Category: 3. Business

  • Assessing Innodata’s Soaring Multi Year AI Run and What It Means for 2025 Valuation

    Assessing Innodata’s Soaring Multi Year AI Run and What It Means for 2025 Valuation

    • Wondering if Innodata is still worth chasing after its huge run, or if the smart move now is to wait for a better entry point.

    • After a blistering multi year climb of around 1,758% over three years and 1,013% over five years, the stock is up 46.3% year to date but has cooled off lately with a 0.5% move over the last week and an 11.2% slide over the past month.

    • Recent enthusiasm has been driven by growing interest in AI data services and Innodata’s role as an infrastructure style pick for companies training large language models, which has put the stock on more institutional radars. At the same time, shifting risk appetite in the broader tech space and profit taking after a strong multi year run have added volatility to the share price.

    • Despite all that excitement, Innodata currently only scores 1 out of 6 on our valuation checks. The big question is whether traditional valuation methods are missing something that a more narrative driven approach can capture, which we will come back to at the end of this article.

    Innodata scores just 1/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

    A Discounted Cash Flow model estimates what a business is worth by projecting its future cash flows and then discounting those back to today, to reflect risk and the time value of money.

    For Innodata, the 2 Stage Free Cash Flow to Equity model starts with last twelve month free cash flow of about $39.24 million and projects how that cash flow could evolve over time. Analysts directly forecast free cash flow of $27.35 million in 2026. Beyond that point, Simply Wall St extrapolates a gradual decline in annual free cash flows through to 2035, with discounted values steadily tapering off each year.

    When all of these projected and discounted cash flows are added together, the model arrives at an estimated intrinsic value of roughly $12.13 per share. Compared with the current share price, this implies the stock is about 376.2% above its DCF based fair value. This suggests investors are paying a large premium for future growth and AI optimism that the cash flow projections do not fully support.

    Result: OVERVALUED

    Our Discounted Cash Flow (DCF) analysis suggests Innodata may be overvalued by 376.2%. Discover 907 undervalued stocks or create your own screener to find better value opportunities.

    INOD Discounted Cash Flow as at Dec 2025

    Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Innodata.

    For profitable companies, the price to earnings ratio is often the most intuitive valuation yardstick because it directly compares what investors are paying today with the profits the business is already generating. In general, faster growth and lower perceived risk can justify a higher PE, while slower growth or higher risk usually limits what the market is willing to pay.

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  • Warren Buffett nailed the timing on Alphabet — whether by design or not

    Warren Buffett nailed the timing on Alphabet — whether by design or not

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  • Australians see AI as leading threat to people and businesses: survey

    Australians see AI as leading threat to people and businesses: survey

    Threats relating to technology, disinformation, economic security and foreign interference are overshadowing traditional security concerns in Australians’ minds, according to data released by the Australian National University National Security College.

    More than 12,000 people were asked across two surveys, in November last year and July this year, to rate the seriousness of 15 potential threats over the next decade.

    Combining the categories of “major” and “moderate” the five most serious concerns were rated in July 2025 as:

    • the use of artificial intelligence to attack Australian people and businesses (77%)

    • a severe economic crisis (75%)

    • disruption to critical supplies due to a crisis overseas (74%)

    • the deliberate spread of false information to mislead the Australian public and harm their interests (73%), and

    • a foreign country interfering in Australia’s politics, government, economy or society (72%).

    Climate change rated sixth (67%), although a high proportion of people (38%) rated it as a “major” threat. This was second only to threats relating to AI (40%).

    The possible threat of Australia being involved in military conflict came in seventh (64%).

    Anxiety about security issues is increasing. In July half the respondents agreed with the statement “I am worried about Australia’s national security”. This was an 8% rise between November 2024 and July.

    Over that time, threat perceptions increased across all 15 possible threats that were asked about.

    The table below shows the threat perceptions of about 6000 Australians in July.

    Threat Perceptions July 2025

    Australian National University National Security College Survey.

    The November 2024 research also asked, from a list of four, what Australians want to nation to prioritise in the next five years.

    The leading priority was safe and peaceful communities, nominated by 35%. When second preferences are included, this rises to 64%.

    This priority ranked top across a wide range of demographics, including age, gender, cultural background, education , income and location.

    The survey found three other national priorities rated in this order:

    .. increasing Australia’s economic prosperity (26%)

    .. upholding Australia’s democratic rights and freedoms (23%)

    .. strengthening Australia’s security (15%).

    The research also included more than 300 interviews across Australia.

    The consultations found national security was “consistently framed as being about the peaceful continuity of everyday life”.

    National priority for the next 5 years (%)

    Question: ‘Here is a list of aims for Australia in the next years. If you had to choose among these aims, which one would you choose?’ And; ‘Of the remaining aims for Australia in the next five years, which one would you choose?’ Note: Don’t know and Refused responses excluded from base (n=44)
    Australian National University

    NSC head Professor Rory Medcalf said: “On the one hand, Australians know what they want to protect, especially in terms of peace, safety, community, democracy and prosperity, On the other hand, they recognise that a complex set of rapidly emerging threats can put these cherished priorities at risk.”

    The full research results will be released early next year.

    The ANU National Security College is a joint initiative of the federal government and the university.

    The College undertook the community consultations as an independent research initiative.

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  • Studies Point to a Growing Role for New Therapies and Immunotherapies in Treating Blood Cancers

    Studies Point to a Growing Role for New Therapies and Immunotherapies in Treating Blood Cancers

    Chemotherapy-free approaches could offer comparable efficacy with less toxicity

    ORLANDO, Fla., Dec. 7, 2025 /PRNewswire/ — Targeted therapies and immunotherapies are increasingly offering viable alternatives to the chemotherapies that have stood for decades as a mainstay of treatment for individuals living with blood cancers, according to studies presented at the 67th American Society of Hematology (ASH) Annual Meeting and Exposition.

    “These studies point to the departure of traditional chemotherapy and shedding traditional approaches,” said Laura Michaelis, MD, professor of medicine at the Medical College of Wisconsin in Milwaukee, who moderated the press briefing Emerging Therapies and Immunotherapies in Blood Cancers. “Researchers are focused on therapeutic approaches that can offer the same or better responses with less toxicity – meaning fewer early deaths, less organ damage, and better quality of life for patients.”

    In the first study, a combination regimen of azacitidine and venetoclax led to better responses and improved event-free survival in patients who were fit enough to undergo conventional induction chemotherapy for newly diagnosed acute myeloid leukemia. The results suggest the combination can lead to better outcomes with substantially less hospitalization and a lower symptom burden for patients with intermediate-to-high-risk disease.

    The second study reports that a chemotherapy-free combination of epcoritamab, a bispecific antibody, and rituximab and lenalidomide, an immunotherapeutic combination, brought a robust and lasting response, showing promise as a chemotherapy alternative for patients with relapsed or refractory follicular lymphoma.

    The third and fourth studies reflect the expanding role of tyrosine kinase inhibitors, which target particular enzymes to inhibit cancer cell growth. One study suggests a non-covalent Bruton tyrosine kinase (BTK) inhibitor, pirtobrutinib, may offer equivalent or better outcomes compared with the older covalent BTK inhibitor, ibrutinib, for patients with chronic lymphocytic leukemia and small lymphocytic lymphoma. The final study – focused on a combination therapy that included ponatinib, a tyrosine kinase inhibitor, and blinatumomab, an immunotherapy – offers evidence that chemotherapy can be omitted from frontline treatment for Ph+ acute lymphoblastic leukemia without sacrificing efficacy or safety.

