Negative Free Cash FlowPersistent negative FCF from elevated capital spending reduces financial flexibility and increases dependence on external financing. Over months, this can pressure liquidity, raise financing costs, and force slower capacity additions or equity dilution if operating cash conversion does not improve.
Earnings VolatilitySevere EPS contraction signals earnings instability and potential one-off or structural pressures on profitability. Continued volatility undermines retained earnings, complicates forecastability, and can limit internal funding for R&D or capacity, stressing long-term growth initiatives.
Customer / End‑market Concentration RiskHigh exposure to pharma B2B customers concentrates revenue risk: order cycles, contract renegotiations, or regulatory changes can materially affect volumes. Dependence on a narrow set of end markets increases sensitivity to pricing pressure and regulatory compliance costs over time.