After more than a year of respirator recalls, it’s probably no surprise that Philips reported lower-than-expected revenues for the third quarter of this year. But that announcement also came with the revelation that the company is now laying off 4,000 workers and planning for even more restructuring. Fierce Medtech's Andrea Park discusses this latest news and digs into the long line of problems that led to this decision.

Philips' downward slide started last June, with the recall of CPAP and BiPAP machines used to treat sleep apnea. As of this July, the FDA tallied 168 related deaths, and as of mid-October there were at least 342 pending class action cases against the company.
Philips cuts 4,000 jobs, with more restructuring on the way, amid slipping sales and rising costs
With FDA decision penciled in for May, GSK powers ahead in RSV race with Pfizer
Johnson & Johnson doles out $16.6B to snatch up miniaturized heart pump maker Abiomed
Thermo Fisher ties up $2.6B deal for cancer diagnostics maker The Binding Site
Alkermes joins Bristol Myers in IL-2 exit with oncology business spinoff
Pfizer boosts COVID vaccine projection to $34B on the back of strong Comirnaty haul

After more than a year of respirator recalls, it’s probably no surprise that Philips reported lower-than-expected revenues for the third quarter of this year. But that announcement also came with the revelation that the company is now laying off 4,000 workers and planning for even more restructuring. Fierce Medtech's Andrea Park discusses this latest news and digs into the long line of problems that led to this decision.
Philips' downward slide started last June, with the recall of CPAP and BiPAP machines used to treat sleep apnea. As of this July, the FDA tallied 168 related deaths, and as of mid-October there were at least 342 pending class action cases against the company.
<ul>
<li><a href="https://www.fiercebiotech.com/medtech/philips-cuts-4000-jobs-more-restructuring-way-amid-slipping-sales-and-rising-costs" data-cke-saved-href="https://www.fiercebiotech.com/medtech/philips-cuts-4000-jobs-more-restructuring-way-amid-slipping-sales-and-rising-costs">Philips cuts 4,000 jobs, with more restructuring on the way, amid slipping sales and rising costs</a></li>
<li><a href="https://www.fiercebiotech.com/biotech/fda-decision-pencilled-may-gsk-sails-ahead-rsv-race-pfizer" data-cke-saved-href="https://www.fiercebiotech.com/biotech/fda-decision-pencilled-may-gsk-sails-ahead-rsv-race-pfizer">With FDA decision penciled in for May, GSK powers ahead in RSV race with Pfizer</a></li>
<li><a href="https://www.fiercebiotech.com/medtech/johnson-johnson-snatches-miniaturized-heart-pump-maker-abiomed-166b" data-cke-saved-href="https://www.fiercebiotech.com/medtech/johnson-johnson-snatches-miniaturized-heart-pump-maker-abiomed-166b">Johnson &amp; Johnson doles out $16.6B to snatch up miniaturized heart pump maker Abiomed</a></li>
<li><a href="https://www.fiercebiotech.com/medtech/thermo-fisher-ties-26b-deal-cancer-diagnostics-maker-binding-site" data-cke-saved-href="https://www.fiercebiotech.com/medtech/thermo-fisher-ties-26b-deal-cancer-diagnostics-maker-binding-site">Thermo Fisher ties up $2.6B deal for cancer diagnostics maker The Binding Site</a></li>
<li><a href="https://www.fiercepharma.com/pharma/alkermes-will-rock-spinoff-its-oncology-business" data-cke-saved-href="https://www.fiercepharma.com/pharma/alkermes-will-rock-spinoff-its-oncology-business">Alkermes joins Bristol Myers in IL-2 exit with oncology business spinoff</a></li>
<li><a href="https://www.fiercepharma.com/pharma/pfizers-comirnaty-rakes-44b-third-quarter-company-adjusts-annual-projection-34b" data-cke-saved-href="https://www.fiercepharma.com/pharma/pfizers-comirnaty-rakes-44b-third-quarter-company-adjusts-annual-projection-34b">Pfizer boosts COVID vaccine projection to $34B on the back of strong Comirnaty haul</a></li>
</ul>

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech, and Fierce Pharma recount the latest industry trends and why they matter. We'll analyze the week's biggest business news, from mergers and marketing to drug R&D and device development. Available every Friday morning. 

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech, and Fierce Pharma recount the latest industry trends and why they matter. We'll analyze the week's biggest business news, from mergers and marketing to drug R&amp;D and device development. Available every Friday morning.&nbsp;

The Top Line

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech and Fierce Pharma recount the latest industry trends and why they matter. We’ll analyze the week’s biggest business news—from mergers and marketing to drug R&D and device development. Available every Friday morning.

 

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech and Fierce Pharma recount the latest industry trends and why they matter. We&rsquo;ll analyze the week&rsquo;s biggest business news&mdash;from mergers and marketing to drug R&amp;D and device development. Available every Friday morning.
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