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Trump Bought Stock in Drugmaker as His Government Boosted Its Obesity Drugs
President Donald Trump earlier this year bought as much as $680,000 in stock of Eli Lilly, the maker of blockbuster obesity drugs, as the agencies he oversees undertook an agenda that largely benefited the company.
On May 14, the federal government released ethics disclosures revealing a list of stock and bond trades made on Trump’s behalf from January to March of this year. They included extensive trades across the economy, including investments in tech giants such as Microsoft and Nvidia, aerospace firms such as Boeing, and household-name companies such as Target and Chipotle.
In healthcare, however, the trades for Lilly — a company valued by the stock market at just under $1 trillion — stand out. That’s because the timing of Trump’s purchases coincides with several favorable government decisions benefiting the drugmaker’s GLP-1 business, including progress toward a long-held goal: qualifying the drugs for reimbursement from Medicare, the government health insurance program primarily serving seniors, when they are prescribed for weight loss.
The disclosure forms — which bear Trump’s distinct signature — give ranges rather than exact dollar amounts for the trades. They show seven purchases of Lilly stock made on the president’s behalf through the end of March, the first of which occurred on Jan. 6.
During that period, and just afterward, several Trump administration initiatives ultimately benefited Lilly. Perhaps the biggest was an initiative from the Centers for Medicare & Medicaid Services, which was proposing a pilot program — a temporary “bridge,” potentially followed by permanent reimbursement — through which Medicare patients would pay $50 a month for GLP-1 drugs.
The deadline for drug manufacturers to submit applications indicating their interest in participating was Jan. 8. Lilly has since been named as a participating manufacturer in the program, calling it a “significant milestone.”
Another purchase on Feb. 10, of West Pharmaceutical Services stock valued between $250,000 and $500,000, was similarly a bet on the GLP-1 market. The company, which manufactures injectable devices for drugs, credited growth in its GLP-1 business with driving increased revenue in its most recent quarter.
Lilly declined to comment. West Pharmaceutical Services did not immediately respond to a request for comment.
A spokesperson at the Department of Health and Human Services declined to comment, referring KFF Health News to the White House. A White House spokesperson referred questions to the Trump Organization — the holding company for most of the president’s businesses — which did not immediately respond to a request for comment.
In response to other outlets’ questions about Trump’s stock trades, the Trump Organization has said the investments are controlled by independent brokers.
It is unclear from the disclosures whether Trump directed any of the trades himself. Four of the Lilly stock purchases are marked “unsolicited,” though the Office for Government Ethics did not immediately respond to a request for clarification on the use of that term.
Trump’s assets are in a trust held by his children, and Trump Organization spokespeople have said in the past that neither the president nor his children play a role in “selecting, directing, or approving” specific investments.
Eric Trump, the president’s son and a Trump Organization executive, said May 15 on X: “To suggest that individual stocks are being bought or sold, at the discretion of any member of the Trump family, would be a lie and blatantly false.”
He claimed the purchases of index funds account for the investments. The disclosures record purchases of funds and individual stocks.
Lilly had a strong 2025, finishing with $65 billion in revenue, up $20 billion from the year before. GLP-1 drugs accounted for a substantial portion of that total.
At the beginning of 2026, the drugmaker said it expected another surge in revenue this year, above $80 billion. It was a “stunning” projection, analysts at the bank Citi said.
Analysts for the financial services firm TD Cowen said the Medicare and Medicaid market would be critical to making it happen. “Guidance anticipates favorable impact from Medicare coverage of obesity medications by 7/1/26,” the analysts noted.
Historically, Medicare hasn’t covered obesity drugs. In a May 2025 open letter, noting unfavorable reimbursement decisions across government and private-run insurance, Lilly said: “This isn’t about just one medicine, formulary, or insurance plan. It’s about a system that limits patients’ and health care providers’ ability to choose an obesity management treatment plan that is best for them.”
