Dutch healthcare technology company Philips has reached a preliminary settlement with the US Department of Justice, DOJ, concerning investigations related to the 2021 recall of millions of sleep and respiratory devices. Reuters reports this.
The company has set aside 288 million euros in the third quarter for the settlement, which is expected to be paid in the first quarter of 2027. The agreement is not yet final and other legal proceedings are ongoing.
Philips’ adjusted EBITA increased by 7.2 percent to 569 million euros in the third quarter, above analysts’ expectations of 522 million euros. Comparable sales rose by 3 percent to 4.39 billion euros, slightly below expectations.
The company reiterates its financial targets for 2026.
