Certainty language minus hedging language in Risk Factors. Positive = assertive, negative = hedging-heavy.
From 2022-02-23 (10-K) to 2026-02-19 (10-K), this metric decreased across 5 filings.
Risk-factor drift item_1a vs prior same-form filing, cosine similarity
- 10-K 2026-02-19 vs 2025-02-20 98.1% boilerplate
- 10-K 2025-02-20 vs 2024-02-22 98.8% boilerplate
- 10-K 2024-02-22 vs 2023-02-23 98.8% boilerplate
- 10-K 2023-02-23 vs 2022-02-23 89.9% boilerplate
Vanished metrics promoted KPIs that stopped being reported
- Manufacturing Variances promoted across 3 consecutive filings, last seen 2024-02-22, absent from 10-K 2025-02-20 dropped
- Returns promoted across 3 consecutive filings, last seen 2024-02-22, absent from 10-K 2025-02-20 dropped
Non-GAAP reconciliation expansion growth in adjusted-figure add-backs vs prior filing
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10-K 2024-02-22 11 → 12 add-backs (+1)new: Amortization OF Intangible Assets Asset Impairments Including LOSS ON Assets HELD FOR SALE Goodwill Impairments Other Expense NET Performance Based RSUS Research AND Development Expenses Restructuring Integration Separation AND IPO Costs Selling General AND Administrative Expenses Share Based Compensation Stock Options TIME Based RSUS
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10-K 2023-02-23 9 → 11 add-backs (+2)new: GAIN Arising FROM THE Transaction OF THE Swaps GAIN Excluded FROM Assessment OF Hedge Effectiveness LOSS Related TO Completing THE Amoun SALE Restructuring AND Integration Costs Separation Costs Separation Related AND IPO Related Costs Share Based Compensation Expense
Auditor’s report opinion, going-concern & control flags, critical audit matters
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10-K 2026-02-19 unqualified
- Medicaid Rebates and Sales Returns Allowances
- Goodwill Impairment Assessments – Salix and Generics Reporting Units
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10-K 2025-02-20 unqualified emphasis of matter
- Emphasis of Matter
- Medicaid Rebates and Sales Returns Allowances
- Goodwill Impairment Assessments – Dermatology and Generics Reporting Units
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10-K 2024-02-22 unqualified
- Medicaid Rebates and Sales Returns Allowances
- Goodwill Impairment Assessments – Dermatology, Neurology, Generics, Vision Care, Pharmaceuticals, and Surgical Reporting Units
- XIIDRA Acquisition - Valuation of a Product Brand
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10-K 2023-02-23 unqualified
- Medicaid Rebates and Sales Returns Allowances
- Goodwill Impairment Assessments – Ortho Dermatologics, Vision Care, Ophthalmic Pharmaceuticals, Surgical and Neurology and Other Reporting Units
- Interim Finite-Lived Intangible Assets and Goodwill Impairment Assessments - Xifaxan® Finite-Lived Intangible Assets and Salix Reporting Unit
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10-K 2022-02-23 unqualified
- Medicaid Rebates and Sales Returns Allowances
- Finite-Lived Intangible Assets Impairment Assessment
- Goodwill Impairment Assessments – Ortho Dermatologics Reporting Unit
Balance-sheet trends inventory, receivables, reserves & impairment vs prior year
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Goodwill impairment charge FY 2025-12-31$145.0M charge · +1% of assets
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Goodwill impairment charge FY 2023-12-31$493.0M charge · +2% of assets
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Inventory building faster than sales FY 2023-12-31inventory +42% vs revenue +8%
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Goodwill impairment charge FY 2022-12-31$824.0M charge · +3% of assets
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Goodwill impairment charge FY 2021-12-31$469.0M charge · +2% of assets