Amgen Stock Suffers Unexpected Downturn Amid Novartis' Disappointing Trial Results

Amgen's stock price plummeted by nearly 10% on September 8 after Novartis announced disappointing results from its Phase 3 clinical trial of Pelacarsen, a cholesterol drug targeting the same Lp(a) pathway as Amgen's Olpasiran.

The sell-off was unexpected, given that Amgen had delivered strong earnings in August and reported positive Phase 3 results for its DLL3-targeted bispecific tarlatamab (Imdelltra) just hours before Novartis' announcement.

However, the discrepancy lies in the different approaches taken by both companies: Pelacarsen was dosed more frequently than Amgen's Olpasiran and focused on a broader range of outcomes. Analysts speculate that this might have been part of the issue with Pelacarsen failing to show a benefit.

Despite the setback, Repatha, Amgen's established PCSK9 inhibitor, remains unaffected, with its revenue growing 37% year-over-year in the most recent quarter.