On July 17, GSK fell 3.02% in regular trading, trading at $51.175/share, with turnover of $404 million. The decline was triggered by the company's announcement that it will discontinue development of camlipixant for refractory chronic cough following mixed Phase 3 clinical trial results.

Camlipixant, a highly selective P2X3 receptor antagonist, was the core asset from GSK's $2 billion all-cash acquisition of Bellus Health in 2023. In the Phase 3 program, the 50 mg twice-daily dose significantly reduced 24-hour cough frequency versus placebo in CALM-1 but failed to reach statistical significance in CALM-2, while the 25 mg dose failed to meet the primary endpoint in both trials. GSK cited limited efficacy as the basis for terminating development in this indication, though the Phase 2b BALANCE trial in irritable bowel syndrome will continue.

The pipeline failure substantially weakens GSK's respiratory segment mid-to-long-term growth outlook. Market concerns center on inadequate return on the $2 billion M&A investment, with the irritable bowel syndrome opportunity considered too limited to offset the valuation impact of the cough indication setback.

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