Philips shares fell by their most in nearly 10 months on Thursday, down over 7 per cent after traders flagged concerns about growth expectations and tariff headwinds following comments from the Dutch health technology company at a conference.

Citi said it hosted Philips CEO Roy Jakobs at its Global Healthcare Conference, where management signalled that organic sales growth would improve in 2026 from about 2 per cent expected this year but cautioned it was “unlikely” to double. Consensus currently point to growth of 4.5 per cent, Citi said.

Philips was not immediately available for comment.

According to the U.S. bank, the company reiterated its goal to improve margins in 2026 but warned that tariff headwinds next year are expected to almost double.

Philips also pointed to a similar global hospital capital spending environment in 2026 compared with 2025, with strong U.S. demand, solid Europe and international markets and muted conditions in China, Citi added.

In November, Philips reported third-quarter profit above market expectations, helped by measures to mitigate the impact of tariffs and the launch of artificial intelligence tools. Its sales grew 3 per cent.

By 0942 GMT, Philips shares were down over 7.2 per cent, leading fallers on the region-wide STOXX 600 and set for their biggest one-day drop since February. Including Thursday’s decline, the stock is down over 8 per cent this year.