Ionis Pharmaceuticals vs Novartis: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Ionis Pharmaceuticals Inc (IONS)

Q3 202624 Jun – 29 Sep 2026

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Ionis Q3: New Drug Launches and Partner Wins Offset by Trial Failures

Tryngolza Approval and Self-Launch Ionis won FDA approval for Tryngolza to treat severely high triglycerides and launched it on its own, a first for the company. This adds a new revenue stream and shows it can sell drugs directly.
This is a major new product launch that directly boosts revenue potential.
Zanvastro Approval and Partner Successes FDA approved Zanvastro for Alexander disease, and partner drugs sefaxersen and ulefnersen met key Phase 3 goals. These validate Ionis' RNA technology and bring milestone payments and royalties.
These approvals and trial wins confirm the platform and add near-term cash.
Multiple Clinical Trial Failures Several Phase 3 and Phase 2 trials failed, including eplontersen, Wainua, Roche's Huntington's programs, and diranersen. These setbacks raise doubts about the pipeline and future revenue.
Trial failures directly hurt investor confidence and future prospects.
Fraud Investigations and Competitive Pressures Securities fraud investigations into Wainua disclosures and competition from Arrowhead's plozasiran weighed on the stock. Also, Novartis' pelacarsen failed a Phase 3 heart trial, casting doubt on RNA silencer technology.
Legal and competitive risks add uncertainty and could slow growth.

September 202628 Aug – 29 Sep 2026

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Ionis pipeline wins offset partner trial failure

FDA approves Zanvastro for Alexander disease The FDA approved Zanvastro (zilganersen), the first-ever treatment for Alexander disease, validating Ionis' RNA-targeting platform and adding a new revenue stream. This is a major milestone for the company.
This is a new approval that directly boosts Ionis' revenue potential and validates its technology.
Partner Roche's sefaxersen meets Phase 3 goal Partner Roche's sefaxersen met its Phase 3 goal in IgA nephropathy, earning Ionis milestones and royalties. This success demonstrates the broad potential of Ionis' RNA-targeting platform beyond its own drugs.
This is a new positive clinical result that brings financial benefits and platform validation.
Ulefnersen succeeds in FUS-ALS Ulefnersen succeeded in FUS-ALS, another pipeline win that earns milestones and royalties. This further supports the platform's versatility and potential in different diseases.
This is a new clinical success that adds to the positive momentum and financial upside.
Novartis' pelacarsen fails Phase 3 heart trial Partner Novartis' pelacarsen failed its Phase 3 heart trial, removing a potential blockbuster and briefly dropping shares 6.18%. Analysts saw limited financial impact, but it raised doubts about RNA silencer technology.
This is a new negative event that weighed on sentiment and highlights risks in the pipeline.

Latest23 Sep – 29 Sep 2026

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Ionis turns the corner: two Phase 3 wins revive pipeline after setbacks

Sefaxersen hits Phase 3 goal in IgA nephropathy Partner Roche reported that sefaxersen met its main Phase 3 goal in IgA nephropathy, a kidney disease, with strong protein reductions and no new safety issues. Ionis gets milestone payments and royalties, and the win shows its RNA technology works in a large market.
This is a new clinical win that directly lifts confidence in Ionis's platform and future royalty revenue.
Ulefnersen succeeds in rare FUS-ALS Ionis and Otsuka said ulefnersen met its main late-stage goal in FUS-ALS, a rare inherited form of ALS, improving function and survival. No approved treatment targets this genetic cause, and they will seek accelerated approval. Ionis earns milestones and royalties.
A second new Phase 3 success in a different disease area broadens the pipeline and adds another potential revenue stream.

