The 6 Health Care Insurance Cos Total Pretax Earnings Increased By 11% in the 4Q 2018, While the 69 Other Health Care Cos Saw Their Total Pretax Earnings Decline By 41% in the 4Q 2018.
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So, Which US States Were Hit the Hardest By the US Health Care Cos Total Pretax Earnings Decline of 33% in the 4Q 2018?
- The 17 California Health Care Cos Saw Their Total Pretax Earnings Decline By 42% in the 4Q 2018.
- The 8 New Jersey Health Care Cos Total Pretax Earnings Dropped By 90% in the 4Q 2018.
- The 4 Illinois Health Care Cos Saw Their Total Pretax Earnings Decline By 90% in the 4Q 2018.
- The 4 New York Health Care Cos Saw Their Total Pretax Earnings Drop By 40% in the 4Q 2018.
- And the 13 Massachusetts Health Care Cos Saw Their Total Pretax Earnings Decline By 13% in the 4Q 2018.
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From a review of SEC filings and individual Company information in MSN Money, I found 76 US Health Care Companies with with stock market caps sometime in 2018 of more than $10 Bil.
Of these 76 Cos, 1 of them hasn't released its 4Q 2018 earnings by March 13, 2019, which leaves 75 Cos.
My Focus is on Pretax Income rather than on After-Tax Net Income because Corporate Income Taxes are simply a transfer of financial wealth between US Corporations and the US Federal, US State and Foreign Governments. It has nothing whatsoever to do with Company Operating Performance.
The chart below shows the Gold-Standard US GAAP Total Pretax Income (Loss) From Continuing Operations for the 4Q (November 2018, December 2018 or January 2019 quarter ends) of both 2018 and 2017 for each of these 75 Health Care Companies, sorted by US State Headquarters.
Of these 76 Cos, 1 of them hasn't released its 4Q 2018 earnings by March 13, 2019, which leaves 75 Cos.
My Focus is on Pretax Income rather than on After-Tax Net Income because Corporate Income Taxes are simply a transfer of financial wealth between US Corporations and the US Federal, US State and Foreign Governments. It has nothing whatsoever to do with Company Operating Performance.
The chart below shows the Gold-Standard US GAAP Total Pretax Income (Loss) From Continuing Operations for the 4Q (November 2018, December 2018 or January 2019 quarter ends) of both 2018 and 2017 for each of these 75 Health Care Companies, sorted by US State Headquarters.
| US | US | |||
| GAAP | GAAP | |||
| Pretax | Pretax | |||
| Income | Income | |||
| (Loss) | (Loss) | |||
| Nov 18 | Nov 17 | |||
| Dec 18 | Dec 17 | |||
| US Health Care Companies | or | or | Better | |
| US | Stock Market Caps > $10 Bil | Jan 19 | Jan 18 | (Worse) |
| State | Releasing Their 4Q 2018 Earnings | Quarter | Quarter | % |
| HQs | By March 13, 2019 | End | End | Change |
| mils $ | mils $ | mils $ | ||
| California Cos | ||||
| CA | Amgen | 2,185 | 2,214 | -1% |
| CA | Gilead Sciences | 1,016 | 2,126 | -52% |
| CA | McKesson | 650 | 697 | -7% |
| CA | Intuitive Surgical | 359 | 341 | 5% |
| CA | Agilent Technologies | 248 | 233 | 6% |
| CA | Illumina | 210 | 224 | -6% |
| CA | Jazz Pharmaceuticals | 165 | 119 | 39% |
| CA | Resmed | 146 | 142 | 3% |
| CA | Varian Medical | 137 | 123 | 11% |
| CA | Align Technologies | 120 | 114 | 5% |
| CA | Cooper Cos | 94 | 75 | 25% |
| CA | Neurocrine Biosciences | 19 | 7 | 171% |
| CA | Edwards Lifesciences | (2) | 324 | -101% |
