Quarterly ResultAug 4, 2026, 06:08 AM
Smith+Nephew H1 Revenue $3.097B, EPSA 47.7¢; FY Revenue Guidance Cut
AI Summary
Smith+Nephew reported H1 2026 revenue of $3,097 million, up 2.3% on an underlying basis, and trading profit of $566 million, an 8.1% increase. Adjusted EPS rose 11.0% to 47.7¢. Despite strong profit growth, the company reduced its full-year revenue growth guidance from approximately 6% to 4% due to softer Q2 performance in US Orthopaedics and Advanced Wound Bioactives. However, guidance for trading profit, free cash flow, and adjusted ROIC remains unchanged, supported by an additional $50 million in efficiency savings.
Key Highlights
- H1 2026 revenue was $3,097 million, up 2.3% underlying and 4.6% reported.
- H1 2026 trading profit increased 8.1% to $566 million, with margin up 60bps to 18.3%.
- H1 2026 adjusted EPS (EPSA) rose 11.0% to 47.7¢.
- Full year revenue growth guidance reduced from ~6% to ~4%, but profit guidance maintained.
- Interim dividend increased by 4.0% to 15.6¢ per share.
- Completed $216 million of the $500 million share buyback program.
- FDA De Novo classification granted for TESSA Spatial Surgery System.
- Identified additional $50 million in efficiency savings for 2026, totaling $200 million.
Price Impact
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