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.

Bristol-Myers Squibb won FDA approval for its novel schizophrenia drug, Cobenfy. BMY stock jumped, signaling a breakout.

This is a big approval for the company, given that Cobenfy doesn’t have the classic side effects seen in other antipsychotic drugs.