Rubbish Check
CNBC Top News · 8 September 2026
source“Pharma major Novartis falls 9% after three drug trial setbacks”
R1/ 10
Base fact
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates CNBC's claim that Novartis fell 9% after three trial setbacks a 1/10 because the stock drop, the trial failure count, and the timeline all match Novartis's own disclosures and analyst notes cited in the piece.
The Verdict
Base fact. The headline states a specific percentage move tied to a specific, named cause, and both check out against the article's own reporting: the stock was down 8.9% and this was explicitly the third setback in a week. No cherry-picking, no buried caveat that flips the story; the piece even includes Novartis's growth guidance and a recent positive trial result, so the framing isn't one-sided doom.
What actually happened
Novartis shares dropped after its del-desiran drug failed a late-stage trial for myotonic dystrophy type 1, missing statistical significance on a hand-opening-time measure. This followed two other setbacks in the same week: a failed pelacarsen cardiovascular trial and a pause of eight rap-cel cell therapy trials after three patient deaths. Analysts flagged doubts about Novartis's growth outlook and its $12 billion Avidity acquisition as a result.
Key facts
- Shares were last seen down 8.9%, as investors reacted to what was its third drug trial setback in a week, putting the stock on track for its worst day since March 2020.
- Del-desiran's HARBOR phase III study "did not demonstrate statistically significant improvement versus placebo" on measurements of hand opening time.
- The del-desiran failure follows Novartis said its pelacarsen drug failed to reduce the risk of cardiovascular events in a late-stage trial, and a week after announcing it had paused eight clinical trials of an experimental cell therapy, rap-cel, after three patients died.
- Despite the setbacks, Novartis also said Tuesday that it still expects its sales to grow by 5% to 6% a year, on average, until 2030, though Jefferies called that target "likely to be perceived as unattainable without further M&A."
- Barclays noted del-desiran and pelacarsen had represented around $5 billion in risk-adjusted peak sales opportunities, and that the del-desiran failure specifically tested the logic of the Avidity deal.
What to watch for
Watch whether Novartis leans harder into M&A to hit its 2030 growth target, since Jefferies flagged that path as "now likely to remain under scrutiny." Also watch del-brax, the third Avidity-derived drug, whose Phase III data isn't expected until 2028, meaning the market has a multi-year wait before it can fully judge the acquisition.
About this scoreThe R-Score is Rubbish Talk's editorial opinion on how far a headline's framing sits from what the underlying facts support. It is a judgement about presentation and emphasis, not an allegation that any outlet has acted dishonestly. Every figure we rely on is linked under Receipts so you can check it yourself.