28 Aug – 14 Sep 2026

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FDA approval for Zanvastro offset by pelacarsen trial failure

FDA approves Zanvastro, first Alexander disease treatment The FDA approved Ionis' Zanvastro (zilganersen) as the first-ever treatment for Alexander disease, a rare neurological condition. This is a new commercial product and validates Ionis' RNA-targeting platform, giving the company a new revenue stream and lifting investor confidence.
This is a major new approval that directly boosts Ionis' revenue prospects and pipeline credibility.
Partner Novartis' pelacarsen fails Phase 3 heart trial Novartis' pelacarsen, discovered by Ionis and licensed to Novartis, failed its Phase 3 Lp(a)HORIZON trial. It lowered Lp(a) but did not reduce cardiovascular events. Ionis shares fell 6.18% after hours. This is a setback for a partnered asset and raises doubts about the Lp(a) approach.
This is the main negative event of the period, directly hitting Ionis' pipeline and stock price.
Analysts see limited financial impact from pelacarsen failure BofA and Citi analysts said the pelacarsen failure has low-single-digit downside for Ionis and should not affect 2026 guidance. Citi maintains a Buy rating and $100 target. This suggests the market may be overreacting, but the failure still removes a potential blockbuster.
It provides context on the financial materiality of the pelacarsen failure, helping investors gauge the real impact.
Wainua Phase 3 failure in ATTR-CM adds to RNA silencer doubts Full Phase 3 data for Wainua (with AstraZeneca) failed to meet its primary goal in ATTR-CM. An analyst said oral stabilizers may be superior to subcutaneous silencers. This hurts Alnylam and has negative read-through for Ionis' RNA silencer technology.
It is a separate negative trial result that questions the broader RNA silencer approach Ionis uses.

July 202624 Jun – 30 Jul 2026

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Ionis mixed: Tryngolza approval offset by trial failures

Tryngolza FDA approval and self-launch The FDA approved Tryngolza for severe high triglycerides, cutting levels up to 72%, and Ionis began selling it itself in July. This opens a new revenue stream and shows the company can launch its own drug.
A major new product approval and launch is a key positive force for the stock.
Q2 earnings beat and guidance reaffirmed Ionis reported better-than-expected second-quarter results and kept its full-year guidance unchanged. This reassured investors about the company's financial health despite recent setbacks.
Earnings beat and reaffirmed guidance support investor confidence.
Multiple Phase 3 and Phase 2 trial failures Eplontersen and Wainua failed Phase 3 heart trials, Roche dropped two partnered Huntington's programs, and diranersen missed its Phase 2 Alzheimer's endpoint. These failures erased major hoped-for revenue and sent shares down sharply.
Clinical failures are the main negative driver, wiping out key pipeline value.
Legal investigations and competitive threat Securities fraud investigations into Wainua disclosures add legal uncertainty. Meanwhile, Arrowhead's rival plozasiran showed stronger triglyceride data, threatening future market share for Tryngolza.
Legal risk and competitive pressure weigh on the stock and future sales.

18 Jul – 30 Jul 2026

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Ionis beats Q2, but rival lipid data and legal probes weigh

Q2 earnings beat and guidance reaffirmed Ionis reported a smaller-than-expected loss and higher revenue, and kept its 2026 sales and loss forecasts unchanged. That tells investors the core business is on track, which supports the stock even after recent trial setbacks.
This is the period's main new positive fundamental event and directly counters the negative narrative.
Arrowhead's rival lipid drug succeeds, pressuring Ionis Arrowhead's plozasiran cut triglycerides by about 80% in a late-stage trial, beating Ionis's competing olezarsen. If approved, it could take market share in the same severe high-triglyceride market, making Ionis's future sales outlook less certain.
This is a new competitive threat that directly affects Ionis's key growth market.
ARK ETF buys $15.3 million of Ionis shares Cathie Wood's ARK fund bought $15.3 million of Ionis stock after the trial-driven selloff. A well-known investor stepping in can steady sentiment and signal that some see the drop as overdone, though it does not change the company's fundamentals.
This is a new capital-flow signal that helps explain the stock's stabilization after the crash.

