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Robinhood — The fintech stock rose less than 3% after it said Monday that users will have the chance to trade a Kamala Harris or Donald Trump contract ahead of next week's presidential election. ON Semiconductor — The semiconductor product maker rose 5% after third-quarter earnings and revenue topped analyst estimates. Nutanix — The cloud infrastructure stock rose 4% following an upgrade to overweight from equal weight at Morgan Stanley. Moderna — Shares jumped after Moderna and Merck said they initiated a phase 3 trial investigating a treatment for non-small cell lung cancer. Moderna shares advanced 3.9%, while Merck was slightly higher.
Persons: Wells, Steven Cahall, Kamala Harris, Donald Trump, Israel, FactSet, Eugene Hsiao, Wolfe, Roy Jakobs, Nutanix, Morgan Stanley, Meta Marshall, Merck, Timothy Wojs, Aaon, — CNBC's Sean Conlon, Michelle Fox, Alex Harring, Sarah Min, Pia Singh Organizations: Spotify, U.S . Occidental Petroleum, Exxon, BP —, Citi, McDonald's, Taiwan Semiconductor Manufacturing, Huawei, Reuters, The U.S, Delta Air Lines, CrowdStrike, Honeywell —, Philips —, , Moderna, Merck, Baird Locations: China, Atlanta
Philips cuts annual sales outlook as China demand deteriorates
  + stars: | 2024-10-28 | by ( ) www.cnbc.com   time to read: 1 min
Philips said on Monday that demand in China slumped significantly in recent months, forcing the Dutch medical devices maker to lower its sales outlook for the year. "In the (third) quarter, demand from hospitals and consumers in China further deteriorated, while we continue to see solid growth in other regions," Chief Executive Roy Jakobs said in a statement. "China remains a fundamentally attractive growth market for Philips in the long term, with market conditions expected to remain uncertain." Philips now expects its comparable sales to grow by only 0.5% to 1.5% in 2024, down from previous forecast of 3% to 5% which it said would still be met in other regions.
Persons: Philips, Roy Jakobs Organizations: Philips Locations: China
Comparable group sales rose 2% to 4.5 billion euros ($4.88 billion), as demand in North America held strong, even as China sales dipped. Shares of Dutch device maker Philips jumped more than 10.5% in early deals Monday after the company reported better-than-expected second-quarter earnings. CEO Roy Jakobs told CNBC that he was encouraged by the "robust" second-quarter results, adding that he had "strong confidence" that the company would meet its full-year guidance of comparable sales growth of 3-5%. The company reported a number of cost savings over the period, including productivity savings of 195 million euros across operating model savings of 57 million euros, procurement savings of 71 million euros, and other programs' savings of 67 million euros. Jakobs said the settlement brings "finality" to the U.S. case, and will allow the company to return its focus to innovation.
Persons: Philips, Roy Jakobs, Jakobs Organizations: CNBC, Philips, Reuters, U.S Locations: North America, China, London
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. settlement allows Philips to focus on bringing innovations to the market, CEO saysPhilips CEO Roy Jakobs talks through the firm's second-quarter earnings and how the settlement in the U.S. linked to the recall of some sleep apnea devices, will enable the firm to focus on bringing innovations to the market.
Persons: Roy Jakobs Organizations: U.S, Philips Locations: U.S
Philips shares were 33% higher at 9:00 a.m. London time. It said it did not admit any fault or liability, or that any injuries were caused by its Respironics devices. Monday's rebound took Philips shares back to their highest level since April 2022. Adjusted earnings, meanwhile, beat consensus analyst expectations, according to Reuters, coming in at 388 million euros for the quarter. Sales were slightly lower year-on-year, at 4.14 billion euros in the first quarter from 4.17 billion euros in 2023.
Persons: Roy Jakobs, Philips Organizations: Philips, Reuters Locations: U.S, London
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPhilips CEO on $1.1 billion settlement over DreamStation sleep apnea machinesRoy Jakobs, Philips CEO, joins 'Money Movers' to discuss the company's recent settlement, the sales of the company's sleep apnea machines, and more.
Persons: Roy Jakobs Organizations: Philips
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Vast majority' of legal cases linked to sleep apnea devices recall now settled, Philips CEO saysPhilips CEO Roy Jakobs comments on the company's first-quarter results and its agreement of a $1.1 billion settlement for personal injury and medical monitoring claims linked to the recall of some respiratory devices.
