Pharmaceutical filing citing a JAMA Health Forum paper — Indivior Pharmaceuticals, 2025-06-02
Indivior PharmaceuticalsIndivior PharmaceuticalsNASDAQ INDV
Filings SEC · Quote Yahoo cited a paper published in the JAMAJAMA
Journal · Website Health Forum in its regulatory filing with the U.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission
Regulator · Website. The company read the manner in which it wrote the paper and the actual scope the paper demonstrated, in sequence. It recorded where the stock price movement over the following month compared to past cases of the same type. This is a retrospective judgment written after knowing the results. The paper was read only up to the abstract.
The disclosure wrote the paper in the press release like this
When a U.S. listed company has something to inform its shareholders, the form it files with the Securities and Exchange Commission is called 8-K. Indivior Pharmaceuticals filed this document on 2025-06-02, with item numbers 7.01 Reg FD disclosure and 9.01 financial statements·attached documents. The company cited a paper published in JAMA Health Forum in the press release attached to it. If the sentence citing the paper is translated verbatim, it reads as follows.
Estimates of Illicit Opioid Use in the US. JAMA Health Forum. 2025;6(5):e250809.
What readers should first look at is where the company placed the paper in the press release. Next, they should determine whether the paper supports the company's entire claim or only a part of it. To answer the latter question, one must read the full paper. This article, which only read the abstract, cannot provide an answer.
The scope of the paper discussed in the abstract is limited to this extent.
The paper's title is Estimates of Illicit Opioid Use in the US and it was published in JAMA Health Forum on 2025-05-09. The authors are affiliated with RAND Corporation and University of Southern California. The summary at the beginning of the paper is called abstract. This article only read up to there. This paragraph was rewritten by a person after filtering a draft written by a machine reading the abstract through numerical comparison, and thus it is of a different grade from a full-text review.
It is a cross-sectional survey that administered an online questionnaire to 1,515 U.S. adults to ask whether they had used illicit opioids, particularly illicitly manufactured fentanyl. The sample was selected to match the population composition, and the initial pathway to opioid exposure was also asked. The survey aims to show that actual use is much more widespread than official statistics indicate. Since it is a self-reported questionnaire, it cannot rule out the possibility of underreporting or overreporting.
The abstract does not answer; it remains in the main text and the appendix. This text, which does not go there, leaves the blank as it is. Readers compare the two citations above to determine which sentence in the abstract corresponds to the excerpt cited by the company.
One month later, the stock price was within the top quarter of the sample.
The return remaining after subtracting the portion that moves with the entire market is called excess return. The date is written as trading day, counting only the days when the stock market is open. In terms of a calendar, 20 trading days are approximately one month. The regulatory filing day in this case and the excess return for the following month are listed in the table below.
| Period | Excess return relative to the market | Meaning |
|---|---|---|
| 5 trading days before the filing | +12.8% | The extent to which the stock had already moved before the filing |
| regulatory filing day | −3.6% | filing day or the first trading day thereafter |
| cumulative +1~+5 trading days | +0.5% | one week |
| cumulative +1~+20 trading days | +10.9% | one month |
A bundle of past cases of the same type is called a sample. The position counted from the bottom is expressed as a percentile. The one-month excess return of +10.9% for this case is in the top quarter, corresponding to the 85% position from the bottom among 142 samples.
| sample scale (20 trading days) | Tenth from the bottom | Fourth from the bottom | median | top 25% | top 10% | this case |
|---|---|---|---|---|---|---|
| excess return | −31.9% | −20.1% | −7.4% | +5.5% | +19.5% | +10.9% |
Half of the sample falls between the two middle marks in the table. Check the table to see whether this case falls inside or outside of that range. The sample consists of cases where U.S.-listed companies cited papers in 8-K filings over the past decade. The company itself is excluded from the sample. The numbers listed here are historical facts, not rules to apply to future cases.
After the filing, the company submitted these documents.
After the filing date, this company submitted three 8-K filings. Only the item numbers are listed here. In 8-K filings without titles, the item numbers indicate the type of content. Whether it was an earnings announcement or a contract can be determined by the number. The details of what happened are read in the original text via each link.
- 2025-06-24 8-K Items 5.02,8.01,9.01 — Officer·director changes · Other events · Financial statements·attached documents
- 2025-06-30 8-K Item 7.01, 9.01 — Reg FD Disclosure · Financial Statements · Exhibits
- 2025-07-31 8-K Items 2.02,7.01,9.01 — Earnings announcement · Reg FD disclosure · Financial statements·attached documents
What this article does not answer
This article, which reads only abstracts, cannot answer how the paper reviewed what method, what was tested, and up to what extent. How many times the paper cited by the company was cited afterward can be verified again via the citation count on OpenAlexOpenAlex
Data source · Website. What will be seen next is whether the company's next 8-K filing cites the same paper again.
Term Explanation
- 8-K
- A periodic report submitted to the Securities and Exchange Commission when a listed company in the United States has something to inform its shareholders. The type is indicated by item numbers such as performance, contracts, and executive changes. All the events in this article are derived from this document.
- Excess return
- The remainder obtained by subtracting the overall market return from the stock return. It is used to observe the movement of the company itself by removing the portion that reflects the overall market rise and fall.
- Trading day
- A date counted only on days when the stock market is open. Since weekends and holidays are excluded, 20 trading days correspond to approximately one calendar month.
- Sample and percentile
- A bundle of past cases of the same type is a sample, and the position from the bottom is expressed as a percentile. A percentile of 10 means that nine out of ten cases performed better than this case.
- Abstract
- A summary appearing at the beginning of a paper. The author writes in a few sentences what was done, how it was done, and what results were obtained. Without reading the full text, one cannot know the details and limitations of the methods.