25 Jun – 14 Jul 2026

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Ionis hit by trial failures and legal probes, but pipeline and licensing advance

Wainua heart trial failure and Roche's Huntington's exit Ionis and AstraZeneca's Wainua failed a Phase 3 heart trial, and Roche scrapped two partnered Huntington's programs. Shares fell about 29% in two days, wiping out a large expected revenue source and shaking confidence in the pipeline.
This is the biggest new negative event, directly causing a sharp price drop and removing a major future revenue driver.
Securities fraud investigations launched Law firms Hagens Berman and Pomerantz are investigating whether Ionis misled investors about the Wainua trial's design and prospects. Legal uncertainty can pressure the stock and distract management, even if no charges are filed.
New legal probes add a fresh layer of risk and uncertainty that can weigh on the stock price.
Alzheimer's drug misses primary endpoint in Phase 2 Biogen and Ionis's diranersen missed its main goal in a mid-stage Alzheimer's trial, though it showed some benefit on secondary measures. The miss is a setback for a partnered pipeline asset, but Phase 3 plans continue.
This is a new clinical disappointment that adds to negative sentiment around Ionis's partnered programs.
Zilganersen licensed to Recordati and Angelman enrollment complete Ionis licensed zilganersen for Alexander disease outside the U.S. to Recordati for $30 million upfront plus royalties, and completed enrollment in the pivotal Phase 3 trial for its Angelman syndrome drug. These show pipeline progress and bring in cash.
These are new positive developments that highlight Ionis's pipeline strength and near-term revenue potential, offering a counterweight to the negative news.

24 Jun – 9 Jul 2026

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Ionis wins first big approval but heart drug trial fails

FDA approves Tryngolza for severe high triglycerides The FDA approved Tryngolza as the first treatment for severe hypertriglyceridemia, a condition affecting nearly 3 million Americans. It cuts triglycerides up to 72% and pancreatitis risk up to 91%. Ionis will launch it itself in July, opening a large new market and potential revenue stream.
This is a major new approval that expands Ionis's commercial opportunity and drives the stock up.
Eplontersen fails Phase 3 ATTR-CM trial Ionis and AstraZeneca's eplontersen missed its primary endpoint in the CARDIO-TTRansform trial for ATTR-CM, a heart condition. The drug failed to reduce cardiovascular deaths or events. This removes a large expected revenue opportunity and caused Ionis shares to drop sharply.
This is a major clinical failure that directly hurts Ionis's growth prospects and stock price.
Ionis stock plunges on eplontersen news Following the trial failure, Ionis shares fell as much as 19% intraday. The setback also lifted rival ATTR-CM drugs from Alnylam and BridgeBio, highlighting lost competitive ground. The full data will be presented in August, but the primary endpoint miss is a clear negative.
This shows the immediate market reaction and competitive impact of the trial failure.

Novartis AG (NOVN.SW)

Q3 202628 Jun – 7 Oct 2026

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Novartis Q3: Approvals and Deals Offset Entresto Plunge and Trial Failures

EU approval of Itvisma gene therapy Novartis won European approval for Itvisma, a one-time gene therapy for a rare genetic disorder. This adds a new high-value treatment to its portfolio and supports future revenue growth.
New approval is a concrete positive catalyst for the stock.
FDA full approval of Fabhalta The FDA granted full approval to Fabhalta for a rare kidney disease, removing a prior restriction. This expands the patient population and strengthens Novartis's rare-disease franchise.
Full approval is a new milestone that can boost sales and sentiment.
Q2 earnings beat and return to sales growth Novartis reported second-quarter results that beat expectations, with sales returning to growth. This reassured investors that the core business remains healthy despite patent challenges.
Earnings beat is a key driver of stock performance in the quarter.
Entresto sales plunge 50% on generics Sales of heart drug Entresto fell by half as generic competitors entered the market, costing about $4 billion in annual revenue. This is a major headwind to earnings and growth.
The loss of a top-selling drug's exclusivity is a significant negative force.
Late-stage trial failures for pelacarsen and del-desiran Two experimental drugs, pelacarsen for heart disease and del-desiran for a muscle disorder, failed in late-stage trials. These setbacks reduce the pipeline's potential and raise doubts about future growth.
Trial failures are a direct negative for pipeline value and investor confidence.
Eight CAR-T trials paused after patient deaths Novartis paused eight CAR-T cancer trials following patient deaths. This raises safety concerns, delays potential new treatments, and could hurt its oncology reputation.
Safety issues can derail a promising area and weigh on the stock.
Activist investor demands board overhaul amid high debt Top shareholder Artisan Partners pushed for a board shake-up, citing $39.4 billion in net debt. This adds governance uncertainty and pressure on management to improve performance.
Activist pressure can lead to strategic changes and short-term volatility.
Pipeline wins and acquisitions offset setbacks Novartis advanced remibrutinib, expanded Pluvicto's label, and acquired Myricx Bio and Tourmaline Bio in deals worth billions. These moves show continued investment in innovation despite recent failures.
These positive pipeline and deal activities are new and balance the negative news.

