Amgen Stock Tumbles on Novartis Clinical Trial Failure

Amgen Inc.'s stock took a hit after Novartis's clinical trial of pelacarsen, an Lp(a)-lowering therapy, failed to demonstrate meaningful cardiovascular benefits. The drug reduced levels of lipoprotein(a), a genetic risk factor for heart disease, but did not show improved outcomes in the composite of cardiovascular death, heart attack, stroke, and urgent revascularization.

On September 4, Amgen's stock price plummeted by approximately 5% to $415, wiping out around $12 billion from its market value. The failure of Novartis's trial is seen as a negative read-through for Amgen's own late-stage asset, olpasiran, which operates on the same biological hypothesis.

Although olpasiran has shown higher Lp(a) reductions in earlier Phase 2 trials compared to pelacarsen, the lack of clear clinical thresholds where deeper reductions yield improved cardiovascular outcomes raises concerns. Analysts note that Amgen remains diversified with other major drivers such as MariTide for obesity, Repatha for cholesterol, and Tezspire for asthma, which provided a partial cushion against further volatility.