Why are the upcoming trial results for pelacarsen, remibrutinib, and del-desiran critical for Novartis' valuation?

Analysts estimate the three experimental drugs together represent more than $10 billion in peak annual sales potential, which is needed to offset expected U.S. and European patent losses for top-sellers Cosentyx and Kisqali around the turn of the decade; Novartis trades at a sector-leading 16 times forward earnings, and Goldman Sachs warns that if two of the three trials fail, that multiple 'looks very, very vulnerable.'

What makes pelacarsen particularly significant among the three pipeline drugs?

Pelacarsen targets lipoprotein(a) — 'Lp(a)' — a cardiovascular risk factor for which there is 'nothing on the market today,' and if Novartis is first to market, the drug could become a major sales driver because 'you're going to be on it for the rest of your life,' according to OrbiMed's Sven Borho.

Novartis faces drug pipeline test with valuation premium in focus

Jul 19, 2026

Novartis investors await critical second-half drug trial readouts for key candidates to justify its premium valuation against looming patent expiries. Analysts warn failures could significantly impact growth outlook and stock multiples.

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Novartis faces drug pipeline test with valuation premium in focus

Novartis faces drug pipeline test with valuation premium in focus

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