Amgen Stock Slumps on Trial Read-Through Concerns
Amgen Inc.'s stock experienced a sharp decline on September 8, 2026, plummeting by about 10 percent to close at $393.17.
This drop placed Amgen among the biggest losers in the Dow Jones Industrial Average as investors digested cardiovascular trial read-through and regulatory risk surrounding its rare-disease drug Tavneos.
The decline was partly attributed to disappointing Phase 3 data from Novartis for its lipoprotein(a)-lowering drug pelacarsen, which raised concerns about potential implications for Amgen's own olpasiran program.
Additionally, regulatory developments around the autoimmune drug Tavneos weighed on the stock. UK regulators suspended new patient use of Tavneos on September 1, 2026, and plan to cancel its marketing authorization by March 2027, following similar moves in the European Union and a proposed withdrawal in the United States.
Despite this volatility, Amgen's latest earnings figures show solid operational growth. In its most recent quarterly disclosure for the period ending June 30, 2026, the company reported revenue of $10.05 billion, up from $9.17 billion a year earlier, representing a 9.6 percent year-over-year increase.