Novartis Draws a 5% Biosimilar Undercut in Radiopharma as Goldman Lifts Its Target to 113 CHF

Curium undercuts Lutathera by about 5 percent as Novartis wins FDA approval for Rhapsido in symptomatic dermographism and licenses RNA assets.

Curium has fired the first real pricing shot at Novartis's nuclear medicine franchise. The company set the price of its biosimilar version of Lutathera at USD 63,524 per infusion — roughly 5 percent below the Swiss group's established radiopharmaceutical. For Novartis, the move lands in a segment that had until now been largely insulated from the rapid erosion that generic copycats inflict elsewhere. A direct rival entering with a discount marks a tangible shift in that competitive landscape.

The Basel-based drugmaker is not standing still while that pressure builds. Its immunology pipeline is advancing on a parallel track, anchored by the oral BTK inhibitor remibrutinib, sold as Rhapsido. Having already targeted chronic spontaneous urticaria, the company is now going after symptomatic dermographism. According to Novartis, the two conditions together account for the overwhelming majority of chronic hives cases in adults.

Clinical Data Behind the FDA Nod

The FDA approval reported this week extends Rhapsido's label to adults with symptomatic dermographism who do not respond adequately to H1 antihistamines — the first such treatment, per the company. The supporting evidence comes from the Phase III RemIND trial, where 29.3 percent of Rhapsido patients achieved complete resolution of wheals at week 12, against 14.0 percent on placebo. Therapeutic effect showed up early in the treatment course. Reported side effects were mainly nasopharyngeal inflammation, bleeding, and headache or abdominal pain.

Beyond dermatology, Novartis is testing the molecule more widely. Remibrutinib has already produced positive Phase III results in relapsing multiple sclerosis, with clinical work also under way in food allergies and hidradenitis suppurativa. That breadth is deliberate: the company wants to reduce its reliance on any single therapeutic area and offset potential revenue losses from the oncology competition now taking shape.

A Licensing Bet on RNA

Roughly a week ago, Novartis also secured a worldwide license from Abogen Biosciences covering ABO2203 and options on additional RNA programs. Abogen receives USD 575 million upfront, with up to about USD 7.2 billion in milestone payments plus potential sales royalties if all options are exercised. Those contingent sums are not a fixed total price, and the deal remains subject to customary conditions including regulatory clearances.

Goldman's Split Verdict

Against that product and deal flow, Goldman Sachs put the longer-term business outlook squarely on the agenda on October 1. Analyst James Quigley raised his price target to 113 CHF from 110 CHF while keeping a sell rating on the stock. His quarterly estimates sit broadly in line with consensus, and he flagged commentary on the post-2030 outlook as particularly interesting. The combination is instructive for investors: a higher target does not automatically translate into a more favorable recommendation. Quigley's stance separates expectations for the next set of numbers from the question of what Novartis offers beyond them.

That next concrete checkpoint is October 27, when Novartis publishes results for the third quarter and the first nine months of 2026. Investors will then be able to weigh business performance against expectations directly.

Media reports noted the shares slipped on Thursday despite the approval news, without citing any specific company-level negative trigger. No clear re-rating of Rhapsido can be read from that countermove. The cleaner distinction for shareholders: the approval strengthens the clinical foundation, while the licensing agreement widens development options. Whether those advances justify a more attractive valuation also hinges on business results and the longer-term picture.

In the second quarter, the group generated total revenue of USD 14.4 billion. Novartis shares closed Friday at EUR 127.90, up 0.7 percent.