Smith+Nephew Q3 Revenue Rises 3.4% YoY To $1.551B; $250M Of $500M Buyback Completed; Confirms Johnson & Johnson Talks Ended, Still Exploring Orthopaedics Strategic Options

Smith+Nephew trading update for the quarter ended 26 September 2026.

Q3 Highlights

• Q3 revenue of $1,551 million (Q3 2025: $1,501 million), representing 3.4% revenue growth on both an underlying and reported basis (Q3: 63 trading days, in line with Q3 2025):
  • Strong Sports Medicine & ENT performance, including double-digit growth in Sports Medicine Joint Repair
  • Improved performance in Advanced Wound Management, led by acceleration in Devices
  • Orthopaedics returned to growth, despite soft market conditions and continued weak performance in US Hips and Knees
  • Double-digit growth in CATALYSTEM™, CONCELOC™, AETOS™, CORI™, REGENETEN™, Q-FIX™, FASTSEAL™, LEAF™ and PICO™
• Cementless LANDMARK™ Knee received 510(k) clearance, with first US surgical cases completed
• Completed first cases using TESSA™ Spatial Surgery System for femoral repair of the ACL, and submitted for regulatory approval for use in tibial tunnel placement

Full year guidance updated

• Revenue growth now expected to be around 3% on an underlying basis, reflecting our outlook for US Hips and Knees in the fourth quarter and market conditions
• Trading profit growth now expected to be around 4%, with trading profit around $1,250 million
• Free Cash Flow now expected to be around $750 million, with strong trading cash conversion of around 95%

RISE strategy progress

• Investing in higher growth and margin Sports Medicine and Advanced Wound Management businesses where we see a clear route to market leadership
• Continuing to focus on improving Orthopaedics performance as we successfully launch new products while we actively explore the full range of options to deliver value for stakeholders

Share buyback

• Previously announced $500m share buyback on track, with $250 million completed by the end of Q3, reflecting our continued strong cash flow and balance sheet