| CA | Biomarin Pharmaceuticals | (43) | 55 | -178% |
| CA | Nektar Therapeutics | (100) | (34) | NM |
| CA | Dexcom | (177) | 9 | -2067% |
| CA | Bio-Rad Labs | (1,047) | 46 | -2376% |
| Total 17 California Cos | 3,980 | 6,815 | -42% | |
| Illinois Cos | ||||
| IL | Walgreen's Boots Alliance | 1,280 | 1,049 | 22% |
| IL | Abbott Labs | 947 | 574 | 65% |
| IL | Baxter Intl | 445 | 293 | 52% |
| IL | AbbVie | (2,373) | 1,193 | -299% |
| Total 4 Illinois Cos | 299 | 3,109 | -90% | |
| Indiana | ||||
| IN | Eli Lilly | 939 | 284 | 231% |
| IN | Anthem | 542 | 126 | 330% |
| IN | Elanco Animal Health | (2) | (155) | NM |
| IN | Zimmer Biomet | (866) | (124) | NM |
| Total 4 Indiana Cos | 613 | 131 | 368% | |
| Massachusetts Cos | ||||
| MA | Biogen | 1,415 | 1,400 | 1% |
| MA | Thermo Fisher Scientific | 1,012 | 820 | 23% |
| MA | Boston Scientific | 296 | 227 | 30% |
| MA | Waters Corp | 198 | 226 | -12% |
| MA | Hologic | 104 | 96 | 8% |
| MA | Abiomed | 65 | 46 | 41% |
| MA | Vertex Pharmaceutical | 32 | 112 | -71% |
| MA | Alkermes | (2) | 11 | -118% |
| MA | Alexion Pharmaceuticals | (33) | 89 | -137% |
| MA | Sarepta Therapeutics | (142) | (26) | NM |
| MA | bluebird bio | (149) | (117) | NM |
| MA | Alnylam Pharmaceuticals | (211) | (142) | NM |
| MA | BeiGene Ltd | (275) | (94) | NM |
| Total 13 Massachusetts Cos | 2,310 | 2,648 | -13% | |
| New Jersey Cos | ||||
| NJ | Johnson & Johnson | 3,122 | 2,560 | 22% |
| NJ | Merck | 2,604 | 1,879 | 39% |
| NJ | Celgene | 1,117 | 1,131 | -1% |
| NJ | Becton Dickinson | 714 | 105 | 580% |
| NJ | Zoetis | 418 | 430 | -3% |
| NJ | Quest Diagnostics | 179 | 244 | -27% |
| NJ | Bausch Health Cos | (426) | (804) | NM |
| NJ | Allergan plc | (5,593) | (410) | NM |
| Total 8 New Jersey Cos | 2,135 | 5,135 | -58% | |
| New York Cos | ||||
| NY | Bristol-Myers Squibb | 1,547 | 698 | 122% |
| NY | Regeneron Pharmaceuticals | 676 | 555 | 22% |
| NY | Henry Schein | 170 | 215 | -21% |
| NY | Pfizer | (946) | 953 | -199% |
| Total 4 New York Cos | 1,447 | 2,421 | -40% | |
| Pennsylvania Cos | ||||
| PA | AmerisourceBergen | 433 | 359 | 21% |
| PA | Universal Health Services | 207 | 302 | -31% |
| PA | Teleflex | 96 | 67 | 43% |
| PA | Mylan NV | 77 | 327 | -76% |
| PA | Dentsply Sirona | 77 | (713) | NM |
| Total 5 Pennsylvania Cos | 890 | 342 | 160% | |
| Cos in all Other US States | ||||
| CO | DaVita | 259 | 47 | 451% |
| CT | Cigna | 228 | 758 | -70% |
| DE | Incyte Corp | 71 | (148) | NM |
| FL | WellCare Health Plans | 89 | 9 | 889% |
| KY | Humana | 438 | 490 | -11% |
| ME | Idexx Labs | 107 | 90 | 19% |
| MI | Stryker | 657 | 649 | 1% |
| MI | Perrigo Co plc | 204 | 132 | 55% |
| MN | UnitedHealth Group | 4,123 | 3,669 | 12% |
| MN | Medtronic plc | 1,370 | 1,027 | 33% |
| MO | Centene | 357 | 168 | 113% |
| MO | Cerner | 172 | 222 | -23% |
| NC | Laboratory Corp of America | 215 | 266 | -19% |
| NC | IQVIA Holdings | 106 | 36 | 194% |
| OH | Cardinal Health | 407 | 317 | 28% |
| OH | Steris plc | 58 | 92 | -37% |
| RI | CVS Health | 102 | 2,809 | -96% |
| TN | HCA Healthcare | 1,489 | 1,377 | 8% |
| WA | Seattle Genetics | (143) | (87) | NM |
| WI | Exact Sciences | (54) | (22) | NM |
Total 75 Health Care Cos
|
21,929 | 32,502 | -33% | |
….. Total 6 Health Insurance Cos
|
5,777 | 5,220 | 11% | |
….. Total all 69 Other HC Cos
|
16,152 | 27,282 | -41% |
