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Coca-Cola and PepsiCo's stocks fall after Walmart says weight-loss drugs have customers cutting back on calories

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Analysts have warned that food and beverage companies would need to consider the impact of Wegovy and Ozempic on consumer behavior

Shares of Coca-Cola Co. and PepsiCo Inc. were slammed on Thursday, after Walmart Inc.’s U.S. chief executive said the new class of weight-loss drugs like Ozempic and Wegovy were causing customers to buy fewer groceries and cut back on those that are high in calories.

The comments sent Coca-Cola’s shares KO, -4.83% down 4.8% and PepsiCo’s shares PEP, -5.22% down 5.2%. Both were slightly higher early Friday. In August, Morgan Stanley analysts wrote that packaged-food and beverage makers, restaurants, grocery stores and weight-loss programs would all be affected as the pool of patients is expected to grow to 24 million people, or nearly 7% of the overall U.S. population in the next decade.Read now: As Ozempic/Wegovy frenzy continues, Morgan Stanley lifts forecasts for weight-loss drugs to $77 billion

The new class of medicines includes Novo Nordisk’s NOVO.B, +0.93% NVO, +1.07% Wegovy and Ozempic and Eli Lilly’s LLY, +1.89% Mounjaro. They’ve become so popular in the U.S. that supplies have at times run short and the U.S. Food and Drug Administration has been forced to warn patients against using knockoff versions.

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