The alcohol industry has been thriving despite a streak of threats: the legalization of marijuana, a trade war with China that has hampered U.S. exports, the rise of the sober-curious movement.
Now a new risk, one few investors or companies are publicly acknowledging, could pressure sales: weight loss drugs.
Eli Lilly & Co.’s Mounjaro and Novo Nordisk’s Ozempic and Wegovy have gained popularity as a fast way to lose weight thanks to celebrities such as Khloe Kardashian and Elon Musk. Most people who take GLPs shed at least 5% of their body weight and, depending on the therapy, more than half can lose as much as 20%. Newer drugs promise to push those numbers even higher.