Novartis AG researches, develops, manufactures, distributes, markets, and sells pharmaceutical medicines in Switzerland and internationally. Its products include Entresto, Cosentyx, Kisqali, Promacta/Revolade, Tafinlar+Mekinist, Jakavi, Tasigna, Xolair, Ilaris, Pluvicto, Sandostatin SC and Sandostatin LAR, Zolgensma, Lucentis, Leqvio, Lutathera, Scemblix, and Fabhalta. The company focuses on therapeutic areas such as cardiovascular, renal and metabolic, immunology, neuroscience, oncology, and hematology. It has a license and collaboration agreement with Alnylam Pharmaceuticals, Inc. to develop, manufacture, and commercialize Leqvio (inclisiran), a therapy to reduce LDL cholesterol. Novartis AG was incorporated in 1996 and is headquartered in Basel, Switzerland.
Novartis pipeline wins offset patent loss in radioligand therapy
▼
Patent loss opens door to competitor in key cancer therapy A US court invalidated Novartis patents on its Lutathera radioligand therapy, allowing Curium to launch a competing version. This threatens future sales of a key product, weighing on the stock.
This is a new negative regulatory event that directly challenges Novartis's radioligand franchise.
▲
Positive Phase III data for Rhapsido in chronic inducible urticaria Novartis reported that Rhapsido met primary endpoints in a Phase III trial for chronic inducible urticaria, becoming the first to show efficacy in this condition. This supports a potential new growth driver.
New clinical success expands the pipeline and boosts confidence in future revenue.
▲
Early promise for del-brax in rare muscle disease Novartis's experimental drug del-brax showed promise in an early trial for FSHD, lowering disease markers and muscle damage. If approved, it could be the first disease-modifying treatment, adding a new rare-disease asset.
New positive trial data for a potential first-in-class therapy supports long-term growth.
▲
Oncology deals and market growth outlook Novartis announced two oncology partnerships (Antares, Orionis) worth up to $3.3 billion and a market report projected its radioligand therapy sales to reach $30 billion by 2034. These reinforce its pipeline and leadership in a high-growth area.
New deals and market forecast highlight Novartis's strategy to offset patent losses and drive future sales.
Latest
▲2▼2
Novartis adds two big pipeline deals; board pressure and CAR-T pause persist
▲
Novartis licenses two new pipeline assets in deals worth up to $8.1 billion Novartis signed a radioligand therapy license with BoomRay (up to $900 million) and an mRNA T-cell engager deal with Abogen (up to $7.2 billion). These add new cancer and autoimmune candidates, showing Novartis can still attract outside innovation and giving investors fresh growth hopes after recent trial failures.
These are the period's only new positive events and directly counter the pipeline-failure narrative that has weighed on the stock.
▼
Artisan Partners publicly demands board shake-up over deal oversight Top-20 shareholder Artisan Partners called for a board overhaul after trial failures wiped out $30 billion in market value. Eight shareholders have raised concerns about Novartis' acquisition strategy. This governance pressure keeps uncertainty high and can weigh on the shares until management responds.
It is a new escalation of shareholder activism that directly questions Novartis' dealmaking and board, a key overhang on the stock.
▼
CAR-T trial pause after three patient deaths continues to raise safety concerns Novartis paused eight rap-cel CAR-T trials in autoimmune and neurological diseases after three deaths from a severe immune reaction. The disclosure came only after an analyst noticed the halted trials. This adds regulatory and safety risk, delaying a promising new treatment area and weighing on sentiment.
It is a new negative safety event that adds to Novartis' pipeline setbacks and can pressure the share price until reviews clear.
▲
EU panel backs Cosentyx for polymyalgia rheumatica, expanding a key drug A European Medicines Agency committee recommended approving Cosentyx for polymyalgia rheumatica, a painful inflammatory condition. If the European Commission agrees, it would be the first IL-17A inhibitor cleared for this disease in Europe, adding sales for an already marketed drug and offering a modest lift.
It is a new regulatory win that expands an existing blockbuster into a new indication, supporting near-term revenue growth.
Q3 2026
▲2▼2
Novartis Q3: new drugs and deals offset generic hit and pipeline setbacks
▲
New drug approvals and acquisition EU approved Itvisma gene therapy and FDA fully approved Fabhalta for kidney disease. Novartis also bought Myricx Bio for $1.5 billion, adding new treatments to its portfolio.
These approvals and the acquisition are new positive events that can drive future sales and growth.
▲
Earnings beat and pipeline progress Q2 earnings beat expectations with sales returning to growth. Remibrutinib showed best-in-class potential in MS, Cosentyx won EU backing, and licensing deals worth up to $8.1 billion plus Sironax acquisition signaled continued innovation investment.
Earnings beat and pipeline advancements are new positive developments that support investor confidence.
▼
Entresto sales plunge on generics Entresto sales plunged 50% due to generic competition, a $4 billion annual hit. This major revenue loss weighs on the stock.
This is a new negative event that directly impacts Novartis's revenue and profitability.
▼
Pipeline setbacks and governance concerns CAR-T trials paused after three deaths; pelacarsen and del-desiran failed late-stage trials; rifonebart was halted. UBS turned cautious, and top shareholder Artisan Partners demanded a board overhaul amid $39.4 billion net debt and governance concerns.
These new negative events raise safety, efficacy, and governance issues that can hurt investor sentiment.
News & notes movingNOVN.SW
United StatesChinaDenmarkFrance
Biotech & Genomic Medicine▲
Sanofi, Novartis and Novo Nordisk Lead Week of Multi-Billion-Dollar Healthcare Deals
A Delaware federal judge on Monday rejected requests from Pfizer, BioNTech and Moderna to dismiss lawsuits filed by Bayer's Monsanto unit over their use of US Patent No. 7,741,118, a patent related to mRNA technology, with Judge William Bryson saying the companies failed to prove the patent was invalid or not infringed by their COVID-19 vaccines. Sanofi agreed to a deal worth up to $8B, including $1B upfront, with Regeneron to jointly develop four long-acting immunology therapies, led by the clinical-stage IL-13 monoclonal antibody REGN20423. China's Abogen Biosciences signed a licensing and option agreement with Novartis worth up to $7.8B, comprising a $575 million upfront payment and up to approximately $7.2 billion in potential milestone payments if all options on all programs are exercised, covering an exclusive worldwide license to Abogen's lead asset ABO2203. Jiangsu Hengrui Pharmaceuticals agreed to license global rights to its experimental obesity drug HRS-1596 to Novo Nordisk in a deal worth up to $2.6B, with $300M upfront and the transaction expected to close in Q4 2026. Meanwhile, the S&P 500 Health Care Sector Index slipped 2.66% for the week, with Incyte down 6.93% and Regeneron down 6.71% among the top decliners, while McKesson rose 4.11% and Cardinal Health gained 3.67%.
Novartis inks up to $7.8B RNA therapeutics deal with Abogen
Novartis has entered into a licensing and option agreement with China's Abogen Biosciences to advance RNA-encoded therapeutics, according to a statement on Friday. Abogen will receive an upfront payment of $575 million, and, if all options on all programs are exercised, Abogen is eligible to receive up to approximately $7.2 billion in potential milestone payments, plus potential royalties on future product sales. The agreement includes an exclusive worldwide license to Abogen's lead asset, ABO2203, a novel mRNA-encoded CD19xCD3 T-cell engager designed to reset B cells by directing endogenous production of T-cell engagers in vivo, with the potential to transform treatment for patients with autoimmune diseases. The Swiss drugmaker also holds the exclusive option to license a number of next-generation therapeutic assets developed on Abogen's proprietary RNA platform.
Biotech & Genomic Medicine › RNA Therapeutics ▲Capital
Biotech & Genomic Medicine › mRNA Platforms ▲Capital
Biotech & Genomic Medicine › Autoimmune & Immunology Therapeutics Capital
NOVN.SW · Capital · Positive Novartis signs up to $7.8B licensing/option deal with Abogen for RNA-encoded therapeutics, expanding its pipeline via M&A/licensing.
