It's the mighty Big Mac versus the new GLP-1 weight-loss pills.

And McDonald's (MCD) CEO Chris Kempczinski is putting on his fry hat and gearing up for battle. His weapons of choice this year include chicken sandwiches and, likely soon, chicken tenders.

"We don't yet see evidence of it [GLP-1 drugs] really having a material impact on our business," Kempczinski told analysts on an earnings call late Wednesday. He did acknowledge that the new pill form of the medications is seeing strong adoption, and that's factoring in to what McDonald's is testing.

"As adoption grows, we know that consumers' behavior changes," Kempczinski added. "We know that in general, they eat fewer calories in the day, but also what they eat, the mix of that changes. Fortunately, for us, protein is one of the areas that ... the GLP-1 consumer is still very much interested in, and we've got a great protein offering on our menu. So I think that's an area of strength for us."

The Wegovy GLP-1 pill by Novo Nordisk (NVO) approved by regulators last December arrived at pharmacies nationwide in early January. One from rival Eli Lilly (LLY) is widely expected to arrive on the market soon.

Both pills — and a push by the Trump administration to bring down weight-loss drug prices — are expected to vastly improve the uptake of GLP-1s as people no longer have to take shots.

The easier-to-use form factor has investors on high alert for how the new pills will impact Big Food players like McDonald's and PepsiCo (PEP).

"We're leaning into portion control for parts of the portfolio," PepsiCo CEO Ramon Laguarta said on Yahoo Finance (video above). "We see that consumers are continuing to engage in our categories, but in smaller portions. They don't want to eat too much, they want their favorites at smaller portion. That is a key strategic bet for us in multipacks."

Kempczinski said McDonald's is watching for changes in its customers' snacking habits and monitoring potential changes in preferences for less-sugary beverages. "And so all of those things are factoring into some of what we're out there experimenting with and testing with," he said.

At least in the fourth quarter, McDonald's came through the backdrop of a strengthening weight-loss drug market unscathed.

The Golden Arches reported quarterly earnings and sales that beat analysts’ estimates as its returning McValue menu brought customers back.

Total same-store sales — a key industry metric — rose a strong 5.7%. Analysts were expecting growth of 3.9%.

US same-store sales rose 6.8%. McDonald’s pointed to buzzy promotions such as its Grinch Meal and Monopoly promotion as key sales drivers.

Shares were relatively unchanged in premarket trading on Thursday.

"We continue to monitor the sustainability of economics for franchisees, their support toward the brand amid a greater control of their pricing actions, and impact that the continuation of K-shaped economy and GLP-1 risk may have on McDonald’s," Bernstein analyst Danilo Gargiulo warned in a client note.

Brian Sozzi is Yahoo Finance's Executive Editor and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.

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