August 202621 Jul – 7 Oct 2026

▲3▼1

Pipeline wins and deals offset CAR-T safety setback

Remibrutinib MS and hives approvals Remibrutinib won two Phase 3 MS trials and gained FDA approval (Rhapsido) for chronic hives, adding a new revenue stream and strengthening the company's immunology franchise.
This is a major pipeline win that supports future growth and was not in earlier reports.
Pluvicto expanded to earlier prostate cancer Pluvicto was approved for earlier prostate cancer, nearly doubling the number of eligible patients. This expands the market for an existing drug and could significantly boost sales.
This approval opens a larger patient population and is a new positive catalyst for the stock.
Tourmaline Bio acquisition and licensing deals Novartis acquired Tourmaline Bio for $1.4 billion, adding a Phase III cardiovascular drug, and signed licensing deals with Alteogen (up to $3.2 billion) and Abogen (up to $7.8 billion).
These deals bolster the pipeline and show strategic investment in future growth, a new development this period.
CAR-T trial pause and pelacarsen failure Eight CAR-T trials were paused after three patient deaths, raising safety and regulatory risk. Pelacarsen failed its main Phase 3 heart trial goal, removing a growth driver. Shares already trade above many value estimates.
These setbacks are new negative developments that could pressure the stock and offset positive news.

Latest21 Jul – 7 Oct 2026

▲4

Novartis wins new drug approvals and deals, but pipeline setbacks linger

FDA approves Pluvicto for earlier prostate cancer The FDA approved Pluvicto for metastatic hormone-sensitive prostate cancer, nearly doubling the eligible patient population. This expands sales of an already marketed drug and strengthens Novartis's position in radioligand therapy, supporting future revenue growth.
This is a new regulatory approval that directly expands the market for a key Novartis product.
FDA approves Rhapsido for chronic hives The FDA approved Rhapsido (remibrutinib) as the first treatment for symptomatic dermographism, a form of chronic hives. This adds a new approved indication for an oral drug that is also being tested in multiple sclerosis, broadening its potential sales.
A new FDA approval that opens an additional market for a pipeline drug.
Novartis buys Tourmaline Bio for $1.4 billion Novartis agreed to acquire Tourmaline Bio for about $1.4 billion, adding pacibekitug, a Phase III-ready anti-inflammatory drug for heart and kidney diseases. This strengthens its cardiovascular pipeline and shows it is still investing in new science despite recent trial failures.
A major acquisition that adds a late-stage asset and signals continued pipeline investment.
New licensing deal with Abogen worth up to $7.8 billion Novartis signed a licensing and option agreement with China's Abogen Biosciences for its lead mRNA cancer asset, ABO2203, worth up to $7.8 billion including $575 million upfront. This adds a new cancer candidate and shows Novartis can attract outside innovation.
A large new deal that brings in a new pipeline asset and demonstrates deal-making ability.