    Azacitidine–Venetoclax Combination Outperforms Standard Care in Acute Myeloid Leukemia Patients Eligible for Intensive Chemotherapy
    6: Results from paradigm – a phase 2 randomized multi-center study comparing azacitidine and venetoclax to conventional induction chemotherapy for newly diagnosed fit adults with acute myeloid leukemia  

    In a new trial, patients newly diagnosed with acute myeloid leukemia (AML) fared significantly better with a combined regimen of azacitidine and venetoclax compared with conventional induction chemotherapy. The azacitidine–venetoclax combination (known as aza-ven) is the standard of care for older adults who are not fit enough for intensive chemotherapy. The trial is the first to test the superiority of this regimen to intensive induction chemotherapy, the current standard for fit patients.

    “Our study met its primary endpoint, demonstrating that aza-ven improves event-free survival. It also leads to higher rates of overall response and composite complete response than intensive induction chemotherapy in younger, intensive-chemotherapy-eligible patients,” said lead study author Amir Fathi, MD, director of the Center for Leukemia at Mass General Brigham Cancer Institute and associate professor of medicine at Harvard Medical School in Boston. “A greater proportion of patients successfully proceeded to transplant following response with less early mortality, significantly improved quality of life during initial treatment, and less time in the hospital.”

    AML is a cancer of the bone marrow that causes an overabundance of abnormal white blood cells and impedes the production of healthy blood cells. Hematopoietic stem cell transplantation can cure AML, but this option is not available to everyone, and almost all patients must undergo initial treatments to reduce cancer in the bone marrow before proceeding to transplant. Intensive induction chemotherapy with cytarabine and anthracyclines has long stood as the standard frontline treatment, but this treatment requires patients to spend about a month in the hospital and carries a high risk of infection, bleeding, and other complications and side effects.

    Azacitidine is a chemotherapy drug that has been used for years, in injectable forms, for older patients with AML. Venetoclax is an oral targeted therapy that inhibits the BCL-2 protein, which is involved in cancer cell survival. The two agents are generally well tolerated and can be administered and managed safely on an outpatient basis over time.

    In the trial, 172 adult patients were randomly assigned to receive either aza-ven or standard intensive induction chemotherapy. The results were significantly better in the aza-ven arm for the trial’s primary endpoint, event-free survival (EFS), with events defined as relapse, disease progression, disease refractoriness prompting change in therapy, or death. With a median follow-up of just under 22 months, EFS was significantly longer in the aza-ven arm; the median EFS was more than 14 months among those receiving aza-ven compared with a median of just over six months for those receiving induction chemotherapy. The effect of aza-ven remained protective even after adjusting for other variables, and at one year, 53% of those in the aza-ven arm met criteria for EFS compared with 36% of those in the control arm. 

    Patients whose cancer had certain characteristics, including core binding factor fusions, FLT3 mutations, or NPM1 mutations (unless age 60 or over), were excluded from the trial. As a result, the study reflects a patient population of predominantly intermediate-to-high-risk AML, although all patients were fit enough to undergo intensive induction chemotherapy.

    “I believe the data support the use of this treatment in this population,” said Dr. Fathi. “It applies to adverse risk and intermediate risk patients who don’t have FLT3 mutations. That doesn’t mean that other patient populations may not benefit, but they require their own focused study.”

    Participants receiving aza-ven experienced a higher overall response to treatment than those receiving induction chemotherapy, with 88% of those in the aza-ven arm seeing an overall response and 78% seeing a composite complete response, compared with 62% and 54% in the control arm, respectively. They were also more likely to progress to a transplant, which occurred in 61% of those receiving aza-ven and 40% of those receiving induction chemotherapy.

    The rate of grade 3 or 4 therapy-related adverse events was similar between study arms. No patients who received aza-ven died within 60 days, while 5% of those in the control group died by this timepoint. Hospitalization was also longer among patients in the control group. Ten percent of patients in the induction arm required admission to the intensive care unit during their index hospitalization, compared with zero in the aza-ven arm. Patients in the aza-ven arm also reported a lower symptom burden and lower rates of depression at two weeks, according to quality of life assessments.

    The researchers plan to conduct further analyses to compare costs, the rate of infectious complications, and other factors that may inform treatment decisions for this patient population. In addition, they will assess the use of measurable residual disease status to provide key prognostic and predictive information across arms of the study and inform the optimal amount of treatment needed for aza-ven prior to transplant. 

    The study was investigator-initiated; Genentech and AbbVie Inc. (maker of venetoclax), provided the study drug and funding to support research staff.

    Amir Fathi, MD, of Mass General Brigham Cancer Institute and Harvard Medical School will present this study on Sunday, December 7, 2025, at 3:45 p.m. Eastern time during the Plenary Scientific Session in West Hall D2 of the Orange County Convention Center.

    Adding Epcoritamab to Standard Second-Line Therapy Improves Follicular Lymphoma Outcomes
    466: Primary Phase 3 results from the epcore FL-1 trial of epcoritamab with rituximab and lenalidomide (R2) versus R2 for relapsed or refractory follicular lymphoma  

    In a new trial, patients with follicular lymphoma had a significantly higher response to treatment and a nearly 80% reduction in the risk of death or disease progression if they received epcoritamab in addition to the standard second-line regimen versus the standard regimen alone. The study is the first reported randomized controlled trial to test a bispecific antibody combination in follicular lymphoma and suggests the combination could offer an effective alternative to chemotherapy that can be safely administered on an outpatient basis.

    Based on the study results, the U.S. Food and Drug Administration (FDA) approved epcoritamab with rituximab and lenalidomide for relapsed or refractory follicular lymphoma in November 2025.

    “The addition of epcoritamab to rituximab and lenalidomide very substantially increased the response rates, depth of response, and duration of benefit and therefore may represent a new standard of care in patients with follicular lymphoma,” said lead study author Lorenzo Falchi, MD, assistant attending physician in the lymphoma service at Memorial Sloan Kettering Cancer Center in New York. “We are at a point in time when chemo-free approaches based on immunotherapy can seriously challenge chemotherapy as the standard of care. We will not know for a long time if [this regimen] is curative, but it’s certainly the beginning of a bright era for chemo-free therapy for follicular lymphoma.”

    Follicular lymphoma is a slow-growing non-Hodgkin lymphoma that can progress to a more aggressive form. Patients who see their cancer return after an initial round of treatment have limited options and often experience subsequent relapses.

    The immunotherapeutic combination rituximab and lenalidomide (known as R2) has become a standard second-line treatment for follicular lymphoma, while epcoritamab, a bispecific antibody, was more recently approved for follicular lymphoma that is relapsed or refractory (R/R) after two or more lines of systemic therapy. R2 and epcoritamab operate through different mechanisms to enhance the ability of a patient’s immune system to recognize and eradicate cancer cells.

    The study randomized 488 patients with R/R follicular lymphoma to receive epcoritamab plus R2 or R2 alone for up to 12 cycles. At a median follow-up of just under 15 months, the group receiving epcoritamab plus R2 showed a significantly higher overall response rate (95.1% versus 79.2% among the control group) and a significantly longer progression-free survival (85.5% versus 40.2% at 16 months), meeting both of the trial’s primary endpoints.

    Epcoritamab plus R2 also outperformed R2 alone for the trial’s secondary endpoints, with 82.7% of patients in this arm seeing a complete response (CR) to treatment versus 49.8% among those who received R2 alone. Participants who received epcoritamab plus R2 also showed a significantly longer duration of response and CR. The results were consistent across all subgroups analyzed.

