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Koninklijke Philips N.V. (PHG)

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54.43-0.91 (-1.64%)
At close: 4:00PM EDT

54.43 0.00 (0.00%)
After hours: 5:04PM EDT

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Previous Close55.34
Open54.73
Bid54.25 x 800
Ask54.85 x 1400
Day's Range54.35 - 55.03
52 Week Range40.54 - 61.23
Volume550,115
Avg. Volume609,240
Market Cap49.78B
Beta (5Y Monthly)0.68
PE Ratio (TTM)34.60
EPS (TTM)1.57
Earnings DateN/A
Forward Dividend & Yield1.03 (1.90%)
Ex-Dividend DateMay 10, 2021
1y Target Est67.25
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  • Oxygen Shortage in India Sparks Hunt for $1,000 Machines
    Bloomberg

    Oxygen Shortage in India Sparks Hunt for $1,000 Machines

    (Bloomberg) -- Raphael Koch, a retailer of medical devices in the small Swiss town of Wil, has been busy for the past two weeks fielding a flurry of phone calls. Most are from Indians or India-based companies looking for oxygen concentrators, with some even wanting as many as 500 at once.But Koch’s Oxymed store barely has any stock left of the little known machines that separate the critical gas from air and assist patients with low blood-oxygen levels. And he isn’t expecting fresh supplies from manufacturers at least until mid-June.“They’re desperate,” he said, referring to the callers he’s been speaking to lately. “They tell me about relatives dying on the streets, that there’s no space in the hospitals and that the few oxygen concentrators that are still available are being sold for up to 10 times the normal price.”After a new coronavirus variant unleashed a brutal wave of infections in India, taking thousands of lives and sending millions to overcrowded and poorly equipped hospitals, demand has shot up for the device. When health-care facilities are running short of oxygen tanks and beds, the portable machine is increasingly becoming a line of defense for those seeking to avert breathing difficulties while recuperating at home.Worst CrisisIndia has reported more than 300,000 daily infections for 21 consecutive days, highlighting the country’s slide into the world’s worst health crisis. One research model is predicting deaths could quadruple to 1,018,879 from the current official count of almost 254,200. Just as some countries needed ventilators in large quantities last year, India is now desperately seeking oxygen supplies and concentrators.The latest outbreak has seen oxygen requirements at Indian hospitals rise 10-fold, according to Abhinav Mathur, founder of the Million Sparks Foundation, which is part of efforts around Delhi to import the devices and donate them to healthcare facilities. A small part of this surge is being met by the concentrators, he said.To be sure, oxygen concentrators are useful only to those who don’t require intensive care. The machines deliver about five to 10 liters of the gas per minute, typically at about 93% purity, whereas those fighting Covid in hospitals may need as much as 60 liters per minute, which can be met only by liquid-oxygen tanks.Data tracked by the Indian Council of Medical Research between August 2020 and April 2021 show shortness of breath was reported by almost 48% of patients hospitalized this year, compared with about 42% last year. Oxygen utilization jumped to 55% in the second wave, from 41% during the first.Foreign AidIndia needs as many as 200,000 oxygen concentrators to meet the current demand, or five times pre-pandemic levels, Mathur said. Prime Minister Narendra Modi’s government on May 10 said it distributed 6,738 of them from the pool of foreign aid it received in recent weeks, underscoring the inadequacy of supplies and donations trickling in from countries ranging from the U.S. to China and Switzerland.Distraught families are looking to source the gadget -- which could set some back by as much as $1,000, or about half of India’s per capita gross domestic product -- from wherever they can. The cost is an additional burden for some Indians who face shrinking incomes after losing businesses and jobs to lockdowns. A study by Pew Research Center showed an estimated 75 million people slipped into poverty in India since the outbreak began.Some of the biggest manufacturers including Royal Philips NV are stepping in to help. The company has “significantly increased its global production and is making these products available in India to help save more lives,” Philips said in an emailed statement, declining to elaborate.Enough CapacityChinese maker Jiangsu Yuyue Medical Equipment & Supply Co. said in an investor call in April that “orders from India continue to grow.” The Nanjing-based company said its daily production capacity of 4,000 units is sufficient to deliver orders amounting to 18,000 pieces. Shares of the company have jumped 15% in the past month in Shenzhen, compared with the 1.6% gain in the Shenzhen Stock Exchange Composite Index.Koch’s Oxymed website lists several oxygen concentrators. The EverFlo by Philips, for example, costs 1,550 Swiss francs ($1,715). Other devices have price tags ranging from 1,250 francs to 4,850 francs.Models imported from China may be more affordable at 25,000 rupees ($340), but because of high demand and price gouging, some in Delhi are paying 80,000 rupees for a piece. Indian budget airline SpiceJet Ltd. said it has airlifted more than 27,000 oxygen concentrators from the U.S., Hong Kong, mainland China and Singapore.Until recently, India’s federal government used to levy an import duty of as much as 20.4% on the oxygenators, but the levies were scrapped temporarily in the first week of May after the red tape prevented life-saving equipment and medicines from reaching the needy.A relief fund set up by the prime minister last year is set to order 150,000 units of an oxygen supply system developed by India’s Defence Research & Development Organisation, the government said Wednesday.Demand for these oxygen concentrators are only likely to surge further, said Million Sparks Foundation’s Mathur. Home care, government-run facilities adding more beds and hotels getting converted into Covid care centers will fuel the demand, he said.“The next big worry is that the pandemic is clearly seen moving to semi-urban and rural areas,” he said. “The government should start to plan for improving the availability of oxygen in these areas to be ready to respond.”Meanwhile, in a tiny village about 20 miles east of Zurich, Dino Vivarelli runs MediCur AG, a specialist retailer of all things oxygen, ranging from therapies to air purifiers. He has never done business outside of Switzerland.But after the Indian embassy contacted him about two weeks ago to source large quantities of liquid oxygen, Vivarelli said he’s been getting inquiries from charities and the Indian diaspora in Switzerland and Germany. Until recently, he said he used to be able to order oxygen concentrators by the dozen by email and receive them the next day.“Those days are over,” he said by phone. “It started with a delay of a week. Now we’re already at about a month.”(Updates with PM relief fund ordering oxygen care units in 16th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • 130 years of Philips innovation, collaboration, and social responsibility
    GlobeNewswire

