Xanomeline Tartrate/Trospium Chloride

Bristol Myers Squibb executives faced sharp questions from an analyst on Thursday regarding the slow commercial launch pace of its highly touted Cobenfy. The schizophrenia medicine’s performance was relatively underwhelming for the second quarter in a row. Despite a 30% sales bump compared to the same time last year, the $57 million in sales for the third quarter missed analyst estimates by $11 million. It doesn’t help that the drug came on the market with incredible hype. BMS acquired the therapy in 2024 for $14 billion and gained FDA approval the same year, sending expectations soaring over the first schizophrenia treatment with a novel mechanism of action in three decades. Some analysts projected $300 million in sales during its first year. In reality, the drug made a more subdued debut with $155 million in sales in 2025. Since its launch, analysts have cut the drug’s revenue predictions through 2030 by roughly 40%. On Thursday's earnings call, BMS’ chief commercialization officer, Adam Lenkowsky, noted that total prescription volume for Cobenfy increased by 3% to 4% for the quarter. But prescribing behaviors and side effects, alongside inventory issues specific to the third quarter, is weighing on the drug’s performance, he said. “We need to accelerate new patient starts. We need to improve repeat prescribing. I think one of the bigger challenges that we’ve seen is we’ve been educating physicians on the importance of rapidly titrating Cobenfy to the effective dose of 125 mg,” Lenkowsky said on the earnings call. According to Lenkowsky, far too many patients remain on the suboptimal 50 and 100-mg doses of Cobenfy due to the nausea and vomiting side effects during the initiation period. The better course of action, BMS said, is to titrate patients up to the full 125 mg and give antiemetics to manage the gastrointestinal issues. “When patients are on the effective dose and the GI toxicity is managed appropriately, we have truly seen remarkable results for this product,” Lenkowsky said. Cobenfy’s slow burn in schizophrenia has created apprehension around BMS’ closely watched phase 3 readouts in Alzheimer’s disease psychosis slated for next year. At 7 million patients in the U.S., Alzheimer’s represents a much bigger market. And about 30% to 50% of those patients experience psychosis, for which Cobenfy could be the first FDA-approved treatment if the clinical trials go as hoped. But BMS has already had to push back the readouts on two occasions: In December 2025, it delayed Adept-2 readouts because of site irregularities, and this summer, it delayed readouts of the Adept trials, citing slower-than-expected enrollment. The long-awaited results are set to come out just around the new year, and BMS needs positive results from two out of the three trials to approach the FDA. But even if the trials are a success, there’s skepticism about Cobenfy’s commercial potential and tolerability in the older Alzheimer’s population. To its advantage, Cobenfy is not associated with the boxed warnings that come with many of the existing antipsychotics, like sedation, cognitive impairment and movement disorders. “But that said, we will take the learnings from schizophrenia, and we’re going to need to set up expectations with patients and physicians, build confidence around managing the nausea and vomiting with Cobenfy,” he said. Beyond Cobenfy, BMS produced a strong quarter with a 7% increase in total revenue compared to the same time in 2025. William Blair analysts said the performance was largely driven by better-than-expected performance from the legacy portfolio, especially BMS’ blood cancer drug, Revlimid, which generated $303 million in Q3, well above analysts' estimates of $236 million. The company’s aging blood thinner, Eliquis, also saw a 25% jump in sales. BMS raised its revenue guidance for the year to $49.75 billion to $50.25 billion and assured that key readouts for milvexian—widely seen as BMS’ successor to Eliquis—and Cobenfy are still on track.

近日，BioBAY园内上市企业再鼎医药（Zai Lab）宣布与投资者订立证券购买协议，通过私募股权投资已上市证券（PIPE）方式，以每股美国存托股份（ADS）22.04美元的价格发行1134万股ADS，净筹资约2.41亿美元。本次配售代理为Leerink Partners。 此次发行的1134万股ADS相当于1.134亿股普通股（每股ADS代表10股普通股）。发行完成后，相关股份约占再鼎现有已发行普通股的9.97%，以及经扩大后已发行普通股的9.06%。发行价格较纳斯达克2026年10月22日收市价无折让，较港交所同日收市价折让约3.14%。 根据公告，所募资金主要用于DLL3 ADC药物zocilurtagum pelitecan（简称“zoci”）的持续全球开发。该药物从IND（新药临床试验申请）到全球III期临床启动不到两年时间，已获美国FDA授予孤儿药资格，被再鼎医药内部定位为“首个全球上市肿瘤产品”。 zoci计划在2026年底前启动三项注册性研究，覆盖二线及以上小细胞肺癌、一线小细胞肺癌和肺外神经内分泌癌。若进展顺利，再鼎医药将完成关键身份跃迁，实现从“中国平台”到“全球开发者”的跨越。 除zoci外，再鼎医药另一核心产品KarXT（呫诺美林曲司氯铵）同样值得关注。该药物于2025年12月在中国获批用于成人精神分裂症，是过去三十多年来FDA批准的首个新机制抗精神病药物，通过激动M1和M4型毒蕈碱乙酰胆碱受体发挥作用，绕开了传统多巴胺通路。 再鼎医药创始人、董事长兼首席执行官杜莹表示，公司正从“中国商业化平台”向“全球肿瘤资产的持有者和开发者”转型。2025年，再鼎全年总收入达4.602亿美元，同比增长15%，在拥有商业化现金流的基础上，资本配置重心已向全球管线倾斜。 ▌文章来源：动脉新医药 责编：于嘉敏 审核：任旭 推荐阅读 二十周年纪念：沃森苏州之行与冷泉港亚洲的诞生 智宠制药完成数千万元A1轮融资，以"端到端AI+比较医学"双轮驱动重塑宠物药研发 金融“三服务”｜生物医药产业园上市（拟上市）企业高质量发展座谈会召开