Abogen Biosciences · Capital · Positive Abogen receives $575M upfront and up to ~$7.2B in milestones plus royalties under the Novartis licensing deal.
CAS and Novartis Partner to Build AI-Ready Reaction Data Platform
CAS, a division of the American Chemical Society, announced a collaboration with Novartis Biomedical Research to enhance reaction data accessibility and support AI-enabled research. Under the initiative, CAS will apply its data transformation services through CAS Intelligence Hub to organize and standardize Novartis' extensive collection of proprietary experimental reaction data, making it searchable alongside more than 160 million scientist-curated reactions from the CAS Content Collection. CAS will also work with Novartis to develop a customized discovery platform built on the CAS SciFinder architecture, designed to let Novartis researchers search, analyze, and cross-reference their enriched internal reaction data and CAS data simultaneously. Tim Wahlberg, Interim President of CAS, said the collaboration reflects the critical importance of a strong scientific data infrastructure alongside domain-specific technology and expertise for drug discovery workflows. The effort addresses the long-standing challenge of searching internal and external data together and lays the foundation for future CAS platform capabilities, including large language models and agentic AI.
Cloud & Digital Infrastructure › Data Platforms & Analytics ▲Technology
016920.KQ · Demand · Positive CAS wins a collaboration with Novartis to apply its data transformation services and build a customized discovery platform, a concrete new client engagement.
NOVN.SW · Technology · Positive Novartis gains a customized AI-ready platform to organize and search its proprietary reaction data, supporting its drug discovery R&D.
AI drug development commercialization advances, ESMO annual meeting features 28 China-led breakthrough studies
The commercialization of AI-driven drug development continues to move forward. Insilico Medicine announced a partnership to build a generative biology foundation model focused on biologic design and target optimization. The 2026 European Society for Medical Oncology annual meeting will open from October 23 to 27, featuring 28 breakthrough clinical studies led by or deeply involving China, of which 4 were selected for oral presentation in the plenary session, accounting for one-third of the total. In the pharmaceutical segment, 29 late-breaking abstract trial drugs were originally developed or co-developed by domestic Chinese pharmaceutical companies, covering multiple frontier areas including antibody-drug conjugates, bispecific antibodies, and EGFR-TKI-resistant non-small cell lung cancer. Guosheng Securities noted that the radiopharmaceutical sector recently saw two major deals: Telix acquired ITM for 1.65 billion US dollars, and Borui Chuanghe signed a collaboration with Novartis worth up to 900 million US dollars. Meanwhile, Ionis' oligonucleotide therapy Ulefnersen met its primary endpoint in a Phase III study for FUS-ALS, providing the first effective treatment option for this rare disease. As of August 31, 2026, the top ten weighted stocks in the SSE STAR Market Biomedical Index accounted for 51.54% of the total, namely United Imaging Healthcare, BeiGene, Allist Pharmaceuticals, Baili Tianheng, Zelgen Biopharmaceuticals, RemeGen, iRay Technology, Huitai Medical, Junshi Biosciences, and MGI Tech.
Biotech & Genomic Medicine › Oncology Therapeutics ▲Technology
Biotech & Genomic Medicine › AI Drug Discovery ▲Technology
Biotech & Genomic Medicine › Antibody-Drug Conjugates (ADC) ▲Technology
3696.HK · Technology · Positive Insilico Medicine announced a partnership to build a generative biology foundation model for biologic design and target optimization.
IONS · Technology · Positive Ionis' Ulefnersen met its primary endpoint in a Phase III FUS-ALS study, the first effective treatment for this rare disease.
Boruichuanghe · Demand · Positive Borui Chuanghe signed a collaboration with Novartis worth up to $900 million.
ITM Isotope Technologies Munich SE · Capital · Positive Telix acquired ITM for $1.65 billion, a valuation/M&A event for the radiopharmaceutical company.
NOVN.SW · Demand · Positive Novartis signed a collaboration with Borui Chuanghe worth up to $900 million, a deal that expands its pipeline.
Novartis Wins CHMP Backing for Cosentyx in Polymyalgia Rheumatica
Novartis AG announced on September 18 that the Committee for Medicinal Products for Human Use has adopted a positive opinion recommending marketing authorization for Cosentyx, or secukinumab, to treat polymyalgia rheumatica in adults who respond inadequately to steroids or relapse during tapering. The European Commission is expected to issue a final decision within two months, and if approved, Cosentyx would become the first IL-17A inhibitor licensed in Europe for polymyalgia rheumatica, expanding its multi-billion-dollar immunology franchise into a new rheumatologic indication with high unmet demand. The recommendation reinforces Novartis's strategy of driving top-line growth through priority brands, a group that also includes Kisqali, up 43 percent at constant currencies in the second quarter of 2026, Kesimpta, up 32 percent, and Scemblix, up 89 percent. In that quarter Novartis reported $14.4 billion in net sales, up 3 percent in US dollars, a core operating income margin of 41.2 percent, and $5.6 billion in free cash flow, with $8.9 billion in the first half of 2026, supporting its $10 billion share buyback program. Generic competition remains a drag, subtracting 14 percentage points from second-quarter 2026 net sales growth and contributing to a 2 percent decline in operating income, while net debt rose to $39.4 billion as of June 30, 2026, from $21.9 billion at year-end 2025, largely on $15.3 billion in net cash outflows for M&A and asset acquisitions and $3.1 billion in treasury share transactions. The CHMP recommendation provides a clear regulatory milestone that aligns with management's reaffirmed full-year 2026 guidance.
Amgen's dazodalibep hits main goal in late-stage Sjögren's trial
Amgen's experimental drug dazodalibep met the main goal of a late-stage trial in Sjögren's disease, showing statistically significant and clinically meaningful improvements in patients with moderate-to-severe disease activity after 48 weeks. Most adverse events were mild to moderate and only a small number of patients stopped treatment, according to Reuters, which noted that Sjögren's affects about 1% of the global population and currently has no approved treatment in the U.S. The result gives Amgen a potential new growth opportunity in autoimmune disease, though it remains several steps from commercial impact; Amgen generated $36.8 billion in revenue in 2025 and invested $7.3 billion in R&D, and already sells Otezla, which generated $2.27 billion in sales in 2025. Amgen shares rose 4% after the trial announcement. Key details were not disclosed and the full data still need to be compared with Novartis' ianalumab, while Amgen is testing dazodalibep in the separate OASIZ 303 trial with results expected in the fourth quarter of 2026; William Blair analyst Matt Phipps said two positive late-stage studies would likely be required for FDA approval. Competition could also limit the opportunity, with Novartis and Johnson & Johnson developing Sjögren's treatments, and Amgen expects Prolia sales to decline more rapidly in 2026 after U.S. patent expirations and biosimilar launches; Prolia generated $4.41 billion in 2025.
Novartis Pauses Eight CAR-T Trials After Three Patient Deaths; Bristol Myers Halts Enrollment
Novartis AG paused eight clinical trials of its experimental CAR-T cell therapy rap-cel in autoimmune and neurological conditions, including lupus, rheumatoid arthritis, and multiple sclerosis, after three patients died from immune effector cell-associated hemophagocytic syndrome, a rare and severe immune reaction, as first reported by the Wall Street Journal on September 1, 2026. The pause does not cover the company's two ongoing rap-cel trials in lymphoma and leukemia, which continue. Bristol-Myers Squibb Company separately paused enrollment in its own competing CAR-T program, zola-cel, as a precaution after observing what it described as transient and reversible inflammatory events, with no reported deaths. Bristol-Myers informed regulators and researchers in early June but waited about three months before informing the broader public, while Novartis confirmed its pause only after an analyst noticed the halted trials in a public database and disclosed the deaths one week later. Hedge fund count for Novartis grew to 38 in the second quarter from 31 in the first, with position value rising to $3.66 billion from $3.02 billion, while Bristol-Myers holders fell to 74 from 83 and position value declined to $4.79 billion from $5.97 billion.