    Additionally, researchers noted that very few patients who received epcoritamab required subsequent treatments during the study period, suggesting that the new regimen can help patients avoid or delay further treatments and their associated toxicities. At 16 months, 92.8% of patients in this group remained free from new anti-lymphoma treatments, compared with 64.9% among those who received R2 alone.

    “A time-limited therapy that is not followed by another therapy for a long time is certainly a very good value for patients,” said Dr. Falchi.

    Participants who received epcoritamab plus R2 experienced a higher rate of adverse events, with grade 3 or 4 treatment-related adverse events occurring in 90.1% of patients receiving epcoritamab and 67.6% of patients in the control group. This increase was driven largely by a higher rate of low white blood cell counts and infections among those receiving epcoritamab. There was no evidence of neurological toxicity and no reports of grade 3 or 4 cytokine release syndrome (CRS). According to researchers, this suggests that the combined regimen is safe to administer in a variety of medical settings.

    “There has been some hesitancy to use bispecific antibodies in a community setting because of CRS,” said Dr. Falchi. “The prospect of a subcutaneous, completely outpatient treatment that does not result in a significant rate of CRS is good news for giving more patients the best opportunity for a response.”

    The study also tested two different step-up dosing regimens for the epcoritamab–R2 combination, showing that three initial smaller doses resulted in a reduced rate of low-grade CRS compared with a course of just two initial smaller doses.

    Given the study’s relatively short median follow-up time to date, the researchers will continue to track participants to assess longer-term outcomes. In addition, a separate study is underway to test the epcoritamab–R2 combination in a frontline setting. Dr. Falchi added that epcoritamab could also be investigated as a single-agent treatment for patients who are not candidates for R2.

    The study was funded by Genmab and AbbVie Inc. The results were simultaneously published in the Lancet.

    Lorenzo Falchi, MD, of Memorial Sloan Kettering Cancer Center, will present this study on Sunday, December 7, 2025, at 10:15 a.m. Eastern time in West Hall D2 of the Orange County Convention Center.

    Non-Covalent BTKi Pirtobrutinib Shows Promise as Frontline Therapy for CLL/SLL
    683: Pirtobrutinib vs ibrutinib in treatment-naïve and relapsed/refractory CLL/SLL: Results from the first randomized phase III study comparing a non-covalent and covalent BTK inhibitor   

    Pirtobrutinib, a non-covalent Bruton tyrosine kinase (BTK) inhibitor, met the primary endpoint for non-inferiority in terms of overall response rate in the first head-to-head comparison with ibrutinib, a covalent BTK inhibitor. Based on the study results, researchers suggest pirtobrutinib shows promise as initial BTK inhibitor therapy, including in the frontline setting, for patients with chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL).

    Non-covalent BTK inhibitors were initially developed to overcome resistance to covalent BTK inhibitors. This study is the first phase III clinical trial to directly compare a non-covalent BTK inhibitor to a covalent BTK inhibitor in patients with CLL or SLL. It included patients who had not received any previous treatment, a first for any phase III study directly comparing BTK inhibitors, as well as patients who had their cancer come back (relapse) or not respond (refractory) after receiving treatments other than a covalent BTK inhibitor.

    “Pirtobrutinib was clearly non-inferior to ibrutinib, and the response rate actually favors pirtobrutinib in the total cohort,” said lead study author Jennifer Woyach, MD, Bertha Bouroncle, MD, and Andrew Pereny, chair of medicine at The Ohio State University College of Medicine. “This shows that pirtobrutinib is a reasonable choice in both the treatment-naive and relapsed/refractory settings.”

    CLL and SLL are slow-growing forms of non-Hodgkin lymphoma that develop when lymphocytes grow out of control and abnormal B cells build up in bone marrow (CLL) or lymph nodes (SLL). BTK inhibitors work by blocking the BTK enzyme, which plays a role in B-cell growth and proliferation.

    The study enrolled 662 adult patients with CLL or SLL. Of these, 225 had not received any prior treatments, and 437 were R/R to prior treatments and had not received any BTK inhibitors. Participants were randomly assigned to receive either pirtobrutinib or ibrutinib and remain on their assigned therapy unless their disease progressed or they experienced unacceptable side effects.

    The study’s primary endpoint, non-inferiority of pirtobrutinib for overall response rate (ORR), was achieved in the full study population. Of 662 participants, the ORR was 87.0% among those receiving pirtobrutinib and 78.6% among those receiving ibrutinib. The results consistently favored pirtobrutinib across the majority of subgroups, including those who were treatment-naive, relapsed/refractory (R/R) to prior treatments, and those with various high-risk disease characteristics.

    Survival without disease progression, the study’s secondary endpoint, will be formally assessed at a later time. Early results suggest that pirtobrutinib may offer some benefit over ibrutinib for this endpoint as well, showing 18-month progression-free survival (PFS) rates of 86.9% in the pirtobrutinib arm and 82.3% in the ibrutinib arm. Preliminary results suggest treatment-naive participants saw the most pronounced benefit for this endpoint.

    “The PFS is still a little bit immature at this point, but trends toward favoring pirtobrutinib in all of the groups – in the total cohort, in the R/R group, and, importantly, in the treatment-naive cohort,” said Dr. Woyach. “That’s really important, because given the safety of pirtobrutinib, it suggests that this might be a good option in the future for some patients with frontline CLL/SLL.”

    The rates of treatment-emergent adverse events (AEs) and treatment discontinuation due to AEs were overall similar between arms. However, those receiving pirtobrutinib experienced lower rates of AE-related dose reductions, treatment discontinuation due to progressive disease, and certain cardiovascular AEs including hypertension and development of atrial fibrillation or flutter.

    These results may indicate pirtobrutinib is especially suitable for use in older or more frail patients. “While the efficacy and safety of pirtobrutinib have been very clearly established when given after a covalent BTK inhibitor, there are likely going to be subgroups of patients where pirtobrutinib is a more attractive option instead of the covalent BTK inhibitors,” said Dr. Woyach.

    In addition to continuing to track outcomes from this study, Dr. Woyach said that future clinical trials could help refine the use of pirtobrutinib alone or in combination with other therapies as a frontline treatment. She added that researchers are also continuing to investigate possible mechanisms through which cancer may become resistant to non-covalent BTK inhibitors to further optimize treatment strategies.

    This study was funded by Eli Lilly and Company, maker of pirtobrutinib. The results were simultaneously published in the Journal of Clinical Oncology.

    Jennifer Woyach, MD, of The Ohio State University College of Medicine, will present this study on Sunday, December 7, 2025, at 5:30 p.m. Eastern time in W224ABEF of the Orange County Convention Center.

    New Findings Support a Chemo-Free Approach for Treating Ph+ ALL
    439: First results of the Phase III GIMEMA ALL2820 trial comparing ponatinib plus blinatumomab to imatinib and chemotherapy for newly diagnosed adult ph+ acute lymphoblastic leukemia patients   

    A chemotherapy-free combination treatment outperformed a combination of targeted therapy and chemotherapy among patients with Ph+ acute lymphoblastic leukemia (ALL) in a new study. The phase III trial, which included adult patients with no upper age limit, is the first formal comparison of the efficacy and safety of these two approaches in newly diagnosed patients with Ph+ ALL.

    Researchers say the findings offer reassurance that chemotherapy can be omitted without detrimental effects and suggest that a chemo-free targeted agent and immunotherapy combination could become the new standard of care for this patient group.

    “The chemo-free approach significantly reduced the rate of death in addition to increasing the rate of complete remission,” said lead study author Sabina Chiaretti, MD, associate professor at Sapienza University of Rome in Italy. “The significance was very impressive, a more than 20% difference in terms of molecular response achievement [a sensitive test for residual cancer cells following treatment], so this approach truly is better.”

