reports
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Michiel Declercq
Philips Ready to Start from a Clean Sheet
Running up to the CMD on 10 February, we initiate coverage on Philips with an Accumulate rating and a €27.5 TP. While we see potential for the company to positively surprise with its 2028 margin ambitions, investors will likely focus on the phasing, as 2026 margins will still be held back by tariff normalization. Nevertheless, with the majority of Respironics-related uncertainty now behind us, we believe Philips has room to increase shareholder returns and potentially announce a new share buybac...
Philips named a Clarivate Top 100 Global Innovator for the 13th consec...
Philips named a Clarivate Top 100 Global Innovator for the 13th consecutive year January 21, 2026 Highest-ranking medical technology company recognized in the Clarivate Top 100 Global Innovators list for 2026Innovations for healthcare professionals and consumers that support better care delivery and improve people’s health and well-beingIndustry-leading commitment to R&D, with over EUR 1.7 billion invested annually, equivalent to approximately 9% of sales Amsterdam, the Netherlands – (NYSE: PHG, AEX: PHIA), a global leader in health technology, has been named a for the 13th consecutive ...
- Research Department
IBERIAN DAILY 24 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA ENERGÍA, GRIFOLS. US GDP spurs the markets European stock markets ended the session better than they began, leaving the losses in the rearview mirror after the strong US GDP data release. In the STOXX 600, Pharma and Basic Materials were the sectors rising the most, with Travel&Leisure and Media being the worst performers. On the macro side, in Spain the final 3Q’25 GSP confirmed the preliminary 2.8% YoY. In the US, the 3Q’25 GDP rose more than expected to 4.3% QoQ thanks ...
- Research Department
INFORME DIARIO 24 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA ENERGÍA, GRIFOLS. EUROPA: SANOFI. El PIB de EE.UU. anima las bolsas Jornada de menos a más en las bolsas europeas, que tras el buen dato de PIB en EE.UU. dejaron las pérdidas atrás. En el STOXX 600, Farma y R. Básicos fueron los sectores que más subieron frente a Viajes&Ocio y Media que fueron los que peor comportamiento relativo mostraron. Por el lado macro, en España el PIB final del 3T’25 confirmó el 2,8% a/a preliminar. En EE.UU. el PIB...
- Research Department
IBERIAN DAILY 17 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, INDRA. Doubts do not disappear they change Calm prevailed at both sides of the Atlantic with a battery of macroeconomic data that did not convince the market. In the STOXX 600, almost all sectors (16/20) ended with drops, led by Energy and Industrials vs. the larger gains of Consumer Goods, Financial Services and Retail Estate. On the macro side, in the euro zone, November’s PMI fell more than expected (the manufacturing PMI was at its lowest level in 8 months) but the co...
- Research Department
INFORME DIARIO 17 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, INDRA Las dudas no desaparecen, se transforman Volvió la cautela a ambos lados del Atlántico con una batería de datos macro que no convenció al mercado. En el STOXX 600, casi todos los sectores (16/20) terminaron con caídas, lideradas por Energía e Industriales frente a las mayores ganancias de B. de Consumo, Servicios Financieros e Inmobiliario. Por el lado macro, en la Eurozona los PMI’s de noviembre cayeron más de lo esperado (manufactur...
Philips agrees to acquire SpectraWAVE Inc., advancing next-generation ...
Philips agrees to acquire SpectraWAVE Inc., advancing next-generation coronary intravascular imaging and physiological assessment with AI December 15, 2025 Acquisition of SpectraWAVE’s next-generation technologies including HyperVueTM Imaging System with Enhanced Vascular Imaging for comprehensive, rapid, and AI-supported imaging inside the coronary arteries, and X1TM-FFR, an AI-enabled angio-based FFR technology that delivers rapid, accurate coronary physiology assessment from a single angiogram [1] SpectraWAVE’s technologies have the potential to significantly increase adoption of corona...
Philips reiterates timing of 2026 outlook
Philips reiterates timing of 2026 outlook December 4, 2025 Amsterdam, the Netherlands – (NYSE: PHG, AEX: PHIA), a global leader in health technology, today reaffirmed that its 2026 outlook will be issued as planned on February 10, in line with the company’s previously communicated schedule. As previously guided, the company expects continued performance improvement with sequential comparable sales growth, expanded margins (despite tariff headwinds) and strong cashflow. The company continues to expect comparative sales growth to accelerate sequentially in 2026 towards mid-single-digit gro...
Philips expands commercial availability of world’s first real-time AI-...
Philips expands commercial availability of world’s first real-time AI-enabled light-based 3D navigation solution for image-guided therapy December 1, 2025 Commercial availability expanded across Europe and the United StatesReal-time AI-enabled 3D device visualization powered by light instead of X-ray, improving navigation in complex endovascular proceduresLumiGuide seamlessly integrates with Azurion, Philips’ proven, world-leading image-guided therapy platform designed to drive procedural innovation across clinical domains Amsterdam, the Netherlands and Chicago, USA – (NYSE: PHG, AEX: PH...
Philips launches Verida, world’s first detector-based spectral CT powe...
Philips launches Verida, world’s first detector-based spectral CT powered by breakthrough AI, to advance diagnostic precision November 30, 2025 Philips pioneered detector-based spectral CT, which has been widely adopted in clinical routine exams across anatomies, supported by over 800 peer-reviewed publications [1]CE-marked, 510k pending Verida CT [2] integrates AI across the imaging chain, providing superb image quality while accelerating workflow and reducing dose [3, 4] Amsterdam, the Netherlands and Chicago, USA – At RSNA 2025, (NYSE: PHG, AEX: PHIA), a global leader in health techno...