September 20267 Sep – 2 Oct 2026

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Pipeline failures and governance pressure hit Novartis in September

Late-stage trial failures Pelacarsen and del-desiran failed late-stage trials, erasing billions in potential revenue and market value, while ALS drug rifonebart was halted. These setbacks hurt sentiment and raised doubts about the pipeline.
Major negative news that directly impacted investor confidence and valuation.
Governance pressure from top shareholder Top shareholder Artisan Partners demanded a board overhaul over dealmaking, with net debt at $39.4 billion and eight shareholders raising concerns. This adds uncertainty about strategy and capital allocation.
Governance issues can weigh on stock price and investor trust.
Pipeline wins and licensing deals Remibrutinib showed best-in-class potential in MS, Cosentyx won EU backing for polymyalgia rheumatica, and Novartis signed licensing deals worth up to $8.1 billion plus acquired Sironax's brain-delivery platform, signaling continued investment in innovation.
Positive pipeline news and deals support future growth despite recent failures.

22 Sep – 2 Oct 2026

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Novartis adds two big pipeline deals; board pressure and CAR-T pause persist

Novartis licenses two new pipeline assets in deals worth up to $8.1 billion Novartis signed a radioligand therapy license with BoomRay (up to $900 million) and an mRNA T-cell engager deal with Abogen (up to $7.2 billion). These add new cancer and autoimmune candidates, showing Novartis can still attract outside innovation and giving investors fresh growth hopes after recent trial failures.
These are the period's only new positive events and directly counter the pipeline-failure narrative that has weighed on the stock.
Artisan Partners publicly demands board shake-up over deal oversight Top-20 shareholder Artisan Partners called for a board overhaul after trial failures wiped out $30 billion in market value. Eight shareholders have raised concerns about Novartis' acquisition strategy. This governance pressure keeps uncertainty high and can weigh on the shares until management responds.
It is a new escalation of shareholder activism that directly questions Novartis' dealmaking and board, a key overhang on the stock.
CAR-T trial pause after three patient deaths continues to raise safety concerns Novartis paused eight rap-cel CAR-T trials in autoimmune and neurological diseases after three deaths from a severe immune reaction. The disclosure came only after an analyst noticed the halted trials. This adds regulatory and safety risk, delaying a promising new treatment area and weighing on sentiment.
It is a new negative safety event that adds to Novartis' pipeline setbacks and can pressure the share price until reviews clear.
EU panel backs Cosentyx for polymyalgia rheumatica, expanding a key drug A European Medicines Agency committee recommended approving Cosentyx for polymyalgia rheumatica, a painful inflammatory condition. If the European Commission agrees, it would be the first IL-17A inhibitor cleared for this disease in Europe, adding sales for an already marketed drug and offering a modest lift.
It is a new regulatory win that expands an existing blockbuster into a new indication, supporting near-term revenue growth.

7 Sep – 18 Sep 2026

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Novartis hit by three trial failures; pipeline doubts deepen

ALS drug rifonebart halted after mid-stage failure Novartis stopped developing its ALS drug rifonebart after it failed its main and secondary goals in a mid-stage trial of 251 patients. This adds to a string of pipeline setbacks, making investors doubt Novartis's ability to turn research spending into new products and pressuring the shares.
New pipeline failure that directly adds to negative sentiment and future growth doubts.
Novartis buys Sironax brain-delivery platform for $125 million Novartis exercised an option to acquire Sironax's brain-delivery technology for $125 million, gaining a way to get large drugs across the blood-brain barrier. This modestly strengthens its neurology pipeline and shows it is still investing in new science despite recent failures.
New deal that shows continued pipeline investment and a small positive counterweight.
EU panel backs Cosentyx for polymyalgia rheumatica A European Medicines Agency committee recommended approving Cosentyx for polymyalgia rheumatica, a painful inflammatory condition. If the European Commission agrees, it would be the first IL-17A inhibitor cleared for this disease in Europe, expanding sales for an already marketed drug and offering a small lift.
New regulatory win that broadens an existing product's label and provides a positive offset.
Board pressure and $39.4 billion net debt raise capital concerns After the del-desiran failure, top shareholder Artisan Partners demanded a board overhaul, and reports highlighted that Novartis spent over $30 billion on deals, pushing net debt to $39.4 billion. This raises doubts about dealmaking discipline and leaves less room for error, weighing on the stock.
New details on activist pressure and balance-sheet strain that affect investor confidence.

