In this article, the Food and Drug Administration approved Bristol Myers Squibb’s new schizophrenia drug Cobenfy, marking the first innovative treatment for the disorder in over seven decades. Schizophrenia impacts a person’s thoughts, emotions, and behaviors, leading to symptoms like paranoia, delusions, hallucinations, and changes in behavior. These symptoms can disrupt daily life, affecting activities such as work, school, and social interactions. Most individuals are diagnosed with schizophrenia in their late teens to early 30s.
Bristol Myers Squibb anticipates that Cobenfy, a twice-daily pill, will be available under the brand name Cobenfy by late October. The drug is seen as a crucial new option for the nearly 3 million American adults living with schizophrenia, with many patients struggling to find effective or tolerable treatments. The company highlights that a significant portion of diagnosed patients discontinue existing medications within 18 months due to these challenges.
The introduction of Cobenfy presents a substantial business opportunity for Bristol Myers Squibb, especially as it seeks to offset potential revenue losses from expiring patents on its top-selling treatments. The drug emerged from the company’s acquisition of Karuna Therapeutics for $14 billion. Analysts project Cobenfy as a multi-billion dollar opportunity in the long term, though its impact on the company’s revenue may not be significant until 2024 or 2025.
Andrew Miller, former president of Karuna Therapeutics and now an advisor to Bristol Myers Squibb, expressed optimism about the transformative potential of Cobenfy in improving outcomes for individuals with schizophrenia. He emphasized the importance of providing better tools for caregivers and physicians to address the needs of this population.
Cobenfy is priced at $1,850 per month or $22,500 annually before insurance and rebates. Bristol Myers Squibb aims to assist patients in affording the drug, particularly those covered by Medicare and Medicaid plans. The company plans to launch a program to support patient access to Cobenfy, although the extent of its impact on uninsured individuals remains uncertain.
Cobenfy faces competition from existing antipsychotic treatments for schizophrenia, which work by blocking dopamine receptors in the brain to alleviate symptoms. Unlike traditional antipsychotics, Cobenfy belongs to a new class of drugs that do not directly block dopamine. The drug’s unique composition aims to reduce side effects commonly associated with antipsychotics, potentially offering a more tolerable treatment option for patients.
The approval of Cobenfy for schizophrenia treatment may mark just the beginning of its potential applications. Bristol Myers Squibb is conducting late-stage trials to explore the drug’s efficacy in treating Alzheimer’s disease-related psychosis, with data expected in 2026. Additionally, the company plans to investigate Cobenfy’s effectiveness in managing bipolar mania and irritability in individuals with autism, highlighting its versatility across multiple conditions.
