Equity Snap: GSK (GSK LN): A tough cough for camlipixant

Research evidence excerpt

Equity Snap: GSK (GSK LN): A tough cough for camlipixant

17 July 2026

Equity Snap: GSK (GSK LN) Equities Pharmaceuticals

A tough cough for camlipixant United Kingdom

◆ GSK drops development of camlipixant in RCC after mixed Morten Herholdt*

trial results – CALM-1 met goal, but CALM-2 trial did not Global Life Sciences & Healthcare Analyst HSBC Bank plc

morten.herholdt@hsbc.com

+ 44 20 7992 4082

GSK (GSK LN, GBp1,956, Hold, TP GBp1,860)

Rajesh Kumar*

(Priced as of 16 Jul 2026) Senior Global Life Sciences & Healthcare Analyst

HSBC Bank plc

No further development of camlipixant in RCC: GSK released headline results for rajesh4kumar@hsbcib.com

camlipixant in refractory chronic cough (RCC). The 12 week CALM-1 study met its +44 20 7991 1629

primary endpoint of significantly reducing 24-hour cough frequency for the 50mg dose,

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

but the longer 24 week CALM-2 study did not. The lower 25mg doses tested did not not registered/ qualified pursuant to FINRA regulations

reach statistical significance in either study. This is deemed unsupportive for further

development and GSK has taken the decision not to progress the compound further in

RCC, although there is still a phase 2b BALANCE trial in irritable bowel syndrome that

will continue. The company carries GBP1.4bn of asset value for Bellus Health Assets

though which camlipixant was acquired, which will require a writedown.

Camlipixant was seen as a higher risk pipeline product, owing to general

development risk in a complex disease and the failure of Merck’s (MRK US, Buy, CMP

USD127.63) Gefapixant to gain approval in the US. Consensus, however, still had

57% probability of success.

Risk-adjusted sales according to Visible Alpha were GBP629m in 2031 and