Persons: Roy Jakobs Organizations: Philips
Goldman Sachs has identified three "attractive" value stocks that could see significant share price appreciation over the next 12 months. The Wall Street bank's analysts see over 50% upside potential in British Airways parent International Consolidated Airlines Group , agricultural machinery maker CNH Industrial , and health technology company Philips . Goldman Sachs said all three companies stand out amongst their European peers for their cheap valuations compared to earnings growth prospects. IAG-GB 1Y line Philips Goldman recommends buying Philips and expects the shares to be up 51% over the next 12 months. CNH Industrials Goldman Sachs upgraded CNH to buy last month.
Persons: Goldman Sachs, John Sawtell, Goldman's, Patrick Creuset, Creuset, Philips Goldman, Roy Jakobs, CNH Industrials Goldman Sachs, Michael Bloom Organizations: British Airways parent International Consolidated Airlines Group, Philips, CNBC Locations: Europe, United States
Philips CEO on product recalls and deal with FDA
  + stars: | 2024-01-29 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPhilips CEO on product recalls and deal with FDARoy Jakobs, Philips CEO, joins 'Money Movers' to discuss how long the company will resume selling sleep apnea machines in the U.S., the safety of the company's devices, and more.
Persons: FDA Roy Jakobs Organizations: Philips, FDA Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPhilips CEO says company is 'pulling growth out of every single market' in the worldRoy Jakobs, CEO of Philips, discusses the company's earnings results as it strives to push through the brand's ventilator issues and DOJ investigations.
Persons: Roy Jakobs Organizations: Philips
WASHINGTON (AP) — The company behind a global recall of sleep apnea machines said Monday it will stop selling the devices in the U.S., under a tentative agreement with regulators that could cost the company nearly $400 million. Philips executives disclosed the tentative agreement during a quarterly earnings update. Under terms of the agreement, Philips would continue servicing recalled machines in the U.S., but would not be able to sell new ones until meeting several corrective actions laid out by the FDA. In November, the agency issued a new warning that the machines can overheat, in rare cases causing fires. Untreated sleep apnea can cause people to stop breathing hundreds of times per night, leading to dangerous drowsiness and increased heart attack risk.
Persons: ” Philips, Roy Jakobs, Philips, , Organizations: WASHINGTON, Manufacturing, Philips, Food and Drug Administration, Department of Justice, FDA . Company, FDA, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: U.S, Pennsylvania, Canada, Australia, Israel, Chile
Dutch health technology company Philips said on Monday it had reached an agreement on the terms of a settlement with the U.S. Food and Drug Administration (FDA) over a large-scale recall of ventilators. Philips said the costs of the so-called consent decree with the FDA led to a provision of 363 million euros ($393.5 million) in the fourth quarter of last year, and were expected to be about 1% of total revenues in 2024. The agreement sets out the improvements that Philips needs to make at its Respironics plants in order to be able to sell new respiratory devices in the U.S. again. Until the conditions are met, no new Respironics devices will be sold there, the company said. "We are fully committed to complying with the consent decree, which is an important step and provides a clear path forward," Chief Executive Roy Jakobs said in a statement.
Persons: Philips, Roy Jakobs Organizations: U.S . Food, Drug Administration, FDA, Philips Locations: Europe, U.S
Technology is key in rebuilding Ukraine, Philips CEO says
  + stars: | 2024-01-17 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTechnology is key in rebuilding Ukraine, Philips CEO saysRoy Jakobs, the CEO of Philips, discusses the company's operations in Ukraine, and explains the applications of AI in the health care sector.
Persons: Roy Jakobs Organizations: Technology, Philips Locations: Ukraine
TURIN/AMSTERDAM, Nov 30 (Reuters) - The CEO of Exor NV (EXOR.AS), the largest shareholder in Dutch healthcare equipment maker Philips NV (PHG.AS), on Thursday said he continues to believe the company's problems are solvable. Exor owns a 15% stake in Philips. The recall wiped nearly two-thirds off Philips' stock market valuation and new CEO Roy Jakobs has said that resolving the issue is his top priority. Philips stock is currently trading at 18.77 euros, about 25 cents higher than before Exor announced its investment in August. Exor is the investment arm of Italy's Agnelli family, with investments in manufacturing, sport, media, fashion, healthcare and technology companies.
