Share prices of the company, which was renamed as WW International in 2018, fell more than 27 percent in post-market trading following the announcement.
Weight-loss companies face heavy competition from injectable drugs such as Ozempic, Wegovy and Mounjaro, which have in recent years skyrocketed in popularity around the world.
WeightWatchers suffered a loss of more than $88 million in 2023, according to a financial report released by the company this week. The loss was more than double the previous year’s of $35.8 million.
Meanwhile, makers of weight-loss drugs say they are racing to meet demand and spending heavily to boost their manufacturing capacity.
The drugs have shown effectiveness in helping with obesity, diabetes and even heart problems (though some patients have also reported side effects including nausea, diarrhea and heart palpitations). Social media and influencer-led promotions have also fueled interest in the drugs, though new marketing strategies of offering them to plus-size influencers have sparked backlash.
Experts have also expressed concern about the drugs, saying that while they can be helpful for those with obesity and chronic conditions, they pose challenges for people with eating disorders who are not overweight and those with body dysmorphia.
In December, Winfrey told People magazine that she also uses weight-loss medication prescribed by her doctor as a “maintenance tool,” though she did not name the drug.
“The fact that there’s a medically approved prescription for managing weight and staying healthier, in my lifetime, feels like relief, like redemption, like a gift, and not something to hide behind and once again be ridiculed for,” she said. “I’m absolutely done with the shaming from other people and particularly myself.”
In 2023, WeightWatchers announced it had acquired the health company Sequence, noting that the program would offer subscribers advice and access to prescription weight-loss drugs. The company also launched WeightWatchers Clinic, which gives members access to doctors who can prescribe weight-loss medications.
“Given the advancements in chronic weight management medications, entering into clinical interventions, for those who medically-qualify, is a natural next step for WeightWatchers,” CEO Sima Sistani said in the company’s statement at the time. “Our goal is to provide sustainable, science-backed solutions to all weight health pathways, whether medications are part of an individual’s journey or not.”
Winfrey joined the board in 2015 and paid $43 million for a 10 percent stake, The Washington Post reported, noting that at the time, the company was struggling to retain subscribers as people turned to fitness, dieting apps and wearables.
When Winfrey joined WeightWatchers, she said she had lost 40 pounds on the program. The star has long been vocal about struggles with her weight and appearance, speaking publicly about yo-yo and fad dieting.
Her website notes that she has “fallen prey to just about every diet scam known to womankind.” In 2007, Winfrey was diagnosed with hypothyroidism — a condition in which the body produces too little thyroid hormone and that has varied symptoms, including weight gain.
Winfrey said Wednesday that she would donate her stock in the company to the National Museum of African American History and Culture in Washington.
The WeightWatchers board said it was supportive of Winfrey’s decision and thanked her for her time at the company.
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