Bristol Myers Squibb Co. gained US approval for the first new type of schizophrenia drug in seven decades, opening a fresh avenue of treatment for millions with the serious mental disorder.

Bristol-Myers Squibb's acquisition of Karuna and FDA approval of Cobenfy signal growth potential, with focus on driving revenue. Read my update on BMY stock.

Bristol Myers Squibb shares rose Friday, a day after its schizophrenia drug was approved for use by the Food and Drug Administration.