Sunday, April 8, 2018

147 Largest US Health Care Corporations With Dec 2017, Jan 2018 or Feb 2018 Quarter Ends Posted 4Q 2017 Total Earnings of Only $3.430 Bil, Down 86% From Their 4Q 2016 Total Earnings of $24.048 Bil ........................................................................................ This 86% Total Earnings Decline Was Caused Predominately By Massive Total Mandatory Foreign Earnings Repatriation Toll Tax Expenses of $72.3 Bil in the 4Q 2017, Which Exceeded the 4Q 2017 Total Income Tax Benefits Courtesy of the Total Tax Debt Forgiveness of a Huge $54.7 Bil ........................................................................................ When All Three Largest Trump Tax Effects Are Excluded (Income Tax Benefit From Tax Debt Forgiveness of $54.676 Bil, Income Tax Expense From the Mandatory Foreign Earnings Repatriation Toll Tax of $72.316 Bil and the Income Tax Expense From the Decline in Value of Deferred Income Tax Assets of $2.224 Bil), As-Adjusted 4Q 2017 Total Earnings Were $23.294 Bil, Down 3% From Their 4Q 2016 Total Earnings of $24.048 Bil

From SEC filings, below here is Net Income (Loss) From Continuing Operations for the 4Q 2017 and the 4Q 2016 as well as the Trump Tax Cuts Act (TTCA) 4Q 2017 US Federal Income Tax Earnings Effects for the 146 largest US Health Care Corps with Stock Market Caps of at least $2 Bil.  US Health Insurance Corps were excluded.

 Also excluded below are many foreign Drug Corps with substantial US operations and thus having their 4Q 2017 earnings dramatically impacted when the US Trump Tax Cuts Act was signed into law on Dec 22, 2017.  To show just how big a deal this is, let me just cite a very small handful of them:

  • Israel HQed Teva Pharmaceutical Industries posted a 4Q 2017 Net Loss of US$11.730 Bil versus a 4Q 2016 Net Loss of US$974 Mil.  Included in its 4Q 2017 Net Loss was a $1.061 Bil US Federal Income Tax Benefit from the US Tax Debt Forgiveness feature in the US Trump Tax Cuts Act.
  • Ireland HQed Shire plc generated 4Q 2017 Net Income From Continuing Operations of US$3.106 Bil versus US$476 Mil in the 4Q 2016.  Of the 4Q 2017 Net Income of $3.1 Bil, $2.5 Bil or 81% of it was courtesy of the US Tax Debt Forgiveness feature embedded in the US Trump Tax Cuts Act.
  • UK HQed GlaxoSmithKline's 4Q 2017 earnings include an Income Tax Expense charge of US$2.3 Bil from a combination of the decline in the value of its US Deferred Income Tax Assets and a US Foreign Earnings Repatriation Toll Tax Expense, both embedded in the US Trump Tax Cuts Act.

Trump
Trump Trump Tax
Co Tax Tax Cuts
Quarter US GAAP US GAAP Cuts Cuts Act
End Net Net Act Act Mandatory
When Income Income US Decrease Foreign
Trump (Loss) (Loss) Federal  in Value Earnings
Tax Dec 17 Dec 16 Income of Deferred Repatriation
Cuts Jan 18 Jan 17 Tax Income Toll
US Health Care Corporations State Act or Feb 18 or Feb 17 Better Debt Tax Tax
Stock Market Caps Above $2 Bil+ City Hqs HQs Signed Quarter Quarter (Worse) Forgiveness Assets Expense
mils $ mils $ mils $ mils $ mils $ mils $
Pfizer New York NY Dec 17          12,289               763     11,526          24,400      (12,900)
Allergan plc Parsippany NJ Dec 17            3,509               (40)       3,549            3,600           (728)
CVS Health Woonsocket RI Dec 17            3,287            1,707       1,580            1,500
Express Scripts St Louis MO Dec 17            2,331            1,440          891            1,381
Walgreen's Boots Alliance Deerfield IL Feb 18            1,349            1,062          287               610           (794)
Zimmer Biomet Holdings Warsaw IN Dec 17            1,257                 70       1,187            1,272
IQVIA Holdings Durham NC Dec 17            1,084             (175)       1,259               977
Cardinal Health Dublin OH Dec 17            1,053               324          729               935             (41)
McKesson San Francisco CA Dec 17               960               649          311            1,260           (434)
AmerisourceBergen Chesterbrook PA Dec 17               862               247          615               898           (310)
Lab Corp of America Burlington NC Dec 17               709               185          524               519
HCA Healthcare Nashville TN Dec 17               641            1,085        (444)           (301)
Thermo Fisher Scientific Waltham MA Dec 17               530               633        (103)            1,060        (1,250)
Valeant Pharmaceuticals Bridgewater NJ Dec 17               512             (512)       1,024            1,063             (88)
Hologic Marlborough MA Dec 17               407                 87          320               355             (26)