    130 years of Philips innovation, collaboration, and social responsibility

    Philips Sonicare Power Toothbrush 9900 Series Prestige with SenseIQ Philips’ AI Workflow Suite – IntelliSpace – Philips Image Guided Therapy System – Azurion – Philips eICU program Early Philips diagnostic X-ray solution used in 1933 in the Netherlands Screening Philips staff for or tuberculosis in 1951 in the Netherlands To celebrate 130 years of Philips Frans van Houten, CEO of Philips, opened the Euronext Amsterdam Stock Exchange this morning May 12, 2021 Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today celebrated 130 years of innovation, collaboration, and social responsibility. During its rich history since being founded on May 15, 1891, in Eindhoven in the Netherlands, the company has continuously reinvented itself to remain relevant to society. Today, Philips is a leading health technology company with a purpose to improve the lives of 2.5 billion people a year by 2030 through meaningful innovation. “The company’s 130th anniversary is a celebration of the continuous innovation journey that has enabled Philips to positively impact the lives of so many people around the globe,” said Frans van Houten, CEO of Royal Philips. “It’s also about looking forward – continuing to innovate, collaborate and live up to the highest standards of doing business responsibly and sustainably. We will continue to team up with innovators, experts and society to help create new ground-breaking solutions to today’s healthcare challenges.” New sculpture of Gerard PhilipsAs a tribute to 130 years of innovation and collaboration, Philips will offer an artwork of Gerard Philips, who together with his father Frederik Philips, founded the company. The sculpture will be unveiled in Eindhoven city center at a newly developed public location. Gerard later also founded Philips’ research laboratories in Eindhoven, the strong foundation of Philips’ global innovation strength today, which currently includes five innovation hubs and multiple innovation and manufacturing sites. Philips spends EUR 1.8 billion annually on R&D to fuel the company’s growth and intellectual property, which comprises approx. 59,000 patent rights and 31,000 trademarks. Innovation and entrepreneurship Philips’ entry into health technology took place during the First World War when it applied the skills it had developed for manufacturing lightbulbs to repairing, and subsequently manufacturing, X-ray tubes for diagnostic imaging, rapidly innovating their design to minimize X-ray exposure and improve image quality. Since then, Philips has innovated virtually every major medical imaging modality from ultrasound to MRI and CT systems. Philips’ current innovations span the health continuum from healthy living and disease prevention to diagnosis, treatment, and care in the home. By bringing together devices, systems, software, artificial intelligence (AI) and advanced analytics, the company today develops intelligent solutions that help consumers around the world to live healthy lifestyles and enable healthcare providers to deliver on the quadruple aim: enhancing the patient experience, improving health outcomes, lowering the cost of care, and improving the work life of care providers. Recent examples include: Philips’ AI Workflow Suite – IntelliSpace – a solution for AI-assisted radiology workflows, automatically distributing data to AI applications to increase efficiency/productivity, reduce staff overload, and enhance the patient experience.Philips Image Guided Therapy System – Azurion – accelerating the move from open surgery to minimally-invasive surgery, enabling patients to recover faster and hospital systems to reduce costs.Philips’ eICU telemedicine program and wearable biosensor – enabling patients to be expertly monitored 24/7 inside and outside hospitals.AI-powered personal health innovations, such as Philips Sonicare Power Toothbrush 9900 Series Prestige with SenseIQ and its advanced Shaver 9000 Series with SkinIQ technology, are driving the personalization of consumer health through solutions that adapt to an individual user’s unique behavior and needs. Collaboration and partnershipsIn an ever more complex and interconnected world, meaningful innovation in healthcare also requires co-creation through partnerships and collaborations with leading clinical researchers and care providers. Key examples of leading institutes that Philips collaborates with include: University Medical Center Utrecht (The Netherlands) - advancing precision diagnosis through breakthrough quantitative MRI technology – MR STAT.Dana-Farber Cancer Institute (Boston, U.S.) - co-developing Philips Oncology Pathways powered by Dana-Farber to provide clinicians worldwide with access to best-practice and personalized care recommendations for patients, based on the latest scientific advances.Singapore General Hospital (Singapore) - leveraging Philips Pathology Suite – IntelliSite – in the development of AI-based toolsU.S. Department of