Bristol Myers drops as schizophrenia drug fails in late-stage trial as add-on treatment

Shares of drugmaker Bristol Myers Squibb BMY.N fall 6.8% to $46.41 after the bell

BMY says its drug Cobenfy failed to show to statistically significant difference compared to placebo in a late-stage trial studying it as an add-on treatment for schizophrenia

In September, the U.S. Food and Drug Administration approved the drug, making it the first new type of antipsychotic medicine in decades

BMY had obtained drug Cobenfy, also known as KarXT, through its $14 billion takeover of Karuna Therapeutics in 2023

So far this year, BMY stock down about 12%, as of last close