Cerner Kansas City MO Dec 17               337               150          187               171             (25)
Quest Diagnostics Seacaucus NJ Dec 17               267               167          100               115               (9)
Mylan NV Canonsburg PA Dec 17               244               418        (174)             (15)           (114)
Jazz Pharmaceuticals plc Palo Alto CA Dec 17               232               117          115               155               (6)
Universal Health Services King of Prussia PA Dec 17               225               179            46                 30             (11)
DaVita Denver CO Dec 17               197               176            21               252
Envision Healthcare Nashville TN Dec 17               183               (82)          265               597
Regeneron Pharmaceuticals Tarrytown NY Dec 17               174               253          (79)           (326)
Bioverativ Waltham MA Dec 17               141               229          (88)                 59
Mednax Sunrise FL Dec 17               136                 78            58                 70
Halozyme Therapeutics San Diego CA Dec 17               124               (27)          151
Select Medical Holdings Mechanicsburg PA Dec 17               121                 20          101                 72
Patterson Cos St Paul MA Jan 18               109                 28            81                 81               (4)
Vertex Pharmaceuticals Boston MA Dec 17               102                 28            74
Steris plc Mentor OH Dec 17                 95                 (4)            99                 26
Encompass Health Birmingham AL Dec 17                 87                 82              5               (1)
Zoetis Parsippany NJ Dec 17                 80               154          (74)           (212)
Perrigo Co plc Allegan MI Dec 17                 73          (1,359)       1,432                   2             (18)
Bio-Rad Labs Hercules CA Dec 17                 70               (21)            91               121             (55)
Acadia Healthcare Franklin TN Dec 17                 70                 41            29                 20
Illumina San Diego CA Dec 17                 58               108          (50)           (150)
Chemed Cincinnati OH Dec 17                 55                 32            23                   9               (1)
Magellan Health Scottsdale AZ Dec 17                 55                 36            19                   8
AbbVie North Chicago IL Dec 17                 52            1,391     (1,339)            4,100        (4,500)
ICU Medical San Clemente CA Dec 17                 50                 10            40               (1)               (2)
Bio-Techne Minneapolis MN Dec 17                 49                   7            42                 37               (4)
AMN Healthcare Services San Diego CA Dec 17                 41                 26            15                 14
Idexx Labs Westbrook ME Dec 17                 38                 52          (14)             (49)
Edwards Lifesciences Irvine CA Dec 17                 36               159        (123)                   3           (297)
Emergent BioSolutions Gaithersburg MD Dec 17                 34                 32              2                 13             (14)
athenahealth Watertown MA Dec 17                 32                 10            22                   3
Cantel Medical Little Falls NJ Jan 18                 32                 18            14                   9
Myriad Genetics Salt Lake City UT Dec 17                 32                   6            26                 33
Alexion Pharmaceuticals New Haven CT Dec 17                 30                 93          (63)               292           (178)
National Vision Holdings Duluth GA Dec 17                 29               (10)            39                 43
Wright Medical Group Memphis TN Dec 17                 27               (30)            57                   7
Globus Medical Audubon PA Dec 17                 24                 24             -               (10)               (1)
Nuvasive San Diego CA Dec 17                 24                   6            18                 12
Healthcare Services Group Bensalem PA Dec 17                 20                 20             -                 (5)
United Therapeutics Silver Spring MD Dec 17                 19               110          (91)             (69)               (2)
Nu Skin Enterprises Provo UT Dec 17                 18                 38          (20)             (48)
Neogen Lansing MI Feb 18                 17                 10              7
Medidata Solutions New York NY Dec 17                 14                 11              3                   1               (3)               (2)