    ALL is a fast-growing type of leukemia affecting white blood cells, while Ph+ ALL is a genetic subtype characterized by the causal genetic abnormality in the Philadelphia chromosome. Patients with Ph+ ALL have historically faced a poor prognosis and increased resistance to chemotherapy, pointing to a need for improved treatments. In recent years, targeted tyrosine kinase inhibitors (TKIs) and immunotherapies have brought promising results, with good efficacy and fewer side effects than chemotherapy. Researchers have sought to identify the optimal combination of therapies among TKIs, immunotherapies, and chemotherapy. 

    For the trial, researchers enrolled 236 adult patients with Ph+ ALL, ranging in age from 19 to 84 years. Two-thirds of participants were randomly assigned to the experimental arm and received a TKI plus immunotherapy; one-third were assigned to the control arm and received a TKI plus chemotherapy. Patients in the experimental group received an initial course of steroids, a 70-day induction with the TKI ponatinib, and two to five cycles of the immunotherapy blinatumomab. Patients in the control group received the TKI imatinib along with either four or six cycles of chemotherapy for patients older or younger than age 65, respectively.

    Patients in the chemo-free experimental arm had a significantly higher rate of event-free survival and a better response to treatment. At a median follow-up of 23 months, event-free survival was 87% in the experimental arm and 71% in the control arm, while the rate of death was 3.5% in the experimental arm and 10% in the control arm. The relapse rate was similar among arms (6% in the experimental group and 8% in the control group), although about half of the relapses in the experimental group occurred in patients who had discontinued their treatment.

    Complete remission was achieved in 94% of those in the experimental arm and 79% of those in the control group. The chemo-free treatment regimen also resulted in a higher rate of negative measurable residual disease (MRD) status, an indicator that all or nearly all cancer cells have been eradicated. While only 49% of those in the control group achieved MRD-negative status, 71% of those in the experimental group achieved MRD-negative status after two cycles of blinatumomab, and 80% reached this status after five cycles. 

    “The more cycles with blinatumomab, the more the molecular remission rate increased,” said Dr. Chiaretti. “This suggests that patients really should receive the planned five cycles. This is important because we have been working with blinatumomab for years, but we did not yet know how many cycles should be recommended.”

    Participants randomized to the control group were offered the option to cross over to the experimental arm if their disease was MRD-positive. About 37% of patients in the control arm eventually received the experimental treatment regimen, and 62% of these patients subsequently achieved MRD-negative status.

    Most of the deaths occurred in older patients, and infections were a primary cause of death among those that occurred in the experimental arm. The safety profiles were consistent with those expected for each therapy involved in the study, and researchers said that most adverse events were successfully addressed by reducing dosage.

    While the study was conducted exclusively in Italy, Dr. Chiaretti noted that the results should be applicable in any country. She added that a chemo-free treatment approach can bring economic benefits by reducing the need for hospitalization and allowing patients to continue working while undergoing cancer treatment.

    A separate study is now underway to determine whether patients with sustained MRD-negative status can discontinue TKI treatment without raising the risk of a relapse.

    Sabina Chiaretti, MD, of Sapienza University of Rome, will present this study on Sunday, December 7, 2025, at 9:30 a.m. Eastern time in W224A-F of the Orange County Convention Center.

    The American Society of Hematology (ASH) (hematology.org) is the world’s largest professional society of hematologists dedicated to furthering the understanding, diagnosis, treatment, and prevention of disorders affecting the blood. Since 1958, the Society has led the development of hematology as a discipline by promoting research, patient care, education, training, and advocacy in hematology. Join the #Fight4Hematology by visiting hematology.org/fight4hematology.

    The Blood journals (https://ashpublications.org/journals) are the premier source for basic, translational, and clinical hematologic research. The Blood journals publish more peer-reviewed hematology research than any other academic journals worldwide.

    SOURCE American Society of Hematology

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  • Breakthrough Chips, Hyperscale Deals, Valuation Risks

    Breakthrough Chips, Hyperscale Deals, Valuation Risks

    This article first appeared on GuruFocus.

    AMD (NASDAQ:AMD) is very much the frontrunner in the next generation of computers, AI, data centers and edge technology. Its lineup, whether it is premium EPYC CPUs and Instinct AI chips or Ryzen game computers and intelligent Xilinx modules, is an all-around choice for new workloads. They are operating well, closing business with the largest hyperscalers, and continue to innovate, so it is no wonder people perceive them as a leader. The only disadvantage is that this optimism was already in large quantities in the stock, leaving hardly any room for error.

    AMD Stock has rallied more than 114% in 2025, driven by the AI boom. To long-term players, AMD remains a quality growth opportunity with massive potential, albeit, though, you will have to hold tight and should be prepared for volatility

    The AMD Story: Breakthrough Chips, Hyperscale Deals, Valuation Risks

    AMD is in the middle of a hard competitive environment. The former competitor Intel (NASDAQ:INTC) remains ahead in terms of revenues and size, but AMD has shortened the distance significantly. In PCs, Intel has approximately 75% of the CPU market, which is being fed upon by AMD in the high-end niche and is already edging away, as share changes demonstrate in recent years.

    On the servers, Intel has fallen to approximately 50% (compared to 90% a few years ago), leaving the others to AMD and a slight margin of Arm-based Graviton. The future of Intel will depend on the new products (Xeon Sapphire Rapids/Granite Rapids, new 18A process, etc.) and a stable architecture roadmap.

    Their margins are fading (single-digit in data centers), and the historic lag leaves AMD with an advantage, but a turnaround (Diamond Rapids, 18A process) could be an out-of-pocket expense for AMD. Other CPU vendors are also emerging: consider Arm-based (new cloud CPUs by Qualcomm, AWS Graviton) in servers, and M-series chips are competing with Intel in Macs and possibly in laptops. Everything that may decelerate AMD’s PC momentum.

    Nvidia is far ahead in the case of GPUs or AI accelerators. They own a majority stake in discrete graphics and data-center AI cards. The majority calculate the add-in shipments of Nvidia at a greater than 90% (the remaining 10% comprises AMD and Intel). These improvements are in the Radeon and Instinct GPUs by AMD, which MI300 will compete with Nvidia, unlike the H100, but the software and market ecosystem (CUDA) is well established with Nvidia. AMD has an open ROCm stack under development, and the collision (such as OpenAI, Oracle, and others) is helping AMD get momentum; however, a significant obstacle is still Nvidia. Other players of AI chipsets (Graphcore, Habana, and others) are significantly smaller.

    The AMD vs. Intel dynamic is especially important. AMD is fully fabless; it outsources manufacturing to TSMC/Samsung, whereas Intel still owns and invests heavily in its own fabs. This makes their capital structures very different. Industry analysts note that when AMD spun off its fabs in 2009, it became a formidable design-centric competitor with the money drain from manufacturing gone, allowing focus on chip. Intel, by contrast, has been pouring tens of billions into cutting-edge factories (e.g. Intel 18A, Foundry build-outs). This has led to cost overruns and delays.

    AMD and Intel now run on different playbooks. AMD is fabless and capital-light, outsourcing manufacturing to TSMC and Samsung; Intel is rebuilding a foundry business with heavy capex. That divergence matters for returns: a capital-light model can deliver higher free cash flow if growth holds, but it is also exposed to foundry supply constraints

    In short, AMD’s capital-light model yields higher returns on invested capital and free cash flow (helping fund R&D) than Intel’s asset-heavy approach. As one commentator put it, Intel saw the positive results with AMD, which soared after distancing itself from foundry headaches. In other words, AMD’s profitability benefits from avoiding massive fab expenses.

