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Philips tops profit estimates, reaches agreement in principle with DOJ on Respironics

By Reuters News

By Lucie Barbier

Nov 3 (Reuters) - Dutch healthcare technology manufacturer Philips PHG.AS beat market expectations for third-quarter core earnings on Tuesday, driven by higher sales and gross margin alongside productivity measures.

Philips, which sells products ranging from toothbrushes to medical imaging systems, reported a 7.2% rise in its adjusted earnings before interest, taxes and amortisation to €569 million ($637 million), exceeding a consensus estimate of €522 million provided on the company's website.

Philips also said its Respironics unit had reached an agreement in principle with the US Department of Justice to resolve previously disclosed investigations linked to its global sleep and respiratory-care device recall.

It booked a €288 million provision in the quarter for the proposed DOJ settlement, which remains subject to final documentation and is expected to be paid in the first quarter of 2027. The company did not provide details on whether the agreement would include an admission of wrongdoing.

"We cannot provide details qualitatively at this point in time," CEO Roy Jakobs said in a call with journalists, adding the agreement in principle was reached "in the last few days".

($1 = 0.8937 euros)

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