moved higher in the premarket session following FDA approval for its schizophrenia treatment Abilify.
The shares were recently up 4.4% to $25.10.
The drug, which will be comarketed with Otsuka, gained conditional FDA approval in September, and will join
Johnson & Johnson's
Geodon among FDA-approved schizophrenia treatments.
Some analysts think Abilify could eventually bring in $2 billion a year for Bristol-Myers, welcome revenue for a company that has recently struggled with a shrinking new drug pipeline and a regulatory probe of its inventory practices.