    Long-term, AMD’s lower capex means its intrinsic value per dollar of revenue can be higher than Intel’s, but only if growth continues.

    Talking about AMD’s financial performance is great so far. The latest Q3 results of AMD were off the scale. The company earned a record revenue of $9.246 billion, increasing by nearly 36% compared to the items in the Q3 of 2024. GAAP gross margin stood at 52%, indicating that the mix remains on target. GAAP operating income stood at $1.270 bn and GAAP net income at $1.243 billion, and produced EPS of $0.75 in the diluted version, a 61% increase in net and a 60% increase in EPS over the previous year.

    The AMD Story: Breakthrough Chips, Hyperscale Deals, Valuation Risks
    The AMD Story: Breakthrough Chips, Hyperscale Deals, Valuation Risks

    On the non-GAAP, it was also comparable, with non-GAAP operating income of $2.238bn and non-GAAP net income of $1.965bn, and the EPS at $1.20, doing so, or nearly three times less than the previous year. CFO Jean Hu referred to it as record-free cash flow in order to match the revenue boom.

    The headline numbers were maintained by segment results. Data center revenue totals $4.34 billion in Q3 ’25, 22% YoY, and was supported by high demand for 5th-gen EPYC computer processors and the AMD Instinct MI350 AI chips. Client & Gaming segments billed a record of $4 billion, up 73% in that blend. Client (PC) revenue recorded a record of $2.80 billion (up 46%), and Gaming (Radeon plus semi-custom) broke a record of $1.305 billion (up 181%). Embedded and Adaptive revenue fell to $857 million, or approximately 8% year-over-year, with ease in certain industry and networking mixes.

    Management stayed upbeat. In Q4, AMD is aiming at a revenue of about $9.6 billion (approximately 30% of a year-over-year increase) and a gross margin of approximately 54.5%, despite the use of a knockout part of China shipments associated with export controls.

    In retrospect, AMD’s growth trajectory of AMD has been stable and massive in the past five years. The yearly income changed between approximately $9.8 billion and $25.8 billion between 2020 and 2024, respectively, a compound growth rate of the mid-twenties to high-twenties percent. Ryzen and EPYC took off in 202122, then PC and crypto were down in 202324, and again in 2025. Projected final 12 months leading to Q3 25 will bring the trailing revenue to near $32 billion, with AI and data-center demand being the core drivers.

    The AMD Story: Breakthrough Chips, Hyperscale Deals, Valuation Risks
    The AMD Story: Breakthrough Chips, Hyperscale Deals, Valuation Risks

    The increase in market share is broad-based. Desktop CPU share is 39% or so by mid-2025, which is a significant improvement over the low-teens a few years earlier. AMD has approximately 40% of the CPU revenue in servers, and has been making a reported plurality of shipments, which have hurt the long-established Intel. NVIDIA continues to be a leader in AI/data-centers chips in GPUs, but AMD is venturing further into the gaming sector with new Radeon models.

    AMD has a ton of big things planned in 2025 and beyond: although competition remains stiff, the company has that so far.

    Enormous generative-AI tailwind. The new Instinct GPUs (MI300/MI350) have been manufactured in bulk. In 2025, AMD recorded more than $1 billion in quarterly revenue from data-center GPUs, a first for the company, and as early as 2026, could launch an MI350X (CDNA4) with significant performance gains. The momentum supports AMD’s expansion to recent wins: AMD is collaborating to deliver six vis-a-vis sem’s of GPU power to OpenAI, and the first 1-GW rollout of MI450 units is coming by late 2026. Oracle (ORCL) is launching AMD Helios rack design with 50,000 Instinct GPUs, and Amazon, Meta, Microsoft, IBM, and others are deploying AMD GPUs in large quantities to AI/HPC tasks. These alliances and continuous ROCm software modifications leave AMD in an excellent position to take over a larger share of the AI infrastructure market.

    Share Gains in CPU Servers

    EPYC continues to beat Intel in terms of price to performance, and major clouds, such as Oracle (ORCL) OCI and Google Cloud, are launching new instances powered by AMD. Mercury Research and PassMark indicate that the amount of server CPU revenue AMD shares has surged to approximately 40% by mid-2025. Each new generation of the EPYC cores, Genoa, Bergamo, and the upcoming Genoa-X, scheduled to be released in 2025, has had an increase in cores and power efficiency. That allows AMD to enter into hyperscale data centers and HPC clusters. Along with the acquisition of Pensando Systems, a smart-NIC champion, and the addition of Xilinx networking IP, this can create additional data-center opportunities. The upcoming generation of chipsets, such as the Venice EPYC (Zen 5), will also drive the mid-cycle upgrades.

    All in all, the AI push in enterprise and cloud represents the largest near-term catalyst for AMD. It is a roadmap, a GPU that aims at seizing that wave. The CEO continues to profile that by pursuing innovation in high-performance and adaptive computing, AMD finds itself in a position to grow in the long term.

    Advanced Micro Devices (NASDAQ:AMD) is trading at premium levels that show just how much optimism investors have about its long-term position in AI and data centers. But when you dig into the numbers, it looks like a lot of that optimism might already be baked into the price.

    The AMD Story: Breakthrough Chips, Hyperscale Deals, Valuation Risks
    The AMD Story: Breakthrough Chips, Hyperscale Deals, Valuation Risks

    As of late 2025, AMD trades near $250 per share, with trailing twelve-month earnings of about $2 per share. That translates into a trailing P/E ratio of about 125 times, which is an elevated valuation, by most standards, particularly against its past records and the rest of the chip industry.

    In the future, analysts believe that AMD will report about $5.00-$5.50 per share in total profit for fiscal year 2026. Taking the halfway approach, which turns out to be approximately a 48 P/E forward. For comparison, Nvidia (NASDAQ:NVDA) has a price-to-forward earnings ratio of approximately 34, whereas Intel (NASDAQ:INTC) has a significantly lower ratio due to its weaker performance. AMD is currently overvalued relative to Nvidia, by approximately 40 on future expectations; that is, investors are willing to pay an extra dollar for future expected profits.

    The same can be said about other valuation metrics. The company’s EV/EBITDA is approximately 69x, higher than Nvidia’s (48x) and Intel’s (20x). It has a price-to-sales ratio of approximately 13x and a price-to-book ratio of approximately 6.9x, which are high in comparison with chipmakers. Concisely, investors are overpaying by far for the growth potential of AMD.

    By putting in a forward P/E of 47.6 and a PEG ratio of approximately 1.2 , the market is in effect pricing in aggressive growth assumptions on the future growth of earnings of approximately 40% outside the next few years. That’s an ambitious target. Analysts now anticipate revenues per year increasing 28% to 35% through 2027, primarily as a result of demand in artificial intelligence and data centers chips. If AMD continues operating at a 5254% margin and becomes more efficient, its EPS growth could increase to 35-40%, which is still slightly lower than the implied growth in the stock price.

    The stock is currently priced expensively, although not irrationally. It is priced in advance, and the firm will be required to perform to the letter to explain the prices at which the shares are trading.

    In spite of this bullish case, there are a number of risks that mitigate the thesis of investment:

    Supply and Geopolitical-Hiccups: AMD is fab-less, and thus relies on such foundries as TSMC or Samsung. In case those plants become full capacity or sluggish or become the target of an earthquake, supply may fail. Besides, there is a concern about U.S.-China trade tensions. One of the things that the New export rules prevented was the sale of a portion of Instinct GPUs to China- AMD went as far as to claim that its Q3 performance does not have any MI308 units sold to China. This is in addition to an earlier inventory write-down this year of an equivalent export law of an amount of $800M. Either of the trade bans may cut off a part of the AMD market or may require costly fixes.

