China / APAC WeaknessExposure to APAC, especially China, creates durable regional demand risk when local policy, hospital financing and private provider solvency change. Slower recovery or structural private market contraction could limit international growth against otherwise strong European and U.S. progress.
Declining Free Cash Flow GrowthA notable drop in free cash flow growth, if persistent, can constrain funding for commercial expansion, clinical trials and dividends. Even with positive operating cash, weaker FCF growth reduces financial optionality and raises sensitivity to higher capex or working capital needs.
Rising Operating Costs From Investment/in-sourcingElevated operating spend tied to hires, in-sourcing production and succession costs pressures near-term margins and cash conversion. These are strategic but raise execution risk: if commercial scaling or expected H2 savings lag, margin and ROCE targets could be harder to sustain.