Core Insights - Guerbet has announced a downward revision to its financial targets for the full year 2025 due to various operational challenges [1][2] Financial Performance - Revenue is now expected to decline slightly by approximately 1% at constant exchange rates and on a like-for-like basis, compared to the previously anticipated growth of 3–5% [8] - Restated EBITDA margin is now forecast to be in the range of 12–13%, down from the earlier guidance of "above 15%" [8] - Free cash flow is expected to be slightly negative, whereas the prior outlook had called for a positive result [8] Operational Challenges - Business activity in France is being impacted by supply reforms, while in the United States, an unfavorable shift in the customer mix and ongoing pricing pressures have added to the challenges [2] - A technical issue during the restart of operations at the Raleigh site, which has now been resolved, further compounded the situation [2] Management Response - In response to these headwinds, management has implemented measures to safeguard product availability, reinforce sales discipline, and optimize costs, with a focus on cash generation [3] Long-term Outlook - Despite current challenges, the Group remains confident in its long-term prospects, supported by a diversified product portfolio and strong positions in attractive international markets [4] - The ongoing ramp-up of Elucirem™ and accelerating momentum for Lipiodol® in interventional imaging are expected to support a return to growth [4]