    Competition / Price Pushback: It is not that Intel and Nvidia are going to give AMD a free hand, as favored by the market. Intel may reduce the costs of EPYC or hand out favors. Each year, Nvidia is claimed to release a new chip and may beat AMD on the design or software side. Assuming excess supply of GPUs enters the market (some analysts estimate this to occur in the year 2024), there will be a low price of GPUs and CPU, and hence they will squeeze the AMD average selling price. Massive discounts on AMD and Intel server CPUs have already been observed, which is damaging the margins. And do not forget the big money-makers: such hyperscalers as Microsoft, AWS, and Google have immense purchasing power, thus they can demand their suppliers to provide them with better terms, as they rapidly gain momentum on AI.

    To the point, the long-term narrative of AMD, which involves AI crunching, multi-cloud data centers, and edge stuff, is very impressive, yet all those risks should be tracked by investors. Such a high valuation of the stock provides the stock with a small leeway in terms of error.

    Advanced Micro Devices has experienced all the large-scale technology trends in the recent past, including data-center AI and edge computing, and its most recent figures demonstrate that it is carrying them out so well. To long-term viewers, the attraction is obvious: AMD is no longer a niche producer of processors, it is one of the industry leaders in the production of server hardware and AI chips, and the revenue and profits are growing at double-digit percentages. Having an array of EPYC CPU, Instinct GPU, Ryzen/AI PC, and Versal adaptive chip, it can sail over a host of secular waves. And on top of that, AMD collaborated with the giants, Microsoft, Google, Oracle, OpenAI, and others and received major contracts such as OpenAI multi-gigawatt corporate implementation and Oracle AI supercluster, which confirms the fact that the industry has considered its advances.

    Yet all that has driven the price of AMD significantly high and thus there can be very little buffer should the fortunes change. At this point, its valuation is quite giant by mere standards. The new long-term investors have to consider the volatile growth potential of AMD against the risk of economic cycles, supply chain nightmares, and stiff competition. Assuming the bullishness persists, then AMD might continue to realize that high-teens+ revenue growth and beat margins and the price would continue to increase. However, when the executions lose momentum or the economy loosens its grip, returns could disappoint if execution weakens.

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  • The Targeted Pulse: FDA Approvals, Trial Updates, and ASH 2025 Previews | Targeted Oncology

    The Targeted Pulse: FDA Approvals, Trial Updates, and ASH 2025 Previews | Targeted Oncology

    Welcome to this week’s edition of The Targeted Pulse, your weekly wrap-up of the top developments in oncology. This week, we saw FDA decisions, learned about care-changing trial data, and got a preview of the most anticipated 67th American Society of Hematology (ASH) Annual Meeting and Expositionabstracts. From regulatory designations for promising new drugs to crucial clinical trials, here are the top stories that shaped the week.

    The FDA has granted premarket approval to the IsoPSA blood-based in vitro diagnostic kit, intended to aid clinicians in deciding whether to proceed with prostate biopsy. It is indicated for men aged ≥ 50 years with elevated prostate-specific antigen (PSA) levels.

    Unlike traditional PSA testing, IsoPSA leverages the IsoClear™ platform to analyze structural characteristics (isoforms) of the PSA protein, offering enhanced specificity. Clinical utility is recognized by inclusion in NCCN and AUA/SUO guidelines, as it improves risk stratification for high-grade (Gleason score ≥7) prostate cancer. The test is expected to decrease unnecessary biopsies stemming from benign PSA elevations.

    The phase 3 OptiTROP-Lung05 trial demonstrated that the combination of sacituzumab tirumotecan (sac-TMT), a TROP2-directed antibody-drug conjugate [ADC], plus pembrolizumab (Keytruda) offers a statistically significant and clinically meaningful improvement in progression-free survival (PFS) compared with pembrolizumab monotherapy for first-line treatment of advanced, PD-L1-positive non–small cell lung cancer (NSCLC).

    This study marks the first time an ADC combined with an immune checkpoint inhibitor has met a primary end point in the first-line NSCLC setting. The regimen also showed a positive trend in overall survival (OS) with a manageable safety profile. This combination represents a new, highly effective, and novel therapeutic option for clinicians managing these patients.

    The FDA has granted traditional approval to pirtobrutinib (Jaypirca), a highly selective, noncovalent Bruton’s tyrosine kinase (BTK) inhibitor, for adults with relapsed or refractory chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL). This indication specifically targets patients previously treated with a covalent BTK inhibitor.

    The decision is based on the phase 3 BRUIN-CLL-321 trial, which showed a statistically and clinically significant PFS benefit. Median PFS was 11.2 months (95% CI, 9.5–11.4) with pirtobrutinib vs 8.7 months (95% CI, 7.2–10.2) for investigator’s choice of therapy (HR, 0.58; P =.0105). This noncovalent agent provides a mechanism to continue BTK pathway targeting after resistance to covalent inhibitors.

    The Targeted Oncology® poll highlighted several practice-changing abstracts for the 67th ASH Annual Meeting and Exposition, primarily in multiple myeloma (MM), CLL, and myelofibrosis. The most anticipated presentation is the phase 3 MajesTEC-3 trial, which evaluated the combination of the bispecific antibody teclistamab plus daratumumab (Tec-Dara) against standard-of-care regimens in relapsed/refractory MM. The data demonstrated statistically and clinically significant improvements in PFS and OS for Tec-Dara. These findings support establishing the Tec-Dara regimen as a new standard of care early in the R/R MM treatment landscape. Other highly anticipated data include primary results for pirtobrutinib in previously untreated CLL/SLL (LBA-3).

    The bispecific HER2-directed ADC TQB2102 demonstrated robust activity in the phase 2 TQB2102-II-01 trial as a neoadjuvant therapy for HER2-positive breast cancer. Its novel design targets 2 non-overlapping HER2 epitopes to enhance blockade.

    The 6.0 mg/kg regimen administered over 8 cycles achieved the highest total pathologic complete response rate at 76.9% (90% CI, 62.3%–87.6%). The drug exhibited a favorable safety profile, with grade 3 treatment-related adverse events occurring in 27.9% of patients across all cohorts. These compelling efficacy and safety data support the ongoing randomized phase 3 evaluation of TQB2102 against standard neoadjuvant regimens in this patient population.

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  • Is USA Rare Earth’s 2025 Valuation Justified After 49.9% Gain and Policy Driven Hype?

    Is USA Rare Earth’s 2025 Valuation Justified After 49.9% Gain and Policy Driven Hype?

    • Wondering if USA Rare Earth is actually worth the hype at its current price, or if the story has already run ahead of the fundamentals? This breakdown is designed to give you a clear, valuation focused view.

    • USA Rare Earth has been anything but quiet lately, jumping 28.0% over the last week and climbing 39.2% year to date. This is even though the 30 day move is roughly flat at -0.8% and the 1 year gain sits at 49.9%.

    • Much of that momentum has been fueled by ongoing headlines around US efforts to secure domestic supplies of critical minerals and reduce dependence on overseas rare earth processing. As USA Rare Earth positions itself as part of that strategic supply chain, investors are starting to price in the potential upside and the risks that come with policy driven demand.

    • Right now, USA Rare Earth scores a 2/6 valuation check score. This means it screens as undervalued on 2 of our 6 metrics, and in the next sections we will unpack those traditional valuation approaches before finishing with a more holistic way to judge whether the current price really makes sense.

