Non-Obvious Winners from the Ozempic Craze

Analysts predict Ozempic and other weight loss drugs will have ripples across many industries.
June 7, 2024
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J.P. Morgan forecasts the total GLP-1 users, a class of medications that can help manage Type 2 diabetes and obesity, in the U.S. may be around 30 million, or 9% of the U.S. population, by 2030.

graph of u.s. obesity market expanding rapidly

The obvious winner is Novo Nordisk, the multinational pharmaceutical company behind popular weight loss drugs Ozempic and Wegovy. In 2023, Novo Nordisk generated nearly $14 billion from Ozempic sales and $4.5 billion from Wegovy sales. Novo Nordisk’s stock is up 30% year-to-date, more than double the S&P 500 return of around 13%.

Some of the other winners are less obvious:

  • Energy drinks: One survey showed GLP-1 drug users are 72% more likely to consume an energy drink at least once per month compared to the general population
  • Stretch mark creams: With weight loss drugs causing widespread weight loss, stretch marks are becoming more common; Stretch mark creams are expected to compound at a 7.7% CAGR through 2031, per Market Critics
  • Airlines: United Airlines is expected to save $80 million/year if the average passenger weight falls by 10 pounds, per Bloomberg

The post-Ozempic world will have ripples across many industries.

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