Biotech & Genomic Medicine › Autoimmune & Immunology Therapeutics Competition
NOVN.SW · Regulation · Negative Novartis paused eight rap-cel CAR-T trials in autoimmune and neurological conditions after three patient deaths from a severe immune reaction.
BMY · Regulation · Negative Bristol-Myers paused enrollment in its competing CAR-T program zola-cel and delayed informing the public for about three months, drawing regulatory scrutiny.
Artisan Partners, among Novartis AG's 20 largest shareholders, publicly called for a shake-up of the Swiss drugmaker's board to improve oversight of its acquisitions, Reuters reported on September 10, 2026, after Novartis shares suffered an 11% one-day drop that wiped out nearly $30 billion in market value and erased all of the stock's 2026 gains following back-to-back clinical trial failures. Artisan's David Samra told Reuters that "the party is over" and urged Chairman Giovanni Caforio to change the team overseeing dealmaking, though he stopped short of blaming CEO Vas Narasimhan, saying he has done "a very good job" since taking over in 2018. Reuters also reported that eight shareholders have raised concerns about Novartis' M&A strategy. The criticism follows the Phase III failure of pelacarsen in a cardiovascular outcomes trial earlier in September and the subsequent Phase III miss for del-desiran, one of three late-stage programs Novartis gained through its approximately $12 billion acquisition of Avidity. Novartis has said its financial guidance remains unchanged and its pipeline remains broad, pointing to positive Phase III results for remibrutinib in multiple sclerosis earlier in September, while maintaining its 5%-6% five-year sales CAGR target for 2025-2030.
Biotech & Genomic Medicine › Cardiovascular & Heart-Failure Therapeutics ▼Demand
Biotech & Genomic Medicine › Rare Disease ▼Demand
NOVN.SW · Regulation · Negative Artisan Partners, a top-20 shareholder, publicly demands a board shake-up over Novartis' M&A oversight after trial failures wiped out $30B in market value
Novartis Pelacarsen Phase 3 Failure Reshapes Lp(a) Race for CRISPR and Ionis
Novartis AG's Phase 3 Lp(a)HORIZON trial of pelacarsen failed to produce a statistically significant reduction in major cardiovascular events despite significantly lowering lipoprotein(a), a setback Citi says carries implications for other Lp(a)-lowering developers. Citi believes the result increases the likelihood that CRISPR Therapeutics prioritizes its next-generation CTX321 program over the earlier candidate CTX320, which has generated Lp(a) reductions of as much as 73% during dose escalation; CTX321 uses an updated guide RNA that showed approximately twice the potency of CTX320 in preclinical testing, and CRISPR expects to provide a program update in 2026. Citi retained a Buy rating and an $88 price target on CRISPR Therapeutics. On Ionis Pharmaceuticals, which discovered pelacarsen and licensed it to Novartis in 2019 for worldwide development and commercialization, Citi analyst Eric Joseph expects less than 5% of immediate downside because investor expectations were already modest, and the firm does not expect the result to affect Ionis' fiscal 2026 guidance; Citi maintained a Buy rating and a $100 price target on Ionis. The broader concern is that pelacarsen's failure to translate Lp(a) reduction into fewer cardiovascular events raises questions about how much Lp(a) must be lowered, how long patients must be treated, and whether different therapeutic approaches can deliver better clinical outcomes, leaving CTX321's greater preclinical potency unproven in humans.
Biotech & Genomic Medicine › RNAi / Antisense Oligonucleotides ▼Demand
Biotech & Genomic Medicine › Gene & Cell Editing Technology
Biotech & Genomic Medicine › Cardiovascular & Heart-Failure Therapeutics Technology
NOVN.SW · Technology · Negative Novartis' Phase 3 Lp(a)HORIZON trial of pelacarsen failed to significantly reduce major cardiovascular events despite lowering Lp(a).
CRSP · Technology · Positive Citi says pelacarsen's failure increases likelihood CRISPR prioritizes its more potent next-gen CTX321 Lp(a) program, and retains Buy/$88 PT.
IONS · Technology · Negative Ionis discovered and licensed pelacarsen to Novartis, and its Phase 3 failure raises doubts about the Lp(a) approach, though Citi sees under 5% immediate downside.
BoomRay and Novartis sign $900m radioligand therapy licence deal
China-based clinical-stage biotechnology company BoomRay Pharmaceuticals and Novartis Pharma have signed an exclusive worldwide licence deal for an undisclosed preclinical radioligand therapy asset worth up to $900m. The agreement includes an upfront payment plus potential development, regulatory and sales milestone payments for BoomRay, along with possible royalties on future global net sales. BoomRay CEO Bo Shan called the deal a significant milestone and a strong validation of the company's discovery and development capabilities, while Novartis oncology, biomedical research global head Shiva Malek said the agreement complements Novartis's growing radioligand therapy portfolio. BFC Group served as financial adviser to BoomRay on the transaction. The deal follows Novartis's May 2024 acquisition of Mariana Oncology for an upfront payment of $1bn and up to an additional $750m tied to milestone achievements.
Biotech & Genomic Medicine › Oncology Therapeutics ▲Competition
NOVN.SW · Capital · Positive Novartis signs a $900m exclusive worldwide licence deal for a preclinical radioligand therapy asset, adding to its radioligand portfolio.
BoomRay Pharmaceuticals · Capital · Positive BoomRay receives an upfront payment plus up to $900m in milestones and royalties under the Novartis licence deal.
Novartis Halts ALS Drug VHB937 After Phase II Trial Failure
Novartis AG has discontinued development of VHB937, also known as lifonebart, after the experimental ALS drug failed to meet both its primary and secondary endpoints in a Phase II trial involving 251 patients with early-stage ALS. The drug targeted TREM2, a protein involved in immune responses and inflammation in the brain, and Novartis will stop the ALS program while continuing to study VHB937 in Alzheimer's disease, where a mid-stage trial is still recruiting. The setback comes only days after Novartis reported a Phase III failure for del-desiran in myotonic dystrophy and a September 4 failure for pelacarsen in cardiovascular disease; Reuters reported that the del-desiran failure erased nearly $30 billion from Novartis' market value in one trading session. The immediate financial impact from VHB937 should be limited because the drug was still in mid-stage development and had not generated commercial revenue, and Novartis still has growing products including Kisqali, up 43% year over year at constant currencies, Kesimpta, up 32%, Scemblix, up 89%, Pluvicto, up 43%, and Leqvio, up 59%, alongside $5.6 billion in quarterly free cash flow. Still, the cumulative attrition raises execution risk as Novartis works to replace aging revenue streams, with Entresto sales already down 50% in Q2 because of U.S. generic competition and roughly $4 billion of revenue exposure from upcoming patent expiries, while Q2 free cash flow declined 12% to $5.6 billion and core operating margin fell 70 basis points to 41.2%.
Novartis' Cosentyx Wins Positive CHMP Opinion for Polymyalgia Rheumatica
Novartis announced that the Committee for Medicinal Products for Human Use of the European Medicines Agency has issued a positive opinion recommending marketing authorization for an additional indication of its arthritis drug Cosentyx, also known as secukinumab. The CHMP recommended Cosentyx for the treatment of polymyalgia rheumatica in adults who have an inadequate response to steroids or experience a relapse while tapering steroid treatment. The positive opinion is supported by results from the late-stage REPLENISH study, in which patients were randomized into three treatment arms, Cosentyx 300mg, Cosentyx 150mg, or placebo, all in combination with a 24-week steroid taper regimen, and the study met all primary and secondary endpoints across both Cosentyx treatment arms. Following the CHMP recommendation, the European Commission is expected to issue a final decision within approximately two months, and if approved, Cosentyx would be the first interleukin-17A inhibitor approved in Europe for adults with polymyalgia rheumatica. Cosentyx sales totaled $3.4 billion in the United States, up 7%, while ex-U.S. sales grew in Europe and most emerging markets, partly offset by a decline in China.
