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Original Article

Outcomes of oral antidiabetic drugs in metabolic dysfunction-associated steatotic liver disease: a nationwide target trial emulation study

Clinical and Molecular Hepatology 2026;32(2):737-750.
Published online: January 6, 2026

1Department of Internal Medicine, Seoul National University College of Medicine, Seoul Metropolitan Government Boramae Medical Center, Seoul, Korea

2Department of Public Health Sciences, Graduate School of Public Health, Seoul National University, Seoul, Korea

3Department of Internal Medicine, College of Medicine, Kyung Hee University Hospital, Kyung Hee University, Seoul, Korea

4Center for Reproduction, Metabolism and Molecular Medicine (CeRM), Department of Medicine (H7), Karolinska Institute, Huddinge, Stockholm, Sweden

Corresponding author : Won Kim Division of Gastroenterology and Hepatology, Department of Internal Medicine, Seoul National University College of Medicine, Seoul Metropolitan Government Boramae Medical Center, 20 Boramae-ro 5-gil, Dongjak-gu, Seoul 07061, Korea Tel: +82-2-870-2233, Fax: +82-2-870-2889, E-mail: drwon1@snu.ac.kr
Woojoo Lee Department of Public Health Sciences, Graduate School of Public Health, Seoul National University, 1 Gwanak-ro, Gwanak-gu, Seoul 08826, Korea Tel: +82-2-880-2899, Fax: +82-2-762-9105, E-mail: lwj221@gmail.com
Stefano Romeo Center for Reproduction, Metabolism and Molecular medicine (CeRM), Department of Medicine (H7), Karolinska Institute, Huddinge, Stockholm, Sweden Tel: +46812335050, Fax: +46812335050, E-mail: stefano.romeo@ki.se

These authors contributed equally to this work.


Editor: Grace Lai-Hung Wong, The Chinese University of Hong Kong, Hong Kong SAR, China

• Received: September 5, 2025   • Revised: December 24, 2025   • Accepted: December 30, 2025

Copyright © 2026 by The Korean Association for the Study of the Liver

This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.

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  • Longitudinal changes in fatty liver index, genetic susceptibility, and incident atrial fibrillation
    Siyang Liu, Houde He, Hualan Chen, Hualin Duan, Ying Sun, Dan Deng, Zihao Gui, Lan Liu, Ningjian Wang, Jie Shen, Heng Wan
    Clinica Chimica Acta.2026; 589: 121028.     CrossRef

