Amgen Shares Plunge 10% After Novartis Cardiovascular Trial Failure

Price ActionAnalystIndustry Impact 4

โดย Insider Monkey·

Summary · why it matters

Amgen Inc. shares fell $44.06, or 10.08%, to close at $393.17 on September 8, the stock's worst one-day decline since October 2000, after Novartis reported disappointing cardiovascular trial results for a rival drug. Amgen is developing olpasiran, an investigational treatment designed to reduce lipoprotein(a), or Lp(a), a genetically influenced blood particle associated with an increased risk of cardiovascular disease, and its Phase 3 OCEAN(a)-Outcomes trial is evaluating whether olpasiran reduces coronary heart disease death, heart attack or urgent coronary revascularization in patients with established cardiovascular disease and elevated Lp(a). Novartis' pelacarsen reduced Lp(a) but failed to reduce cardiovascular events in its Phase 3 trial, and Reuters reported that olpasiran produced greater Lp(a) reductions in earlier studies and is being tested in more targeted patient groups, with Amgen's Phase 3 data expected in 2028. BMO Capital analyst Evan Seigerman downgraded Amgen to Market Perform from Outperform on September 8 while maintaining a $450 price target, and Citi analyst Geoff Meacham said olpasiran faced the clearest risk from the Novartis result while noting that differences in study design could offer some differentiation. On August 31, Amgen reported that a prespecified VESALIUS-CV analysis found Repatha reduced the risk of death by 20% in more than 12,000 high-risk patients without a prior heart attack or stroke, and Repatha sales rose 37% year over year to $953 million in the second quarter, when total revenue increased 10% to $10.1 billion and the company maintained 2026 revenue guidance of $38.2 billion to $39.4 billion.

Amgen Inc ▼

Novartis AG ▼

Impact on stocks 4

Biotech & Genomic Medicine▼ · 2 stocks

Amgen Inc

AMGN

▼ NegativeCompetitionrelevance

Novartis' rival Lp(a) drug pelacarsen failed to reduce cardiovascular events in Phase 3, raising doubts about Amgen's similar olpasiran and prompting a BMO downgrade.

Novartis AG

NOVN

▼ NegativeTechnologyrelevance

Novartis' pelacarsen lowered Lp(a) but failed to reduce cardiovascular events in its Phase 3 trial, a clinical failure for its drug.

Aging Population▲ · 1 stocks