Two Neuro Mega-Deals, Two Approvals, Still No Clear Winner
- AbbVie paid $8.7 billion for Cerevel and Bristol Myers Squibb $14 billion for Karuna in late 2023. Each now has an approved drug: Cobenfy since 2024 and AbbVie's Parkinson's drug Juvmo since September.
- Emraclidine failed two Phase 2 schizophrenia studies, while Cobenfy sales have repeatedly missed expectations; its Alzheimer's psychosis readouts have slipped to early 2027.
- Analysts see it as too early to call, with Juvmo's peak sales unlikely to fully justify the Cerevel price.
💡 Points Based on public reports
The two deals were bets on different risks: BMS bought a de-risked first-in-class launch and is now paying for slow uptake and tolerability, while AbbVie bought earlier-stage assets and absorbed a clinical failure. Cobenfy's Alzheimer's psychosis data in 2027 is the swing factor, since it could expand the label well beyond a crowded schizophrenia market.
With an approval apiece, the verdict is still out on AbbVie's and BMS' twin neuro buys ↗