By Sneha S K and Maggie Fick (Reuters) -Bristol Myers Squibb said on Monday it plans to launch its schizophrenia drug, Cobenfy, in the UK in 2026, and wants to price it on par with its U.S. list price. The Trump administration has been talking to drugmakers about ways to raise prices of medicines in […]
Health
Bristol Myers plans UK launch of schizophrenia drug Cobenfy, matching US price
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By Sneha S K and Maggie Fick
(Reuters) -Bristol Myers Squibb said on Monday it plans to launch its schizophrenia drug, Cobenfy, in the UK in 2026, and wants to price it on par with its U.S. list price.
The Trump administration has been talking to drugmakers about ways to raise prices of medicines in Europe and elsewhere in order to cut drug costs in the United States, Reuters reported earlier this year citing sources.
“We agree with the Trump administration that other countries need to pay their fair share,” said Adam Lenkowsky, chief commercialization officer at Bristol.
Unlike in the U.S., where market forces determine drug prices, European governments typically negotiate directly with companies to set prices for their national healthcare systems.
Bristol’s Cobenfy carries a list price of $1,850 a month or about $22,500 annually in the United States.
Bristol said it planned to submit a marketing authorisation application for Cobenfy to the UK medicines regulator later this year, under a fast-track route.
Investors are closely watching Bristol’s newer products, including Cobenfy and cell therapy Breyanzi, to gauge whether they can drive the next phase of growth as sales of older blockbuster treatments decline.
Cobenfy gained U.S. FDA approval last year and became the first approved antipsychotic that targets cholinergic receptors as opposed to dopamine receptors, which have long been the standard of care.
Bristol Myers obtained the drug, also known as KarXT, through its $14 billion takeover of Karuna Therapeutics.
The company estimates schizophrenia affects about 1 in 100 people in the UK. The mental health disorder causes persistent delusions and hallucinations and significantly impairs the way patients perceive reality.
“Our intention is to work with (Britain’s) NICE and NHS to make this medicine available, but we are prepared to make the difficult decision to walk away if they cannot better recognize the value our medicine brings to patients and society,” Lenkowsky said on Monday.
The pharmaceutical industry has been outspoken about what it says is Britain’s underinvestment in life sciences, criticising its system for valuing medicines, known as NICE.
(Reporting by Sneha S K in Bengaluru and Maggie Fick; Editing by Anil D’Silva and Shailesh Kuber)