Today’s news / Philips’ stock soars after $1.1B US settlement
The company Philips has reached a billion-dollar settlement in the US about sleep apnea machines. The stock is skyrocketing. (Archive photo). Photo: Lex Van Lieshout/Ritzau Scanpix

Philips’ stock soars after $1.1B US settlement

Philips’ stock climbs over 30% following the company’s agreement on a $1.1 billion settlement (approximately 7.6 billion DKK) in the US regarding its sleep apnea machines. Sleep apnea involves breathing pauses during sleep, which has turned into a nightmare for Philips as it has been recalling machines since 2021 after reports to US authorities. The machines are suspected to be toxic and potentially carcinogenic. Despite the settlement, Philips states that it does not admit to making mistakes or causing harm. Philips has posted a loss of 998 million euros (approximately 7.4 billion DKK) in the first quarter, heavily influenced by the settlement. Health technology and consumer electronics company Philips reported revenues of 4.1 billion euros, down 1% from the same period last year.