Philips Q1 Results in line with 2024 Performance Improvement Plan and Resolves US Respironics Personal Injury and Medical Monitoring Litigation

April 29, 2024

DENVER, Colo., Apr 29, 2024 (247marketnews.com)- Royal Philips (NYSE:PHG) reported its first quarter financial results including 2.4% growth in group sales of EUR 4.1 billion and restated its confidence in delivering the 2025 plan.

Additionally, Royal Phillips settled its Respironics litigation for USD 1.1 billion.

Roy Jakobs, CEO of Royal Philips, commented, “We started the year in line with our plan, with order intake growth outside China turning positive and strong margin improvement. Supported by key innovation launches and strong focus on our execution priorities, we remain confident in our performance improvement plan for 2024.

“Patient safety and quality is our highest priority, and we have taken important steps in further resolving the consequences of the Respironics recall. The remediation of the sleep therapy devices for patients is almost complete, and the test results to date show the use of these devices is not expected to result in appreciable harm to health. We do regret the concern that patients may have experienced.

“The approved consent decree and economic loss settlement, and now the resolution of the personal injury and medical monitoring litigation in the US, are significant milestones and provide further clarity on the way forward for Philips.”

 

Royal Philips (NYSE:PHG) reported its first quarter financial results including 2.4% growth in group sales of EUR 4.1 billion and restated its confidence in delivering the 2025 plan.

Additionally, Royal Phillips settled its Respironics litigation for USD 1.1 billion.

Roy Jakobs, CEO of Royal Philips, commented, “We started the year in line with our plan, with order intake growth outside China turning positive and strong margin improvement. Supported by key innovation launches and strong focus on our execution priorities, we remain confident in our performance improvement plan for 2024.

“Patient safety and quality is our highest priority, and we have taken important steps in further resolving the consequences of the Respironics recall. The remediation of the sleep therapy devices for patients is almost complete, and the test results to date show the use of these devices is not expected to result in appreciable harm to health. We do regret the concern that patients may have experienced.

“The approved consent decree and economic loss settlement, and now the resolution of the personal injury and medical monitoring litigation in the US, are significant milestones and provide further clarity on the way forward for Philips.”

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