7 Sep – 11 Sep 2026

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Novartis hit by two trial failures, board pressure; MS drug offers hope

Pelacarsen heart drug fails, wiping out $6B opportunity Novartis's cholesterol drug pelacarsen failed a final-stage trial, losing a potential $3–6 billion-a-year seller. The news sent shares down 3.3% and removed a key growth driver, making investors question the company's pipeline.
This is a major pipeline failure that directly hurt the stock and shifts focus to remaining drugs.
Muscle-wasting drug del-desiran fails, shares plunge 10–13% The lead asset from Novartis's $12 billion Avidity acquisition failed its pivotal trial, erasing about CHF24–30 billion in market value. This is the third setback in a week and raises doubts about the company's deal-making and pipeline.
This is the biggest new negative event, causing a record share drop and directly impacting valuation.
Top shareholder Artisan Partners demands board shake-up After the record share fall, Artisan Partners publicly urged Novartis to overhaul its board and deal team, citing failed acquisitions. This adds governance and reputational pressure, which can weigh on the stock until management responds.
This is a new activist investor move that increases uncertainty and could force changes, affecting investor confidence.
Remibrutinib beats Sanofi's Aubagio in two late-stage MS trials Novartis's oral MS drug remibrutinib outperformed an older treatment, showing best-in-class potential with no liver-safety issues. Analysts see up to $9 billion in peak sales, offering a bright spot amid recent failures and supporting future growth.
This is the main positive counterweight, showing pipeline strength and potential to offset losses.

6 Aug – 4 Sep 2026

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Novartis pipeline swings: MS win, CAR-T pause, heart drug miss

CAR-T trial halt after three deaths Novartis paused eight CAR-T trials for autoimmune and neurological diseases after three patients died from a severe immune reaction. This raises safety and regulatory risk, delays a promising new treatment area, and can weigh on the share price until reviews clear.
A major safety setback that directly threatens a key pipeline and investor confidence.
Remibrutinib wins two Phase 3 MS trials The oral drug remibrutinib beat teriflunomide on relapses and brain lesions in two late-stage MS trials, with no liver-safety worry. This opens a large new market and drove the stock up about 6%, though the shares already trade above many value estimates.
The period's biggest positive catalyst, with clear efficacy and a large commercial opportunity.
Pelacarsen fails main heart trial goal Partner Ionis said Novartis' pelacarsen lowered Lp(a) levels but did not reduce major heart events versus placebo in a Phase 3 trial. This removes a potential growth driver for a common inherited heart risk, hurting sentiment on Novartis' cardiovascular pipeline.
A late-stage failure that erases a hoped-for new revenue source and dents pipeline credibility.
Alteogen deal for subcutaneous versions Novartis signed an option and license deal with Alteogen to turn some intravenous biologics into easier subcutaneous shots, with up to $3.2 billion in potential payments. This could extend the life and convenience of existing products, a modest positive for the pipeline.
A new partnership that supports future product lifecycles and is not already covered.

July 202628 Jun – 23 Jul 2026

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Novartis pipeline wins and earnings beat offset Entresto decline

