Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

🟢 New in Current Filing The Company is increasing its use of artificial intelligence (AI) systems to automate processes, analyze data, and support decision-making which poses inherent risks. 🔒

🟢 New in Current Filing The Company’s business in China has grown in the past few years, and the importance of China to the Company’s overall pharmaceutical and vaccines business has increased accordingly. In 2024, the Company experienced lower sales of Gardasil/Gardasil 9 in China and expects that sales of Gardasil/Gardasil 9 in China will decline significantly in 2025. 🔒

🟡 Modified The Company is increasingly dependent on sophisticated software applications and computing infrastructure, including the use of cloud-based applications and environments. The Company continues to be a target of cyber-attacks that could lead to a disruption of its worldwide operations, including manufacturing, research and sales operations. 🔒

🟡 Modified The Company has significant global operations, which expose it to additional risks, and any adverse event could have a material adverse effect on the Company’s results of operations and financial condition. 🔒

🟡 Modified The Company may experience difficulties and delays in manufacturing certain of its products, including vaccines. 🔒

🟡 Modified The health care industry in the U.S. has been, and will continue to be, subject to increasing regulation and political action. 🔒

🟡 Modified Environmental, social and governance matters may impact the Company’s business and reputation. 🔒

🟡 Modified The Company may not be able to realize the expected benefits of its investments in emerging markets. 🔒

🟡 Modified The Company faces continued pricing pressure with respect to its products. 🔒

🟡 Modified Social media and mobile messaging platforms present risks and challenges. 🔒

🟡 Modified Reliance on third-party relationships and outsourcing arrangements could materially adversely affect the Company’s business. 🔒

🟡 Modified As the Company’s products lose market exclusivity, the Company generally experiences a significant and rapid loss of sales from those products. 🔒

🟡 Modified Risk Factors 🔒

13 changes in this historical filing

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