Trending: Philips Shares Drop After Suspends Sales of Sleep Apnea Devices in the U.S.

1143 GMT - Royal Philips among the most mentioned companies across news items over the past six hours, according to Factiva data. Alongside its fourth-quarter results, the Dutch medtech company said that reached an agreement with the U.S. Food and Drug Administration on the terms of a settlement linked to the recall of its respironics ventilators used to treat sleep apnea. The terms of the so-called "consent decree" mean that the company will stop selling new sleep and respiratory devices in the country until it meets the requirements, which are yet to be outlined, with a process likely to take years. Philips said it took a EUR363 million provision for this in its fourth quarter and that a further EUR180 million-EUR200 million hit from remediation activities and disgorgement payment is expected for 2024. ING described the decree as "very punitive". The update from the group, which can still sell consumables and serve existing devices in the country, provides much-needed clarity, Citi analysts say. Shares in Amsterdam fall 7.5% to EUR19.47, its lowest price since mid-December. Dow Jones & Co. owns Factiva. (elena.vardon@wsj.com)

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January 29, 2024 06:58 ET (11:58 GMT)

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