Bank of America Spends $250M a Year on GLP-1 Drugs for Employees

Bank of America is now spending over a quarter of a billion dollars a year covering GLP-1 weight loss drugs for its workforce, and CEO Brian Moynihan says the tab is only going up. BAC is framing the spend as a long-term health investment, not a cost problem.

The numbers

Bank of America spends more than $250 million a year covering GLP-1 weight loss drugs for its employees, CEO Brian Moynihan told CNBC on Wednesday, saying the rapidly rising cost is a worthwhile investment in his workforce.

The company sets aside more than $2 billion a year on healthcare overall for BofA’s roughly 211,000 employees, meaning that GLP-1 medications alone now account for roughly 13% of all healthcare spending. Moynihan noted the spend is up from zero four or five years ago.

Why BofA is paying up

Bank of America pairs access to the drugs with health coaching to help monitor weight loss and lifestyle adjustments. Moynihan also pointed to emerging clinical data suggesting nearer-term benefits, including a lower incidence of cardiovascular events.

The nation’s second-largest lender by assets is also using its size to negotiate lower prices from drugmakers and pharmacy benefit managers. That leverage matters as prescription volumes climb.

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The broader employer picture

GLP-1 drugs accounted for 11.4% of employers’ annual healthcare claims in 2026, up sharply from 6.9% just three years earlier, underscoring how quickly spending on the medications has climbed.

Only 36% of companies cover GLP-1 costs for diabetes and weight loss, according to a 2026 survey from the International Foundation of Employee Benefit Plans, and some big employers, including PwC, have reportedly stopped covering the drugs for weight loss.

Earlier this year, Eli Lilly introduced a new employer-focused program allowing companies to purchase a multi-dose version of Zepbound at a net price of $449 per month across all dosage levels.

Options market and stocks to watch

BAC: Watch how investors weigh rising healthcare expenses against Moynihan’s bet that GLP-1 spend improves productivity and long-term claims.

LLY: Eli Lilly is a direct beneficiary of employer coverage expansion for Zepbound. Watch flow around new employer programs and pricing commentary.

NVO: Novo Nordisk, maker of Ozempic and Wegovy, remains the other side of the GLP-1 employer trade. Watch for updates on employer contract wins and pricing pressure from large payers.

UNH and CVS: Watch the PBMs and insurers as more large employers push back on GLP-1 pricing and demand tighter utilization management.

For more coverage of GLP-1 and healthcare cost trends, see other news.

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