Novartis shares tumble as three late-stage drug candidates fail trials

Novartis' stock fell more than 13% this week after news that three of its late-stage programs did not meet expectations, pulling down other pharma stocks in the market.

The antibody‑oligonucleotide conjugate del‑desiran failed its Phase 3 trial in myotonic dystrophy type 1, showing no improvement in hand‑opening time among 160 patients. The setback also undermines the value of Novartis' $12 billion purchase of Avidity Biosciences, which supplied the asset.

The antisense drug pelacarsen did not achieve a significant reduction in cardiovascular risk in a late‑stage study, even though it lowered lipoprotein(a) levels. The primary endpoint of risk reduction was not met, marking the trial as a failure.

Novartis also paused several Phase 2 studies of its CAR‑T therapy rapcabtagene autoleucel after three patient deaths, further weighing on investor confidence.