EU approval for Itvisma gene therapy Novartis received EU approval for its Itvisma gene therapy, adding a new treatment option and reinforcing its position in advanced therapies. This expands the company's portfolio and offers a potential new revenue stream.
This is a new regulatory win that supports future growth.
FDA full approval for Fabhalta in kidney disease The FDA granted full approval for Fabhalta in kidney disease, transitioning from accelerated approval. This validates the drug's efficacy and allows broader marketing, potentially boosting sales in a new indication.
This is a new regulatory milestone that could drive revenue.
$1.5B Myricx Bio acquisition Novartis acquired Myricx Bio for $1.5 billion, adding a new asset to its pipeline. This strategic move aims to bolster future growth through external innovation.
This is a new acquisition that expands the pipeline.
Q2 earnings beat with sales returning to growth Novartis reported Q2 earnings that beat expectations, with sales returning to growth despite Entresto's decline. This shows resilience and operational execution, reassuring investors about the company's trajectory.
This is a new financial result that positively surprised the market.
Entresto sales plunge 50% on generics Entresto sales fell 50% as generic competition entered the market, resulting in a $4 billion annual revenue hit. This significant loss pressures overall growth and profitability.
This is a new negative development impacting financials.
UBS turns cautious on Novartis relative to peers UBS downgraded its view on Novartis, citing relative underperformance compared to AstraZeneca and Roche. This cautious stance may limit upside and affect investor sentiment.
This is a new analyst action that could weigh on the stock.
High-stakes late-stage trials could add $10B+ but face failure risk Three late-stage trials (pelacarsen, remibrutinib, del-desiran) could add over $10 billion in sales, but Goldman Sachs warns the stock could suffer if at least two fail. This creates meaningful pipeline uncertainty.
This is a new analyst warning about pipeline risk.

16 Jul – 23 Jul 2026

▲2▼1

Novartis wins FDA label expansions, Q2 beat, but Entresto cliff and pipeline risk loom

FDA full approval for Fabhalta in kidney disease The FDA granted full approval to Fabhalta for slowing kidney decline in IgA nephropathy, upgrading it from accelerated approval. This expands the market for a first-in-class oral drug and adds a new growth driver, supporting the stock.
This is a new regulatory win that directly boosts Novartis's revenue outlook.
Q2 earnings beat and sales return to growth Novartis beat second-quarter profit and sales estimates, with key brands like Kisqali and Pluvicto growing strongly. Sales returned to growth despite Entresto's 50% decline, reassuring investors and lifting the stock.
The earnings beat is a new event that shows the company's core business is performing better than expected.
Entresto sales plunge 50% on generics Entresto sales fell 50% to $1.18 billion as cheaper generics entered the market, a $4 billion annual revenue hit. This drags on overall growth and pressures the stock, though newer drugs are offsetting some of the loss.
This is a major negative force that explains why Novartis's growth is muted and why the stock faces a headwind.
Pipeline bets face high-stakes trial readouts Novartis is relying on three late-stage trials (pelacarsen, remibrutinib, del-desiran) that could add over $10 billion in sales, but Goldman Sachs warns the stock could suffer if at least two fail. This creates uncertainty around future growth.
This highlights the key risk and potential reward that will drive the stock's longer-term direction.

28 Jun – 9 Jul 2026

▲3▼1

Novartis advances gene therapy and oncology pipeline, but UBS turns cautious

EU approval for Itvisma gene therapy Novartis won European Commission approval for Itvisma, a one-time gene replacement therapy for spinal muscular atrophy in patients aged 2 and older. This expands its approved product portfolio in Europe and opens a new revenue stream, supporting the stock.
This is a concrete regulatory win that directly adds a new approved product and potential sales.
Acquisition of Myricx Bio for up to $1.5B Novartis agreed to buy UK biotech Myricx Bio for up to $1.5 billion, gaining a first-in-class antibody-drug conjugate payload platform and two lead assets. This strengthens its oncology pipeline and shows commitment to high-growth areas, a positive for the stock.
This is a major strategic deal that bolsters the pipeline and signals growth investment.
ianalumab positioned in growing markets Novartis' ianalumab is highlighted as a key late-stage candidate in warm autoimmune hemolytic anemia and systemic lupus erythematosus, both large markets with no approved therapies. Phase III results are expected in 2027, offering a potential future growth driver.
This points to a significant pipeline opportunity that could drive future revenue.
UBS cautious on Novartis UBS reiterated an overweight view on European pharma but was more cautious on Novartis, preferring peers like AstraZeneca and Roche. This relative caution may weigh on sentiment and limit the stock's upside compared to sector peers.
This is a direct analyst opinion that could influence investor perception and relative performance.

