Herbalife Nutrition Ltd.
HLF
Consumer Staples
1
exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Herbalife Ltd. generated $5.0 billion in net sales in 2024 from nutritional supplements, many formulated with animal-derived ingredients. The company's protein products contain whey protein isolate, whey protein concentrate, milk protein concentrate, and micellar casein sourced from dairy. Herbalifeline fish oil softgels use gelatin capsules derived from animal collagen. Condensed skim milk appears in the flagship Tootsie Roll-style Formula 1 shake mix.
Animal-derived ingredients are structural to the product line, not incidental. Whey and casein are the primary protein sources in the Herbalife24 Enhanced Protein Powder and Personalized Protein Powder, two of the company's highest-volume SKUs. The gelatin softgel format is standard across the supplement line. Reformulation to plant-based alternatives would require fundamental changes to the product portfolio.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.