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Hundreds of thousands of dollars in Eli Lilly shares were purchased on behalf of President Donald Trump earlier this year, financial disclosures show, as the pharmaceutical company benefited from the administration’s push to expand access to blockbuster obesity treatments.

Ethics filings revealed several thousand trades tied to stocks and bonds were made on Trump’s behalf during the first quarter of 2026, with a cumulative value ranging from $220 million to approximately $750 million.

The forms, released last week, included securities linked to some of the largest U.S. companies, such as Apple, Boeing, Goldman Sachs, Meta Platforms, Microsoft and Nvidia.

Trump has built strong ties with Corporate America since returning to office in January 2025. Last week, he took a delegation of CEOs from Apple, Boeing, Goldman Sachs and Nvidia on a state visit to China.

The Trump Organization has denied that the president “plays any role” in selecting the stocks in his investment portfolio.

Among the trades executed on Trump’s behalf were seven acquisitions of shares in Eli Lilly worth up to $680,000 between Jan. 6 and the end of March, a period when federal agencies rolled out initiatives that benefited the drugmaker’s weight-loss drugs.

KFF Health News, which highlighted the transactions, noted that during and just after the same period, several U.S. government actions under Trump benefited Eli Lilly’s GLP-1 business.

These actions include a pilot program under which the Centers for Medicare & Medicaid Services will expand access to GLP-1 medications, including Lilly’s Foundayo and Zepbound KwikPen, for Medicare patients.

In February, KFF Health News reported, the administration unveiled TrumpRx, its direct-to-consumer drug sales website aimed at lowering prescription drug costs.

According to a White House fact sheet, for the first few months, TrumpRx featured medications made by the first five manufacturers that struck pricing deals with the administration — including Eli Lilly — and directed patients to LillyDirect, the drug company’s telemedicine service.

The White House announced an expansion of TrumpRx earlier this week, saying it will now feature more than 600 generic medications.

Eli Lilly, the U.S. Department of Health and Human Services, the White House and the Trump Organization did not immediately respond to requests for comment.

A spokesperson for the Trump Organization told Reuters in a statement last week that Trump’s “investment holdings are maintained exclusively through fully discretionary accounts independently managed by third-party financial institutions with sole and exclusive authority over all investment decisions.”

“Trades are executed and portfolios are balanced through automated investment processes and systems administered by those institutions,” the spokesperson added.

The spokesperson also said: “Neither President Trump, his family, nor the Trump Organization plays any role in selecting, directing, or approving specific investments. They receive no advance notice of trading activity and provide no input regarding investment decisions or portfolio management of any kind.”

The Financial Times reported that the number of transactions disclosed last week “far exceeds” Trump’s trading activity during the first year of his second term.

The filings come as Trump and his family have faced scrutiny over the last year regarding their growing wealth from recent real estate and cryptocurrency ventures and other business investments, while many Americans continue to feel financial strain with inflation remaining high and fuel costs still climbing.

Days before the trading disclosures were released, Trump was asked whether Americans’ financial situation was motivating him to reach a deal to end the war in Iran. He responded: “Not even a little bit.”

“I don’t think about Americans’ financial situation,” he said. “I don’t think about anybody. I think about one thing: We cannot let Iran have a nuclear weapon. That’s all.”

“,
“summary”: “Financial disclosures reveal Trump’s portfolio invested in Eli Lilly shares as the drugmaker gained from administration policies expanding access to obesity drugs, amid rising scrutiny of his wealth.”
}