Weight-Loss Drugs Are Bad News for Companies That Treat Obesity Complications

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The weight-loss drugs called GLP-1s are producing some of the market’s biggest losers: investors in companies that treat obesity complications.

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Outside the GLP-1 revels, their echo casts gloom over shares of businesses that grew with America’s waistlines.

Insulin-pump makers Insulet (PODD) and Tandem Diabetes Care (TNDM) are down 40% and 50% this year, respectively, while the glucose monitor leader DexCom (DXCM) has lost 16%. ResMed (RMD) dominates the devices called “CPAP” machines that treat sleep apnea. Its stock is off 30%. Inspire Medical Systems (INSP) sells another sleep apnea device, and its shares have dropped 18%. Liver-disease drug developer Madrigal Pharmaceuticals (MDGL) is down 40%.

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