Bristol Myers Squibb CEO Chris Boerner described his company’s new drug, Cobenfy, which can be used to treat psychiatric disorders like schizophrenia, saying the treatment is effective without the serious side effects of other traditional medications.
“Unfortunately, until Cobenfy, we did not have a fundamentally new mechanism of action to treat those patients, and now we do,” Boerner said. “We get efficacy on par with the best of the existing atypicals, but we don’t see the side effect profile that you see with those drugs.”
Schizophrenia is a debilitating mental illness that can cause hallucinations, delusions, paranoia and other emotional and behavioral issues. Many existing drugs that treat the condition come with side effects that lead patients to stop taking them, including weight gain and fatigue. The Food and Drug administration approved Cobenfy in September of 2024, and it is the first new type of treatment for the disorder in decades.
According to Boerner, doctors and schizophrenia patients are providing good feedback about Cobenfy, saying that it not only treats symptoms like hallucinations, but also provides relief for other cognitive impairments. He said Bristol Myers is researching other uses for the drug, including treatment for mania caused by bipolar disorder and psychosis seen in those with Alzheimer’s disease.
Boerner also addressed concerns about upcoming patent expirations the company currently faces, which would likely lead to revenue losses. He said Bristol Myers has a “young portfolio growing assets,” as well as “a string of new catalysts that are going to have data coming out over the next 18 to 24 months.” He also said the company is in a strong financial position that allows it to continue to provide shareholders with “an attractive dividend.”
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