Novartis disclosed two separate Phase III failures that further stress its late-stage pipeline. The company said delpacibart etedesiran failed to meet the primary endpoint in the HARBOR trial for myotonic dystrophy type 1, and pelacarsen also missed its Phase III cardiovascular outcomes target in the Lp(a)HORIZON study for patients with elevated lipoprotein(a). Analysts highlighted that the clinical misses weaken confidence in Lp(a)-lowering as a standalone strategy, despite strong biomarker reductions in earlier work. The denials also come amid other setbacks that have recently led to study suspensions and strategic review. Across the portfolio, investors are now focusing on whether Novartis can isolate patient subgroups or adjust endpoints to recover risk tolerance going into later-stage reads.