On September 8, Amgen declined 5.27% overnight, trading at $414.34 per share, with turnover of $17,000. The decline was triggered by a broad selloff across companies with lipoprotein(a)-related cardiovascular pipelines following Novartis's announcement that its Phase 3 Lp(a)HORIZON trial for pelacarsen failed to meet its primary endpoint.

On September 4, Novartis disclosed that pelacarsen, an antisense oligonucleotide drug targeting Lp(a), did not significantly reduce the composite cardiovascular event risk — including cardiovascular death, non-fatal myocardial infarction, non-fatal stroke, and urgent coronary revascularization — compared to placebo in a study of 8,323 patients. Although pelacarsen effectively lowered Lp(a) levels, the reduction failed to translate into improved cardiovascular outcomes, dealing a significant blow to the hypothesis that lowering Lp(a) can reduce cardiovascular risk. The trial failure sent shockwaves through the sector, with Ionis falling approximately 12% and Amgen declining roughly 5% due to its own cardiovascular pipeline exposure. Separately, Novo Nordisk also terminated two related cardiovascular trials for Ziltivekimab, further dampening sentiment across the space.

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