On September 8, 2026, CNBC reported that Novartis' failed pelacarsen trial has raised the stakes for rival experimental cholesterol drugs from Amgen Inc. (NASDAQ:AMGN) and Eli Lilly and Company (NYSE:LLY), both of which are racing to prove that lowering lipoprotein(a), or Lp(a). It can meaningfully reduce heart attacks and strokes. Analysts said Amgen's olpasiran faces the clearest negative read-through given its similar trial design.
Lilly's lepodisiran is being tested in a broader patient population that could limit how directly Novartis' failure applies. It is also described as less material to Lilly's overall valuation than pelacarsen was for Novartis. Amgen Inc. (NASDAQ:AMGN) and Eli Lilly and Company (NYSE:LLY) could still succeed where Novartis failed.
Pelacarsen's failure does not establish that lowering Lp(a) cannot reduce cardiovascular events. Analysts noted that Novartis' trial faced a high statistical hurdle and that Amgen's olpasiran and Lilly's lepodisiran have produced stronger Lp(a) reductions in earlier studies. Both companies also continue testing their drugs in specific patient populations with high Lp(a).
It leaves room for their trials to produce different outcomes from Novartis' study. Lilly's lepodisiran faces a less direct read-through than Amgen's olpasiran. Analysts view Amgen's olpasiran as the closest comparison to pelacarsen because the programs use similar trial designs.
Lilly's lepodisiran is being tested in an overall patient population. It could make Novartis' failure less directly applicable. Analysts also view lepodisiran as less material to Lilly's overall valuation than pelacarsen was to Novartis.
It reduces the potential financial impact of an unsuccessful outcome. Both companies can absorb an Lp(a) setback better than a company that depends heavily on a single experimental drug. Amgen and Lilly each make substantial revenue from established medicines.
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