Novartis Acquires Full Rights to Sironax Brain Delivery Platform
Novartis agreed to acquire full rights to Sironax's proprietary brain delivery platform for neurological disease treatments. The deal gives Novartis control of Sironax's technology designed to transport therapeutics across the blood brain barrier, expanding its toolkit for research into central nervous system disorders where treatment options remain limited. Novartis is a large pharmaceuticals group with a CHF218.8 billion market cap that researches, develops, manufactures, distributes, markets, and sells medicines globally, so gaining access to differentiated delivery technology directly links into its existing focus on complex neurological treatments. The Sironax platform speaks to the same advanced-therapy thesis that underpins Cosentyx's CHMP progress and remibrutinib's Phase 3 data, as Novartis seeks to own hard-to-reach biology where rivals like Roche and Biogen also compete for neurologists' attention. The flip side is that every new modality adds complexity, and recent trial setbacks such as pelacarsen and del-desiran keep development risk front and center, with analysts flagging that stacking capital-intensive projects on top of share buybacks could stretch the balance sheet of a business already carrying a high level of debt.
Biotech & Genomic Medicine › Neuroscience & Neurodegenerative ▲Technology
NOVN.SW · Technology · Positive Novartis acquires full rights to Sironax's brain delivery platform, expanding its CNS therapeutic toolkit.
NOVN.SW · Capital · Negative Analysts flag that stacking capital-intensive projects on top of buybacks could stretch Novartis's already high-debt balance sheet.
Sironax USA, Inc. · Capital · Positive Sironax agrees to sell full rights to its proprietary brain delivery platform to Novartis.
Novartis Shares Plunge 10% as Del-desiran Fails Late-Stage Trial
Novartis shares fell about 10% after the company said its experimental drug del-desiran failed to meet its primary goal in a late-stage trial for myotonic dystrophy type 1, marking its third clinical setback in a week. The earlier failures involved the cardiovascular drug pelacarsen and a pause of eight trials of the cell therapy rap-cel following three patient deaths. The decline erased roughly 24 billion Swiss francs, or about $29.6 billion, in market value and put Novartis on pace for one of its worst trading days in company history. Barclays had estimated peak annual sales of about $3.1 billion for del-desiran and assigned the drug a 60% probability of success after positive mid-stage results, and the failure raises questions about the $12 billion Avidity acquisition that brought the drug into Novartis' pipeline. Management reaffirmed its full-year financial guidance and maintained its target for 5% to 6% compound annual sales growth from 2025 through 2030, while the company reported successful late-stage results for remibrutinib in multiple sclerosis and expects more data later this year.
Biotech & Genomic Medicine › Cardiovascular & Heart-Failure Therapeutics ▼Technology
Biotech & Genomic Medicine › Gene & Cell Editing ▼Technology
NOVN.SW · Technology · Negative del-desiran failed its primary goal in a late-stage myotonic dystrophy type 1 trial, its third clinical setback in a week
Novartis and Ionis Lp(a) Drug Pelacarsen Fails Late-Stage Cardiovascular Trial
Pelacarsen, an experimental Lp(a)-lowering drug from Novartis AG and partner Ionis Pharmaceuticals, Inc., failed to reduce heart attacks, strokes and related cardiovascular events in the Phase III Lp(a)HORIZON trial, which enrolled more than 8,000 patients, Reuters reported on September 5, 2026. The drug did lower Lp(a) levels as expected, but that reduction did not translate into fewer real-world cardiac events. Novartis shares fell 5% and Ionis shares fell 12% in aftermarket trading. Novartis called the results a disappointment but said they still advance scientific understanding of the Lp(a) pathway. The failure removes a major potential growth driver for both companies and raises the burden of proof for other Lp(a) drugs, with Novartis now under greater pressure to replace revenue as Entresto and other products approach patent challenges. Ionis faces greater concentration risk because pelacarsen mattered more to the smaller company, though its broader RNA portfolio and newly approved Zanvastro for Alexander disease provide some diversification.
Biotech & Genomic Medicine › Cardiovascular & Heart-Failure Therapeutics ▼Demand
Biotech & Genomic Medicine › RNAi / Antisense Oligonucleotides ▼Demand
Biotech & Genomic Medicine › Rare Disease Demand
IONS · Technology · Negative Pelacarsen, Ionis's partnered Lp(a)-lowering drug, failed its Phase III cardiovascular outcomes trial, removing a major potential growth driver and heightening concentration risk.
NOVN.SW · Technology · Negative Novartis's pelacarsen failed the Phase III Lp(a)HORIZON trial, eliminating a key growth driver and increasing pressure to replace revenue as Entresto faces patent challenges.
Wall Street Ends Week Lower as Apple Unveils Foldable iPhone Duo
Wall Street closed the week lower as investors weighed a sharp rise in Treasury yields and fresh inflation data, with the benchmark 10-year yield climbing nearly 20 bps to 4.97% and CPI rising 0.4% month over month in August, in line with estimates and up from July's 0.1% gain. For the week, the blue-chip Dow fell 1.57%, the S&P 500 lost 0.80%, and the Nasdaq Composite handed back 0.66%. Apple formally unveiled the iPhone Duo, its first foldable smartphone, at its Sept. 9 product event, with a foldable display starting at $1,999 and availability scheduled for Oct. 23. Novartis shares fell about 14% on Tuesday after the company reported that del-desiran, an experimental drug designed to fight muscle-wasting disease, failed to meet the primary endpoint in a late-stage trial. Oracle shares jumped after the IT giant reported fiscal first-quarter results and guidance that beat Wall Street estimates, with revenue up 30% year over year and cloud revenue climbing 62% to $11.6B, driven largely by a 121% surge in infrastructure revenue. Quantum computing stocks Rigetti Computing, Quantum Computing, and Quantinuum rallied on Tuesday following a combined $300M CHIPS Act funding commitment from the U.S. Department of Commerce, under which the government will receive minority equity stakes in Rigetti and D-Wave.
AAPL · Technology · Positive Apple unveiled its first foldable smartphone, the iPhone Duo, at its Sept. 9 product event.
NOVN.SW · Technology · Negative Novartis shares fell about 14% after its experimental drug del-desiran failed to meet the primary endpoint in a late-stage trial.
ORCL · Capital · Positive Oracle shares jumped after fiscal Q1 results and guidance beat estimates, with revenue up 30% and cloud revenue up 62%.
QNT · Regulation · Positive Quantinuum rallied after a combined $300M CHIPS Act funding commitment from the U.S. Department of Commerce.
RGTI · Regulation · Positive Rigetti rallied on a $300M CHIPS Act funding commitment under which the government will receive a minority equity stake in Rigetti.
QBTS · Regulation · Positive D-Wave is among the quantum computing firms benefiting from a $300M CHIPS Act funding commitment, with the government taking minority equity stakes in Rigetti and D-Wave.
UnitedHealth sells Optum Florida stake to TPG as CooperCompanies cuts guidance and Amgen slides
UnitedHealth has sold an interest in some of its Optum Health operations in Florida to private equity firm TPG, part of the health conglomerate's effort to recover from a collapse in profits last year. CFO Wayne DeVeydt told Bloomberg News that Optum Health margins will be around 2% this year, above prior expectations, and should rise to around 4% in 2027 and 6% the following year. Amgen fell more than 8%, its worst single-day decline since 2016, after Novartis announced a Phase 3 trial failure for the heart disease therapy pelacarsen, which it is developing with Ionis Pharmaceuticals; BMO Capital Markets downgraded Amgen to Market Perform from Market Outperform with a $450 price target. CooperCompanies dropped 13% after issuing fiscal 2026 guidance below consensus, with revenue of $4.229B-$4.252B versus the prior $4.285B-$4.321B and non-GAAP diluted EPS of $4.51-$4.55 versus $4.58-$4.66 previously, and said its board decided to keep CooperSurgical rather than sell it while raising its share buyback authorization to $3B from $2B. Novo Nordisk fell more than 1% premarket after Morgan Stanley downgraded the stock to Underweight from Equal-weight, citing the semaglutide patent cliff, and the S&P 500 Health Care Sector Index slipped more than 3.5% for the week.
