Amgen Dragged Down by Novartis Trial Failure in Lp(a) Class
A failed trial by Novartis has weighed down Amgen stock by 10% to $394.38, despite the company releasing positive results from its own Phase 3 study on small cell lung cancer. The Novartis trial, which tested pelacarsen against a control group in patients with high levels of Lp(a), failed to reduce cardiovascular risk as expected.
The failure has cast doubt on the entire Lp(a) drug class, and Amgen's own cholesterol-lowering therapy, Olpasiran, is now the most exposed asset in its pipeline. Repatha, another Amgen product, has been performing well, with Q1 2026 revenue of $876 million.
Eli Lilly's shares also fell 2% to $1,124.77 due to concerns about its own Lp(a) program. Novartis stock dropped 14% to $137.63 on the news.
The distinction between a failed drug and a failed idea is still unclear, but investors are advising caution until further commentary from cardiology leaders is heard.