Novartis shares plummeted following the collapse of a late-stage clinical trial for a key neuromuscular treatment, which failed to demonstrate the necessary efficacy to advance. The setback marks a significant blow to the company's pipeline and investor confidence in its near-term growth strategy.
In section Market Quotes
Novartis and Boston Scientific lead health care sector slide
A wave of negative growth warnings and failed clinical data dragged health care stocks lower today, as investors reacted to operational disruptions and stagnant drug trials. The sector faced pressure from major medical-device manufacturers and pharmaceutical giants struggling to meet market expectations amid unforeseen supply and technical hurdles.
Simultaneously, Boston Scientific warned that a recent cyberattack has hindered its operations, making it unlikely the company will reach its previous financial guidance. This instability rippled through the broader medical-device market, impacting peers like Stryker, which reported that ongoing supply chain constraints continue to stifle its peripheral vascular business.
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