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Philips Forecasts 2003 Medical Unit Sales
Apr 15, 2003
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European consumer electronics group Philips expects full year sales at its medical systems business in the range of six to 6.5 billion euros (U.S. $7.0 billion), Jan Hommen, CFO, said on Tuesday. Mr. Hommen, who was speaking at an analysts' conference, said these were ballpark figures and that he expected sales to reach 1.5 billion euros ($1.6 billion) in the second quarter. Philips targets chips research and development spending of 16-18 percent of total sales at the chip unit. Mr. Hommen said Philips' long term objective is 16-18 percent. Over the past 2 years, spending was higher than 20 percent. (Reuters)

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