Glanbia upgrades earnings outlook but lean SlimFast sales weigh on growth

Glanbia has previously moved away from its dairy business after it sold its Glanbia Cheese joint ventures at the end of last April.

Nutrition giant Glanbia upgraded its earnings guidance for the year despite lean sales for the firm’s SlimFast weight loss products as increased competition including Novo Nordisk’s Wegovy enters the market.

In an interim statement, Glanbia forecasted adjusted earnings per share to grow between 17% and 20% on a constant currency basis as the company’s Glanbia Performance Nutrition (GPN) division continues to be boosted by the outperformance of the Optimum Nutrition protein powder brand.