Bristol-Myers Squibb (BMY) said Tuesday that the phase 3 trial of Cobenfy, xanomeline and trospium chloride, used as an adjunctive treatment to atypical antipsychotics in adults with inadequately controlled symptoms of schizophrenia did not meet its primary endpoint.

The company said the treatment posted a 2-point reduction in the Positive and Negative Syndrome Scale total score, compared with placebo with an atypical antipsychotic at week 6.

As per preliminary analyses, Cobenfy as an adjunctive treatment to an atypical antipsychotic showed improvements in symptoms of schizophrenia compared with placebo plus an atypical antipsychotic for certain patients, the company said.

In addition, Cobenfy's safety and tolerability profile as an adjunctive treatment was consistent with previous monotherapy trials, the company added.

Shares were down nearly 6% in recent after-hours activity.