Bristol-Myers Jumps Most Since 2014 on Psoriasis Drug Nod (1)

Bristol-Myers Squibb Co. shares gained the most in eight years after the company’s psoriasis drug won approval from US regulators, the latest step in a bid to diversify beyond blockbuster products such as Eliquis.

Deucravacitinib, to be sold under the brand name Sotyktu, was cleared for treatment of moderate to severe plaque psoriasis, according to a statement Saturday. Bristol hopes to eventually treat other autoimmune conditions, such as lupus and inflammatory bowel disease, which could make it a lucrative product. An annual supply will cost almost $75,000.

Shares of Bristol rose as much as 8.3% at the market open in ...