Risk factors

Increased focus on evolving AI regulations and operational risks in medical devices. Rising scrutiny and payment reform for skin substitute products by CMS. Implementation of a new $100.0 million share repurchase plan.

New platform liabilities and fraud risks for Mercado Pago and Mercado Libre ecosystems were added. Capital raising and stock sale risks were dropped.

AI now drives several new risks, including weaker open-web demand, competitor advantages, internal efficiency shortfalls, and regulatory, privacy, cybersecurity, and intellectual-property exposure.

MGP Ingredients added macroeconomic, acquisition integration, productivity risk, and impairment charges as standalone risks.

CEO transition announced with COO Philip Hawkins replacing Joseph Hanna in April 2026. Concentration risk increased as one manufacturer supplied 27% of modular products in 2025 compared to 18% in 2024. Environmental liabilities, construction industry fluctuations, and pricing pressure from competitors were added as new risks.

Mirum added eight new risks addressing clinical trials of brelovitug, LIVMARLI generic competition under Hatch-Waxman, and international data privacy and tax changes.

Interest rate yield curve movements and leverage dictate core earnings and book value risks.

Tariff uncertainty dominates the new additions, alongside broadened commodity price volatility risks affecting raw materials like copper, brass, zinc, and aluminum.

MoonLake added financing and compliance risks, updated clinical trial timelines for SLK, and disclosed ongoing securities class action litigation.

Altria faces evolving consumer preferences driving cigarette volume declines and economic pressures shifting buyers toward discount brands. Packaging regulations targeting single-use plastics threaten supply costs and product availability. The Optimize & Accelerate initiative introduces business continuity and reporting risks from outsourcing.

MGIC highlights heightened sensitivity to macroeconomic downturns, housing market volatility, and evolving GSE and regulatory capital requirements.

Murphy Oil added climate litigation and government market intervention risks while updating its capital allocation and exploration results. Price volatility discussions were expanded to detail specific impairment, reserve reduction, and dividend risks.