Glanbia is having a moment. Shares have been on a tear, more than doubling in just over a year and gaining almost 50 per cent in 2026 alone – a run that has made it the biggest gainer in its category in Europe’s Stoxx 600 index, noted Bloomberg in a lengthy profile of the Kilkenny-based company.
Bloomberg’s profile coincided with a bullish note from Barclays’ Alex Sloane, which noted “structural tailwinds” benefiting the stock. The obvious tailwind is the rise of GLP-1 weight-loss drugs. As appetite is suppressed, users are increasingly advised to increase protein intake to help preserve lean muscle mass – a requirement that has fed directly into demand for protein supplements, and by extension Glanbia’s core products, including its Optimum Nutrition brand.
Additionally, wellness trends mean extra protein consumption, long associated with athletes, has “fully mainstreamed”, with roughly 80 per cent of US consumers now prioritising protein, and about one in three regularly using powders.
In China, too, demand is soaring, with Optimum Nutrition’s revenues expanding at 47 per cent annually over three years, a pace that far outstrips the broader market’s 9 per cent.
In India, revenues have nearly doubled in four years. Rather than a rising tide lifting all boats, Glanbia is taking meaningful market share in fast-growing, increasingly health-conscious markets.
Is all this growth now priced in?
Barclays reckons the rally has further to run, saying the stock still trades at a 10 per cent discount to the consumer health sector.
Others are unconvinced, with Cantor Fitzgerald flagging the rally as a “good opportunity for investors to take profits”. More strikingly, dairy co-op Tirlán, Glanbia’s largest shareholder, plans to sell 12 million Glanbia shares worth up to €257.6 million, leading Cantor to speculate that even supportive shareholders may be tempted to bank some recent gains.
The story, for now, is still one of strong growth, but the argument is increasingly about valuation.
