Novartis' Pelacarsen Fails Phase 3 Lp(a)HORIZON Study; BofA Keeps Buy, $185 Target

AnalystEarnings
โดย Insider Monkey·CH·Read original
Summary · why it matters

Novartis' experimental medicine pelacarsen failed the Phase 3 Lp(a)HORIZON study, lowering lipoprotein(a) but not producing a statistically significant reduction in cardiovascular events. Bank of America estimates the miss creates only low-single-digit percentage downside to its net-present-value calculation for Novartis and maintained its Buy rating and $185 price target, with attention shifting to four other Phase 3 readouts expected in the second half of 2026. Novartis reported 39 Phase 3 projects and three programs in registration in its second-quarter presentation, and second-quarter 2026 sales reached $14.41 billion, up 3% on a reported basis and 1% in constant currencies, with management reaffirming low-single-digit constant-currency sales growth for the year. Citi analyst Eric Joseph expects less than 5% immediate downside for Ionis Pharmaceuticals, which discovered pelacarsen and licensed it to Novartis in 2019, saying the result should not affect Ionis' fiscal 2026 guidance and maintaining a Buy rating and $100 price target. Novartis' first-half net income declined 16% on a reported basis while core operating income fell 6%.

Impact on stocks 4

Biotech & Genomic Medicine▼ · 2 stocks
Novartis AG
NOVN
▼ NegativeTechnologyrelevance

Novartis' pelacarsen failed Phase 3 Lp(a)HORIZON, missing a statistically significant cardiovascular event reduction.

Ionis Pharmaceuticals Inc
IONS
▼ NegativeTechnologyrelevance

Pelacarsen, discovered by Ionis and licensed to Novartis, failed the Phase 3 Lp(a)HORIZON study.

Financials▲ · 1 stocks
Bank of America Corp
BAC
± MixedCapitalrelevance

BofA maintained Buy and $185 target on Novartis, noting only low-single-digit NPV downside from the pelacarsen miss.

Digital Finance & Tokenization▲ · 1 stocks

Theme Impact 2

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