Amgen Shares Drop After Novartis' Lp(a)-Lowering Drug Fails in Trial
On September 4, 2026, Amgen (NASDAQ:AMGN) shares fell by about 5%, or roughly $12 billion in market value after hours. The decline was triggered not by a failure of one of its own drugs but due to the negative results from Novartis' Phase 3 trial for pelacarsen, an Lp(a)-lowering therapy that failed to reduce cardiovascular events despite significantly lowering Lp(a) levels. Amgen's olpasiran is based on similar biological principles and had shown more than a 95% reduction in Lp(a) at certain doses. However, the failure of pelacarsen has cast doubt over whether reducing Lp(a) can lead to better cardiovascular outcomes overall. Investors are now questioning the probability of success for olpasiran. Despite this setback, Amgen remains diversified with other key products like Repatha and MariTide contributing significantly to its value. The stock's short interest is low at 2.4%, indicating limited bearish sentiment.
Topics: cardiovascular risk Lp(a) Phase 3 trial failure siRNA therapy