Analysts Criticize Study Linking Semaglutide to Optic Nerve Disease

Research published in JAMA Ophthalmology indicates a potential heightened risk of non-arteritic anterior ischemic optic neuropathy (NAION) in individuals treated with Novo Nordisk’s GLP-1 receptor analogue semaglutide. Despite these findings, both Novo Nordisk and various analysts have minimized the significance of the results.

The retrospective analysis focused on the cumulative incidence of NAION over a 36-month period in people with type 2 diabetes and those who are overweight or obese. For type 2 diabetes patients treated with semaglutide, the incidence rate was 8.9%, compared to 1.8% in those on other treatments. Among overweight or obese individuals, the incidence rate was 6.7% for those on semaglutide, versus 0.8% for those not receiving Novo Nordisk’s medication.

Novo Nordisk responded to the study by highlighting several "key methodological limitations." A company spokesperson pointed out that the analysis included only a small number of individuals with type 2 diabetes or obesity who were exposed to semaglutide. The spokesperson also emphasized that NAION is not listed as an adverse drug reaction for semaglutide, marketed under the names Ozempic for diabetes and Wegovy for weight loss, according to the approved labels.

Analysts were similarly quick to downplay the significance of the study. Emmanuel Papadakis from Deutsche Bank remarked that although the research hints at "some correlation" between semaglutide and NAION, the evidence's quality is "very low," with "wide error bars." He suggested that even in the worst-case scenario, which might necessitate an update to the product label’s warning section, the impact would not be significant. Papadakis further noted that Deutsche Bank generally views semaglutide as part of “one of the most derisked therapeutic classes in industry history from a safety perspective.”

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