2022 Revenues ($USD) : $20,296,000,000
2022 Revenues (foreign currencies) : € 17,200,000,000
2022 R&D spend : $2,131,080,000
2022 Number of Employees : 78,189
Fiscal Year End : 12/31/2021
Company CEO : Frans van Houten, CEO; Roy Jakobs, incoming CEO
Respiratory device problems stem from polyester-based polyurethane sound abatement foam that could break down. Foam particles could enter a device’s air pathway and cause a range of potential health problems and toxic, carcinogenic effects for the user. The FDA and federal prosecutors are increasingly scrutinizing how Philips has handled the recall. On May 2, the FDA proposed an order for Philips to submit a plan for the repair, replacement or refund of the purchase price of the recalled devices. –CN