CNBC October 1, 2023
Amelia Lucas

Key Points

– Food companies are making big bets on snacking, but the rise of Wegovy, Ozempic and similar drugs could pose a threat to future sales growth.

– Morgan Stanley estimates the number of patients taking GLP-1 drugs could reach 24 million, or nearly 7% of the U.S. population, by 2035.

– But PepsiCo, Mondelez and other food companies may be able to pivot their portfolios before that happens.

For more than a century, frosted cornflakes have been the backbone of Kellogg’s business. That changes Monday, when the company will spin off its stable cereal business in favor of its faster-growing snack unit and rename itself Kellanova.

The spinoff comes weeks after another wager that consumers will graze between...

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Topics: Biotechnology, Patient / Consumer, Pharma, Pharma / Biotech, Provider, Retailer
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