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Reuters | Equities.com |

Philips said the U.S. Department of Health had canceled most of an order for 43,000 ventilators, leading the Dutch medical equipment maker to cut its 2020 earnings outlook.

The termination follows a July report by the U.S. Congress House Subcommittee on Economic and Consumer Policy that found the White House had overpaid Philips by at least $500 million. Philips denied any profiteering on ventilators.

Philips was one of several firms contracted by th...