Biotech & Genomic Medicine › Cardiovascular & Heart-Failure Therapeutics ▼Technology
Biotech & Genomic Medicine › RNAi / Antisense Oligonucleotides ▼Technology
Biotech & Genomic Medicine › Metabolic, Diabetes & Obesity ▼Competition
AMGN · Capital · Negative BMO downgraded Amgen to Market Perform with a $450 price target after Novartis's pelacarsen Phase 3 failure.
COO · Capital · Negative CooperCompanies issued fiscal 2026 guidance below consensus and cut its EPS outlook.
UNH · Capital · Positive UnitedHealth sold an Optum Florida stake to TPG and guided Optum Health margins to ~2% this year, rising to ~4% in 2027 and 6% after, aiding its profit recovery.
IONS · Technology · Negative Novartis announced a Phase 3 trial failure for pelacarsen, which it is developing with Ionis Pharmaceuticals.
NVO · Capital · Negative Morgan Stanley downgraded Novo Nordisk to Underweight from Equal-weight, citing the semaglutide patent cliff.
MS · Capital · Negative Morgan Stanley downgraded Novo Nordisk to Underweight from Equal-weight.
Novartis Doses First Patient in Phase 2 Sjögren's Trial, Triggering $50M Payment to Monte Rosa
Monte Rosa Therapeutics announced on September 8 that partner Novartis has dosed the first patient in a Phase 2 trial of the VAV1-targeted drug MRT-6160, also known as DDY391, in people with Sjögren's disease, triggering a $50 million milestone payment to Monte Rosa and marking the first step in a collaboration that could eventually be worth up to $2.1 billion. Novartis is footing the entire bill for the study, which will track participants for as long as a year of treatment and compare the drug against placebo across multiple sites to select the right dose before a Phase 3 program begins, and Monte Rosa stands to collect further payments each time a new Phase 2 study opens for MRT-6160 in other immune conditions. In an earlier Phase 1 trial, the molecule knocked down VAV1 protein levels by over 90% in patients' T cells and calmed key markers of inflammation without triggering any serious side effects. Monte Rosa also reported on August 6 that enrollment and dosing had wrapped up in its GFORCE-1 study of MRT-8102 in people with elevated cardiovascular risk, with results due later in 2026, and that its MODeFIRe-1 study pairing MRT-2359 with the prostate cancer drug apalutamide is up and running, backed by $626 million in cash, equivalents, and marketable securities as of June 30 that management says can fund operations into 2029. The progress has come at a cost: collaboration revenue fell to $9.0 million in the second quarter of 2026 from $23.2 million a year earlier, research spending rose to $48.0 million from $30.7 million, administrative costs climbed to $10.1 million from $8.1 million, and the quarterly net loss ballooned to $43.4 million, more than triple the $12.3 million loss in the same period of 2025. Hedge fund ownership edged up to 36 funds from 35, while 21.52% of the float is sold short, an unusual pairing that suggests the market has not settled on whether the milestone cash flow outweighs the widening losses.
Biotech & Genomic Medicine › Autoimmune & Immunology Therapeutics Demand
GLUE · Capital · Positive Novartis dosing the first Phase 2 patient triggers a $50M milestone payment to Monte Rosa, part of a collaboration worth up to $2.1B.
NOVN.SW · Technology · Positive Novartis is funding and advancing the Phase 2 trial of VAV1-targeted MRT-6160/DDY391 in Sjögren's disease after promising Phase 1 data.
Amgen Shares Plunge 10% After Novartis Cardiovascular Trial Failure
Amgen Inc. shares fell $44.06, or 10.08%, to close at $393.17 on September 8, the stock's worst one-day decline since October 2000, after Novartis reported disappointing cardiovascular trial results for a rival drug. Amgen is developing olpasiran, an investigational treatment designed to reduce lipoprotein(a), or Lp(a), a genetically influenced blood particle associated with an increased risk of cardiovascular disease, and its Phase 3 OCEAN(a)-Outcomes trial is evaluating whether olpasiran reduces coronary heart disease death, heart attack or urgent coronary revascularization in patients with established cardiovascular disease and elevated Lp(a). Novartis' pelacarsen reduced Lp(a) but failed to reduce cardiovascular events in its Phase 3 trial, and Reuters reported that olpasiran produced greater Lp(a) reductions in earlier studies and is being tested in more targeted patient groups, with Amgen's Phase 3 data expected in 2028. BMO Capital analyst Evan Seigerman downgraded Amgen to Market Perform from Outperform on September 8 while maintaining a $450 price target, and Citi analyst Geoff Meacham said olpasiran faced the clearest risk from the Novartis result while noting that differences in study design could offer some differentiation. On August 31, Amgen reported that a prespecified VESALIUS-CV analysis found Repatha reduced the risk of death by 20% in more than 12,000 high-risk patients without a prior heart attack or stroke, and Repatha sales rose 37% year over year to $953 million in the second quarter, when total revenue increased 10% to $10.1 billion and the company maintained 2026 revenue guidance of $38.2 billion to $39.4 billion.
AMGN · Competition · Negative Novartis' rival Lp(a) drug pelacarsen failed to reduce cardiovascular events in Phase 3, raising doubts about Amgen's similar olpasiran and prompting a BMO downgrade.
NOVN.SW · Technology · Negative Novartis' pelacarsen lowered Lp(a) but failed to reduce cardiovascular events in its Phase 3 trial, a clinical failure for its drug.
Olema Falls After AstraZeneca's Etcamah Fails Late-Stage Breast Cancer Trial
Olema Pharmaceuticals shares dropped about 15% in after-hours trading Friday after AstraZeneca disclosed that its SERD and CERAN, Etcamah (camizestrant), failed as a first-line breast cancer treatment. Olema is developing its own estrogen receptor antagonist and selective estrogen receptor degrader, palazestrant. Palazestrant is in phase 3 development in a collaboration with Novartis as a first-line treatment in combination with the CDK 4/6 inhibitor Kisqali (ribociclib) for metastatic breast cancer, and it is also in phase 3 as a second- and third-line monotherapy.
AZN.LSE · Technology · Negative AstraZeneca's SERD camizestrant (Ecamah) failed as a first-line breast cancer treatment in a late-stage trial.
OLMA · Competition · Negative Olema fell after AstraZeneca's rival SERD camizestrant failed a first-line breast cancer trial, raising doubts about the class and its own palazestrant.
NOVN.SW · Competition · Neutral Novartis is only mentioned as Olema's palazestrant collaboration partner; the rival SERD failure's read-through to its Kisqali combo is unclear.
Novartis Faces Boardroom Pressure After $30 Billion Deal Spree
Novartis is facing sharper questions over its dealmaking strategy after clinical setbacks weakened confidence in recent acquisitions, with Artisan Partners demanding stronger board oversight of acquisitions following the failure of del-desiran, which undermined a central argument for the $12 billion purchase of Avidity. CEO Vas Narasimhan has deployed more than $30 billion into acquisitions and partnerships over the past three years, according to Reuters, and Novartis insists its guidance remains intact and says other medicines acquired through the transaction still have meaningful potential. The balance sheet shows why investors are watching closely: Novartis produced $8.9 billion in first-half free cash flow, while acquisitions and intangible-asset transactions consumed $15.3 billion, roughly 1.7 times that cash generation. Adding $9.1 billion of dividends and $3.1 billion of treasury-share outflows brings the cited cash demands to $27.5 billion, and net debt consequently surged from $21.9 billion to $39.4 billion, leaving less room for expensive mistakes and raising pressure on management to turn purchased science into commercial wins. Its U.S.-listed shares traded at $137.58, yet remained roughly 14% lower across five sessions, and the stock trades 5.36% above its $130.58 GF Value.
