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.

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

Bristol-Myers Squibb received FDA's approval for Cobenfy, which is poised to be a game changer in the treatment of Schizophrenia. See why BMY stock is a Buy.