Shares of Bristol-Myers Squibb Co. /zigman2/quotes/202559280/composite BMY -1.21% gained 1% in premarket trading on Thursday after the drugmaker said the Food and Drug Administration had approved Zeposia, its oral multiple sclerosis drug. However, the company is delaying the launch of the drug as a result of the COVID-19 outbreak, saying doing so is in the best interest of patients, customers, and employees. The drug outperformed Biogen's /zigman2/quotes/201531540/composite BIIB +4.41% Avonex in two clinical trials when examining the annualized relapse rate and the number and size of brain lesions, BMS said, and the European Medicines Agency is expected to make its decision on Zeposia in the first half of the year. A company spokesperson said the company would finalize the price of Zeposia when it is launched. Bristol-Myer's stock is down 23% year-to-date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.78% has also tumbled about 23%.