BellRing Brands (NYSE: BRBR) is trading at $16.62, a market cap of roughly $2 billion, down more than 70% from its 2024 peak near $79. The sell-off pricing narrative is straightforward: GLP-1 drugs reduce appetite and caloric intake, destroying demand for protein supplements. That narrative is plausible in structure but wrong in mechanism, and the data suggests the market has moved too far.
What Has Actually Changed
BellRing reported Q4 2025 revenue of $537 million, beating consensus by $33 million. Full-year 2025 revenue came in at approximately $2.15 billion. For Q1 2026, consensus estimates