No, not stupid.
To buy them at $180 means you almost certainly bought the shares against the backdrop of their last published result at the time (Y/E 30th June, 2025).
That was when the world was a better place .... just before they presented their 1st Half 2026 result.
Prior to the February release, they had a trailing P/E of around 19 (SP at $180) for a company who's revenue CAGR was 10 and who's EPS CAGR was about 6.5.
The aspect that needed to be understood a bit clearer, but wasn't all that readily visible, was how they achieved their continued growth in recent times ... best observed through the following graph.

They threw a lot of money at Vifor to keep the ball rolling. Compounding growth when each year the baseline increases is not easy.
Then under pressure, they made some strange decisions/calls which has made investors uneasy resulting in us being where we are today (pricewise).