Sign in

    Julien Ouaddour • Bank of America

    Julien Ouaddour's questions to Koninklijke Philips NV (PHG) leadership

    Julien Ouaddour's questions to Koninklijke Philips NV (PHG) leadership • Q1 2025

    Question

    Julien Ouaddour questioned the confidence in the strong second-half acceleration required to meet guidance amid macro uncertainty. He also asked for clarification on the free cash flow guidance cut, specifically how much was due to tariffs and why the cash impact differs from the P&L impact.

    Answer

    CFO Charlotte Hanneman explained the second-half sales uplift is partly 'mechanical' due to much easier year-over-year comparables in China for both Health Systems and Personal Health. CEO Roy Jakobs added that confidence is also supported by a better-filled order book. On cash flow, Hanneman confirmed the reduction is entirely driven by tariffs, explaining that the cash impact is felt upfront as duties are paid, while the P&L impact is recognized over time as inventory turns.

    Ask Fintool Equity Research AI

    Julien Ouaddour's questions to Koninklijke Philips NV (PHG) leadership • Q4 2024

    Question

    Julien Ouaddour sought to confirm if the Personal Health business is the primary reason for Philips' China guidance differing from peers. He also asked about the potential risk to U.S. hospital budgets from future healthcare spending cuts.

    Answer

    CEO Roy Jakobs confirmed that the Personal Health business, with its double-digit decline in the first half, is indeed the main factor driving the mid- to high single-digit decline forecast for China. Regarding U.S. hospital CapEx, he stated that Philips expects the current strong momentum to continue, driven by robust underlying demand, and that it is difficult to speculate on the impact of potential future policy changes.

    Ask Fintool Equity Research AI

    Julien Ouaddour's questions to Koninklijke Philips NV (PHG) leadership • Q2 2024

    Question

    Julien Ouaddour of Bank of America asked about the performance of the Ultrasound business, particularly regarding reported market share loss in China, sought an update on the European class action for Respironics, and requested a breakdown of order intake by modality.

    Answer

    CFO Abhijit Bhattacharya explained that Ultrasound's flat performance was due to a tough comparison against over 30% growth in H1 2023 as supply chains normalized, and expressed confidence in new product launches. CEO Roy Jakobs addressed the European class action, stating it's in very early stages with limited information, and Philips will defend itself rigorously. He noted the legal system differs from the U.S. CFO Bhattacharya declined to provide an order intake breakdown by modality for competitive reasons.

    Ask Fintool Equity Research AI

    Julien Ouaddour's questions to Alcon AG (ALC) leadership

    Julien Ouaddour's questions to Alcon AG (ALC) leadership • Q4 2024

    Question

    Julien Ouaddour asked for more detail on the IOL market momentum and share gains in China, and questioned if the Surgical segment's margin would expand in 2025.

    Answer

    CEO David Endicott confirmed that China is expected to perform well in 2025, with significant share gains since participating in the VBP, driven largely by Vivity. He reminded that China's European-level pricing moderates the value impact of unit growth. CFO Tim Stonesifer stated that the Surgical segment will see slight margin expansion, though increased equipment sales from new launches will exert some initial pressure.

    Ask Fintool Equity Research AI