Bristol-Myers Squibb BMY Drops 2.79% on Failed Trial

On April 23, 2025, Bristol-Myers Squibb's stock experienced a 2.79% drop in pre-market trading.

Bristol-Myers Squibb recently announced the topline results from the Phase 3 ARISE trial, which evaluated the efficacy and safety of Cobenfy as an adjunctive treatment to atypical antipsychotics in adults with inadequately controlled symptoms of schizophrenia. The trial did not meet its primary endpoint, as Cobenfy failed to show a statistically significant improvement compared to placebo in the Positive and Negative Syndrome Scale (PANSS) total score at Week 6. Despite this, preliminary analyses suggested that Cobenfy may have improved symptoms in certain patients when used in conjunction with atypical antipsychotics.

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In a post-hoc subgroup analysis, it was found that patients treated with risperidone as a background therapy responded differently compared to those treated with other background antipsychotics. Specifically, in the non-risperidone group, Cobenfy treatment resulted in a significant reduction in PANSS total score compared to placebo. The safety and tolerability profile of Cobenfy as an adjunctive treatment was consistent with previous monotherapy trials, indicating that the drug was well-tolerated by patients.

Bristol-Myers Squibb has announced a cost-cutting plan to reduce expenses by $20 billion by the end of 2027. This plan aims to streamline the company's operations and enhance efficiency, allowing for greater investment in growth products and promising scientific areas. The company is also continuing its clinical development program for Cobenfy, which includes studies in other neurological and psychiatric disorders such as Alzheimer's disease, autism spectrum disorder, and bipolar disorder. Additionally, a 52-week open-label extension study is underway to further explore the long-term safety and efficacy of Cobenfy as an adjunctive treatment.