What the changes say
- Manufacturing-site disruptions are newly highlighted as a direct threat to production, deliveries, launches, and customer relationships.
- Global health risk is broader than COVID-19, including supply-chain shortages, labor constraints, payment risk, and reduced sales.
- Tariffs are now described as increasing raw-material and component costs, while litigation risks identify Nemera and ARS proceedings.
- Cybersecurity language adds system failures and data leakage; sourcing language adds dual-source mitigation for key materials.
What changed since the prior 10-K
New
- NewRisks Related to Our Operations and Industry
A material failure or disruption at one or more of our manufacturing facilities could adversely affect our ability to generate sales and meet customer demand
Manufacturing failures, cyber incidents, extreme weather, labor disruptions, or other events could interrupt production and delay Aptar customer deliveries and launches.
- NewRisks Related to Our Operations and Industry
Global health crises, epidemics and pandemics may adversely affect our business, and financial condition and results of operations
Future epidemics or pandemics could disrupt Aptar’s operations, supply chain, workforce, customer payments, sales, liquidity, and manufacturing.
Dropped
- DroppedRisks Related to Our Operations and Industry
Global health crises, such as the COVID-19 pandemic, have adversely affected our business, and future developments or other global pandemics could cause adverse effects, which may be material
- DroppedRisks Related to Our Operations and Industry
Consolidation of our customer base could impact our business
- DroppedRisks Related to Our Operations and Industry
Our internal information technology systems may fail or suffer security breaches, loss or leakage of data, and other disruptions, which could disrupt our business or result in the loss of critical and confidential information
Reworded
- 76% rewrittenRisks Related to Our Operations and Industry
If our integration of acquisitions or significant capital investments fail to generate expected returns, our financial performance may suffer
The risk now includes capacity expansions failing to generate expected returns and removes the specific Goldrain investment reference.
- 56% rewrittenRisks Related to Our Operations and Industry
Significant tariffs or other restrictions imposed on foreign imports by the U.S. and related countermeasures taken by impacted foreign countries could have a material adverse effect on our operations and financial results
The risk shifts from potential tariffs announced in January to 2025 tariffs already increasing certain input costs.
- 47% rewrittenRisks Related to Financial, Legal and Regulatory Matters
We are exposed to risks from lawsuits and claims, including product liability claims, as well as investigations, audits and other proceedings, which may result in substantial costs and expenses or interruption of our normal business operations
The risk now names Nemera patent litigation and an ARS antitrust lawsuit, while omitting prior insurance and indemnification discussion.
- 39% rewrittenRisks Related to Financial, Legal and Regulatory Matters
Challenges to, or the loss of, our intellectual property rights could have an adverse impact on our ability to compete effectively. Our ability to compete effectively depends, in part, on our ability to protect and maintain the proprietary nature of our owned and licensed intellectual property
The risk adds unauthorized information access, independently developed competing technology, and breached nondisclosure agreements.
Was: Challenges to, or the loss of, our intellectual property rights could have an adverse impact on our ability to compete effectively
- 37% rewrittenRisks Related to Our Operations and Industry
Our revenue and results of operations may suffer upon the bankruptcy, insolvency or other credit failure of our customers
The wording now emphasizes customers’ inability to pay or contested obligations impairing receivables collection.
- 34% rewrittenRisks Related to Our Operations and Industry
Our ability to adequately source materials including those from a single supplier or from a single manufacturing location, could adversely impact our ability to deliver our products
A new mitigation statement says Aptar is actively securing dual sources for key materials.
- 33% rewrittenRisks Related to Our Operations and Industry
Increased global cybersecurity threats and more sophisticated, targeted computer crime, as well as failures or disruptions of our information technology systems, could pose a risk to our operations
The risk adds internal IT failures, security breaches, data leakage, and operational dependence on reliable systems, while removing listed safeguards.
Was: Increased global cybersecurity threats and more sophisticated, targeted computer crime could pose a risk to our operations
- 26% rewrittenRisks Related to Our Operations and Industry
The success or failure of our customers’ products, particularly in the pharmaceutical market, may materially affect our operating results and financial condition
The consequence changes from unrecovered development costs to potentially no future return on time and development effort.
