Bristol Myers Squibb (BMS) announced that its highly anticipated schizophrenia treatment, Cobenfy, has completed its first full year on the market, posting results that align with expectations while setting the stage for future growth.

Approved by the U.S. Food and Drug Administration (FDA) in September 2024 and launched the following month, Cobenfy generated $43 million in third-quarter sales, up from $35 million in the second quarter. The figure was broadly in line with Wall Street’s projection of $44 million, according to Citi.

While Cobenfy’s early sales trajectory remains modest compared to Bristol Myers Squibb’s overall 3 per cent revenue beat, the company highlighted strong performances from other new products, including Reblozyl (for anemia) and Breyanzi (a CAR-T cell therapy).

During the company’s third-quarter earnings call, CEO Chris Boerner, Ph.D., described Cobenfy’s performance as “delivering steady growth,” emphasizing the long-term potential of the first-in-class medicine.

“We’re establishing a new treatment paradigm in what we knew was going to be a highly entrenched market,” said Adam Lenkowsky, Chief Commercialization Officer at Bristol Myers Squibb. “Cobenfy’s progress is already tracking ahead of all recently launched analogs in schizophrenia, with the drug surpassing 2,400 weekly total prescriptions.”

Cobenfy targets a disease area long dominated by dopamine D2 receptor antagonists, which have remained the standard of care for over three decades. To accelerate adoption, Bristol Myers Squibb has expanded its field force across both community and hospital settings and is focusing on peer-to-peer education, real-world data dissemination, and a phase 4 study exploring the transition from D2 drugs to Cobenfy.

“There’s clearly more work to do,” Lenkowsky acknowledged. “In year two, our focus is on expanding both the breadth and depth of prescribing as we continue to build physician confidence in Cobenfy.”

Looking ahead, Bristol Myers Squibb remains confident that Cobenfy will achieve sustained, long-term growth, supported by new indications and ongoing clinical research based on the leading indicators we’re seeing, Cobenfy will continue its steady growth trajectory, Lenkowsky added. “We are confident it will become a major therapy in the schizophrenia treatment landscape over time.”