shops and data-analyzing services.
  • CVS, which just bought Aetna, brings in a lot of money through its retail pharmacies and in-store clinics.

Go deeper: The consolidation of health insurance and drug benefits is back

Go deeper

Updated 2 mins ago - Sports

Olympics dashboard

🚨: China wins 1st gold of Tokyo Olympics

📺: The Olympic events to watch today

🎾: Athlete spotlight - Naomi Osaka looks to snag gold on home soil

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

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

🥇: The six new sports at Tokyo 2020

💉 About 100 U.S. Olympic athletes are unvaccinated

Go deeper: Full Axios coverage

22 mins ago - Sports

China wins 1st gold of Tokyo Olympics

Silver medalist Anastasiia Galashina of Russia, gold medalist Yang Qian of China and bronze medalist Nina Christen of Switzerland celebrate on the podium after the 10m air rifle women's final. Photo:

China's Yang Qian won the first gold of the Tokyo Olympics, narrowly beating Anastasiia Galashina of the Russian Olympic Committee in the women's 10-meter air rifle final.

Why it matters: The first medal ceremony of the Games took on extra meaning after a year-long delay and other hurdles brought on by the pandemic. Athletes are required to hang medals around their own necks in an effort to prevent the spread of the coronavirus.

Journalism's two Americas

Illustration: Shoshana Gordon/Axios

There's a sharp divide in American journalism between haves and have-nots. While national journalists covering tech and politics on the coasts reap the benefits of booming businesses and book deals, local media organizations, primarily newspapers, continue to shrink.

Why it matters: The disparate fortunes skew what gets covered, elevating big national political stories at the expense of local, community-focused news.

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