Concerns over rare eye condition linked to weight loss drugs dismissed by Novo Nordisk

• A new study released Wednesday suggests that blockbuster weight loss drugs like Wegovy and Ozempic may increase the risk of a rare eye condition. However, a spokesperson for Novo Nordisk, the company that makes these drugs, stated that there are "key methodological limitations" to the study.
• The analyst stated that the results were not a significant change and that a worst-case outcome could lead to an update to the drug's label.
• On Thursday, Novo Nordisk shares experienced minimal change, initially declining in early morning trade before slightly rising by 0.1% at 11:00 a.m. London time.

On Thursday, investors from Novo Nordisk remained unaffected by a Harvard report that linked weight loss medications to a rare eye disease.

A study conducted by Harvard Medical School suggests that semaglutide, found in weight loss medications such as Ozempic and Wegovy, may increase the risk of a rare eye disease.

Despite analysts stating that the study results were not a significant change, the Danish pharmaceutical company's shares remained relatively stable on Thursday. Early morning trade saw a slight dip, but by 11:17 a.m. London time, shares had risen by 0.1%.

The Harvard report discovered that individuals with type 2 diabetes or obesity who receive semaglutide have a higher risk of developing nonarteritic anterior ischemic optic neuropathy (NAION), which can result in vision loss in one eye. The study showed that patients who were prescribed weight loss drugs were more likely to be diagnosed with the eye condition compared to those who did not receive these medications.

Deutsche Bank analyst Emmanuel Papadakis stated that the research paper suggests a "some correlation" with a rare ocular event, but the "quality of the evidence is very low, and the error bars are very wide."

Papadakis stated that the worst-case scenario would be an update to the label warning section of the drugs, which is not a significant change.

Deutsche Bank considers semaglutide medications to be one of the safest therapeutic classes in industry history.

According to a spokesperson from Novo Nordisk, the optic nerve disease NAION is not an adverse drug reaction for the marketed formulations of semaglutide, as per the approved labels. However, they noted that there are key methodological limitations to the study, including the small number of people with type 2 diabetes or obesity who were exposed to semaglutide and included in the trial.

Our spokesperson stated that patient safety is of utmost importance to Novo Nordisk, and we handle all reports of adverse events related to our medicines with utmost seriousness.

Novo Nordisk's valuation surpassed Denmark's GDP last year due to the popularity of its blockbuster drugs, making it the most valuable company in Europe.

In addition to aiding in weight loss and blood sugar regulation, Wegovy has been approved by the Food and Drug Administration for use in lowering the risk of heart disease.

Despite their initial approval, the drugs have been subjected to criticism after certain patients reported experiencing stomach paralysis and suicidal ideation while taking them. A study conducted by researchers at the University of British Columbia revealed an elevated risk of bowel obstruction and pancreatitis, which are disorders characterized by food blockage in the small or large intestine and inflammation of the pancreas, respectively.

Both Ozempic and Wegovy have potential side effects that include a change in vision, as well as warnings about pancreatitis and certain types of bowel obstruction.

A study published in the U.S. on Wednesday analyzed data from 16,827 patients from December 2017 to November last year to determine if semaglutide causes eye condition. However, the researchers concluded that more research is needed to assess this.

CNBC's Jenni Reid contributed to this report.