Newly released financial disclosures are drawing scrutiny after revealing that President Donald Trump purchased hundreds of thousands of dollars in stock in pharmaceutical giant Eli Lilly and Company while his administration pursued policies that benefited the company’s booming obesity drug business.
The disclosures, released May 14, show stock and bond trades made on Trump’s behalf between January and March 2026. Among the investments were multiple purchases of Lilly stock valued at up to $680,000 combined. The company, one of the world’s largest drug makers, manufactures blockbuster GLP-1 obesity and diabetes medications including Zepbound.
The timing of the purchases has raised concerns among ethics experts because several administration actions during the same period advanced policies that could significantly benefit Lilly financially.
One of the biggest developments involved the Centers for Medicare & Medicaid Services, which proposed a pilot program that would allow Medicare patients to access GLP-1 obesity drugs for approximately $50 per month. Lilly was later named as a participating manufacturer in the initiative, which analysts view as a major step toward broader Medicare coverage of weight-loss medications.
Historically, Medicare has not covered obesity drugs prescribed solely for weight loss, making expanded federal reimbursement a long-sought goal for pharmaceutical companies developing GLP-1 medications.
The disclosures also show Trump purchased stock in West Pharmaceutical Services, a company that manufactures injectable drug delivery devices and has reported strong revenue growth tied to the GLP-1 market.
Neither Lilly nor West Pharmaceutical Services offered detailed public comments regarding the trades. The Department of Health and Human Services referred questions to the White House, while the White House directed inquiries to the Trump Organization.
The Trump Organization has maintained that the president’s investments are managed by independent financial brokers and that Trump and his family do not directly oversee individual trades. Eric Trump, speaking on social media, called suggestions that family members directed specific stock purchases “blatantly false.”
Still, ethics experts say the appearance of a conflict of interest remains concerning, particularly when government actions could directly influence the value of investments held by a sitting president.
“A president who buys or sells the stock of a company whose value is affected by his administration’s actions undermines the public’s trust,” legal ethicist Kathleen Clark of Washington University in St. Louis told KFF Health News.
The controversy comes as GLP-1 medications continue reshaping the pharmaceutical industry and broader healthcare market. Lilly reported $65 billion in revenue during 2025, with obesity and diabetes drugs accounting for a major portion of that growth. The company has projected revenue could exceed $80 billion in 2026, driven in part by anticipated expansion into Medicare and Medicaid markets.
Administration policies during the first several months of 2026 also appeared to support expanded access to Lilly products. In February, the federal government launched TrumpRx, an online portal promoting lower-cost prescription drug options. The site directed patients toward LillyDirect, the company’s telemedicine service that connects patients to obesity drug prescriptions.
That same month, the Food and Drug Administration intensified its crackdown on compounded GLP-1 drugs, which are often sold as cheaper alternatives to brand-name obesity medications. Critics of compounded versions have raised concerns about safety and quality, while supporters argue they provide lower-cost access for patients unable to afford branded products.
In April, the FDA also approved Lilly’s new weight-loss pill, Foundayo, through a fast-track review program created under former FDA Commissioner Marty Makary. The drug reportedly received approval within 50 days of filing.
While no evidence has emerged showing Trump personally directed the stock trades or altered policy decisions for financial gain, the disclosures have renewed calls from some ethics advocates and lawmakers for stricter limits on stock ownership and trading by presidents and members of Congress.
