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John R. Fischer, Senior Reporter | January 31, 2024
Following the announcement about the agreement, Philips shares dropped 8.3% in Amsterdam,
reported Reuters. ING analyst Marc Hesselink told the outlet that the decline was "very punitive" and that he and others believed “it will be very difficult for Philips to recover its U.S. Respironics market position.”
Still, the company did well in sales in 2023, with Q4 earnings amounting to €5.1 billion (over $5.5 billion) and full-year earnings reaching €18.2 billion (over $19.7 billion). Comparable sales growth for the full year was 7%, and in Q4, 3%, excluding provisions of €174 million (over $188 million) charged to sales related to the Respironics consent decree.
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Its Diagnosis & Treatment business saw a comparable sales increase of 11% in 2023, with double-digit growth in Image Guided Therapy and Precision Diagnosis, and for its Personal Health business, 3% growth. Excluding the provisional €174 million, comparable sales for the Connected Care business increased 5%, driven by double-digit growth in monitoring.
More details will be released once the decree is finalized and submitted to the appropriate U.S. court for approval.
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