Supernus Pharmaceuticals Rockville MD Dec 17                 14                 14             -               (10)
Abiomed Danvers MA Dec 17                 13                 15            (2)             (22)
Ironwood Pharmaceuticals Cambridge MA Dec 17                 12               (14)            26
Align Technology San Jose CA Dec 17                 10                 48          (38)             (10)             (74)
ResMed San Diego CA Dec 17                 10                 77          (67)               (7)           (120)
Allscripts Healthcare Solutions Chicago IL Dec 17                 10                   3              7             (10)               (5)
Henry Schein Melville NY Dec 17                   9               153        (144)               (3)           (140)
Penumbra Alameda CA Dec 17                   9                 (2)            11             (15)
Neurocrine Biosciences San Diego CA Dec 17                   7               (45)            52
Merit Medical System South Jordan UT Dec 17                   7                   8            (1)                   8             (11)
HealthEquity Draper UT Jan 18                   6                   4              2
Halyard Health Alpharetta GA Dec 17                   4               (22)            26                 16               (6)
West Pharmaceutical Services Exton PA Dec 17                 -                   39          (39)             (11)             (28)
Masimo Irvine CA Dec 17                 -                 215        (215)               (9)             (35)
CRISP Therapeutics AG Boston MA Dec 17                 -                   17          (17)
Inogen Goleta CA Dec 17                 (1)                   5            (6)               (8)
Bruker Billerica MA Dec 17                 (3)                 69          (72)                   1             (68)
Ligand Pharmaceuticals San Diego CA Dec 17                 (3)                 (7)              4             (32)
Immunomedics Morris Plains NJ Dec 17                 (3)               (24)            21
Nevro Redwood City CA Dec 17                 (4)               (10)              6
Amedisys Baton Rouge LA Dec 17                 (4)                   9          (13)             (21)
Ionis Pharmaceuticals Carlsbad CA Dec 17                 (5)                 26          (31)
Usana Health Sciences Salt Lake City UT Dec 17                 (6)                 22          (28)             (13)             (17)
Insulet Billerica MA Dec 17                 (7)                 (9)              2
Haemonetics Braintree MA Dec 17                 (7)                 15          (22)                   7             (12)
AnaptysBio San Diego CA Dec 17                 (7)                 (5)            (2)
Dexcom San Diego CA Dec 17                 (9)                 (7)            (2)
Alkermes plc Boston MA Dec 17               (10)               (21)            11             (22)
Syneos Health Raleigh NC Dec 17               (15)                 37          (52)                 (90)               (4)
PRA Health Sciences Raleigh NC Dec 17               (16)                 14          (30)                 42             (42)
Loxo Oncology Stamford CT Dec 17               (21)               (27)              6
Exact Sciences Madison WI Dec 17               (22)               (37)            15
Catalent Somerset NJ Dec 17               (22)                 17          (39)                 12             (58)
Fibrogen San Francisco CA Dec 17               (22)               (34)            12
Akcea Therapeutics Cambridge MA Dec 17               (23)               (34)            11
Denali Therapeutics South San Francisco CA Dec 17               (23)               (19)            (4)
Sarepta Therapeutics Cambridge MA Dec 17               (24)               (88)            64    
Charles River Labs Wilmington MA Dec 17               (29)                 45          (74)                 13             (92)
MSA Safety Cranberry Township PA Dec 17               (33)                 25          (58)               (2)             (18)
Nektar Therapeutics San Francisco CA Dec 17               (34)               (42)              8
Array BioPharma Boulder CO Dec 17               (34)               (23)          (11)
Intrexon Blacksburg VA Dec 17               (34)               (45)            11                   2
Foundation Medicine Cambridge MA Dec 17               (38)               (36)            (2)
Intuitive Surgical Sunnyvale CA Dec 17               (39)               204        (243)             (48)           (270)
Global Blood Therapeutics South San Francisco CA Dec 17               (41)               (27)          (14)
