1、Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companiescovered in its research reports.As a result,investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report.Investors should consider thisreport as on

2、ly a single factor in making their investment decision.This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA.(iii)This author is a member of the EMEA Equity Research department who m

3、ay publish equityand debt research(v)This author is a registered US equity research analyst who is subject to US FINRA Rule 2241and who may write debt research under FINRA Rule 2242.Please see analyst certifications and important disclosures beginning on page 4.Investment Sciences&Data Science Diges

4、tUK pharmacy spend sees boost,possibly driven by online demandfor weight-loss drugsIn this weekly digest,we look at UK consumer spending atpharmacies,finding spend to be up+12%yoy,driven byonline up+35%yoy,while offline tracks at flat+0.2%yoy.Possibly a result of online demand for GLP-1s.Spending bo

5、ost upon GLP-1 releaseLukeSeelig(iii)Barclays,UKReports byThe Sunday Timesstate that over 500,000 UK adults have been prescribed weight-loss drugs Mounjaro and Wegovy,with 95%of people taking the drugs sourcing them fromonline pharmacies.GLP-1 drugs became accessible in the UK for weight management

6、startingwith Wegovy in September 2023,followed by Mounjaro in February 2024.We examined UK pharmacy spend,to see if there was any trend change following the release ofthese drugs.Using BarclaysUK Spend Trends 2.0,we looked at spending signals up to Friday,21March,which suggest spending at pharmacies