Amgen shares drop 10% after Novartis fails cholesterol drug trial, despite Amgen's own cancer trial success.

Novartis' failed cholesterol drug trial for pelacarsen caused a sharp 14% drop in its stock and dragged down the entire Lp(a) drug class, hitting Amgen hardest with a 10% decline despite Amgen's positive Phase 3 lung cancer trial results announced the same day. The failure raises doubts about the effectiveness of Lp(a)-lowering therapies, impacting Amgen's Olpasiran program and Eli Lilly's similar efforts. However, Amgen's cancer drug trial showed significant survival benefits, offering a near-term commercial opportunity. Investors are cautious, awaiting further data and expert commentary to clarify the future of Lp(a) treatments.