Persons: John Elkann, Exor, Elkann, Roy Jakobs, Philips, Italy's Agnelli, Guilio Piovaccari, Toby Sterling, Kirsten Donovan Organizations: Exor NV, Philips NV, U.S . Food, Drug Administration, Philips, Exor, Thomson Locations: TURIN, AMSTERDAM, Turin, U.S
Philips raises full-year outlook as Q3 profit jumps
  + stars: | 2023-10-23 | by ( ) www.cnbc.com   time to read: +1 min
Dutch health technology company Philips on Monday raised its full-year outlook as it beat analysts' expectations for third-quarter core profit and comparable sales. Core profit more than doubled to 457 million euros ($483.3 million), while comparable sales were up 11% at 4.5 billion euros as demand for its medical scanners, patient monitoring equipment and personal health devices increased. Despite the drop in orders, Philips said it now expected 6% to 7% comparable sales growth over 2023, with a profit margin (adjusted EBITA) of 10%-11%. Its previous outlook guided for mid-single digit sales growth with a high single digit profit margin. Analysts in a company-compiled poll had predicted adjusted July-September earnings before interest, taxes and amortisation would rise to 389 million euros from 209 million euros a year before, on 8% comparable sales growth.
Persons: Roy Jakobs, Philips Organizations: Philips, Reuters Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPhilips CEO: China is having a tough time, but it has 'very bright' prospectsPhilips CEO Roy Jakobs discusses the company's third-quarter results and the outlook for China.
Persons: Philips, Roy Jakobs Organizations: Philips Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRoyal Philips CEO: We see a strengthening of consumer demand and a upping of confidenceRoyal Philips CEO Roy Jakobs joins 'Squawk on the Street' to discuss whether Jakobs is seeing a change in global consumer demand, which markets have shown strength, and what has accounted for this strength.
Persons: Roy Jakobs Organizations: Royal Philips, Royal
AMSTERDAM, Oct 19 (Reuters) - Making more products for China locally and buying chips from several suppliers are just two of the supply chain changes Dutch healthcare technology firm Philips is making due to rising trade tensions, its CEO Roy Jakobs told Reuters. "Before we were all seeking the optimal global supply chain efficiency," he said. Jakobs took the top job at Philips in 2022 amid a major recall of sleep apnea and respiratory devices. Philips' China business boomed before the pandemic, but that trend is slowing, Jakobs said. "Second, third, fourth tier suppliers in China do a lot for the whole world ...(realistically) there will be a certain continuous dependency on China".
Persons: Philips, Roy Jakobs, Jakobs, Toby Sterling, Sharon Singleton Organizations: Reuters, Philips, Thomson Locations: AMSTERDAM, China, U.S, Germany, Netherlands
Shares of Dutch health tech company Philips tumbled to the bottom of the European benchmark on Friday, after the U.S. drug regulator deemed its handling of a major product recall inadequate. The Amsterdam-listed stock was trading more than 8% lower at 1:15 p.m. London time, paring some losses after falling by as much as 10% earlier in the session. The announcement reflects yet another blow to Philips over the recall of millions of ventilators used to treat sleep apnea, which CEO Roy Jakobs earlier this year said would be the the firm's "highest priority." The FDA said it finds additional testing is necessary and noted Philips agreed to carry out this request. The company added that it shares the same objective as the FDA and other regulators "to ensure the highest standards of patient safety and quality in the delivery of healthcare."
Persons: Roy Jakobs, Philips Organizations: Philips, U.S . Food, Drug Administration, FDA Locations: U.S, Amsterdam, London
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We are using more AI' in the healthcare industry, Philips CEO saysPhilips CEO Roy Jakobs talks about his businesses priorities and the outlook moving forward.
Persons: Roy Jakobs Organizations: Philips
AMSTERDAM, Aug 17 (Reuters) - Investment company Exor (EXOR.AS) was able to build a 15% stake in Dutch healthcare group Philips (PHG.AS) without triggering the usual disclosures thanks to derivatives deals through Goldman Sachs, regulatory filings show. Exor's investment was seen as a vote of confidence in Philips and boosted the Dutch company's shares. Filings by the Dutch Financial Market Authority AFM dated Aug. 14 but published late on Wednesday showed Goldman Sachs had taken an 12.11% stake in Philips using a derivatives structure that included 95 million call options. Sources confirmed to Reuters earlier this week that Goldman Sachs acted on behalf of Exor but could not give more details. Exor and Goldman Sachs (GS.N) declined to comment.