Biotech & Genomic Medicine › Rare Disease ▼Capital
Biotech & Genomic Medicine › RNA Therapeutics ▼Capital
NOVN.SW · Capital · Negative Clinical failure of del-desiran and activist pressure over $30B deal spree, surging net debt to $39.4B, raise doubts about Novartis's acquisition strategy and capital allocation.
Novartis' del-desiran and pelacarsen trial failures hit pipeline
Novartis AG suffered a major setback after its experimental drug del-desiran failed a late-stage trial for myotonic dystrophy type 1, a rare muscle-wasting disease with no approved treatments, missing statistical significance over placebo on the primary endpoint of video hand opening time. The failure came just days after Novartis' cholesterol drug pelacarsen also failed a major late-stage study, and del-desiran was one of the key assets acquired through Novartis' $12 billion acquisition of Avidity Biosciences, where Barclays analysts had estimated peak annual sales of about $3.1 billion and assigned it a 60% probability of success. The two failures increase pressure on CEO Vas Narasimhan as Novartis seeks to replace revenue from established medicines such as Entresto ahead of future patent expirations, though the company reaffirmed its target of 5%-6% annual sales growth through 2030. Attention now falls on remibrutinib, which recently succeeded in a late-stage multiple-sclerosis study, with additional data in another indication expected later this year and analysts seeing it as potentially capable of generating billions of dollars in peak annual sales. Novartis is evaluating the full del-desiran dataset and plans to engage with regulators, leaving some possibility the program could have a future depending on the underlying data and trial interpretation.
Biotech & Genomic Medicine › Cardiovascular & Heart-Failure Therapeutics ▼Demand
Biotech & Genomic Medicine › RNA Therapeutics ▼Technology
NOVN.SW · Technology · Negative Del-desiran failed its late-stage trial in myotonic dystrophy type 1, days after pelacarsen also failed a major late-stage study, hitting Novartis' pipeline.
Avidity Biosciences · Technology · Negative Del-desiran, a key asset from Novartis' $12 billion acquisition of Avidity Biosciences, failed its late-stage trial.
Novartis' experimental medicine pelacarsen failed the Phase 3 Lp(a)HORIZON study, lowering lipoprotein(a) but not producing a statistically significant reduction in cardiovascular events. Bank of America estimates the miss creates only low-single-digit percentage downside to its net-present-value calculation for Novartis and maintained its Buy rating and $185 price target, with attention shifting to four other Phase 3 readouts expected in the second half of 2026. Novartis reported 39 Phase 3 projects and three programs in registration in its second-quarter presentation, and second-quarter 2026 sales reached $14.41 billion, up 3% on a reported basis and 1% in constant currencies, with management reaffirming low-single-digit constant-currency sales growth for the year. Citi analyst Eric Joseph expects less than 5% immediate downside for Ionis Pharmaceuticals, which discovered pelacarsen and licensed it to Novartis in 2019, saying the result should not affect Ionis' fiscal 2026 guidance and maintaining a Buy rating and $100 price target. Novartis' first-half net income declined 16% on a reported basis while core operating income fell 6%.
Novartis's Remibrutinib Beats Sanofi's Aubagio in Two Late-Stage MS Trials
Novartis's oral drug remibrutinib outperformed Sanofi's older multiple-sclerosis treatment teriflunomide in reducing relapses across two late-stage studies, REMODEL-1 and REMODEL-2, marking the first major success from three closely watched pipeline programs expected to produce clinical data in 2026. Novartis said remibrutinib also showed clinically meaningful results in slowing disability progression and was well tolerated with no liver-safety issues, a key point for a Bruton's tyrosine kinase inhibitor, a class that has previously faced regulatory problems over liver toxicity. UBS analyst Matt Weston called it potentially a best-in-class oral treatment. Novartis plans to submit remibrutinib for global regulatory approval and will present full results at a medical conference in Toronto; the drug is already approved for one chronic inflammatory skin condition involving severe hives, sold as Rhapsido, which generated $64 million in second-quarter sales. Analysts estimate remibrutinib could generate as much as $9 billion in peak annual sales across all indications, though that figure assumes successful development and approvals in multiple sclerosis, additional skin disease, and food allergies, and two patients died during the studies, which analysts said were unrelated to treatment but still intend to examine in the detailed safety data. Remibrutinib is the first of three programs, alongside pelacarsen and del-desiran, collectively seen generating more than $10 billion in peak annual sales as Novartis faces generic pressure on its blockbuster heart-failure medicine Entresto.
Biotech & Genomic Medicine › Autoimmune & Immunology Therapeutics ▲Demand
NOVN.SW · Technology · Positive Remibrutinib beat Sanofi's Aubagio in two late-stage MS trials, showing best-in-class potential and supporting a global regulatory submission.
SAN.PA · Competition · Negative Sanofi's older MS drug teriflunomide (Aubagio) was outperformed by Novartis's remibrutinib in two late-stage trials, a competitive loss.
Novartis Rebounds as Artisan Partners Seeks Tougher Board Oversight After $30 Billion Wipeout
Novartis shares rebounded 0.8% to $138.545 Thursday as Artisan Partners' David Samra pushed the Swiss pharmaceutical group to strengthen its acquisition review process and establish a dedicated board committee to challenge major transactions before billions of dollars are committed. The pressure followed two clinical disappointments that helped trigger a record one-day stock plunge of more than 10%, wiping out nearly $30 billion in market value. Del-desiran, obtained through the $12 billion Avidity acquisition, missed its late-stage trial goal, and Samra also questioned compensation measures that exclude writedowns, though he praised CEO Vas Narasimhan's handling of the underlying business. Novartis stood by its guidance, pipeline and approach to capital allocation. The $12 billion Avidity purchase equals roughly 2.2 times Novartis's latest quarterly free cash flow and about 83% of quarterly revenue, while the $138.545 share price sits 5.81% above the $130.94 GF Value estimate.
NOVN.SW · Capital · Positive Novartis shares rebounded 0.8% as it stood by guidance and capital allocation after the $30B wipeout tied to the Avidity deal and del-desiran trial miss.
APAM · · Neutral Artisan Partners is the activist pushing Novartis on board oversight, but the article reports no impact on its own business.
Macy's raises guidance, Meta upgraded, Novartis board overhaul urged in premarket moves
Macy's reported a second-quarter revenue beat and raised its full-year guidance for net sales, comparable sales and earnings per share, though it was unclear whether its quarterly EPS of 40 cents was comparable to the 37 cent LSEG consensus estimate, and shares slipped 1.6%. Meta Platforms added 1.4% after an upgrade at JPMorgan, which sees meaningful upside potential as Meta rolls out its artificial intelligence models and products, while Apple rose 1% a day after unveiling its foldable iPhone and other products. Novartis rose nearly 2% after Reuters reported a major shareholder called for an overhaul of the drugmaker's board to boost corporate governance, following three drug trial setbacks earlier this week. AeroVironment jumped more than 5% after first-quarter adjusted earnings of 59 cents per share and revenue of $480 million trounced LSEG estimates of 25 cents a share on $456 million, while American Eagle Outfitters fell more than 15% on a 1% second-quarter comparable sales decline and current-quarter operating income guidance of $110 million to $115 million, below the $124.3 million StreetAccount consensus. Enbridge slid nearly 3% after announcing it would acquire Tallgrass Energy's crude transportation business for $2.55 billion, and Kinetik moved 4.6% higher following a Bloomberg News report that it is exploring options, including a potential sale.
