Risk factors

PYRUKYND® net product revenue rose to $54.0 million in 2025, from $36.5 million in 2024; AQVESME™ launched in the U.S. in January 2026.

Corebridge exposure now explicitly links falling share prices to lower investment income and potentially material harm to results and financial condition.

New risks address AI reliability and adoption, government-contract rights and oversight, and third-party IP claims involving AI outputs.

Hawaiian Airlines disclosed a June 2025 cybersecurity incident; its flights continued safely and affected systems were restored.

AMVUTTRA’s 2025 ATTR-CM approval makes sustaining and growing its sales a major revenue risk.

Elevance's share of revenue rose to 31% from 27%, while the top ten clients' share climbed to 71% from 58%. The company reports negative cash flows and a $2.06 billion accumulated deficit, though 2025 net losses narrowed to $95.0 million. The index-provider discussion is less specific about S&P Dow Jones and FTSE Russell but now warns of negative governance commentary.

Risk 0 now explicitly calls out tariffs and ride-sharing, expiring leases, and longer vehicle loans among factors affecting vehicle sales and margins.

Newly identifies American National integration, climate impacts on customers, and scale-based competitor advantages as risks.

Kidney Care and BPS divestitures, Hillrom acquisition and other changes leave Baxter smaller, less diversified and more exposed to volatility.

Accession adds integration, deferred-tax-asset, captive-insurance, assumption, and financing risks; transaction debt totaled $7.613 billion at year-end.

International risk disclosure now expressly includes tariffs.

Risk 20 now details trade-policy, tariff, trade-dispute, and government-shutdown channels affecting inflation, interest rates, and market confidence.