It's OK to use it in a dessert that you consume in moderation, but because of its high sugar content, you should limit how much you eat. A 14 ounce can of condensed milk is the equivalent of 1 quart of whole milk (reduced) plus 7 ounces (198 grams) of sugar. This means that one cup packs a whopping 1,000 calories and 150 grams of sugar.