Philips Reaches DOJ Deal Over Device Recall
Philips reached a preliminary agreement with the US Department of Justice regarding its 2021 device recall and booked a €288 million provision. The company also reported third-quarter core earnings that beat market expectations.
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KONINKLIJKE PHILIPS NV reached a preliminary agreement with the United States Department of Justice to end investigations linked to its 2021 global device recall, booking a €288 million provision. The settlement addresses probes into sleep and respiratory-care devices recalled over degraded sound-reducing foam. The resolution removes a major regulatory overhang for the Netherlands-based healthcare technology manufacturer.
