US Consumer Staples "UBS Evidence Lab Inside: What Does Our 5th Annual G..."

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US Consumer Staples "UBS Evidence Lab Inside: What Does Our 5th Annual G..."

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US Consumer Staples Equities

AmericasUBS Evidence Lab Inside: What Does Our 5th

Annual GLP-1 Survey Show? Food

Peter Grom

Analyst

peter.grom@ubs.com

Taking A Closer Look At The Impact of GLP-1 +1-212-713 3482

Given the rising prevalence of GLP-1 usage and the potential impact it could have on our Arian Chakravarty

coverage, we thought it would be insightful to gain clarity on how the drug can impact Associate Analyst

respondent behavior, habits, consumption, etc. In this note, we highlight key findings arian.chakravarty@ubs.com

from the 5th UBS Evidence Lab GLP-1 Survey, and leverage Numerator data to better +1-212-713 1474

understand how GLP-1 is impacting consumption habits and whether any tangible Sona Fernandes

impact can be seen through utilizing panel data. Analyst

sona.fernandes@ubs.com

Does GLP-1 Usage Pose A Serious Headwind To Our Coverage? +1-212-649 8050

Not yet, but we do believe the narrative/debate has materially evolved since our last Tristan How

publication of the GLP-1 Survey (link), particularly from an investor sentiment Associate Analyst

perspective. Specifically, while our UBS Biotechnology Research Team estimates that only tristan.how@ubs.com

~1% (or 3M US patients) of the US adult population are currently on GLP-1s (link to +1-212-713 1081

presentation), we have fielded a lot more questions/concerns on if the drug could pose Antara Nag-Chaudhuri

an incremental headwind to a Packaged Food sector which has struggled to deliver Associate Analyst

growth/any sign of improvement in the last couple years. In addition, with oral adoption antara.nag-chaudhuri@ubs.com