Glanbia, a nutrition supplement maker, has increased its full-year profit forecast due to high demand for its protein products. The company expects adjusted earnings per share growth of 17% to 20% at constant currencies this year.
Demand for Protein Products
The demand for protein products has been driven in part by the increased use of weight-loss drugs, which has led to a rise in the cost of whey, a key ingredient in protein products. Glanbia’s finance chief, Mark Garvey, stated that the increase in demand for protein has been driven by the significant increase in the use of weight-loss drugs.
Glanbia’s Optimum Nutrition brand has seen a 25% increase in sales in the first half of the year, despite price hikes. The company expects to raise prices again in the third quarter, which may temper demand growth in the second half of the year.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
