A Research Study to Look at How Semaglutide Compared to Placebo Affects Diabetic Eye Disease in People With Type 2 Diabetes

Inclusion Criteria: * Male or female, age greater than or equal to 18 years at the time of signing informed consent * Diagnosed with type 2 diabetes mellitus. * HbA1c of 7.0-10.0% (53-86 mmol/mol) (both inclusive). * Eye inclusion criteria (both eyes must meet all criteria): * Early Treatment Diabetic Retinopathy Study (ETDRS) level of 10-75 (both inclusive) evaluated by fundus photography and confirmed by central reading centre * No ocular or intraocular treatment for diabetic retinopathy or diabetic macular oedema six months prior to the day of screening. * No anticipated need for ocular or intraocular treatment for diabetic retinopathy or diabetic macular oedema within three months after randomisation. * Best-corrected visual acuity greater than or equal to 30 letters using the ETDRS visual acuity protocol * No previous treatment with pan-retinal laser photocoagulation * No substantial non-diabetic ocular condition that, in the opinion of the ophthalmologist, would impact diabetic retinopathy or diabetic macular oedema progression during the trial * No substantial media opacities that would preclude successful imaging Exclusion Criteria: * Any of the following: myocardial infarction, stroke, hospitalization for unstable angina pectoris or transient ischaemic attack within the past 60 days prior to the day of screening * Planned coronary, carotid or peripheral artery revascularisation known on the day of screening * Subjects presently classified as being in New York Hear…