The Food and Drug Administration on Thursday approved Bristol Myers Squibb 's highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades.
Bristol Myers Squibb expects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October, executives told CNBC.
Cobenfy could also be a huge long-term sales opportunity for Bristol Myers Squibb, which faces pressure to offset the potential loss of revenue from top-selling treatments that will see their patents expire.
But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb's top line in 2024 and 2025.
"We've helped people, we've improved outcomes, we've provided caregivers and physicians with another tool that they can use."
Persons:
Bristol Myers, Cobenfy, Guggenheim, doesn't, Andrew Miller, We've, we've
Organizations:
Drug Administration, Bristol, Bristol Myers Squibb, CNBC, Karuna Therapeutics
Locations:
U.S