Federal ethics disclosures published recently show President Donald Trump’s accounts purchased Eli Lilly stock on at least seven occasions in the first quarter of 2026 — a period in which his administration took a series of actions that directly benefited the drugmaker’s obesity drug business.
The transactions are recorded in two OGE Form 278-T periodic disclosure reports filed with the U.S. Office of Government Ethics and made public May 14. The forms, which cover January through March 2026, list transaction values in broad ranges rather than exact figures. The cumulative value of all disclosed trades reached between $220 million and $750 million across thousands of securities, including tech, aerospace and retail holdings. Within that portfolio, Lilly stands out — not just for the scale of the position, but for its timing.
The first Lilly purchase on record occurred Jan. 6. Two days later, the deadline closed for drug manufacturers to submit applications to participate in CMS’ newly announced BALANCE Model — the federal government’s most significant step toward covering GLP-1 drugs for obesity under Medicare and Medicaid. CMS rolled out the model Dec. 23, setting a Jan. 8 deadline for manufacturer responses. Under the program, CMS would negotiate GLP-1 drug prices directly with manufacturers on behalf of state Medicaid agencies and Medicare Part D plans. A separate, faster-moving component — the Medicare GLP-1 Bridge — would give eligible Part D beneficiaries access to obesity drugs beginning July 1, 2026, for a $50 monthly copay.
Additional stock purchases followed through February and March. Lilly was confirmed as a participating manufacturer in March. In a statement on its investor relations page, the company called the development “a significant milestone,” confirming that Zepbound, Mounjaro, and Foundayo would be available to Medicare Part D beneficiaries under the program beginning Jan. 1, 2027, with most patients’ out-of-pocket costs capped at $50 per month. Lilly’s own SEC proxy filings note that the company “announced an agreement with the U.S. government to expand access to its obesity medicines and reduce patient costs, including Medicare access for Zepbound that is expected by July 1, 2026.”
In April — just after the Q1 window closed — the FDA approved Lilly’s oral GLP-1 weight loss drug Foundayo under a new expedited review program. The agency cleared it in 50 days — the fastest approval for a novel drug since 2002 — using the Commissioner’s National Priority Voucher program launched by then-FDA Commissioner Marty Makary, MD, who stepped down May 12. Lilly’s investor release noted Foundayo would be immediately available via LillyDirect, the company’s telemedicine service, with retail pharmacy availability to follow.
Also benefiting Lilly during this period was a sustained federal crackdown on compounded GLP-1 drugs that had served as lower-cost competition to its branded products. The FDA had declared the tirzepatide shortage resolved in December 2024 and the semaglutide shortage resolved in February 2025, setting enforcement deadlines that wound down pharmacy compounding of both active ingredients. By early 2026, the agency had sent 30 warning letters to telehealth companies still marketing compounded semaglutide and tirzepatide. In April, the FDA proposed formally excluding all three major GLP-1 compounds from the 503B bulk substances list — a move that, if finalized, would close the last regulatory pathway for large-scale compounding regardless of future shortage conditions. Compounded GLP-1s had offered patients access at roughly $150 to $300 per month, compared with branded list prices exceeding $1,000.
The financial stakes are significant. Lilly’s Q1 2026 SEC filings show the company closed 2025 with $65 billion in revenue and projected surpassing $80 billion in 2026, with GLP-1 drugs driving the bulk of growth. The Medicare and Medicaid market — historically closed to obesity drug coverage — was central to that guidance. Analysts at TD Cowen noted that Lilly’s 2026 guidance “anticipates favorable impact from Medicare coverage of obesity medications by 7/1/26.”
But not every federal decision ran in Lilly’s favor. The FDA requested additional safety data on liver toxicity associated with Foundayo. And by late April, CMS announced that the BALANCE Model’s Medicare Part D component would not launch as scheduled in January 2027, citing insufficient plan participation — a setback that sent Lilly and Novo Nordisk shares lower. CMS instead extended the Medicare GLP-1 Bridge through December 2027.
Eli Lilly declined Becker’s request for comment.
Presidents are not legally prohibited from holding or trading individual stocks while in office — a ban would require an act of Congress — though proposals to restrict executive branch trading have gained traction in recent years.
Editor’s note: Becker’s Healthcare reached out to the White House, HHS and the Trump Organization for comment.
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