Key to that market was the pilot program rolled out by CMS, called BALANCE, aimed at helping Medicare and Medicaid beneficiaries improve their health. Last fall, 12% of U.S. adults reported currently using GLP-1s, according to a KFF poll, and 56% of those who had used GLP-1s found the medications — prescribed to treat diabetes and aid weight loss — hard to afford.
The appearance of a potential conflict of interest is enough to trouble ethics experts.
“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 in two ways,” said Kathleen Clark, a legal ethicist at Washington University in St. Louis.
First, she said, the public should believe government actions are motivated by common good, not personal enrichment. And second, the public should believe that those within government aren’t benefiting from inside information.
A ban on stock trading by the president would require an act of Congress, though some lawmakers have resisted such legislation. Members of Congress are also permitted to buy and sell stocks.
Trump’s White House and HHS boosted GLP-1s throughout the first few months of the year. In February, the government unveiled TrumpRx, a web portal directing patients to lower-price versions of some drugs, with some terms and conditions.
The website offers Zepbound for as low as $299 a month and points patients to LillyDirect, the drug company’s telemedicine service prescribing the drug. Company executives haven’t commented on TrumpRx specifically, but they have touted the telemedicine service. Lilly’s 2025 annual filing to the Securities and Exchange Commission said LillyDirect was a “growing portion of our business.”
Also, in February the FDA intensified a broad crackdown on “compounded” GLP-1s — drugs manufactured by pharmacies that are cheaper and, critics charge, often unsafe alternatives to Lilly’s branded products.
The agency made another favorable decision for Lilly in April, approving its Foundayo weight loss pill under its Commissioner’s National Priority Voucher program. The program was launched by FDA Commissioner Marty Makary, who had promised to approve high-priority drugs in record time. Foundayo was approved in 50 days after filing.
“This approval demonstrates what the FDA can achieve when we eliminate delays and prioritize fast and thorough work from the agency and industry partners,” Makary, who stepped down last week, said in an April news release.
Not all agency decisions were favorable. The FDA asked Lilly to provide additional safety data regarding liver toxicity in Foundayo, though analysts don’t appear particularly troubled. The company has told news outlets that no negative safety signals have been observed.
KFF Health News is a national newsroom that produces in-depth journalism about health issues and is one of the core operating programs at KFF—an independent source of health policy research, polling, and journalism. Learn more about KFF.This <a target="_blank" href="https://kffhealthnews.org/health-industry/trump-stock-trades-eli-lilly-glp-1-weight-loss-drugs-invest-ethics-disclosures/">article</a> first appeared on <a target="_blank" href="https://kffhealthnews.org">KFF Health News</a> and is republished here under a <a target="_blank" href="https://creativecommons.org/licenses/by-nc-nd/4.0/">Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License</a>.<img src="https://kffhealthnews.org/wp-content/uploads/sites/8/2023/04/kffhealthnews-icon.png?w=150" style="width:1em;height:1em;margin-left:10px;">
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Journalists Unpack Latest on Vaccines, Vaping, and TrumpRx

KFF Health News chief Washington correspondent Julie Rovner discussed federal policy on vaccine research, vaping, and drug access on Science Friday on May 8. Rovner also discussed the Supreme Court decision on the abortion pill mifepristone on NPR’s Morning Edition on May 5.
Céline Gounder, KFF Health News’ editor-at-large for public health, discussed the rising cost of drug prices, despite hopes about TrumpRx, on CBS News’ The Daily Report on May 7.
KFF Health News is a national newsroom that produces in-depth journalism about health issues and is one of the core operating programs at KFF—an independent source of health policy research, polling, and journalism. Learn more about KFF.
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Kennedy, Balancing MAHA and White House, Says He Won’t Run for President in 2028
Health and Human Services Secretary Robert F. Kennedy Jr. is caught between his Make America Healthy Again supporters who want him to do more to advance their priorities, including curtailing vaccines, and a White House trying to combat President Donald Trump’s unpopularity.
