Amgen Shares Drop After Novartis Fails Cholesterol Drug Trial
Novartis's failed Phase III trial for its cholesterol drug pelacarsen triggered a sharp selloff in the Lp(a) drug class, dragging down Amgen and Eli Lilly shares. Amgen fell nearly 10%, while Novartis dropped over 14%. The market is reassessing risk across this therapeutic area rather than reacting to broader economic concerns. Citi analysts suggested that the failure may challenge the Lp(a) hypothesis itself, raising doubts about whether reducing these cholesterol particles actually lowers cardiovascular risk. Amgen's Olpasiran in Phase III trials and Eli Lilly’s own program are now under greater scrutiny despite having different technical approaches than Novartis' drug. Amgen also reported positive results from a separate lung cancer trial for its IMDELLTRA regimen, but the market focused on the Lp(a) class risk. The SPY ETF fell only 0.37%, highlighting that this selloff is sector-specific and not indicative of broader weakness.
