Harvard Report Links Weight Loss Drugs to Rare Eye Condition: Novo Nordisk Investors Unfazed

Following a recent study by Harvard Medical School, weight loss drugs containing semaglutide, such as Novo Nordisk's Ozempic and Wegovy, have been linked to an increased risk of a rare eye disease known as nonarteritic anterior ischemic optic neuropathy (NAION). This condition can potentially lead to vision loss in one eye, particularly among patients with type 2 diabetes or obesity who have been prescribed semaglutide.

Investor Reaction and Market Performance

Investors in Novo Nordisk remained relatively unfazed by the findings, with shares of the Danish pharmaceutical company experiencing minimal change in response to the report. Analysts characterized the study's results as "hardly a game-changer," with shares initially dipping in early trading before ultimately rising 0.1% by 11:17 a.m. London time on Thursday.

Quality of Evidence and Potential Impacts

Deutsche Bank analyst Emmanuel Papadakis noted that while the study does suggest a correlation between semaglutide and the rare ocular event, the evidence quality is deemed "very low" with significant margin of error. He indicated that the worst-case scenario would likely involve an update to the label warning section of the drugs, which is not anticipated to be a significant game-changer in the industry.

Rebuttal from Novo Nordisk

In response to the study findings, a spokesperson from Novo Nordisk emphasized that the optic nerve disease NAION is not considered an adverse drug reaction for the marketed semaglutide formulations as per the approved labels. The spokesperson also highlighted key methodological limitations in the study, particularly the small number of patients with type 2 diabetes or obesity who were exposed to semaglutide and included in the trial. They reiterated the company's commitment to prioritizing patient safety and taking adverse event reports seriously.

Additional Health Benefits and Scrutiny

In addition to their weight loss and blood sugar regulation benefits, Novo Nordisk's drugs have demonstrated positive effects on heart disease risk reduction, receiving approval for this purpose from the Food and Drug Administration in March. However, the drugs have faced scrutiny due to reported instances of stomach paralysis, suicidal ideation, bowel obstruction, and pancreatitis among some patients. The labels for the drugs already include warnings about pancreatitis, bowel obstruction, and potential changes in vision as side effects.

Study Analysis and Further Research

The U.S. study, based on data from 16,827 patients over a period from December 2017 to November last year, highlighted the need for additional research to conclusively determine whether semaglutide directly causes the rare eye condition in question. Researchers emphasized the importance of ongoing investigation into this potential association.