Pharmaceutical filing citing an International Journal of COPD paper — Theravance Biopharma, 2024-11-12
Theravance BiopharmaTheravance BiopharmaNASDAQ TBPH
Filings SEC · Quote Yahoo cited a paper published in the International Journal of COPD in its regulatory filing with the U.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission
Regulator · Website as a basis for its claims. The company read the way it wrote the paper and the actual scope of the paper 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 is written in the press release as follows:
When a U.S.-listed company has something to inform its shareholders, it files a continuing report with the Securities and Exchange Commission, known as 8-K. The item numbers in the document filed by Theravance Biopharma on 2024-11-12 were 2.02 Earnings Release and 9.01 Financial Statements and Exhibits. The company cited a paper published in International Journal of COPD in the press release attached to it. If the sentence citing the paper is translated verbatim, it reads as follows.
Revefenacin Area Under the Curve Spirometry in Patients with Moderate to Very Severe COPD. International Journal of Chronic Obstructive Pulmonary Disease , 19, 2299–2308. https://doi.org/10.2147/COPD.S483176 Page 2 of 11 Third Quarter Financial Results · Revenue: Total revenue for the third quarter of 2024 was $16.9 million, consisting entirely of Viatris collaboration revenue.
The reader should first check 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 has only read the abstract, cannot provide an answer.
The scope of the paper discussed in the abstract is limited to this.
The paper's title is Revefenacin Area Under the Curve Spirometry in Patients with Moderate to Very Severe COPD and it was published in International Journal of COPD on 2024-10-01. The authors are affiliated with Vanderbilt University Medical Center, Theravance Biopharma (United States), Dartmouth College, and Valley Regional Hospital. The summary at the beginning of the paper is called abstract. This article has read only up to this point. The paragraph was written by a person after filtering a draft generated by a machine through numerical comparisons, so it is of a different quality than a full reading of the paper.
This is a post-hoc analysis of data from two phase 3 trials of once-daily inhaled bronchodilator levalbuterol in patients with chronic obstructive pulmonary disease. A commonly used indicator for lung function is the value before the next dose. This alone makes it difficult to determine how long and consistently the drug effect lasts. Therefore, the area under the spirometry curve over time was also calculated. Since this was not a pre-specified analysis but a re-examination of the data afterward, its evidentiary weight is lighter than that of the main trial.
What the abstract does not answer remains in the full text and appendices. This article, which has not gone beyond the abstract, leaves these gaps as they are. Readers should determine for themselves which sentence in the abstract corresponds to the excerpt cited by the company, by comparing the two citations above.
One month later, the stock price was within the upper quartile of the sample.
The remaining return, after subtracting the portion that moves with the overall market, is called excess return. The date is written as a trading day, counting only days when the stock market is open. In calendar terms, 20 trading days are approximately one month. The excess return for the day of the regulatory filing and the following month are listed in the table below.
| Period | Excess return relative to the market | Meaning |
|---|---|---|
| Five trading days before the filing | +4.7% | The extent of movement before the filing |
| On the day of the filing | −1.1% | On the filing day or the first trading day thereafter |
| Accumulated over +1 to +5 trading days | +12.8% | One week |
| Cumulative +1~+20 trading days | +9.5% | 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 +9.5% in this case is within the top quarter, corresponding to the 81% 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% | +9.5% |
Half of the sample falls between the two central marks on the chart. One checks from the chart whether this case lies inside or outside. The sample collects cases where U.S. listed companies wrote papers in 8-K over the past ten years. The company itself is excluded from the sample. The numbers written here are past facts, not rules to apply to the next case.
After the regulatory filing, the company issued such documents
After the filing date, the company issued three 8-K filings, listed only by item numbers. In 8-K filings without titles, the item number indicates the type of content. One can determine whether it was an earnings announcement or a contract based on that number. What exactly happened is read in the original text of each link.
- 2025-02-26 8-K Item 2.02, 9.01 — Earnings Announcement · Financial Statements · Attached Documents
- 2025-05-08 8-K Item 2.02, 9.01 — Earnings Announcement · Financial Statements · Attached Documents
- 2025-05-20 8-K Item 5.07 — Results of the Shareholders' Meeting
What This Article Does Not Answer
This article based on the abstract does not answer what the paper reviewed, how it was done, or what it showed. How many times the paper cited by the company was cited afterward can be verified again through the OpenAlexOpenAlex
Data source · Website citation count. What will be seen next is whether the company's next 8-K again cites the same paper.
Glossary
- 8-K
- A voluntary report submitted to the Securities and Exchange Commission when a U.S. listed company has news to inform shareholders. Types are indicated by item numbers such as earnings, contracts, and executive changes. All events in this article come from this document.
- Excess return
- The remainder after subtracting the overall market return from the stock return. It is used to observe the movement of the company alone by removing the portion where the market rises and falls together.
- Trading day
- A date counting only days when the stock market is open. Since weekends and holidays are excluded, 20 trading days correspond to about a month on the calendar.
- 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
- An abstract is placed 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 or limitations of the methods.