Protesters’ chants could be heard from inside the Cleveland City Club, where Kennedy was speaking to a bipartisan group of citizens as part of his recent tour of northern Ohio. His calls for parents to have more “choice” on vaccinating their children was met with applause from half of the room. The other half released exasperated sighs and gasps.
His travel schedule is about to get busier: Kennedy is expected to stump for GOP lawmakers, traveling to states with competitive races in the upcoming midterm elections.
The goal of Kennedy’s campaign appearances is to shore up support for Republican candidates. But his targeted presence underscores the increasingly intense push and pull Kennedy faces as he works to maintain enduring political viability with GOP voters — especially MAHA supporters.
His challenge is complicated by a widening schism between the White House and Kennedy’s anti-vaccine crusade. Some MAHA adherents feel betrayed by the Trump administration, which they say is thwarting the movement’s agenda by not doing more to limit pesticides, halt access to covid shots, or investigate conspiracy theories about airplane contrails poisoning the skies.
Meanwhile, some in the MAHA camp hope Kennedy will announce his own run for the White House in 2028.
But Kennedy says he has no such aspirations. Asked by KFF Health News on May 7 whether he sees a path to run for the presidency again as a Republican, he replied firmly: “No, I’m not going to run.”
Changing his position about running would put Kennedy on a collision course with President Donald Trump, who’s reportedly weighing Secretary of State Marco Rubio and Vice President JD Vance as possible successors. (Trump, too, has mused about running again in 2028, though the 22nd Amendment would prohibit it.) A Kennedy candidacy could also sap much of the Trump administration’s work on other MAHA causes, because the secretary would likely leave his role at the Department of Health and Human Services.
“If he isn’t secretary, then MAHA’s influence will severely diminish,” said David Mansdoerfer, who served as deputy assistant secretary for health at HHS in the first Trump administration.
“Running would be perfectly logical for Bobby,” said Christopher Bosso, a public policy and political science professor at Northeastern University. “Kennedy is being a good soldier, but to what extent? That is going to be a question.”
‘A Grave Misstep’
Recent Trump administration actions have riled up MAHA supporters. The president in April nominated Erica Schwartz, a doctor and vaccine supporter, to lead the Centers for Disease Control and Prevention. Kennedy fired Susan Monarez, the agency’s previous director; she testified she was ousted for not preapproving vaccine recommendations.
Schwartz’s nomination and White House efforts to shift Kennedy’s focus away from vaccines stand in stark contrast with 2024, when Trump pledged to let Kennedy “go wild” on health.
In an interview, Kennedy said “I think I have” gone wild on health. He shot down claims that the White House has limited his work.
“President Trump has let me do more than any HHS secretary in history,” Kennedy said.
Kennedy has said he supports Schwartz, though he told lawmakers last month that he did not discuss her nomination with Trump. MAHA adherents have criticized her backing of covid vaccines, holding it up as evidence that the White House is restricting the health secretary.
“Trump’s pick to head the CDC, Erica Schwartz, would likely be a disaster,” Aaron Siri, a lawyer and Kennedy ally, said on X, citing her work supporting the covid vaccine rollout.
Trump also withdrew the nomination of wellness influencer Casey Means, another Kennedy ally, for U.S. surgeon general. In May, the president nominated Nicole Saphier, a radiologist and former Fox News contributor. MAHA adherents have panned the selection, which reflects a more mainstream and traditional medical approach to the position. Means had faced pushback from some Republican senators for questioning contraception methods and refusing to reject the debunked link between vaccines and autism.
“DOGE the Surgeon General!!! We want medical freedom!!!! If not Casey – we take no one!” Vani Hari, a MAHA influencer, said May 1 on X.
Taken together, these actions threaten to weaken MAHA support for GOP candidates. But many Republicans in competitive races are already distancing themselves from the grassroots, vaccine-skeptical “medical freedom” movement led by Kennedy.
Many MAHA supporters also feel let down by Trump administration directives that rolled back environmental regulations and promoted pesticides. Some now see a Kennedy presidency as critical to attaining their policy goals.
