Philips has reduced its 2024 sales growth forecast to a maximum of 1.5% due to weak demand from China, leading to a 16% drop in shares—the largest in two years. The company faces challenges from an anti-corruption campaign affecting medical technology purchases and ongoing recalls of defective sleep apnea devices, costing around $5 billion. CEO Roy Jakobs noted that uncertainty in China will persist, although growth remains solid in other regions.
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