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Market
How will Philips' global market share in medical devices change by end of 2024?
5
Resolution / Starting Odds
Increase in market share • 33%
No change in market share • 33%
Decrease in market share • 33%
Market research reports, industry analysis
Story
Philips Settles US Sleep Apnea Lawsuits for $1.1B; Stock Surges, Valuation Hits $28.9B
Apr 29, 2024, 07:05 AM
Philips, the Dutch medical device maker, has agreed to pay $1.1 billion to settle personal injury lawsuits in the United States related to its defective sleep apnea machines. The settlement resolves claims arising from a global recall of millions of the ventilators, which were found to expel debris and potentially cause cancer due to degraded foam. The resolution was significantly lower than the market's expectation, leading to a substantial increase in Philips' stock price, which soared up to 43%, resulting in a valuation of $28.9 billion.
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Significant increase • 33%
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