Smith & Nephew plc filed a Form 6-K with the SEC on November 4, 2026, containing its Third Quarter 2026 Trading Update for the quarter ended 26 September 2026, disclosing revenue of $1,551 million, revised full-year guidance, and confirmed discussions with Johnson & Johnson that have since ended.

Key Highlights

  • Q3 revenue of $1,551 million compared to $1,501 million in Q3 2025, representing 3.4% growth on both a reported and underlying basis, according to the filing.
  • Full-year revenue growth guidance revised to around 3% on an underlying basis, down from prior expectations, reflecting outlook for US Hips and Knees in Q4.
  • Trading profit now expected to be around $1,250 million for the full year, with trading profit growth around 4%, the company disclosed.
  • Free Cash Flow now expected to be around $750 million, with trading cash conversion of around 95%, per the filing.
  • $250 million of a $500 million share buyback completed by the end of Q3, the filing stated.
  • Discussions with Johnson & Johnson regarding a possible combination with its DePuy Synthes business took place but "those conversations have now ended," according to the filing.
  • Cementless LANDMARK Knee received 510(k) clearance from the FDA, with first US surgical cases completed during the quarter.

Smith+Nephew Reports Q3 Trading Results and Revised 2026 Outlook

According to the filing, Smith & Nephew plc (LSE:SN, NYSE:SNN) reported consolidated revenue of $1,551 million for the third quarter ended 26 September 2026, up from $1,501 million in the same period of 2025. The quarter comprised 63 trading days, in line with Q3 2025. The company attributed the 3.4% underlying growth to strong performance in Sports Medicine & ENT, which posted $507 million in revenue versus $469 million a year earlier, representing 8.0% reported growth. Sports Medicine Joint Repair specifically grew 11.1% on a reported basis to $283 million, the filing indicated.

The company disclosed that Orthopaedics "returned to growth, despite soft market conditions and continued weak performance in US Hips and Knees." The filing noted that more than 50% of Q3 growth came from products launched in the last five years, citing double-digit growth in CATALYSTEM, CONCELOC, AETOS, CORI, REGENETEN, Q-FIX, FASTSEAL, LEAF, and PICO. Advanced Wound Management also showed improved performance, led by acceleration in Devices, according to the filing.

The company confirmed it has revised full-year guidance, with revenue growth now expected at around 3% on an underlying basis, trading profit around $1,250 million representing around 4% growth, and Free Cash Flow around $750 million with cash conversion of around 95%. The filing also confirmed that Smith+Nephew approached Johnson & Johnson "earlier in the year" regarding a possible combination with its DePuy Synthes business, that "discussions did take place," but that "those conversations have now ended." The company stated it "will continue to actively explore the full range of strategic options" for its Orthopaedics business.

What Was Disclosed

Smith & Nephew filed a Form 6-K on November 4, 2026, disclosing Q3 2026 revenue of $1,551 million, a 3.4% underlying growth rate, downward revision of full-year guidance, FDA clearance for the LANDMARK cementless knee, and ended strategic discussions with Johnson & Johnson.