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Philips expects to reach recall settlements this year

Published by Uma Rajagopal

Posted on March 30, 2023

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AMSTERDAM (Reuters) – Dutch health technology company Philips expects to reach settlements this year relating to its global recall of respiratory devices, CEO Roy Jakobs said in an interview with Dutch financial daily FD published on Thursday.

“I think we can at least reach a settlement on economic damages this year,” Jakobs said without giving details on the expected costs.

Jakobs added he “hopes and expects” to also reach a settlement with the U.S. Food and Drug Administration this year.

A settlement with patients who claim the use of the recalled machines made them sick probably will take longer, he said.

A spokesperson for Philips confirmed the quotations in the newspaper were accurate.

Shares in the Amsterdam-listed company were up 3.9% to 16.14 euros at 0729 GMT.

The company recalled millions of breathing devices and ventilators used to treat sleep apnea in 2021 because foam used to dampen noise from the devices might degrade and become toxic, carrying potential cancer risks.

Fears of large litigation bills have since wiped 70% off Philips’ market value.

The economic damages claim was made by people, hospitals and health plans who say they suffered economic losses when the millions of machines were recalled.

(Reporting by Bart Meijer; Editing by Muralikumar Anantharaman and Mark Potter)