Achondroplasia Market to Reach $600M in 2025, Growing 11% CAGR to 2036
The achondroplasia market across the seven major markets—the United States, Germany, France, Italy, Spain, the United Kingdom, and Japan—was valued at approximately USD 600 million in 2025 and is expected to grow at a compound annual growth rate of approximately 11% from 2026 to 2036, according to a new report from ResearchAndMarkets.com. The diagnosed prevalent population in these markets was estimated at approximately 28,500 cases in 2025, with the United States representing the largest patient population and commercial market at approximately 14,500 cases. The treatment landscape is shifting toward targeted therapies, with approved drugs VOXZOGO (vosoritide) and YUVIWEL (navepegritide; TransCon CNP) leading the way, while emerging pipeline candidates include infigratinib (BBP-831/BGJ398) from QED Therapeutics, a BridgeBio company, in collaboration with Novartis and Kyowa Kirin, RBM-007 (umedaptanib pegol) from RIBOMIC, and BMN 333 from BioMarin Pharmaceutical. Recent developments include RIBOMIC's Phase II summary and Phase III application in Japan, BridgeBio's positive Phase III PROPEL 3 results for infigratinib, and BioMarin's Phase I data for BMN 333. The report highlights opportunities in earlier genetic diagnosis, targeted FGFR3 therapies, and long-acting CNP analogs, while noting unmet needs such as limited treatment options across age groups and high treatment costs.
Biotech & Genomic Medicine › Rare Disease ▲Competition
BBIO · Technology · Positive BridgeBio's infigratinib (with Novartis/Kyowa Kirin) reported positive Phase III PROPEL 3 results, a key pipeline development in the achondroplasia market.
4591.JP · Technology · Positive RIBOMIC reported a Phase II summary and a Phase III application in Japan for RBM-007 (umedaptanib pegol).
BMRN · Technology · Positive BioMarin's BMN 333 generated Phase I data, advancing its achondroplasia pipeline candidate.
4151.JP · Technology · Positive Kyowa Kirin is named as a collaborator on infigratinib, which posted positive Phase III PROPEL 3 results.
NOVN.SW · Technology · Positive Novartis is named as a collaborator on infigratinib, which reported positive Phase III PROPEL 3 results.
Biopharma stocks are dominating unusual options volume after Novartis AG's Phase 3 HORIZON trial failure for its cardiovascular drug pelacarsen, which did not reduce major cardiovascular events. Novartis shares plunged 13.4% to $138.63, heading for their worst day on record, with options volume at four times the usual intraday amount and puts outpacing calls. The failure also hit Amgen Inc, down 9.4% at $396.33, as its own Lp(a)-lowering drug olpasiran faces similar risks; Amgen received a downgrade from BMO and saw options volume at 2.3 times the norm. NewAmsterdam Pharma Company NV fell 1.6% to $25.00, near 52-week lows, but analysts at Stifel and H.C. Wainwright reiterated buy ratings, noting nuanced implications for its PREVAIL trial; its options volume spiked to 38 times the usual amount.
NOVN.SW · Technology · Negative Novartis's Phase 3 HORIZON trial failure for pelacarsen, which did not reduce major cardiovascular events, sent shares down 13.4%.
AMGN · Competition · Negative Amgen fell 9.4% and got a BMO downgrade as its own Lp(a)-lowering drug olpasiran faces similar risks after Novartis's pelacarsen Phase 3 failure.
Novartis and Boston Scientific Slide, Intel Prices Rise
Novartis shares fell after its third clinical-trial setback in a week, as a treatment for a rare muscle-wasting disease failed a late-stage study. Boston Scientific also declined, saying a cybersecurity incident has disrupted product shipments and will cause it to miss its sales growth and earnings estimates for the year. Meanwhile, Intel rose on a report that it may raise computer chip prices next month.
Roivant Sciences Surges 24% on Positive Trial Results
Roivant Sciences shares rallied 24% after the pharma company reported positive Phase 2 trial results for its subsidiary Pulmovant's mosliciguat, which showed a clinically meaningful and statistically significant reduction in pulmonary vascular resistance in patients with pulmonary hypertension and interstitial lung disease. Meanwhile, Lockheed Martin edged up 0.7% after UBS upgraded the stock to buy, citing underappreciated earnings growth potential. Novartis tumbled 12% after its del-desiran drug failed to show significant improvement in a Phase 3 trial for myotonic dystrophy type 1. Peloton Interactive slid more than 4% following a Morgan Stanley downgrade to underweight, citing structural headwinds in fitness. Boston Scientific slipped over 2% after warning that a recent cyberattack likely impacted its 2026 sales and profit targets. Bloom Energy rose over 6% as it prepares to join the S&P 500 on Sept. 21, having gained about 190% this year on the AI data center buildout.
Novartis shares plunge 13% after muscle drug trial fails
Novartis shares fell 13% in premarket trading on Tuesday after its late-stage trial for the muscle-wasting drug del-desiran failed to meet primary endpoints, marking the company's third drug trial setback in a week and putting the stock on track for its worst trading day ever. The failure also dragged down other biotech stocks, with Dyne Therapeutics falling about 30%, Sarepta Therapeutics dropping 16%, and NewAmsterdam Pharma down 12%, as concerns spread across the sector. Novartis said its global phase III HARBOR study, testing del-desiran in patients with myotonic dystrophy type 1, did not demonstrate statistically significant improvement versus placebo on measurements of hand opening time. The company is evaluating the full dataset and will engage with health authorities to determine the next steps. Del-desiran is one of three antibody oligonucleotide conjugate therapies added to Novartis's neuromuscular pipeline through its roughly $12 billion acquisition of Avidity Biosciences last year. Despite the setback, Novartis maintains its 5-6% five-year sales CAGR guidance for 2025-2030.
Biotech & Genomic Medicine › RNA Therapeutics ▼Technology
NOVN.SW · Technology · Negative Novartis's phase III HARBOR trial for del-desiran failed to meet primary endpoints, its third trial setback in a week.
Avidity Biosciences · Technology · Negative Del-desiran was one of three antibody oligonucleotide conjugate therapies acquired via Novartis's ~$12 billion Avidity Biosciences acquisition, so the trial failure undermines that pipeline asset.
DYN · Competition · Negative Dyne Therapeutics fell about 30% as the Novartis muscle-drug trial failure spread concerns across the biotech sector.
Danish pharmaceutical giant Novo Nordisk said on Thursday it had prematurely halted two additional clinical trials of its experimental cardiovascular drug ziltivekimab in heart failure patients, a further setback for the company's efforts to diversify beyond its flagship obesity and diabetes treatments. In July, the company announced that ziltivekimab failed to reduce the risk of major adverse cardiovascular events, including death, non-fatal heart attacks, and non-fatal strokes, compared with placebo. A spokesperson said the trials were stopped after an independent data monitoring committee determined that neither trial was "unlikely" to produce results different from the earlier failed study. Meanwhile, another trial of ziltivekimab in patients recovering from heart attacks will continue as planned, with results expected in the first half of 2027. Swiss rival Novartis also failed to reduce the risk of death, heart attacks, and strokes with its cardiovascular drug in late-stage trials. This has raised new questions about the hypothesis underlying the development of both drugs, that inflammation drives cardiovascular disease.
NVO · Technology · Negative Novo Nordisk halts two more ziltivekimab trials due to lack of efficacy, a setback for its cardiovascular drug pipeline.
NOVN.SW · Technology · Negative Novartis's cardiovascular drug also failed in late-stage trials, raising questions about the inflammation hypothesis, indirectly affecting its pipeline.
Amgen's Heart Drug Faces Higher Bar After Novartis Trial Miss
Amgen's experimental heart drug olpasiran now faces a higher bar after a rival trial failed to show cardiovascular benefit. Novartis's pelacarsen successfully lowered lipoprotein(a) but did not reduce major cardiovascular events in a Phase 3 trial, according to Reuters. Amgen's OCEAN(a) outcomes study has enrolled 7,297 participants and is tracking heart-related deaths, heart attacks, and urgent coronary procedures over about five years. While olpasiran uses a different design and targets a different patient population, the rival's failure removes easy assumptions about the commercial value of Lp(a) reductions. Amgen's shares stood at $437.23, 19.54% above its GF Value estimate of $365.76, leaving less room for disappointment. The company reported $10.1 billion in second-quarter revenue and $3.5 billion in free cash flow, but the market now demands that olpasiran prove it prevents cardiovascular events, not just lowers a biomarker.
