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Biotech Investment· 17-page report· 6 figures

GLP-1 Adverse Events FAERS Analysis

Disproportionality and time-series analysis of GLP-1 receptor agonist adverse events from FDA FAERS with sell-side implications.

What this research found

Adverse event reports for five GLP-1 drugs were mined to separate genuinely emerging safety signals from the reporting growth that naturally follows a drug becoming popular. Thyroid cancer, the concern that dominates sell-side commentary, behaved like volume growth: its share of reports stayed flat (Mann-Kendall p = 8.74e-02). Gastroparesis, discussed far less, was the one proportion that rose significantly over time (p = 1.21e-03). The result was packaged as a 17-slide brief for a position-sizing meeting.

  • Thyroid-related reports appear to grow only because total GLP-1 reporting grows. From 2015Q1 to 2025Q4 overall report volume rose steeply (Mann-Kendall tau = 0.8668, p = 2.22e-16) while the thyroid share stayed flat (tau = 0.1797, p = 8.74e-02, R² = 0.0024 on a linear fit).
  • Gastroparesis is the exception. Its share of reports increased significantly (tau = 0.3393, p = 1.21e-03) at 0.000054 per quarter with R² = 0.2275, the pattern expected of an emerging signal rather than of rising usage.
  • No single drug stands out for either event within the class. The highest thyroid cancer reporting odds ratio was liraglutide at 1.52 (95% CI 0.91–2.52, 22 cases) and the highest gastroparesis figure was tirzepatide at 5.19 (95% CI 0.69–39.32) resting on one case; no lower confidence bound cleared 1.
  • Both events are rare in absolute terms. In the quarterly series, thyroid events accounted for 403 reports (0.60%) and gastroparesis for 130 (0.19%), while the strict gastroparesis term set matched only 3 reports in the 20,307-report disproportionality dataset.
  • Seriousness rates diverge sharply between drugs, from 87.7% of semaglutide reports down to 29.7% of exenatide reports (chi-square = 23173.82, df = 4). Age distributions also differ significantly between the drug populations (ANOVA F = 547.63), so between-drug comparisons carry a confounder.

How it was done

Reports for semaglutide, tirzepatide, liraglutide, dulaglutide, and exenatide were pulled from the FDA Adverse Event Reporting System through the openFDA interface, giving 20,307 unique reports and 87,154 reaction-level observations from February 2004 to December 2025. Reporting odds ratios and proportional reporting ratios were computed for each drug against the rest of the class, with a signal declared only where the lower bound of the 95% interval exceeded 1. Quarterly event proportions across 66,824 reports from 2015Q1 to 2025Q4 were then tested with Mann-Kendall trend tests and linear regression to tell true acceleration apart from volume growth. The output was a 17-slide presentation with an adverse event heatmap, a forest plot of the target signals, and dual-axis volume-versus-proportion charts.

Data sources

  • FDA Adverse Event Reporting System (FAERS) via openFDA — 20,307 unique reports and 87,154 reaction-level observations, February 2004 to December 2025
  • Reports by drug: semaglutide 6,027, liraglutide 5,082, exenatide 4,913, dulaglutide 2,181, tirzepatide 2,104
  • Quarterly FAERS series of 66,824 GLP-1 reports, 2015Q1 to 2025Q4

Limitations

FAERS collects spontaneous reports, so it cannot establish causality and offers no usage denominator, and newer drugs attract inflated reporting through the Weber effect and media attention. Signal detection of this kind is hypothesis-generating, and the patient populations differ significantly by age and sex between drugs.

Figures from this analysis

ROR heatmap for top 30 adverse events across 5 GLP-1 drugs
Line plot of adverse event reports by drug over time (quarterly)
Bar chart comparing serious report rates by drug
Rolling signal strength evolution for Thyroid and Gastroparesis events
Bar chart of top 20 most frequent adverse events
Dual-axis plot showing total report volume vs. target event proportions over time

Outputs produced

How this research was produced

K-Dense Web planned and ran this biotech investment investigation end to end — gathering the sources, carrying out the analysis, producing the figures, and drafting the report. The full session transcript, including every intermediate step, is available to view.

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