12 unchanged sentences
The remaining amounts of our cash equivalents as of December 31, 2025, are in non-interest bearing accounts.
−Removed: As of December 31, 2023, we had $5.9 million deposited in four banks located in China, $5.0 million deposited in one bank located in France, and $0.3 million deposited in one bank located in the United Kingdom.
+Added: As of December 31, 2024, we had $6.7 million deposited in six banks located in China, $1.8 million deposited in one bank located in France, and $0.7 million deposited in one bank located in the United Kingdom.
We also maintained $102.1 million in cash equivalents that include money market accounts as of December 31, 2024.
9 unchanged sentences
Due to the nature of our short-term investments, we believe that we are not subject to any material interest rate risk with respect to our short-term investments.
+Added: In an effort to manage interest-rate exposures, we may enter into derivative contracts to achieve an acceptable balance between fixed- and floating-rate debt.
As of December 31, 2025, we had $610.4 million in long-term debt and finance leases outstanding, all of which have either a fixed interest rate or are locked-in fixed interest rates through swap contracts.
As of December 31, 2024, we had $601.9 million in long-term debt and finance leases outstanding, all of which have either a fixed interest rate or are locked-in fixed interest rates through swap contracts.
+Added: For more information regarding our debt agreements and interest rate swap contracts, see “Part II – Item 8.
+Added: Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 13.
Foreign Currency Exchange Risk
1 unchanged sentence
domestic market, and have little exposure to foreign currency price fluctuations.
−Removed: Our API manufacturing business in France is exposed to market risk related to changes in foreign currency exchange rates, because our insulin sales contracts are frequently denominated in euros, which are subject to fluctuations relative to the USD.
+Added: Our operations in France are exposed to market risk related to changes in foreign currency exchange rates, because our sales contracts are frequently denominated in euros, which are subject to fluctuations relative to the USD.
Our Chinese subsidiary, ANP, maintains its books of record in Chinese yuan.
16 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.