Lyon says Novartis CEO comments on the Lp(a) HORIZON trial — that late-life
Lp(a) reduction may deliver limited cardiovascular benefit versus lifelong
genetic exposure — could pressure mainland Lp(a) players including CSPC PHARMA.
CSPC is developing oral Lp(a) candidate YS2302018 with AstraZeneca; the domestic
program is in Phase I, the overseas Phase I is on schedule and a Phase II
proof-of-concept is under way. Lyon flags market rumors that CSPC’s Enbipu
faced an adverse outcome in national reimbursement-list renewal; the company
told Lyon any price adjustment would be manageable. Lyon says HORIZON’s failure
as the first Lp(a) outcomes trial does not immediately invalidate Lp(a)
forecasts, views the stock’s sharp drop as an attractive entry, and reiterates a
high-conviction Outperform with a PT of HK$19.
