Ticker: Beyond Meat revenue falls as rising demand in Europe can’t overcome plummeting US sales
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Beyond Meat’s revenue fell nearly 9% in the third quarter as higher sales of its plant-based meat in Europe failed to make up for plummeting demand in the U.S.
Beyond Meat on Wednesday reported revenue of $75.3 million for the July-September period. That was far short of the $86.5 million Wall Street had anticipated, according to analysts polled by FactSet.
Beyond Meat cut its third-quarter and full-year revenue forecast last week, saying an anticipated rebound in plant-based meat sales during the quarter didn’t occur. The company said it would cut 65 non-production jobs — about 19% of its workforce — and conduct a broader review of its operations.
FDA approves new version of diabetes drug Mounjaro for weight loss
A new version of the popular diabetes treatment Mounjaro can be sold as a weight-loss drug, U.S. regulators announced Wednesday.
The U.S. Food and Drug Administration approved Eli Lilly’s drug, named Zepbound. The drug, also known as tirzepatide, helped dieters lose as much as 40 to 60 pounds in testing.
Zepbound is the latest diabetes drug approved for chronic weight management, joining Novo Nordisk’s Wegovy, a high-dose version of its diabetes treatment Ozempic. Both are weekly injections.
The FDA approved Lilly’s drug for people who are considered obese, with a body mass index of 30 or higher, or those who are overweight with a related health condition, like high blood pressure, high cholesterol or diabetes. The drug should be paired with a reduced-calorie diet and regular exercise, the FDA said.
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