Updated

Shares of Novartis fell more than 10% on Tuesday after disappointing results from a trial of its del-desiran drug, marking the third setback from the company's pipeline in a single week. The latest failure, involving a cholesterol-lowering drug targeting Lp(a) to reduce cardiovascular risk, triggered a broader selloff across biopharma stocks as investors reassessed the viability of the Lp(a) treatment approach shared by several other drugmakers. The fallout extended to major U.S. equity indexes, with the Dow significantly underperforming the S&P 500 as the Swiss drugmaker's late-stage trial setback dragged on blue-chip averages. The string of disappointments has raised broader investor concerns about Novartis's pipeline and has renewed scrutiny of the wider cardiovascular drug-development landscape.