TGA Warns GLP-1 Drugs Linked to Rare Eye Blindness July 25

Australia’s Therapeutic Goods Administration issued a safety warning on July 24 for GLP-1 receptor agonist drugs used to treat type 2 diabetes and obesity. The regulator linked the medications to 36 reported cases of non-arteritic anterior ischaemic optic neuropathy (NAION), a rare eye disorder that can cause permanent blindness. The warning affects Novo Nordisk’s Ozempic and Wegovy, Eli Lilly’s Mounjaro and Trulicity, and other GLP-1 products sold in Australia.

What the TGA found about GLP-1 drugs and eye disease

The TGA identified a potential link between GLP-1 receptor agonists and NAION in July 2024 after a study in the Journal of the American Medical Association examined nearly 17,000 US patients. That research found people taking semaglutide had higher NAION risk than those on non-GLP-1 diabetes medications. Australia’s regulator then conducted its own independent assessment and sought expert advice from the Advisory Committee on Medicines in October 2025.

How many cases have been reported in Australia

The TGA documented 36 cases of NAION linked to GLP-1 drugs on Australia’s national adverse events database. Of these, 23 cases involved semaglutide (Ozempic, Wegovy), 10 involved tirzepatide (Mounjaro), and 3 involved liraglutide (Saxenda). NAION occurs when blood flow to the optic nerve is disrupted and typically appears suddenly upon waking without pain. The condition may result in permanent visual impairment, including blindness, and no treatment has been shown to improve visual acuity outcomes, the TGA stated.

What patients should do now

The TGA did not recommend patients stop taking GLP-1 medicines without consulting a doctor, nor did it impose new prescription restrictions. Instead, the regulator updated product information documents and urged anyone taking these drugs to watch for sudden vision loss, including partial loss, and seek urgent medical attention if changes occur. The Advisory Committee on Medicines concluded the evidence may support the signal for semaglutide but not for dulaglutide or tirzepatide.

What this means for investors in GLP-1 manufacturers

Novo Nordisk (NVO) trades at AUD $48.77 with a Meyka grade of B and analyst consensus at Hold. Eli Lilly (LLY) trades at AUD $1,196.04 with a Meyka grade of B+ and analyst consensus at Buy. Both companies dominate the GLP-1 market, but the safety warning adds regulatory uncertainty. Lilly’s 12-month forecast sits at AUD $1,161, suggesting limited upside from current levels, while Novo Nordisk’s forecast of AUD $3.43 reflects significant near-term headwinds.

Final Thoughts

The TGA warning adds regulatory risk to GLP-1 manufacturers but stops short of restricting access. With Novo Nordisk graded B and Eli Lilly graded B+, both stocks face near-term pressure from safety scrutiny, though the rarity of NAION cases may limit broader market impact.

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