The 100-Year Life Health Education and Government
Investor Terry Smith reckons the drinks industry is in trouble due to the impact weight-loss drugs could have in turning people off alcohol.
He’s dumped a £22 billion stake in Diageo, which owns Guinness and Johnny Walker, in the expectation that drugs like Ozempic will eventually be used to treat alcoholism and cut consumption.
A recent study published in the journal Addiction found that Ozempic and similar products cut opioid and alcohol abuse by up to half.
Diageo’s stock run headache – dropping 40 per cent since 2021 – has been made worse by concerns about new management and a recent intervention from the US surgeon-general suggesting that alcoholic drinks should carry a warning to boost awareness about their link to cancer.
