Walmart says people who pick up weight-loss drugs like Wegobee at its pharmacies are buying slightly less food in stores.
Walmart U.S. CEO John Furner told Bloomberg News that people taking GLP-1 agonist appetite suppressants received “less units and slightly fewer calories.” He said the company is showing signs of buying.
GLP-1 agonists include semaglutide, sold under the name Ozempic to treat type 2 diabetes, and Wegovy, a weight loss drug. Same goes for Munjaro and Victoza.
The retail giant is comparing shoppers who pick up prescriptions for these drugs at its pharmacies to otherwise similar shoppers who don’t fill out these scripts at Walmart. Using anonymized data, they looked at the spending patterns of these groups, with the first group finding they were buying fewer groceries.
Walmart CEO Doug McMillon said in August that the drug’s growing popularity was contributing to sales.
Prescriptions for these drugs quadrupled from the end of 2020 to 2022, with 9 million prescriptions filled in the final three months of last year, according to Trilliant Health.
Walmart previously reported strong grocery sales when high inflation brought wealthy shoppers to its stores. After inflation peaked at 9.1% in the summer of 2022, the company said more high-income customers were shunning expensive grocery stores in favor of Walmart’s lower prices.
“We’re pleased that more customers are choosing Walmart during this period of inflation, and we’re committed to supporting customers who prioritize spending,” McMillion said in an earnings call at the time.