Smith & Nephew publishes Q3 2026 trading update transcript
SNN•Smith & Nephew cut its 2026 underlying revenue growth forecast to approximately 3% after reporting 3.4% growth at its third-quarter update. It forecast trading profit of around $1.25 billion and free cash flow of approximately $750 million; discussions with J&J over a DePuy Synthes combination have ended.
1. 2026 outlook
Smith & Nephew cut its 2026 underlying revenue growth forecast to approximately 3%, citing weak US knees and hips performance. At its November 4 third-quarter trading update, CEO Deepak Nath and interim CFO Pierre Palassian reported 3.4% underlying revenue growth. Full-year trading profit is forecast at around $1.25 billion, with free cash flow of approximately $750 million.
2. Strategic options and product
Discussions with J&J over a DePuy Synthes combination have ended, while management continues to explore the full range of strategic options for Orthopaedics. The cemented knee version of LANDMARK is expected in the second quarter of 2027, with meaningful commercial traction anticipated in the second half.