Veterans Affairs (US), expanding the VA’s critical tele-critical care program by creating the world’s largest system comprising more than 1,700 sites and serving nearly nine million veterans each year. The program aims to provide veterans with remote access to intensive care expertise, including research into technologies that can better support veterans.MONET Technologies Inc. (Japan) - Philips, MONET Technologies and Ina City are addressing the rapidly aging population and shortage of medical facilities and healthcare professionals in Japan through a mobile healthcare vehicle concept equipped with connected care technologies. Philips also enters into long-term strategic partnerships with hospitals and hospital groups that are characterized by new business models and the move from one-time transactions to continuous relationships aimed at offering hospitals a holistic solution that addresses their clinical, operational, and business needs. For example, with: Klinikum Stuttgart Hospital (Stuttgart, Germany) – a 10-year innovation partnership to keep the hospital equipped with the latest state-of-the-art diagnostic imaging, informatics, and connected care solutions.Flevo Hospital (Almere, The Netherlands) – a 10-year strategic partnership agreement to continuously innovate and optimize patient care in the Almere region of the Netherlands. Social responsibilityPhilips’ recognition of its social responsibility goes as far back as 1932, when it started screening its staff, and eventually the whole population of Eindhoven (the Dutch city where the company was founded) for tuberculosis. In the 1990s Philips helped to pioneer the Dutch national breast cancer screening program. Today, the company’s Environmental, Social and Corporate Governance (ESG) commitments are enshrined in its new 5-year ESG targets and strategic plans. Philips is already carbon neutral in its operations and is set to further reduce its CO2 emissions in line with 1.5°C global warming and source 75% of its total energy consumption from renewables. The company also aims to increase revenue from circular economy solutions to 25% of sales by 2025. As part of its target to improve the lives of 2.5 billion people a year by 2030, Philips is committed to improving access to care for 400 million people in underserved communities. In collaboration with key strategic partners and the Philips Foundation, it is enabling care in resource constrained settings, for example, by putting portable ultrasound solutions into the hands of trained midwives at primary care facilities in Kenya, and establishing hospital-based cardiology centers in regional cities across India. For details of the above innovations, collaborations, partnerships and ESG targets, click here. For more information on Philips history, click here or visit the Philips Museum website. For further information, please contact: Joost MalthaPhilips Global Press OfficeTel.: +31 6 10 55 81 16E-mail: joost.maltha@philips.com Tommie DijstelbloemPhilips BeneluxTel.: +31 6 19 28 83 20E-Mail: tommie.dijstelbloem@philips.com About Royal Philips Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2020 sales of EUR 17.3 billion and employs approximately 77,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter. Attachments Press Backgrounder - Innovation and entrepreneurship, collaboration and strong commitment to ESG goals power Philips' continued relevance to society as it reaches its 130th anniversary Philips Sonicare Power Toothbrush 9900 Series Prestige with SenseIQ Philips’ AI Workflow Suite – IntelliSpace – Philips Image Guided Therapy System – Azurion – Philips eICU program Early Philips diagnostic X-ray solution used in 1933 in the Netherlands Screening Philips staff for or tuberculosis in 1951 in the Netherlands To celebrate 130 years of Philips Frans van Houten, CEO of Philips, opened the Euronext Amsterdam Stock Exchange this morning

  • Business Wire

    MedShare to Give Expectant Mothers in Underserved Bay Area Communities Access to State-of-the-Art Philips Ultrasound Imaging Solutions in Time for Mother’s Day

    Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced that it has donated state-of-the-art Philips ultrasound imaging solutions to MedShare, an Atlanta-based humanitarian aid organization dedicated to global health, which will distribute the solutions to safety net clinics like Axis Community Health in Northern California. Through MedShare’s Safe Birthing Initiative (SBI), which looks to strengthen the capacity of maternity and neonatal units in communities using global best practices, Philips ultrasounds will help to address birth equity challenges for underserved communities in the U.S. As MedShare engages with local clinics and helps expand their OBGYN services, it also aims to demonstrate that the addition of diagnostic ultrasound equipment in community-based health practices can help patients receive better and more efficient care, which can lead to better health outcomes for mothers and newborn children.