Glanbia hikes profit forecast as weight-loss drugs boost demand for protein products

By Padraic Halpin

DUBLIN, Aug 6 (Reuters) - Nutrition supplement maker Glanbia hiked its full-year profit forecast on Thursday following bumper demand for its protein products, including from customers using them in tandem with weight-loss drugs.

• The Irish company expects adjusted earnings per share growth of 17% to 20% at constant currencies this year after EPS jumped 30% in the first half. It had guided in late April that it would hit the upper end of a 7% to 11% range.

• Shares in the Irish company, which have almost doubled in price in the last year, were 6.1% higher at €23.9 at 1100 GMT.

• Glanbia now sees higher-than-expected revenue growth across all three of its nutrition divisions, led by its main Optimum Nutrition brand, where first-half sales rose 25% even as it hiked the price of products twice since November.

• Protein powders and shakes, traditionally popular with gym goers, have become more visible on supermarket shelves and are among the products consumed by GLP-1 weight-loss drug users advised to add to their protein intake.

• "It's difficult to correlate exactly but certainly the increase in demand for protein in whatever format has been driven in some way by the significant increase in GLP-1 usage," Glanbia finance chief Mark Garvey told Reuters.

• The additional demand has exacerbated a rise in the cost of whey — a key ingredient in protein products — by gobbling up any new supply. Glanbia expects a double-digit percentage rise in whey costs for the rest of 2026 and into 2027, Garvey said.

• Optimum Nutrition consumers will face another price hike this quarter, which Glanbia expects to temper demand growth slightly in the second half.

(Reporting by Padraic Halpin. Editing by Mark Potter)