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Outcomes of oral antidiabetic drugs in metabolic dysfunction-associated steatotic liver disease: a nationwide target trial emulation study
Clin Mol Hepatol. 2026;32(2):737-750.   Published online January 6, 2026
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Outcomes of oral antidiabetic drugs in metabolic dysfunction-associated steatotic liver disease: a nationwide target trial emulation study
Clin Mol Hepatol. 2026;32(2):737-750.   Published online January 6, 2026
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Outcomes of oral antidiabetic drugs in metabolic dysfunction-associated steatotic liver disease: a nationwide target trial emulation study
Image Image Image
Figure 1. A study attrition diagram for inclusion of study population. DPP-4, dipeptidyl peptidase-4; GLP-1, glucagon-like peptide-1; SGLT2, sodium-glucose cotransporter 2; T2DM, type 2 diabetes mellitus.
Figure 2. Cumulative incidence rate according to oral antidiabetic drug classes: (A) Major adverse cardiovascular events (MACE), (B) Cardiovascular-related mortality, (C) Myocardial infarction, (D) Stroke. DPP-4, dipeptidyl peptidase-4; SGLT2, sodium-glucose cotransporter 2.
Graphical abstract
Outcomes of oral antidiabetic drugs in metabolic dysfunction-associated steatotic liver disease: a nationwide target trial emulation study
Characteristic SGLT2 inhibitors (n=4,365) Thiazolidinediones (n=2,033) DPP–4 inhibitors (n=51,348) Sulfonylureas (n=13,325)
Age, year 50 (43–57) 54 (46–62) 54 (46–62) 55 (47–64)
Sex
 Female 1,853 (42.5) 648 (31.9) 18,151 (35.3) 4,750 (35.6)
 Male 2,512 (57.5) 1,385 (68.1) 33,197 (64.7) 8,575 (64.4)
Waist circumference, cm 92 (86–99) 90 (85–96) 90 (85–95) 90 (85–95)
Body mass index*, kg/m2 28.6 (26.3–31.5) 27.1 (25.2–29.7) 26.9 (25–29.2) 26.8 (25–29.2)
Alcohol intake
 No intake 2,017 (46.2) 986 (48.5) 27,324 (53.2) 7,415 (55.6)
 Light intake 2,348 (53.8) 1,047 (51.5) 24,024 (46.8) 5,910 (44.4)
Smoking status
 Nonsmoker 2,319 (53.1) 934 (45.9) 24,932 (48.6) 6,569 (49.3)
 Former smoker 851 (19.5) 463 (22.8) 11,265 (21.9) 2,707 (20.3)
 Current smoker 1,195 (27.4) 636 (31.3) 15,151 (29.5) 4,049 (30.4)
MVPA
 0 times/week 2,017 (46.2) 1,012 (49.8) 25,709 (50.1) 7,081 (53.1)
 1–2 times/week 1,337 (30.6) 579 (28.5) 14,428 (28.1) 3,395 (25.5)
 3–4 times/week 664 (15.2) 262 (12.9) 6,964 (13.6) 1,745 (13.1)
 ≥5 times/week 347 (7.9) 180 (8.9) 4,247 (8.3) 1,104 (8.3)
Hypertension
 No 1,637 (37.5) 747 (36.7) 19,843 (38.6) 4,723 (35.4)
 Yes 2,728 (62.5) 1,286 (63.3) 31,505 (61.4) 8,602 (64.6)
Family history of hypertension
 No 3,420 (78.4) 1,677 (82.5) 42,462 (82.7) 11,159 (83.7)
 Yes 945 (21.6) 356 (17.5) 8,886 (17.3) 2,166 (16.3)
Family history of stroke
 No 4,026 (92.2) 1,891 (93) 47,633 (92.8) 12,506 (93.9)
 Yes 339 (7.8) 142 (7.0) 3,715 (7.2) 819 (6.1)
Family history of heart disease
 No 4,146 (95.0) 1,947 (95.8) 49,168 (95.8) 12,835 (96.3)
 Yes 219 (5.0) 86 (4.2) 2,180 (4.2) 490 (3.7)
Comorbidity index 2 (1–3) 2 (1–3) 2 (1–3) 2 (1–3)
Hyperlipidemia agent users
 Nonuser 1,445 (33.1) 716 (35.2) 21,420 (41.7) 6,585 (49.4)
 User 2,920 (66.9) 1,317 (64.8) 29,928 (58.3) 6,740 (50.6)
Antithrombotic agent users
 Nonuser 3,598 (82.4) 1,618 (79.6) 42,216 (82.2) 10,828 (81.3)
 User 767 (17.6) 415 (20.4) 9,132 (17.8) 2,497 (18.7)
Laboratory examination results
 Total cholesterol, mg/dL 210 (180–241) 209 (180–239) 210 (182–241) 211 (183–242)
 Triglycerides, mg/dL 182 (132–262) 184 (133–261) 186 (134–266) 189 (136–271)
 Glucose, mg/dL 140 (119–178) 139 (119–175) 144 (121–184) 146 (119–198)
 AST, U/L 30 (22–44) 29 (22–40) 28 (22–40) 28 (21–39)
 ALT, U/L 39 (26–63) 35 (24–55) 35 (24–55) 33 (23–51)
 γGT, U/L 50 (33–80) 50 (33–80) 50 (33–80) 50 (33–80)
 HDL-cholesterol, mg/dL 46 (40–54) 46 (40–55) 46 (40–54) 46 (40–54)
 LDL-cholesterol, mg/dL 121 (94–148) 119 (93–147) 121 (94–149) 121 (95–148)
 Creatinine, mg/dL 0.8 (0.7–1) 0.9 (0.8–1) 0.9 (0.7–1) 0.9 (0.7–1)
Calendar months until entry 19 (13–25) 15 (7–21) 17 (10–22) 15 (7–20)
Variable SGLT2 inhibitors Thiazolidinediones DPP-4 inhibitors Sulfonylureas
Patients, No. 4,365 2,033 51,348 13,325
Events 55 46 1,152 446
PYs 19,724 9,701 238,967 63,333
Incidence per 100,000 PYs 278.8 474.2 482.1 704.2
Adjusted subdistribution hazard ratio (95% CI)*
 Versus sulfonylureas 0.44 (0.31–0.62) 0.77 (0.56–1.05) 0.80 (0.72–0.90) NA
 Versus DPP-4 inhibitors 0.59 (0.42–0.83) 0.97 (0.72–1.32) NA NA
 Versus thiazolidinediones 0.61 (0.39–0.96) NA NA NA
Mediators Total effect
Direct effect
Indirect (mediated) effect
Rate difference Rate difference Proportion Rate difference Proportion
MASLD regression (FLI <30)
 SGLT2 inhibitors vs. thiazolidinediones −7.85 (−17.85 to −1.8) −7.66 (−13.81 to −3.47) 97.6% −0.19 (−0.6 to −0.02) 2.4%
 SGLT2 inhibitors vs. DPP-4 inhibitors −8.41 (−11.87 to −3.71) −7.84 (−15.98 to −10.17) 93.2% −0.57 (−0.82 to −0.34) 6.8%
 SGLT2 inhibitors vs. sulfonylureas −13.46 (−18.84 to −10.27) −12.29 (−17.37 to −8.7) 91.3% −1.17 (−1.54 to −0.75) 8.7%
Table 1. Unadjusted baseline characteristics

