In particular, following the executive order of the Trump Administration of May 12, 2025, titled “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients,” there may be an unpredictable effect on prices of medicinal products in European countries. The Executive Order directs federal agencies to implement policies that would align U.S. prescription drug prices with the lowest prices paid by other comparable nations and mandates the Secretary of HHS to communicate most-favored-nation (MFN) price targets to pharmaceutical manufacturers and, if significant progress is not achieved, to propose rulemaking to impose MFN pricing across federal healthcare programs and potentially the private market. While the full scope and implementation timeline remain uncertain, this policy introduces significant risks to our future pricing strategies, revenue, and profitability in the U.S. market. Additionally, the Executive Order instructs the Department of Commerce and the U.S. Trade Representative to take action against foreign countries that engage in practices suppressing drug prices below fair market value, which could lead to increased pricing pressures or regulatory changes in international markets. These developments, depending on whether and how they may be enacted, may adversely affect our global operations and financial performance.