This is a big approval for the company, given that Cobenfy doesn’t have the classic side effects seen in other antipsychotic drugs.

The U.S. Food and Drug Administration approved Bristol Myers Squibb's schizophrenia drug late on Thursday, making it the first new type of antipsychotic medicine in decades. The labeling information of the treatment,

Key Takeaways Bristol Myers Squibb's drug to treat schizophrenia was approved for use by the Food and Drug Administration.The pharmaceutical firm called Cobenfy the first new treatment for the illness in decades.

Bristol Myers Squibb stock jumped after the pharma company won approval for its new schizophrenia drug late Thursday. “This drug takes the first new approach to schizophrenia treatment in decades,” the Food and Drug Administration said.

Bristol-Myers Squibb's acquisition of Karuna and FDA approval of Cobenfy signal growth potential, with focus on driving revenue. Read my update on BMY stock.

Bristol Myers Squibb BMY announced that the FDA has approved xanomeline and trospium chloride (formerly KarXT), an oral medication for the treatment of schizophrenia, in adults. The drug was approved under the brand name Cobenfy.