Highlights

  • Q3 revenue increases with all business segments contributing to overall underlying growth.
  • Full-year outlook for revenue and margin maintained with revised cash flow guidance.
  • Share buyback completed alongside upcoming Capital Markets Days for strategic updates.

Smith&Nephew (LSE:SN) reported Q3 2025 revenues of USD 1,501 million, compared with USD 1,412 million in Q3 2024. This represents 5.0% underlying revenues growth, with reported growth at 6.3%, including a 130 bps currency tailwind. The quarter had the same number of trading days as the prior year.

Orthopaedics Update

The Orthopaedics segment delivered 4.1% underlying revenue growth and 5.1% reported growth. Growth from US Hip Implants continued, while US Knee Implants saw comparatively weaker performance.

Sports Medicine & ENT Overview

Sports Medicine & ENT posted 5.1% underlying growth and 6.4% reported growth. Growth outside China continued, and volume-based procurement (VBP) headwinds began to ease during the period.

Advanced Wound Management Progress

Advanced Wound Management recorded 6.0% underlying growth and 7.8% reported growth, supported by double-digit growth in Advanced Wound Bioactives.

Product Pipeline and Launch Activity

The company noted continued higher cadence of product launches, which management stated supports further revenue performance going forward.

Full-Year Outlook and Financial Guidance

Smith&Nephew reiterated expectations for full-year underlying revenue growth of around 5.0%, with reported growth anticipated at around 5.7%. The trading profit margin is expected to increase to between 19.0% and 20.0%.

The outlook includes an estimated USD 15–20 million net impact from tariffs in 2025, based on announced measures and mitigations.

Free cash flow guidance for the year was raised to around USD 750 million, up from the previous expectation of more than USD 600 million. The company cited working capital discipline and operational efficiency as contributing factors.

Share Buyback and Investor Engagement Plans

The company confirmed the completion of its USD 500 million share buyback. Upcoming Capital Markets Days will take place in London and New York on 8 and 11 December 2025, where management will present updated strategy, mid-term priorities, financial goals, and a review of the innovation portfolio.

Share performance of SN

SN’s shares traded at GBX 1,393.50 per share on 06 November 2025.