Summary
Novartis faced an unusually difficult period in late August–September 2026, with two Phase 3 programs (pelacarsen and del-desiran) failing their primary endpoints and eight rap-cel autoimmune trials paused following three patient deaths.
The back-to-back setbacks triggered a sharp market response, with Novartis shares falling roughly 9–10% around the del-desiran announcement and analysts describing the developments as a “major pipeline setback.”
Despite the setbacks, Novartis retains important growth opportunities. Radioligand therapy, oncology, immunology, and neuromuscular programs remain key strengths.
KISQALI, SCEMBLIX, and COSENTYX continue t...