    USA Rare Earth scores just 2/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

    A Discounted Cash Flow (DCF) model estimates what a business is worth today by projecting its future cash flows and discounting them back to their present value. For USA Rare Earth, this uses a 2 Stage Free Cash Flow to Equity framework.

    The company is currently burning cash, with last twelve month free cash flow at around -$39.0 Million. Analyst forecasts and subsequent extrapolations see this negative cash flow deepening to roughly -$114.4 Million in 2026 before turning positive and climbing to about $438.5 Million by 2035. These later years rely on Simply Wall St extrapolations once analyst coverage runs out.

    When all those projected cash flows are discounted back, the model arrives at an intrinsic value of about $40.05 per share. Compared with the current share price, this implies the stock is trading at roughly a 57.0% discount, suggesting the market is heavily discounting the long term cash flow recovery story.

    Result: UNDERVALUED

    Our Discounted Cash Flow (DCF) analysis suggests USA Rare Earth is undervalued by 57.0%. Track this in your watchlist or portfolio, or discover 907 more undervalued stocks based on cash flows.

    USAR Discounted Cash Flow as at Dec 2025

    Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for USA Rare Earth.

    For asset heavy businesses in the metals and mining space, the price to book ratio is often a useful reality check because it compares what investors are paying in the market with the accounting value of the company’s net assets. In theory, faster growth and lower risk justify a higher multiple, while slower growth or higher uncertainty should pull a fair price to book closer to, or even below, the value of the underlying assets.

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  • Company linked to raid on illicit weight-loss drug facility still selling unlicenced drugs | Consumer affairs

    Company linked to raid on illicit weight-loss drug facility still selling unlicenced drugs | Consumer affairs

    The company linked to the largest global raid on an illicit weight-loss drug facility is still selling unlicenced drugs to thousands of customers, a Guardian investigation has found.

    Just over a month after the Medicines and Healthcare products Regulatory Agency (MHRA) raided the site and released images of seized products with the Alluvi brand name visible, the company is still selling replicas of retatrutide. It is understood that nobody has yet been arrested in connection to the raid.

    Retatrutide, which has not yet completed clinical trials, is an experimental injection developed by the US drugmaker Eli Lilly that targets three gut hormones: GLP-1, GIP and glucagon. Because it remains in clinical trials and is not approved for use, any sale to consumers is illegal. Despite this, counterfeit versions are being widely promoted on social media, with Alluvi – which did not respond to a request for comment – emerging as a key seller.

    The MHRA seized unlicensed medication said to be worth £250,000 in its October raid. Photograph: MHRA/PA

    During the October raid, the MHRA carried out one of the largest single seizures of trafficked weight-loss drugs ever recorded globally. Officers confiscated tens of thousands of empty pens ready to be filled, raw chemical ingredients, and more than 2,000 unlicensed retatrutide and tirzepatide branded Alluvi pens destined for customers.

    They also found large quantities of sophisticated packaging and manufacturing equipment, along with about £20,000 in cash suspected to be linked to medicines trafficking.

    Despite this, Alluvi Healthcare Limited continues sales on multiple Telegram channels, one of which has nearly 3,000 subscribers. On 27 October, shortly after news of the raid emerged, one of its channels showed Alluvi-branded retatrutide pens, stating, “we are still fully in stock via telegram”.

    Alluvi’s website is also still up and running as of 5 December, selling a “retatrutide 40mg x2 Bundle (R&D Only) for £339.99”. It advises customers: “If you’re using retatrutide for the first time, it’s essential to follow a gradual dosing plan to allow your body to adjust and minimise side effects.”

    Buying retatrutide illegally carries serious risks. Because the drug is still experimental, products sold online or through unofficial channels are unregulated and may not contain the correct ingredients or dosage, and may not be sterilised to the correct standard.

    Contaminated or incorrectly dosed injectable hormones can cause infections, dangerous blood sugar crashes, pancreatitis and cardiovascular side-effects. Using an unfinished clinical-trial drug outside legitimate medical settings is unsafe and potentially life-threatening.

    One person who bought the Alluvi pen told the Guardian, speaking anonymously, that they had experienced severe “gastrointestinal issues, unstable peaks and troughs of energy, and dehydration”.

    One of Alluvi’s Telegram channels also shares a video claiming to show a Royal Mail employee assuring buyers that “orders will be scanned in and they will be out for delivery”, and prompting the worker to say “from Alluvi”. The post promised next-day delivery.

    On 1 December, the same account advertised that its “pens [are] in stock”, offering a 25% discount and directing customers to another Telegram channel for payments. Another Telegram channel – with over 2,000 members – includes a plethora of customers talking about their experiences taking the counterfeit weight-loss drugs.

    The Guardian has seen evidence suggesting that payments for Alluvi products are being processed by an e-commerce business called Nutri Collectiv. Screenshots of orders indicate that customers buy what is described as a “weight loss plan”, with payments routed through Stripe, allowing the transactions to masquerade as fitness-programme purchases and avoid detection.

    The MHRA seized counterfeit syringes of weight-loss medication in the raid. Photograph: MHRA

    A Channel 4 investigation found that individuals who spoke negatively about Alluvi had their social media accounts taken over. Two TikTok accounts with millions of followers were used to impersonate legitimate weight-loss influencers who had criticised fake weight-loss drugs. The operators cloned the influencers’ profiles by copying their names and profile pictures, then contacted TikTok claiming to be the real account holders and alleging impersonation.

    TikTok subsequently shut down the legitimate accounts, leaving the fake ones active. Five weight-loss affiliates told Channel 4 they had lost their TikTok accounts in this way.

    Concerns about illicit production models of weight-loss drugs are heightened during the winter months, as it becomes harder to know whether products have been stored correctly.

    Experts warn that colder temperatures can pose risks when it comes to storing weight-loss injections. Jason Murphy, a weight-loss expert and head of pharmacy at Chemist4U, said that winter temperatures can affect storage conditions and that the effectiveness and safety of the drug could be compromised.

    “These drugs are made from living organisms and are highly sensitive to temperature variations and extreme highs or lows,” he added. “Extremely cold temperatures or freezing can damage their protein structure, reduce their medicinal effect, and potentially make them unsafe to use even after thawing … If you believe your weight-loss injection has been frozen, dispose of it immediately.”

    The MHRA declined to comment.

    sarah.marsh@theguardian.com

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  • Quality improvement project dramatically boosts iron deficiency screening in pregnancy

    Quality improvement project dramatically boosts iron deficiency screening in pregnancy

    Within a year of initiation, a multidisciplinary project to improve screening and treatment for iron deficiency in pregnancy resulted in a sixfold rise in screening rates for iron deficiency in pregnant patients, a 20-fold rise in the number of intravenous (IV) iron infusions, and a significant improvement in median hemoglobin levels.

    Screening rates went from 10% to over 60% within a year. Two-thirds of pregnant patients screened were found to be iron deficient, indicating that this is a very common, but readily fixable problem.”


    Richard Godby, MD, lead author, hematologist at the Mayo Clinic in Rochester, Minnesota

    Women of child-bearing age are at high risk for iron deficiency. Menstruation and low intake of iron-rich foods are some of the most common causes of iron deficiency among women in this age group, Dr. Godby said. In addition, some commonly used medications, such as proton pump inhibitors, can inhibit the body’s ability to absorb iron.

    The body needs more iron during pregnancy. Iron deficiency and anemia during pregnancy have been associated with adverse outcomes such as fetal growth restriction, premature birth, low birth weight, and compromised development of the fetus’s brain and nervous system. 