Values are presented as number (%) or median (interquartile range).

ALT, alanine aminotransferase; AST, aspartate aminotransferase; DPP-4, dipeptidyl peptidase-4; γGT, gamma-glutamyl transferase; HDL, high-density lipoprotein; LDL, low-density lipoprotein; MVPA, moderate-to-vigorous physical activity; SGLT2, sodium-glucose cotransporter 2.

Body mass index is calculated as weight in kilograms divided by height in meters squared.

Light alcohol intake indicated consumption of less than 210 g/week for male patients and less than 140 g/week for female patients.

This variable indicates the number of months since November 2014, the first month data were collected for the cohort. Individual patients had varying times of entry.

Table 2. Major adverse cardiovascular events according to oral antidiabetic drug class

CI, confidence interval; DPP-4, dipeptidyl peptidase-4; NA, not applicable; PY, person-year; SGLT2, sodium-glucose cotransporter 2.

The subdistribution hazard ratio was calculated using the Fine-Gray competing risk model, treating non-cardiovascular mortality and liver transplantation as competing risks and employing inverse probability of treatment weight as the final weight. Inverse probability of treatment weight was calculated using multinomial logistic regression in the multigroup analyses, and logistic regression models in pairwise analyses conditional on the baseline covariates: age, sex, household income, waist circumference, body mass index, alcohol consumption, smoking status, moderate-to-vigorous physical activity, hypertension, family history of hypertension, family history of stroke, family history of heart disease, comorbidity index, hyperlipidemia agent use, antithrombotic agent use, total cholesterol, triglycerides, glucose, aspartate aminotransferase, alanine aminotransferase, gamma-glutamyl transferase, high-density lipoprotein, low-density lipoprotein, creatinine, and calendar months until entry were used to calculate the adjusted subdistribution hazard ratio.

Table 3. Mediating effects of MASLD regression on the association between oral antidiabetic drugs and major adverse cardiovascular events

DPP-4, dipeptidyl peptidase-4; FLI, fatty liver index; MASLD, metabolic dysfunction-associated steatotic liver disease; SGLT2, sodium-glucose cotransporter 2.