Stephanie Weidle “100%” wants to see Kennedy run again. The 34-year-old Washington, D.C., resident was outside the Supreme Court last month during a rally to oppose protections for the weed-killing chemical glyphosate.
A reliable Republican voter, Weidle described the administration’s actions as disappointing. She wants to see Kennedy go further on examining the childhood vaccine schedule and limiting chemical use on crops.
“His hands have been tied,” Weidle said of Kennedy. She believes the White House has ordered him to back down from those controversial issues. “Republicans have made a grave misstep in not leading with MAHA.”
Vaccines Are a Flash Point
In the midst of these dynamics, Kennedy is attempting to thread the needle between the White House, which wants him to back away from attacking vaccines, and MAHA supporters who want him to do more. He has sought to appease both sides, praising Saphier as the surgeon general pick and describing her on X as a “long-time warrior for the MAHA movement.”
He’s also tempered his public focus on vaccines. His podcast, which he said would “confront the lies” that lead to illness, has veered away from the topic and centered instead on food and nutrition.
During his recent congressional hearings, he also focused on initiatives that poll well with voters. Appearing before the House Ways and Means Committee, Kennedy offered an opening statement focused on healthcare affordability and drug prices, issues he had shied away from during his first few months on the job.
While he mentioned his redesign of nutritional guidelines and pressing industry to cease its use of certain food dyes, he avoided more controversial topics that underscored his first few months in office, including his attempt to upend the childhood vaccine schedule and efforts to explore causes of autism.
Despite his pivot to more popular subjects, Kennedy’s draw weakens beyond MAHA circles. A March straw poll of more than 1,600 attendees at the annual Conservative Political Action Conference found nearly zero support for him as a presidential candidate when participants were asked who they would vote for if the election were held today.
“He has a constituency that is very much attached to MAHA that may not vote in the Republican primaries or in a general election,” said Robert Blendon, professor emeritus of health policy and political analysis at Harvard University.
Kennedy ran for president in the 2024 race as a Democrat, then as an independent, before halting his campaign in August 2024 and throwing his support behind Trump.
Some of the president’s advisers credit Kennedy’s MAHA voters with tipping the scales just enough to help Trump secure his 2024 election win. About a third of U.S. adults now identify as MAHA supporters, according to a March poll by Politico, and support is highest among Republicans who also back Trump’s Make America Great Again political movement.
Vaccine policy is galvanizing voters on both sides. Eighty-one percent of voters said vaccine policy, including decisions about what vaccines are recommended for children, will have an impact on their decision to vote in the 2026 midterm elections, according to a KFF poll conducted in April. Voters said they trust Democrats more than Republicans on vaccine policy and other health issues, according to the poll.
But healthcare — especially its costs — looms larger as an issue. Sixty-four percent of voters said that they are very or somewhat worried about healthcare, including the cost of health insurance and out-of-pocket costs for things like office visits and prescription drugs, and 88% said such costs will have an impact on their vote.
Many of the MAHA faithful question whether their political muscle really matters.
Republicans seem less convinced the constituency will make or break the midterm election results.
Republicans in Congress and the administration “have decided not to run on MAHA for the midterms,” Robert Malone, a scientist and Kennedy ally who stepped away in March from his position on the federal Advisory Committee on Immunization Practices, said April 16 on X.
KFF Health News is a national newsroom that produces in-depth journalism about health issues and is one of the core operating programs at KFF—an independent source of health policy research, polling, and journalism. Learn more about KFF.This <a target="_blank" href="https://kffhealthnews.org/elections/rfk-jr-kennedy-2028-run-president-maha-trump-white-house/">article</a> first appeared on <a target="_blank" href="https://kffhealthnews.org">KFF Health News</a> and is republished here under a <a target="_blank" href="https://creativecommons.org/licenses/by-nc-nd/4.0/">Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License</a>.<img src="https://kffhealthnews.org/wp-content/uploads/sites/8/2023/04/kffhealthnews-icon.png?w=150" style="width:1em;height:1em;margin-left:10px;">
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