Risk factors

AI risk now emphasizes system failures, data loss, erroneous decisions, legal exposure, and compliance costs rather than keeping pace with AI.

A newly disclosed Ionis patent-infringement complaint adds a specific legal threat to commercialization of drug products or candidates.

EMA CHMP issued a negative trend vote on blarcamesine’s MAA; Anavex plans to seek re-examination after the formal opinion.

BD added three risks tied to the planned Waters transaction, from closing conditions through disruption, benefits and tax treatment.

Management identified a material weakness in financial reporting controls for fiscal 2025 and says disclosure controls were ineffective as of September 30, 2025.

New risks highlight tariff-driven cost, supply-chain and pricing exposure, and broadband providers’ ability to delay or cancel network spending.

Walgreens, Boots, or WBAD disruptions are now explicitly identified as threats to Cencora’s sales and profitability.

New risks address 2025 tariff actions and U.S. government shutdowns, layoffs, and their effects on agencies such as the FDA.

A newly disclosed cyber incident may damage customer and partner trust, disrupt operations, drive up costs, and make insurance harder to obtain.

New risks focus heavily on the $400 million 2030 convertible notes, including repayment, conversion, dilution, accounting, takeover and capped-call exposure.

Risk 11 now explicitly includes international trade policy and broader financial-market volatility among geopolitical concerns.

Geopolitical risk now explicitly includes changes in international trade policy and broader global hostilities.