Persons: Goldman Sachs, Italy's Agnelli, Roy Jakobs, Exor, Allen, Overy, De Brauw, Philips, Toby Sterling, Pablo Mayo Cerqueiro, Andres Gonzalez, Valentina Za, Victoria Farr, Jane Merriman Organizations: Investment, Philips, Dutch, US Securities and Exchange, Reuters, Overy, Thomson Locations: Philips, Dutch
[1/2] Philips Healthcare headquarters is seen in Best, Netherlands August 30, 2018. The group combines two of the three sectors Exor targets in its investment strategy: healthcare and technology. While not an activist investor, Exor aims to play an active role in supporting Philips' strategy, the source said. "Exor's substantial investment underlines their confidence in Philips' transformation into a healthcare technology company and its growth and value potential," Philips Chairman Feike Sijbesma said in a statement. Philips last month reported core profit of 453 million euros and slightly upgraded financial targets for the full year.
Persons: de, Exor, Italy's Agnelli, Philips, Feike Sijbesma, John Elkann, Lifenet, Louboutin, Roy Jakobs, Valentina Za, Kim Coghill, David Goodman, Susan Fenton Organizations: Philips Healthcare, REUTERS, Philips, Philips AMSTERDAM, Exor, Institut, Ferrari, Italian soccer, Juventus, ING, U.S . Department of Justice, Thomson Locations: , Netherlands, Exor, Louboutin . New York, Italian, Milan
Exor’s Philips bet looks well-timed
  + stars: | 2023-08-14 | by ( ) www.reuters.com   time to read: +2 min
The Agnelli family’s investment company on Monday said it bought a 15% stake in the toothbrushes-to-defibrillators group for 2.6 billion euros ($2.8 billion). Philips’ shares are down some 62% since the peak in April 2021, and it now looks much cheaper than the sum of its parts. Based on peer multiples, its diagnostics business could be worth 14 times 2024 EBITDA, while its connected care unit, which helps hospitals manage patient data, might be valued at 18.5 times EBITDA. Lastly, throw in the consumer division, which makes toasters and TVs, and could fetch 12 times EBITDA. Using Refinitiv forecasts, that would imply a total enterprise value of 33 billion euros, and equity of some 24 billion euros, after taking off debt and 2.4 billion euros for legal costs estimated by Bernstein analysts.
Persons: John Elkann, Agnelli, Philips ’, EBITDA, Bernstein, Roy Jakobs, Philips, Karen Kwok, Bain, BoE, Neil Unmack, Streisand Neto Organizations: Reuters, Koninklijke Philips, U.S . Department of Justice, Philips, Twitter, FC Barcelona’s, Messi, Siemens, Thomson
Why white asparagus is so expensive
  + stars: | 2023-08-07 | by ( Chris Snyder | ) www.businessinsider.com   time to read: 1 min
White asparagus, often referred to as "white gold," can cost three times as much as green asparagus. During this brief period, farms in the area and restaurants around the world offer white-asparagus dishes on their menus. Chef Erwin Schröttner from Cafe Katja in New York City says white asparagus is much juicier than the green variety, and he serves his stalks freshly peeled, boiled, and smothered in hollandaise sauce with various side dishes. But because white asparagus has to be grown in a specialized way that keeps the stalk underground for longer periods of time, these meals come at a premium. Farms like Jakobs-Hof in Beelitz, Germany, work around the clock to make sure their asparagus stalks maintain their pure white color and are of the highest quality.
Persons: Chef Erwin Schröttner Locations: Central Europe, New York City, Hof, Beelitz, Germany
(Photo by Beata Zawrzel/NurPhoto via Getty Images)Dutch health technology company Philips on Monday slightly raised its full-year targets after posting a bigger-than-expected jump in second-quarter core earnings thanks to better supply chains, a strong order book and efficiency measures. For the full year, it now expects a mid-single-digit comparable sales growth versus its previous guidance of a low-single-digit growth. Its adjusted EBITA margin is now seen at the upper end of its previously forecasted high-single-digit range. Philips, which is facing lawsuits over its recall of respiratory devices, said it had produced approximately 99% of the new replacement respiratory devices and repair kits required for the remediation of the registered affected devices. "Completing the Philips Respironics field action remains our highest priority.
Persons: Beata Zawrzel, Roy Jakobs Organizations: Philips, Getty Images, U.S . Department of Justice Locations: Warsaw, Poland, Amsterdam
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