CEO Moynihan said the bank spends more than $250 million annually on weight-loss drugs for 210,000 employees. Only 36% of companies cover GLP-1s, according to a 2026 survey. The cost and coverage gap shape the sector outlook for pharma and insurers.
Bank of America CEO Brian Moynihan said the bank spends more than $250 million a year on GLP-1 weight-loss drugs for its employees. He called the expense a worthwhile investment in a CNBC interview Wednesday at the Aspen Economic Strategy Group meeting.
The bank's annual healthcare budget runs about $2 billion. Moynihan pointed to short- and long-term health benefits, including lower heart disease risk. Even if some employees leave before fully benefiting, "it's still the right thing to do," he said. The firm is working to get the drugs as cheaply as possible, especially as pill versions become available.
Not every employer follows the same approach. A 2026 survey from the International Foundation of Employee Benefit Plans found that only 36% of companies cover GLP-1 costs for diabetes and weight loss. PwC reportedly stopped covering the drugs for weight loss.
The spending has ripple effects beyond Bank of America. GLP-1 makers like Eli Lilly and Novo Nordisk benefit from wider employer adoption. Coverage remains limited, which may slow revenue growth from the employer channel. Health insurers face pressure to manage costs while meeting demand. Employers that do cover the drugs are grappling with HR challenges, as Business Insider's Juliana Kaplan recently reported. Some Americans who rely on the drugs have struggled to pay after changes in their insurance, creating a precarious balancing act between financial and physical health.
Bank of America carries an Alpha Score of 68 out of 100, rated Moderate, in the Financials sector. The score reflects the bank's overall market positioning. For a full profile of the stock, see the BAC stock page.
The broader trend shows employers wrestling with the cost of GLP-1s. The 36% coverage rate suggests many companies remain on the sidelines. As more pill versions enter the market, the cost equation may shift, potentially widening adoption. Moynihan's comments put a concrete number on what one large employer is willing to pay.
Prepared with AlphaScala editorial tooling from the source reporting linked above. Indexable analysis may include a cited Alpha Score value. Publishing checks screen each story before release. Educational coverage, not personalized advice.