Philips unveils BlueSeal Horizon, industry’s first helium-free 3.0T MR...
Philips unveils BlueSeal Horizon, industry’s first helium-free 3.0T MRI platform November 30, 2025 Major technology breakthrough combines advanced AI for clinical insights and accelerated workflow in new premium 3.0T MRI platform [1] Amsterdam, the Netherlands, and Chicago, USA – (NYSE: PHG, AEX: PHIA), a global leader in health technology, today unveiled BlueSeal Horizon [1], an entirely new 3.0T MRI innovation platform that includes the industry’s first helium-free 3.0T magnet at . A pivotal advance in MRI innovation, helium-free [2] 3.0T is a major scientific achievement set to have s...
Philips launches next-generation web-based diagnostic viewer for fast,...
Philips launches next-generation web-based diagnostic viewer for fast, secure imaging data access anywhere November 24, 2025 New viewer offers full radiology capabilities, interfaces with AI and interactive reporting module to streamline workflows Amsterdam, the Netherlands – (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced the launch of Philips Image Management 15, the next generation of Philips Vue PACS, including a zero-footprint, [1] that transforms how radiologists access and interpret medical images. Designed with a brand-new user interface, the viewe...
Philips and Cortechs.ai extend partnership to advance quantitative neu...
Philips and Cortechs.ai extend partnership to advance quantitative neuroimaging and strengthen Philips’ leadership in precision diagnostics in neurology November 19, 2025Amsterdam, the Netherlands – (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced an extended partnership with , a pioneer in quantitative neuroimaging solutions. Together, the companies will integrate Cortechs.ai’s advanced AI-enabled neuroimaging analytics directly into Philips’ MR systems [1], empowering clinicians with faster, more objective, and reproducible insights into brain health. The col...
- Marc Hesselink
- CFA
- Thymen Rundberg
Philips/Something better, something worse/HOLD
Philips reported a better-than-expected 3Q25 update although with mixed underlying quality. We have limited changes to estimates and reiterate our €23/share target price and Hold rating. We believe valuation is fair relative to peers given Philips' lower growth and margin profile.
Philips brings AI into the procedure room to assist doctors during hea...
Philips brings AI into the procedure room to assist doctors during heart valve repair November 17, 2025Innovation uses AI to track and visualize tiny repair devices* through the beating heart, helping clinicians navigate in 3D with enhanced clarity and confidence**Amsterdam, the Netherlands – (NYSE: PHG, AEX: PHIA), a global leader in health technology, today introduced DeviceGuide, an AI-powered device tracking* solution that assists physicians during one of interventional cardiology’s most technically demanding procedures: repairing leaking heart valves through a minimally invasive appr...
- Luis Arredondo
GRIFOLS: 3Q'25 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'25 vs. 3Q'24 Results Sales: € 1.865 Bn (+4.0% vs. +4.0% BS(e) and +3.0% consensus); EBITDA: € 482.0 M (+4.3% vs. +2.6% BS(e) and +1.1% consensus); EBIT: € 354.2 M (+11.7% vs. +9.5% BS(e) and +6.6% consensus); Net Profit: € 126.96 M (+144.2% vs. +129.3% BS(e) and +149.1% consensus); 9M'25 vs. 9M'24 Results Sales: € 5.542 Bn (+5.8% vs. +5.8% BS(e) and +5.5% consensus); EBITDA: € 1.358 Bn (+14.5% vs. +13.8% BS(e) and +13.3% consensus); EBIT: € 971.91 M (+18.5% vs. +17.6% BS(e) and +16.5% consens...
- Luis Arredondo
GRIFOLS: RDOS. 3T’25 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'25 vs 3T'24: Ventas: 1.865 M euros (+4,0% vs +4,0% BS(e) y +3,0% consenso); EBITDA: 482,0 M euros (+4,3% vs +2,6% BS(e) y +1,1% consenso); EBIT: 354,2 M euros (+11,7% vs +9,5% BS(e) y +6,6% consenso); BDI: 126,96 M euros (+144,2% vs +129,3% BS(e) y +149,1% consenso); Rdos. 9meses'25 vs 9meses'24: Ventas: 5.542 M euros (+5,8% vs +5,8% BS(e) y +5,5% consenso); EBITDA: 1.358 M euros (+14,5% vs +13,8% BS(e) y +13,3% consenso); EBIT: 971,91 M euros (+18,5% vs +17,6% BS(e) y +16,5% consenso);...
- Research Department
IBERIAN DAILY 05 NOVEMBER + 3Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: GRIFOLS, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’25 results to be released over the coming days in Spain. Stock markets tentative By contrast to Monday, yesterday stock markets ended better than they opened, although most ended in the red, with tech stocks linked to AI leading the drops after the rally over the past few weeks. In the STOXX 6...
- Research Department
INFORME DIARIO 05 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’25. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, TEEFÓNICA. EUROPA: AHOLD DELHAIZE, BMW. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’25 que se publicarán en España y Europa en los próximos días. Las bolsas dudan A diferencia del lunes, las bolsas fueron de menos a más, aunque la mayoría terminaron en negativo con los valores tecnológicos li...
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