Revenue ($USD) : $19,622,520,000
Revenue (foreign currencies) : €18,169,000,000
R&D spend : $2,041,200,000
Employees : 69,100
Fiscal year end : 12/31/2023
CEO : Roy Jakobs

www.philips.com

The fallout from Philips’ massive, yearslong recall of CPAPs and other respiratory devices reached a critical point in 2024. In April, the Dutch medtech giant finalized a consent decree with the U.S. Department of Justice and FDA that provided a roadmap for resolving the Philips Respironics recall. Dr. Jeff Shuren, who was director of the FDA’s Center for Devices and Radiological Health (CDRH) at the time, said the agreement “marks the first time a device company is providing a remediation payment option for a recalled device under a consent decree.” Philips soon settled personal injury claims in the U.S. for $1.1 billion and is also paying at least $613 million to settle economic loss claims. By June, Philips announced the closure of its Respironics business’ Pittsburgh headquarters and elimination of hundreds of manufacturing jobs in the region. Exclude the impact of the Respironics recall, however, and Philips is still projecting 3–5% comparable sales growth in 2024. Said CEO Roy Jakobs: “We continue to focus on enhancing execution, improving end-to-end supply chain resilience and increasing agility and productivity through simplifying our operating model. Patient safety and quality remains our number one priority.” –CN