Q2 202618 Jun – 26 Jun 2026

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Novartis pipeline wins offset patent loss in radioligand therapy

Patent loss opens door to competitor in key cancer therapy A US court invalidated Novartis patents on its Lutathera radioligand therapy, allowing Curium to launch a competing version. This threatens future sales of a key product, weighing on the stock.
This is a new negative regulatory event that directly challenges Novartis's radioligand franchise.
Positive Phase III data for Rhapsido in chronic inducible urticaria Novartis reported that Rhapsido met primary endpoints in a Phase III trial for chronic inducible urticaria, becoming the first to show efficacy in this condition. This supports a potential new growth driver.
New clinical success expands the pipeline and boosts confidence in future revenue.
Early promise for del-brax in rare muscle disease Novartis's experimental drug del-brax showed promise in an early trial for FSHD, lowering disease markers and muscle damage. If approved, it could be the first disease-modifying treatment, adding a new rare-disease asset.
New positive trial data for a potential first-in-class therapy supports long-term growth.
Oncology deals and market growth outlook Novartis announced two oncology partnerships (Antares, Orionis) worth up to $3.3 billion and a market report projected its radioligand therapy sales to reach $30 billion by 2034. These reinforce its pipeline and leadership in a high-growth area.
New deals and market forecast highlight Novartis's strategy to offset patent losses and drive future sales.

June 202618 Jun – 26 Jun 2026

▲3▼1

Novartis pipeline wins offset patent loss in radioligand therapy

Patent loss opens door to competitor in key cancer therapy A US court invalidated Novartis patents on its Lutathera radioligand therapy, allowing Curium to launch a competing version. This threatens future sales of a key product, weighing on the stock.
This is a new negative regulatory event that directly challenges Novartis's radioligand franchise.
Positive Phase III data for Rhapsido in chronic inducible urticaria Novartis reported that Rhapsido met primary endpoints in a Phase III trial for chronic inducible urticaria, becoming the first to show efficacy in this condition. This supports a potential new growth driver.
New clinical success expands the pipeline and boosts confidence in future revenue.
Early promise for del-brax in rare muscle disease Novartis's experimental drug del-brax showed promise in an early trial for FSHD, lowering disease markers and muscle damage. If approved, it could be the first disease-modifying treatment, adding a new rare-disease asset.
New positive trial data for a potential first-in-class therapy supports long-term growth.
Oncology deals and market growth outlook Novartis announced two oncology partnerships (Antares, Orionis) worth up to $3.3 billion and a market report projected its radioligand therapy sales to reach $30 billion by 2034. These reinforce its pipeline and leadership in a high-growth area.
New deals and market forecast highlight Novartis's strategy to offset patent losses and drive future sales.

18 Jun – 26 Jun 2026

▲3▼1

Novartis pipeline wins offset patent loss in radioligand therapy

Patent loss opens door to competitor in key cancer therapy A US court invalidated Novartis patents on its Lutathera radioligand therapy, allowing Curium to launch a competing version. This threatens future sales of a key product, weighing on the stock.
This is a new negative regulatory event that directly challenges Novartis's radioligand franchise.
Positive Phase III data for Rhapsido in chronic inducible urticaria Novartis reported that Rhapsido met primary endpoints in a Phase III trial for chronic inducible urticaria, becoming the first to show efficacy in this condition. This supports a potential new growth driver.
New clinical success expands the pipeline and boosts confidence in future revenue.
Early promise for del-brax in rare muscle disease Novartis's experimental drug del-brax showed promise in an early trial for FSHD, lowering disease markers and muscle damage. If approved, it could be the first disease-modifying treatment, adding a new rare-disease asset.
New positive trial data for a potential first-in-class therapy supports long-term growth.
Oncology deals and market growth outlook Novartis announced two oncology partnerships (Antares, Orionis) worth up to $3.3 billion and a market report projected its radioligand therapy sales to reach $30 billion by 2034. These reinforce its pipeline and leadership in a high-growth area.
New deals and market forecast highlight Novartis's strategy to offset patent losses and drive future sales.