Bank of America spends $250 million annually on GLP-1 obesity drugs for employees

CEO Brian Moynihan disclosed that Bank of America allocates approximately $250 million per year to GLP-1 medications including Ozempic for its workforce, up from zero spending four or five years earlier. The expense represents about 13% of the bank's total annual employee healthcare budget of more than $2 billion. Management views the coverage as a sound investment because it combines medication access with health coaching and may reduce cardiovascular risks, though Moynihan acknowledged the bank may not fully recover long-term health benefits if employees depart. The spending reflects broader employer demand for GLP-1 coverage, which has surged from 6.9% of annual insurance claims in 2023 to 11.4% by 2026. BAC leverages its scale to negotiate lower prices with drugmakers and pharmacy benefit managers.

1. CEO Brian Moynihan told CNBC on Wednesday that BAC spends about $250 million or more on GLP-1 drugs, up from zero four or five years ago
2. GLP-1 medications account for about 13% of BAC's total annual employee healthcare budget of more than $2 billion
3. BAC combines GLP-1 medication coverage with health coaching to support weight management and lifestyle changes
4. The bank's coverage is designed partly on the basis of growing evidence that the drugs may reduce cardiovascular risk
5. GLP-1 drugs' share of annual employer claims has risen from 6.9% in 2023 to 11.4% in 2026
6. BAC leverages its scale to negotiate lower prices with drugmakers and pharmacy benefit managers