PepsiCo turnaround faces GLP-1 drug challenge. PepsiCo efforts to revive growth and improve margins are facing fresh challenges as declining snack volumes, higher costs, cautious consumer spending and the growing popularity of GLP-1 weight-loss drugs put pressure on its business. The company is under particular scrutiny ahead of its quarterly earnings report as despite cutting prices, operating margin fell to 16.3% of revenue in first half.