Novartis shares fell about 13% over the week after three major pipeline setbacks, including a record roughly 10.9% one-day decline that erased about CHF 26 billion in market value.
Pelacarsen, a closely watched cardiovascular drug for patients with high lipoprotein(a), failed to show a reduction in heart attack and stroke risk in a large late-stage trial. Analysts had projected potential peak annual sales of $3 billion–$6 billion.
Del-desiran, acquired through Novartis’s $12 billion purchase of Avidity Biosciences, missed the primary endpoint in the Phase III HARBOR study in myotonic dystrophy type 1; it did not significantly improve hand-opening time versus placebo.
A third setback involved rap-cel:
Novartis paused eight studies of the cell therapy after three patient deaths.
The fallout extended to the sector. The European healthcare index fell around 2.3%, while analysts said pelacarsen’s failure raised doubts for other companies targeting Lp(a), including Eli Lilly and Amgen.
The results intensify scrutiny of Novartis’s ability to refill its pipeline and sustain growth into the 2030s as it faces patent expirations.
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