- 24% rewrittenRisks Related to Our Operations and Industry
Geopolitical conditions, including trade disputes and acts of war or terrorism, could have a material adverse effect on our operations and financial results
- 22% rewrittenRisks Related to Financial, Legal and Regulatory Matters
We could be subject to changes in tax rates, the adoption of new tax legislation or rules or exposure to additional tax liabilities
All 27 risk factors
Headings as the filing states them, in filing order.
Risks Related to Our Operations and Industry
- 01If there is deterioration in economic conditions, our business and operating results could be materially adversely impacted
- 02Geopolitical conditions, including trade disputes and acts of war or terrorism, could have a material adverse effect on our operations and financial results24% rewritten
- 03Significant tariffs or other restrictions imposed on foreign imports by the U.S. and related countermeasures taken by impacted foreign countries could have a material adverse effect on our operations and financial results56% rewritten
- 04Increased global cybersecurity threats and more sophisticated, targeted computer crime, as well as failures or disruptions of our information technology systems, could pose a risk to our operations33% rewritten
- 05We face strong global competition and our market share could decline
- 06In difficult market conditions, our fixed costs structure combined with potentially lower revenues may negatively impact our results
- 07Our ability to adequately source materials including those from a single supplier or from a single manufacturing location, could adversely impact our ability to deliver our products34% rewritten
- 08A material failure or disruption at one or more of our manufacturing facilities could adversely affect our ability to generate sales and meet customer demandNew
- 09Global health crises, epidemics and pandemics may adversely affect our business, and financial condition and results of operationsNew
- 10The success or failure of our customers’ products, particularly in the pharmaceutical market, may materially affect our operating results and financial condition26% rewritten
- 11Our revenue and results of operations may suffer upon the bankruptcy, insolvency or other credit failure of our customers37% rewritten
- 12Higher raw material costs and other inputs and an inability to offset these higher costs with price increases may materially adversely affect our operating results and financial condition
- 13If disputes with our unions arise, or if our unionized workers engage in a strike or other work stoppage, or if our suppliers engage in a strike or other work stoppage, we could experience a significant disruption of operations
- 14We may not achieve the expected benefits from our restructuring initiatives, which could adversely affect our business and operations
- 15If our integration of acquisitions or significant capital investments fail to generate expected returns, our financial performance may suffer76% rewritten
Risks Related to Financial, Legal and Regulatory Matters
- 16We have foreign currency translation and transaction risks that may materially adversely affect our operating results
- 17We have approximately $1.08 billion in recorded goodwill at December 31, 2025, and changes in future business conditions could cause this asset to become impaired, requiring write-downs that would reduce our operating income
- 18We are subject to a variety of laws and regulations and changes in, or failure to comply with, these laws or regulations could have an adverse impact on the Company’s reputation, business and results of operations
- 19We are exposed to risks from lawsuits and claims, including product liability claims, as well as investigations, audits and other proceedings, which may result in substantial costs and expenses or interruption of our normal business operations47% rewritten
- 20Challenges to, or the loss of, our intellectual property rights could have an adverse impact on our ability to compete effectively. Our ability to compete effectively depends, in part, on our ability to protect and maintain the proprietary nature of our owned and licensed intellectual property39% rewritten
- 21Government regulation on environmental matters, including recycling or environmental sustainability policies could impact our business
- 22Future government regulations of healthcare cost containment policies may impact our pharmaceutical sales
- 23Interest rate volatility could increase our borrowing costs
- 24We could be subject to changes in tax rates, the adoption of new tax legislation or rules or exposure to additional tax liabilities22% rewritten
- 25Our financial performance could be impacted by loss of royalty revenues
General Risk Factors
- 26Global climate change and legal, regulatory, or market measures to address climate change, may negatively affect our business, operations and financial results
- 27Ownership by Certain Significant Stockholders
Other Aptargroup 10-Ks
- FY2024 10-K risk factors28 risks
Manufacturing risks center on resin, rubber, metals, energy, transportation, labor disruptions, and reliance on some single-source materials.
Filed Feb 07, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.