Shares of CSPC PHARMA (01093) fell more than 4%, and at the time of writing, they were down 2.69% to HK$8.855, with a turnover of HK$938 million. CLSA issued a research note stating that the latest comments from the CEO of Novartis (NVS.US) on the Lp(a) HORIZON study may attribute the trial's failure to the limited cardiovascular benefits of lowering Lp(a) late in life compared to lifelong genetic Lp(a) exposure, which would put pressure on mainland Chinese Lp(a) participants, including CSPC PHARMA.

CSPC PHARMA is developing the oral Lp(a) program YS2302018 in collaboration with AstraZeneca (AZN.US), which is currently in Phase I clinical trials. CLNA noted that the market is also circulating rumors of unfavorable results regarding the renewal of CSPC PHARMA's Enbipt in the National Medical Insurance catalog. In response, the firm has confirmed with the company that the price adjustment magnitude is manageable. As for YS2302018, the overseas Phase I program is progressing as planned, with Phase II proof-of-concept studies underway. CLSA believes that the failure of HORIZON, as the first Lp(a) outcomes study, will not immediately overturn Lp(a) predictions. On the other hand, the sharp decline in CSPC PHARMA's stock price presents an attractive entry opportunity.