    Iron deficiency can be diagnosed with a blood test for ferritin, a protein that enables the body to store iron. However, guidelines from the American College of Obstetrics and Gynecology – the professional society that represents most U.S. doctors in this specialty – currently recommend iron deficiency screening only for pregnant women with anemia, which they define as a hemoglobin level below 11 g/dL in the first or third trimester.

    Dr. Godby and his colleagues worked with a multidisciplinary team at the Mayo Clinic to develop and implement a quality improvement project aimed at standardizing the screening and treatment of iron deficiency in pregnancy. They added ferritin testing to the list of recommended lab tests that patients typically undergo at eight to 12 weeks of pregnancy and again at 24 to 28 weeks. If patients had low ferritin levels at eight to 12 weeks, their teams offered to prescribe oral iron supplements. If patients’ ferritin was low at 24 to 28 weeks, the teams offered them an IV infusion of iron dextran.

    To measure the project’s results, the research team compared changes after project implementation between the two cohorts of patients – one treated before implementation (2,097 pregnancies; the Before cohort) and one treated a year later, after implementation (2,429 pregnancies; the After cohort).

    Results showed that, in the Before cohort, just 10% of patients underwent ferritin testing, compared with 63% in the After cohort. Among those tested, 66% in the Before cohort and 69% in the After cohort were iron deficient. Just 0.9% of patients in the Before cohort received IV iron dextran infusions, compared with 21% in the After cohort.

    Among patients who received IV iron infusions, the median hemoglobin level improved from 10.7 to 11.8 g/dL. Patients whose hemoglobin level was 12 g/dL at study entry (above the cutoff of 11 g/dL to be considered anemic according to current guidelines from the American College of Obstetricians and Gynecologists) saw an increase to 12.8 g/dL. “These findings suggest reassessing the threshold for diagnosing anemia and screening for iron deficiency in pregnancy,” Dr. Godby said. 

    Before the project, 3.1% of pregnancies required a blood transfusion during hospitalization for delivery, compared with 2.7% after the project’s implementation. Most patients who needed blood transfusions had not been tested for iron deficiency. While this difference was not statistically significant, Dr. Godby said, it suggests that a reduction in the need for post-partum blood transfusions could be an additional benefit of treating iron deficiency during pregnancy.

    Dr. Godby noted that nearly all of the patients in both the Before and After cohorts took prenatal vitamins, which are recommended during pregnancy and supposed to contain iron. However, these supplements were usually purchased over the counter rather than prescribed by the health care team. Over-the-counter dietary supplements are not regulated to ensure they contain the ingredients and amounts of ingredients claimed by the manufacturers, he said.

    As a next step, the team hopes to analyze whether treating iron deficiency in pregnancy improves patients’ quality of life by enabling them to feel better, experience less post-partum depression, return to work sooner, and more.

    Richard Godby, MD, of the Mayo Clinic, will present this study on Sunday, December 7, 2025, at 12:00 noon Eastern time in W304A-D of the Orange County Convention Center.

    Source:

    American Society of Hematology

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  • Forcing UK banks to support credit unions would help keep loan sharks at bay | Heather Stewart

    Forcing UK banks to support credit unions would help keep loan sharks at bay | Heather Stewart

    Nikhil Rathi, chief executive of the Financial Conduct Authority, made a pilgrimage on Friday from its glass and steel HQ in east London to the Pioneers Museum in Rochdale – the spiritual home of the co-operative movement.

    His unlikely day trip aimed to highlight the City watchdog’s role in opening the way to a doubling of the size of the mutuals sector – a Labour manifesto pledge.

    Among these customer- or worker-owned organisations, including huge companies such as John Lewis and Nationwide building society, are the 350 credit unions.

    These are locally based lenders whose interest rates are capped by law and whose clients tend to include the low-income consumers left behind by major banks. Holding assets of £4.9bn between them, the UK’s credit unions serve about 2 million members. Their US counterparts have more than 143 million.

    The FCA’s new report, which Rathi was in Rochdale to launch, included a series of recommendations aimed at encouraging credit unions to expand, and to offer more services.

    The Treasury has already promised to review the “common bond” – the legal promise that governs each credit union, for example specifying the area it serves – to allow these to adapt more easily to changing circumstances. Ministers have also set aside £30m to fund modernisation – updating credit unions’ IT systems, for example.

    Yet campaigners for fairer lending fret that cash-strapped customers will continue to be left at the mercy of loan sharks unless mainstream banks are forced to do more.

    The need is certainly there. Visiting an employability project on a housing estate in Stockton this week, it was depressing to hear about residents resorting to loan sharks, often unaware of the cheaper and less unpleasant alternative of a local credit union.

    That chimed with evidence from a recent roundtable discussion organised in Glasgow by campaign group the Finance Innovation Lab, where low-income borrowers recounted their experiences to local MPs.

    “When there’s an unexpected cost like that you just need to get it sorted, but you’re left with no good options,” one woman said, citing a broken bed as an example of the kind of expense that can drive consumers into paying extortionate interest rates to unscrupulous lenders.

    Recent research by Fair4All Finance, the government-backed not-for-profit that promotes financial inclusion, found that 1.9 million adults in Britain had turned to unlicensed money lenders or loan sharks in the past year.

    Dr Paul A Jones of Liverpool John Moores University is an expert on the credit union movement. He is optimistic about its future, and argues that some of the impetus for growth must come from within the sector itself.

    “We need more credit unions of a significant size. We need more credit unions to get in the fast lane,” he says. “If you don’t want to, and you want to carry on in your village hall with 1,000 members, no problem, but that’s not where growth is going to come from.”

    He welcomes some of the changes promised by the government – but warns that the constraint on many credit unions is lack of capital. “External investment is going to be important,” he says.

    That’s where the Finance Innovation Lab and a coalition of other charities and lenders argue that legislation is needed, to force the powerful high street banks to play their part.

    The government published its financial inclusion strategy last month, aimed at easing the struggle of consumers to secure affordable banking, insurance and other crucial services. But it included no specific targets, and made few firm demands of the finance sector.

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    There was backing for a “small sum lending pilot”, led by Fair4All Finance, “to help expand access to affordable credit in England”. But the scale of the pilot was not specified – and it was unclear how it would differ from existing mutual lenders that already make small loans.

    Campaigners including the actor Michael Sheen, who made a TV documentary on the exorbitant cost of debt for low-paid consumers in his home town of Port Talbot, argue for the much more muscular approach of a “Fair Banking Act”.

    This would be a new law, modelled on the US Community Reinvestment Act, which has been in force for almost 50 years. Under the US version, banks are ranked by regulators according to how well their services reach underserved communities – and obliged to publish strategies to show how they will improve.

    In many cases this then involves working with credit unions, or community development financial institutions (CDFIs) – another form of non-profit lender – hugely expanding the amount of capital these institutions have available to back new lending.

    The coalition promoting the idea, which includes the Finance Innovation Lab alongside a string of mutual lenders and other campaign groups, argues that if such an act were implemented in the UK, it could lead to lending by credit unions and CDFIs to jump from £250m today to up to £3bn a year.

    The proposal is backed among others by the Co-operative party, whose members include 41 Labour MPs, including the Treasury minister James Murray and the Treasury select committee chair, Meg Hillier.

    It is a stretch to imagine the government slapping a Fair Banking Act on an industry that Rachel Reeves has called the “crown jewel in our economy”, but with the sector’s power should come responsibility.

    The banks escaped the windfall tax that many on the left had hoped to see in the budget, and which the Institute for Public Policy Research (IPPR) argued could raise £8bn a year. It does not seem too much to ask that, in return, they put a fraction of that sum behind supporting the local, mutual lenders that help to keep the loan sharks at bay.

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