Bristol Myers Squibb BMY, +1.12% shares rose 7% in premarket trade after the company said the U.S. Food and Drug Administration approved Sotyktu, which the drugmaker said was the first innovation in oral treatment for moderate-to-severe plaque psoriasis in nearly 10 years. Bristol Myers Squibb said the approval came after Phase 3 trials found it was more effective compared to placebo and twice-daily Otezla, made by Amgen AMGN, +0.91%. Analysts at Mizuho Securities said Sotyku was approved without a so-called black box warning, which could pose a threat to Otezla sales, which had been estimated to run between $2 billion and $3 billion.
