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Blake, Wm. Christ Refusing the Banquet Offered by Satan. 1816.

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Morgan Stanley reports “growing concerns” that GLP-1 drugs like Ozempic are leading to reduced spending on fast food, tobacco, and alcohol. 

The investment bank surveyed 300 GLP-1 users, finding that 40% smoked cigarettes weekly before treatment, and only 24% continued the habit afterward. Alcohol consumption also declined, with 56-62% drinking less and 14-18% cut it out completely.

The survey indicates strong market growth for GLP-1s, expected to reach $105 billion by 2030, with 31.5 million people, or 9% of the U.S. population, using these drugs by 2035.

Morgan Stanley analysts: “There is growing evidence that the drugs have a meaningful impact on consumer behavior and spending on groceries and restaurants.”