Investors
Smith+Nephew is a portfolio medical technology company focused on the repair, regeneration and replacement of soft and hard tissue.
We are a portfolio medical technology business focused on the repair, regeneration and replacement of soft and hard tissue. We exist to restore people’s bodies and their self-belief by using technology to take the limits off living.
We operate in more than 100 countries worldwide. We are a constituent of the UK’s FTSE100 and our shares are traded in London and New York. We have a progressive dividend policy and have paid a dividend to shareholders every year since 1937.
We develop and produce pioneering products across our three business units: Advanced Wound Management, Sports Medicine & ENT and Orthopaedics.
In December 2021 we announced our Strategy for Growth. Through this we will compound our outperformance in Advanced Wound Management and Sports Medicine & ENT, and regain momentum in Orthopaedics. Our ambition is to transform to a structurally higher growth company.
Our Strategy for Growth is based on three pillars.
- First, we will Strengthen the foundations of Smith+Nephew. A solid base in commercial and manufacturing will enable us to serve customers sustainably and simply, and deliver the best from our core portfolio.
- Second, we will Accelerate our growth profitably, through more robust prioritisation of resources and investment, and with continuing customer focus.
- Third, we will continue to Transform ourselves for higher long-term growth, through investment in innovation and acquisitions.
The Strategy for Growth will be delivered through the key value builders of productivity, commercial execution, innovation and acquisitions
The 12-point plan supports the first two pillars of the Strategy for Growth and will improve business performance by maximising the opportunities we have built, and addressing the challenges. Through the 12-point plan we are fundamentally changing the way we operate and deliver results.
The 12-point plan is focused on:
- Fixing Orthopaedics, to regain momentum across hip and knee implants, robotics and trauma, and win share with our differentiated technology;
- Improving productivity, to support trading profit margin expansion; and
- Further accelerating growth in our already well-performing Advanced Wound Management and Sports Medicine & ENT franchises.
Full Year 2024 Results Webcast
We released our full year 2024 results on 25 February 2025.
Webcast
Register to watch the replay of the webcast.
Financial calendar
Annual General Meeting
The Annual General Meeting (AGM) will be held at 12pm on Wednesday 30 April 2025 at Smith+Nephew Academy London, Building 5, Croxley Park, Hatters Lane, Watford, WD18 8YE.
Current and past AGM Notices of Meeting and Poll Results
News and Announcements
Capital Allocation Framework
1. Invest
- Innovation to drive organic growth
- Sustainability targets and further embed our ESG agenda
2. Acquire
- New technologies and expand in high growth segments with strong strategic fit and meet our financial criteria
3. Maintain
- Optimal balance sheet position:
- Investment grade credit ratings
- Leverage ratio of around 2x
- Dividend:
- 2024: Consistent with recent years at $37.5c for full year with an interim payment of $14.4c
- 2025 onwards: Progressive with a payout ratio of around 35% - 40%
- Interim payment of 40% of prior full year dividend
4. Return
- Surplus capital to shareholders through a regular annual buyback.
- Share buyback subject to balance sheet
Analyst Coverage
A number of leading sellside analysts cover our company and regularly write about us.
| Analyst | Company | City |
| Virendra Chauhan | AlphaValue | Paris |
| Julien Ouaddour | Bank of America | London |
| Hassan Al-Wakeel | Barclays | London |
| Sam England | Berenberg Bank | London |
| Lisa Bedell Clive | Bernstein | London |
| Caitlin Cronin | Canaccord Genuity | New York |
| Veronika Dubajova | Citi | London |
| Kane Slutzkin | Deutsche Bank | London |
| Richard Felton | Goldman Sachs | London |
| Sezgi Oezener | HSBC | Dusseldorf |
| Julien Dormois | Jefferies | Paris |
| David Adlington | J P Morgan Cazenove | London |
| Seb Jantet | Liberum | London |
| Robert Davies | Morgan Stanley | London |
| Oliver Metzger | ODDO BHF | Frankfurt |
| Jack Reynolds-Clark | RBC | London |
| Ed Ridley-Day | Redburn | London |
| Dylan Van Haaften | Stifel | London |
| Graham Doyle | UBS | London |
Credit Ratings
Smith+Nephew has solicited credit ratings from Moody’s and S&P, which are assigned as:
| Moody's | S&P | |
| Long-term rating | Baa2 | BBB+ |
| Outlook | Stable | Stable |