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.

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,

Bristol-Myers Squibb's stock is set to rise with FDA approvals, acquisitions, and a strong oncology portfolio, despite potential risks. Read more on BMY here.