The “Make America Healthy Again” (MAHA) movement has become a defining pillar of U.S. health policy under HHS Secretary Robert F. Kennedy Jr., exposing food & beverage (F&B) and pharmaceutical companies to elevated reputational risk. Our latest report analyzes H1 2025 earnings calls from 35 Fortune 500 companies in these two sectors to understand how executives are communicating about MAHA-related pressures. Our proprietary review surfaces how leaders are addressing calls for reformulation, transparency, and public health accountability in an increasingly polarized and quickly evolving landscape.
Key Findings
Most brands proactively addressed MAHA, despite limited analyst questions. While 68% of Fortune 500 F&B and 90% of pharmaceutical companies addressed MAHA-related topics in earnings calls, only about 5% of analysts’ questions covered these topics across both industries, indicating that while MAHA is on the radar, it remains a secondary concern for investors.
F&B brands framed reformulation as strategic, not reactive. Seven F&B companies have announced reformulation initiatives, framing them as current long-term strategies. Executives highlighted existing efforts to reduce additives and align with evolving consumer preferences while flagging operational challenges stemming from inconsistent state-level ingredient bans.
Pharma warned against undermining scientific integrity. Pharmaceutical companies voiced support for policy dialogue while stressing the importance of preserving institutional expertise amid administrative turnover. Corporate leaders linked aggressive pricing proposals to potential adverse effects for R&D sustainability and suggested reforms to shift focus towards systemic inefficiencies caused by intermediaries like PBMs.
Download the full report to understand how corporate leaders are addressing MAHA-related themes.
