BofA Sees Remibrutinib Detailed Data as Next Major Catalyst to Offset Novartis Pipeline Misses; Buy Rating Kept

06:59 AM EDT, 09/08/2026 (MT Newswires) -- BofA Global Research views upcoming detailed trial results for Novartis' (NOVN.SW) remibrutinib in multiple sclerosis as a critical catalyst after the late-stage misses of myotonic dystrophy type 1 candidate, del-desiran, and cardiovascular drug pelacarsen. Analysts said Tuesday that Novartis needed a multi-asset win to clear its post-2030 patent cliff, but with pelacarsen and del-desiran both striking out, remibrutinib is now the last high-profile candidate standing. "Post-pelacarsen and del-des failures, detailed Remi MS data (MS Toronto 23rd Oct) now needs to be towards the upside case. While Remi MS headline hit, stock move not reflecting full [net present value] given enough questions ([annualized relapse rate] no mention clinically meaningful, extent progression benefit vs [cluster of differentiation 20], details on 2 deaths, broader safety). Base case $3bn peak sales in MS with detailed data to inform on upside (possible >$5bn). Best cross-trial comparison is Kesimpta which demonstrated a [confirmed disability progression] of 34% vs Aubagio. It is unclear whether remibrutinib is meaningfully better than fenebrutinib's 23% CDP benefit," the research firm added. Against this backdrop, BofA maintained its buy rating and price objective of 150 francs on the stock.