Philips has adjusted its sales-growth forecast for 2024, now anticipating a maximum increase of 1.5%, which is significantly lower than the previous estimate of up to 5%. This revision is a response to weak demand from China, which has had a negative impact on the company's order intake.
In the third quarter, Philips reported a 2% decline in order intake, which it attributed to the ongoing slump in the Chinese market. These challenges faced by the company reflect the broader economic pressures affecting global demand for medical technology products.