Sometimes when you’re looking for billion-dollar opportunities…you can easily overlook those little details that can change everything. In last quarter’s Glanbia content, you might have noticed my irritation growing because over the inability of Optimum Nutrition to have a protein RTD offering that’s competing closely with the likes of market leaders…Premier Protein, Fairlife/Core Power, and Muscle Milk. But maybe I was looking at this problem from the wrong angle…maybe the answer to competing in the growing protein beverages market is through ISOPURE. But you might be asking why hasn’t ISOPURE been successful to those massive levels either yet? And in this content I'll explore that...and more! Glanbia Performance Nutrition is one of two wholly-owned segments of Glanbia plc (LON:GLB), a multibillion-dollar global nutrition company. The brands in the Glanbia Performance Nutrition portfolio include; Optimum Nutrition, BSN, think!, Isopure, Amazing Grass, and SlimFast. I'll use the recent earnings report, earnings call, and associated news to update you on how Glanbia Nutritionals and Glanbia Performance Nutrition is performing against the complex operating environment. Glanbia Performance Nutrition had 2023 full-year revenue of $1.8 billion, which was an increase 4.8% compared to last year. The brand portfolio continued to have strong pricing power in the market (with it being up 5.4%), but volume was down 0.6%. Additionally, I'll dive deeper into Glanbia Performance Nutrition geographical and product categorial performance (performance nutrition, healthy lifestyle, and weight management). BTW I’m thinking about the creation of a change.org petition for the Glanbia Performance Nutrition division name to be amended to The Optimum Nutrition Company. This one brand alone now accounts for 62% of the total GPN revenue. In 2023, Optimum Nutrition had 17% growth coming from both pricing and volume gains…and U.S. market retail consumption growth in tracked channels was 13.7% over the 52-week period ending December 31, 2023. Additionally, Optimum Nutrition generated over $1.1 billion in revenue in 2023...which makes it the number one sports nutrition brand in the world and also the top sports nutrition brand in 18 different countries. Finally, I talk through a collection of hot takes or things I’m left pondering about Glanbia at this current time. These include where the struggling legacy brand SlimFast sits inside of an evolving weight management category that has seen huge spikes in GLP-1 drugs (e.g. Ozempic, Wegovy, etc.), the think! protein bar brand (which has regained sales momentum after the “Great Shutdown” period) will see an exciting licensing partnership come sometime later this year, and why I think Glanbia is addressing the growth opportunity within the digital channel in the incorrect manner.