Amgen Stock Drops Sharply Amid Novartis' Lp(a)-Lowering Drug Failure
On September 8, Amgen (AMGN) experienced a sharp decline of over 10%, its worst single-day drop in nearly two decades. The selloff was triggered not by news from Amgen itself but by disappointing results from Novartis' Lp(a)-lowering drug pelacarsen, which failed to reduce heart attacks or strokes despite lowering the target lipid effectively. Amgen's own experimental Lp(a) drug, olpasiran, is based on a similar premise and was negatively impacted in market perception. Although Amgen’s earnings remained unchanged, investors questioned whether the selloff reflected real concerns about its pipeline or merely overcorrected for assumptions that lowering Lp(a) would automatically reduce cardiovascular events. Amgen's broader business remains strong: Q2 2026 revenue rose by nearly 10%, and key growth products like Repatha continue to perform well. Analysts from BMO and HSBC downgraded the stock, citing valuation concerns rather than pipeline issues.
Topics: Amgen cardiovascular_drugs clinical_trials Lp(a) Novartis pharma