Teleflex Wayne PA Dec 17               (43)                 61        (104)                 46           (154)
Teladoc Purchase NY Dec 17               (44)               (14)          (30)                   1
Horizon Pharma plc Chicago IL Dec 17               (46)             (137)            91                 75
Blueprint Medicines Cambridge MA Dec 17               (49)               (21)          (28)
Biomarin Pharmaceuticals Novato CA Dec 17               (51)               (91)            40             (33)
Clovis Oncology Boulder CO Dec 17               (52)               (71)            19
Seattle Genetics Bothell WA Dec 17               (59)               (55)            (4)
Aerie Pharmaceuticals Research Triangle Park NC Dec 17               (59)               (29)          (30)
Baxter Intl Deerfield IL Dec 17               (61)               240        (301)               283           (529)
Spark Therapeutics Philadelphia PA Dec 17               (62)               (37)          (25)
Herbalife Ltd Los Angeles CA Dec 17               (63)                 99        (162)           (153)
Puma Biotechnology Los Angeles CA Dec 17               (64)               (73)              9
Akorn Lake Forest IL Dec 17               (65)                 32          (97)                 27
Sage Therapeutics Cambridge MA Dec 17               (69)               (56)          (13)
Acadia Pharmaceuticals San Diego CA Dec 17               (69)               (79)            10
Amicus Therapeutics Cranberry NJ Dec 17               (69)               (59)          (10)
Celgene Summit NJ Dec 17               (81)               429        (510)               621        (1,890)
Ultragenyx Novato CA Dec 17               (82)               (71)          (11)
AveXis Bannockburn IL Dec 17               (82)               (25)          (57)
Agios Pharmaceuticals Cambridge MA Dec 17               (88)               (56)          (32)
Portola Pharmaceuticals South San Francisco CA Dec 17               (92)               (55)          (37)
Tenet Healthcare Dallas TX Dec 17             (100)                 23        (123)           (252)
Varian Medical Systems Palo Alto CA Dec 17             (112)                   8        (120)             (38)           (169)
bluebird bio Cambridge MA Dec 17             (117)               (71)          (46)
Cooper Cos Pleasanton CA Jan 18             (123)                 76        (199)             (13)           (189)
Becton Dickinson Franklin Lakes NJ Dec 17             (136)               562        (698)               290           (561)
Alnylam Pharmaceuticals Cambridge MA Dec 17             (142)             (113)          (29)
Incyte Corp Wilmington DE Dec 17             (150)                   9        (159)
Medicines Co Parsippany NJ Dec 17             (159)               (83)          (76)
Biogen Cambridge MA Dec 17             (166)               648        (814)           (184)           (990)
Tesaro Waltham MA Dec 17             (182)             (136)          (46)
Stryker Kalamazoo MI Dec 17             (249)               510        (759)             (47)           (784)
Molina Health Care Long Beach CA Dec 17             (262)               (47)        (215)             (54)
Agilent Technologies Santa Clara CA Jan 18             (320)               168        (488)             (53)           (480)
Boston Scientific Marlborough MA Dec 17             (615)               124        (739)                 99        (1,044)
Dentsply Sirona York PA Dec 17             (673)               108        (781)
Merck Kenilworth NJ Dec 17             (864)             (587)        (277)            1,579        (4,100)
Abbott Labs Abbott Park IL Dec 17             (864)               765     (1,629)            1,420        (2,890)
Medtronic plc Minneapolis MN Jan 18          (1,392)               820     (2,212)               155        (2,400)
Eli Lilly Indianapolis IN Dec 17          (1,657)               772     (2,429)            1,686        (3,600)
Bristol-Myers Squibb New York NY Dec 17          (2,329)               898     (3,227)           (285)        (2,611)
Gilead Sciences Foster City CA Dec 17          (3,836)            3,099     (6,935)               308        (5,800)
Amgen Thousand Oaks CA Dec 17          (4,264)            1,935     (6,199)            1,200        (7,300)
Johnson & Johnson New Brunswick NJ Dec 17        (10,713)            3,814   (14,527)               600      (13,600)
Total all 147            3,430          24,048   (20,618) -86%          54,676        (2,224)      (72,316)
Total all 147 Without TTCA Effect          23,294          24,048        (754) -3%            



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