Glanbia Raises Full-Year Profit Forecast as Protein Demand Surges

Nutrition supplement maker Glanbia has raised its full-year profit forecast following bumper demand for its protein products, including from customers using them alongside weight-loss drugs.

The Irish company expects adjusted earnings per share growth of between 17% and 20% at constant currencies this year, after earnings per share jumped 30% during the first half.

Glanbia had previously indicated in late April that it expected to reach the upper end of its projected growth range of 7% to 11%.

Shares in the company, which have almost doubled in price over the past year, were 6.1% higher at €23.90 at 11am GMT on Thursday.

Glanbia now expects higher-than-anticipated revenue growth across all three of its nutrition divisions. This is being led by its main Optimum Nutrition brand, where first-half sales increased by 25%, despite two product price increases since November.

Protein powders and shakes, traditionally associated with gym users, have become increasingly visible on supermarket shelves. They are also among the products consumed by people using GLP-1 weight-loss medicines who have been advised to increase their protein intake.

“It’s difficult to correlate exactly, but certainly the increase in demand for protein in whatever format has been driven in some way by the significant increase in GLP-1 usage,” Glanbia Finance Chief Mark Garvey told Reuters.

The additional demand has compounded an increase in the cost of whey, a key ingredient in protein products, by absorbing available new supply.

Glanbia expects whey costs to record a double-digit percentage increase for the remainder of 2026 and into 2027, Garvey said.

Optimum Nutrition customers will face another price increase during the current quarter. Glanbia expects this to moderate demand growth slightly during the second half of the year.

Reporting by Padraic Halpin. Editing by Mark Potter. This article was supplied by Reuters.