Revenue ($USD) : $18,718,350,000
Revenue (foreign currencies) : €17,827,000,000
R&D spend : $2,208,150,000.00
Employees : 77,233
Fiscal year end : 12/31/22
CEO : Roy Jakobs

The all-consuming story for Philips over the past year remains its massive recall involving millions of CPAPs, ventilators and other respiratory devices.

The recall has removed the Dutch medtech giant from the respiratory devices market for the past two years. Reports of problems continue. The devices — used for sleep apnea therapy and more — had sound abatement foam that could potentially degrade and get into the airways.

FDA presently has more than 100,000 reports of problems — including 384 mentioning deaths. Philips CEO Roy Jakobs has said the Dutch medtech giant is deeply sorry about the recall. Philips remains in the midst of consent decree talks with the U.S. Department of Justice and the FDA.

Meanwhile, Philips continues to engage in major belt-tightening. It cut at least 6,600 jobs in 2023 and planned a total of 10,000 cuts by 2025. –CN

The company announced in July that it is raising its full-year 2023 outlook to mid-single-digit comparable sales growth. Said Jakobs: “I’m very confident that our innovation portfolio is well-positioned to help hospitals worldwide address their staffing shortages, enhance productivity and improve patient and staff experience.” –CN