Novartis Faces $3 Billion MS Opportunity and Key Risks
Novartis AG could be staring at a $3 billion annual peak-sales opportunity in multiple sclerosis if its drug remibrutinib successfully advances through the regulatory process and gains meaningful market share. Bank of America estimates that remibrutinib could generate about $3 billion in peak annual sales in multiple sclerosis alone and potentially more than $10 billion across all indications. The comments follow encouraging results from the REMODEL-1 and REMODEL-2 Phase 3 trials announced on September 2, which showed that remibrutinib reduced relapse activity and met primary endpoints in patients with relapsing multiple sclerosis. The global MS therapeutics market is expected to grow at a 5.9% compound annual growth rate to approximately $38.6 billion by 2030, and Novartis already has a major presence through Kesimpta, which generated approximately $1.42 billion in second-quarter sales, up 32% year over year. However, risks include potential slowdown in Kesimpta growth, competition from Roche's BTK inhibitor, and the uncertainty of regulatory approval and physician adoption. Hedge fund interest is rising, with 38 funds holding stakes in the second quarter, up from 31 in the first quarter, while short interest remains low at approximately 0.26% of public float.
Novartis Falls 1.9% as Pelacarsen Failure Erases CHF4.9 Billion
Novartis shares fell 1.9% in Zurich trading on Monday after its experimental drug pelacarsen failed a pivotal Phase 3 cardiovascular trial, erasing roughly CHF4.9 billion in market value. The drug lowered lipoprotein(a) but did not significantly reduce cardiovascular deaths, heart attacks, strokes, or urgent coronary procedures compared with placebo in the Lp(a)HORIZON study, which enrolled 8,323 patients. Novartis, which trades on the NYSE at $159.99, reported second-quarter sales of $14.41 billion and free cash flow of $5.56 billion, but the failure removes a key growth prospect. The stock now sits 22.53% above its GF Value estimate of $130.57, indicating that pipeline optimism remains priced in. Attention now turns to fourth-quarter data for del-desiran, a drug acquired through the $12 billion Avidity deal, which has become a must-win event following this setback.
Novartis Loses Potential $6 Billion Drug Opportunity After Trial Failure
Novartis AG has lost a potential $6 billion drug opportunity after its experimental cholesterol treatment pelacarsen failed in a late-stage study, failing to reduce major cardiovascular events as hoped. Analysts had projected annual sales of $3 billion to $6 billion if the drug proved effective, but that prospect now appears unlikely. The setback underscores the inherent risks in drug development, where a single trial can erase years of research and hundreds of millions of dollars in investment. While Novartis is large enough to absorb the clinical failure, the loss of a potential blockbuster shifts focus to the rest of its pipeline to deliver future growth. Investors will now look to other late-stage medications to fulfill the company's growth expectations.
Shares of Swiss pharmaceutical giant Novartis fell as much as 3.3% on Monday (Sept. 7) after its key drug designed to lower Lp(a) levels in the blood failed a final-stage trial. The failure casts doubt on this treatment approach and has led investors to turn their attention to and raise expectations for upcoming data from an RNA therapy trial. Late Friday (Sept. 4), Novartis announced that pelacarsen did not significantly reduce the risk of heart attacks and strokes in a large final-stage trial involving patients with high Lp(a) levels, a genetic risk factor for which there is no targeted treatment. Previously, analysts had forecast that if the drug succeeded, it could achieve peak annual sales of $3 billion to $6 billion. The failure also poses a greater challenge to rival drugmakers Amgen and Eli Lilly, which are also in final-stage trials of Lp(a)-lowering drugs. The situation also adds pressure to other drugs in the pipeline, particularly del-desiran, an experimental treatment for myotonic dystrophy type 1 (DM1), with trial results expected in the fourth quarter of this year. Analysts note that the muscular dystrophy drug needs to succeed in trials to justify the investment of up to $12 billion that Novartis spent to acquire the rights to this drug. However, Novartis is also scheduled to report results from a trial of remibrutinib, an anti-inflammatory drug for chronic hidradenitis suppurativa, later this year. This drug recently succeeded in a trial for multiple sclerosis patients, which may help support and cushion investor disappointment. Before the share price decline on Monday, Novartis shares had risen about a fifth since the start of the year, driven by market confidence in its new drug pipeline, despite the company facing pressure from patent expirations on older drugs.
Biotech & Genomic Medicine › RNA Therapeutics ▲Technology
Biotech & Genomic Medicine › Metabolic, Diabetes & Obesity Competition
NOVN.SW · Technology · Negative Novartis's key Lp(a)-lowering drug pelacarsen failed its final-stage trial, dashing a potential $3-6B peak-sales opportunity.
NOVN.SW · Capital · Negative The failure adds pressure on Novartis's pipeline, notably del-desiran, which must succeed to justify the up-to-$12B acquisition cost.
AMGN · Competition · Negative Novartis's Lp(a) drug failure casts doubt on the treatment approach and poses a greater challenge to Amgen, which is also in final-stage trials of an Lp(a)-lowering drug.
LLY · Competition · Negative The pelacarsen failure casts doubt on the Lp(a)-lowering approach and poses a greater challenge to Eli Lilly, also in final-stage trials of such a drug.
Novartis and Ionis Heart Drug Fails to Meet Main Goal in Late-Stage Trial
Swiss pharmaceutical giant Novartis said on the 4th that its heart drug pelacarsen, developed jointly with U.S.-based Ionis Pharmaceuticals, failed to reduce the risk of major heart attacks or strokes in a late-stage clinical trial involving patients with a genetic risk factor. This was the first late-stage trial to test whether the drug could prevent heart attacks or strokes in patients whose non-genetic, ordinary LDL cholesterol was already well controlled. It was conducted over more than six years and involved more than 8,000 patients with high Lp(a) levels. Pelacarsen did lower Lp(a) levels, but this did not lead to achieving the primary endpoint. Novartis is currently facing some of the largest patent expirations in its history and is under pressure to offset declining sales of its major heart failure drug Entresto. Pelacarsen was considered one of the company's promising pipeline candidates. The two companies plan to present the full trial data at a future medical conference.
Novartis to Cut 130 Jobs in Basel as It Consolidates Biologics Operations
Novartis AG plans to cut around 130 jobs in Switzerland as it relocates laboratory activities and ends small-scale biologics production at its Kleinbasel site in Basel, part of a previously announced plan to establish a new biologics technical development center at its main Basel campus. The company will move laboratories supporting biological cell banks, analytical testing, and technical development to the main campus by the end of 2028, while small-scale production at Kleinbasel is expected to end by the end of 2027. The relocation is tied to individual leases expiring in 2029, and affected production will shift to existing biologics drug-substance facilities elsewhere in Europe. The potential job cuts, affecting roughly 130 of about 200 employees at Kleinbasel, are subject to an information and consultation process, with support measures including job centers, early retirement, and an extended social plan. The move comes alongside a $23 billion investment to build and expand 10 U.S. facilities over five years, and follows positive late-stage results for remibrutinib in relapsing multiple sclerosis, which analysts see as potentially generating billions in annual sales.
Novartis Inks $3.22 Billion Drug-Delivery Deal with Alteogen
Novartis has signed a drug-delivery agreement worth up to $3.22 billion with Alteogen, aiming to convert intravenous biologic medicines into faster under-the-skin injections. The deal, which covers several potential products using Alteogen's Hybrozyme platform and ALT-B4 enzyme, is not an upfront payment; most of the money depends on achieving development, regulatory, and commercial milestones. Novartis shares slipped 0.1% to $161.05 on Wednesday, and the stock trades 23.11% above its GF Value estimate of $130.82, indicating investors are paying a premium for future execution.
Switzerland
