Novartis reports $2.2bn hit from drug trial setbacks, but lifts guidance

Novartis recorded about $2.2 billion (€1.95 billion) in charges related to two ​drugs that failed in late-stage studies last month, even as it boosted its full-year profit expectations on Tuesday.The Swiss drugmaker’s operating income fell 61 per cent in the third quarter, hit by higher research and development costs and a $1.9 billion partial impairment charge for del-desiran, one of two ​consecutive major trial setbacks unveiled in September that sent its shares tumbling at the time.The drug, which was being tested for myotonic dystrophy, ⁠a muscle-wasting disease with no approved treatments, was obtained through Novartis’ $12 billion acquisition of Avidity that was announced ‌in ‌2025.The ​estimated value of the muscle-wasting drug was reduced from an original $7.48 billion because of delays in development. The company continues to believe it will succeed, chief financial officer Mukul ⁠Mehta said in an interview, unlike for failed ​heart drug pelacarsen, the other September setback,…

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