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Coca-Cola CEO Downplays Wegovy, Ozempic Impact on Business

Coca-Cola Co. Chief Executive Officer James Quincey said the company’s wide range of products will protect its business if drugs like Ozempic and Wegovy — increasingly used for weight loss and appetite suppression — cause changes in consumption habits. 
Bloomberg
Day Three Of The World Economic Forum (WEF) 2024 James Quincey in Davos, on Jan. 18. Photographer: Hollie Adams/Bloomberg

In a Bloomberg Television interview in Davos, Switzerland, Quincey said that in almost every category, the maker of sodas, juices and sports drinks has products without calories and sugar. “We already have the products” to respond to shifts in behavior, he added.

“When you break down the data, I do not think it is a big thing for us,” he said. “If you want to make it super simple, we sell a range of beverages. At the end of the day, you can eat less calories. You cannot have less liquid.”

Read more: All About the New Obesity Drugs Causing a Big Stir: QuickTake

Consumer companies from retailers to packaged-food makers are considering how much to factor the drugs known as GLP-1s into their strategies as their usage rapidly rises. Some analysts have projected risks for snacking and beverage companies.

As for the original sugary sweet Coke beverage, Quincey said, “I think it will continue to be a big part of the business.”

Quincey said the Coca-Cola bottlers in both Israel and Gaza have had staff killed and wounded in the war there. The company’s primary focus is on helping employees during the conflict, and Quincey said there are no plans to exit the region.

“We are in the business of being in every country,” he said, adding that all political leaders want the jobs created by locally owned bottlers.

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