What Is an Intention-to-Treat Analysis?

By Kristi Waterworth – Updated Feb 26, 2025 at 3:22 PM EST

Key Points

Intention-to-treat analysis keeps all trial data, showing true drug effects, even with dropouts.
It contrasts with per-protocol analysis, where dropout data is excluded, possibly skewing results.
Understanding both analyses helps investors assess drug performance accurately before investing.

Pharmaceutical and biotech investors have to understand more than just the companies' business models. Another vital area of knowledge involves medical trials and how they're analyzed. One such technique is called intention-to-treat analysis.

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Four people in white jackets working together in a laboratory. — Image source: Getty Images.

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When you can see the intention-to-treat analysis's purpose and compare it with per-protocol and other analyses, you know more clearly what to expect -- or not expect -- from your investment.

Maybe the drug is promising but still has a way to go. That's fine if you are aware and can prepared for a long period of lackluster gains before your company gets its footing. But maybe it's a terrible idea and must be redesigned from the ground up, potentially resulting in heavy and sustained losses. Intention-to-treat analysis combined with other analyses can help to ensure you are ready either way.

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About the Author

Kristi Waterworth has been a contributing real estate and financial expert at The Motley Fool, covering real estate, investing, and personal finance topics, since 2020. Kristi has been interviewed by various TV media outlets and podcasts for her real estate investing expertise – from residential real estate to digital real estate and everything in between. Kristi’s journalist career spans over 25 years, and she has written about real estate investing, homeownership, and home construction specifically for the last decade. She was also previously a licensed Realtor and general building contractor before the Great Recession and housing market collapse. She holds a bachelor’s degree in American history from Columbia College in Missouri.

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