Amgen Stock Plummets on Novartis' Cholesterol Drug Failure

Amgen's stock plummeted by over 10% in early trading today after Novartis' Lp(a)-lowering drug, pelacarsen, failed its Phase 3 cardiovascular outcomes study. This development raises significant doubts about Amgen's similar program, olpasiran.

The failure of pelacarsen, which was intended to lower Lp(a) levels, suggests that reducing this protein may not necessarily reduce cardiovascular risk. This finding undermines a key thesis in Amgen's pipeline, particularly for its candidate olpasiran.

Amgen faces significant challenges with over $13 billion in revenues at risk due to patent expirations. The company's pipeline must deliver to offset these looming declines, and the failure of olpasiran would exacerbate this problem.