Big Food’s $4.8B Write‑Downs Skip Ozempic, Despite GLP‑1 Grocery Cuts
General Mills and J.M. Smucker wrote off nearly $5 billion in brand goodwill, blaming higher discount rates and integration woes. Their disclosures never mention GLP‑1 drugs, even though those weight‑loss meds cut grocery spending by about 5 %. The omission suggests the real pressure is on brand valuations as consumers shift toward healthier options.