LONDON, June 30, 2026, 21:04 BST
- Smith & Nephew ended the day down 4.63% at 1,090.50p. The FTSE 100 (INDEXFTSE:UKX) added 0.12%.
- Cevian Capital II GP Limited increased its voting rights to 13.206621% from 13.056468%, according to a June 30 SEC filing.
- Smith+Nephew saw 3.1% underlying growth in Q1. Hitting its around-6% 2026 target will need about 6.9% growth for each of the next three quarters, using a simple 2025 revenue-weighted calculation.
Smith & Nephew plc (LON:SN) dropped 4.63% on Tuesday to finish at 1,090.50p, while the FTSE 100 (INDEXFTSE:UKX) added 0.12%. Hargreaves Lansdown reported trading volume at 5.95 million shares and a market value of £9.22 billion. London trade had closed by the time of this report.
| London market check | Latest reading |
|---|---|
| Smith & Nephew ended at | 1,090.50p |
| Smith & Nephew change | -4.63% |
| Smith & Nephew shares traded | 5.95 mln shares |
| FTSE 100 finish | 10,497.12 |
| FTSE 100 change | +0.12% |
Smith & Nephew shares fell the same day the company filed a U.S. Form 6-K, reporting that Cevian Capital II GP Limited upped its voting rights stake to 13.206621%, or 111,788,454 voting rights. The filing lists the previous position as 13.056468%, and says no new notification threshold was triggered.
Tuesday showed an interesting move. The activist holding went up, yet shares dropped anyway. It looks like the focus may be shifting away from whether Cevian is involved. It’s now about if management can turn a weak first quarter into the full-year growth rate Smith+Nephew has called “a new level”.
Smith+Nephew posted Q1 revenue of $1.50 billion, up 3.1% underlying. The company stuck with its 2026 outlook for about 6% underlying revenue growth, close to 8% organic trading profit growth, free cash flow at roughly $800 million and adjusted ROIC above 10%, excluding Integrity Orthopaedics.
| Growth bridge | Figure |
|---|---|
| Revenue base for 2025 | $6.164 bln |
| Revenue for Q1 2025 | $1.407 bln |
| Underlying growth in Q1 2026 | 3.1% |
| Underlying growth target for 2026 | around 6% |
| Needed growth pace for Q2-Q4 | about 6.9% |
The 6.9% number is based on company revenue figures and 2025 quarterly weights. This is not company guidance. It points to the execution gap after Q1. Smith+Nephew booked $6.164 billion in revenue for 2025. Q1 2025 revenue was $1.407 billion.
Orthopaedics is still the slow spot. In Q1, Sports Medicine & ENT rose 6.7% on an underlying basis to $491 million, while Orthopaedics was up just 0.8% to $599 million. Knee Implants fell 2.8% worldwide underlying. U.S. Knee Implants were down 10.3%.
| Q1 business unit | Revenue | Underlying growth |
|---|---|---|
| Sports Medicine & ENT | $491 mln | up 6.7% |
| Advanced Wound Management | $411 mln | rose 2.2% |
| Orthopaedics | $599 mln | added 0.8% |
| Knee Implants | $245 mln | fell 2.8% |
CEO Deepak Nath said first-quarter numbers matched expectations and Smith+Nephew remains on track for full-year guidance. Nath said the company expects revenue growth in 2026 to be stronger in the second half.
The second-half load is weighing on the shares. On June 29, MT Newswires, via MarketScreener, reported RBC still sees a gap to Smith+Nephew’s FY26 underlying growth target. On the same MarketScreener page, shares were down 11.95% year-to-date after Tuesday’s close.
It’s not about capital returns. Smith+Nephew set a $500 million buyback in motion in May, aiming to finish within 12 months. The company said that, along with its expected ordinary dividends, it would hand back over $835 million in the next year—about 6.3% of market cap at the May 1 close.
Smith+Nephew will report second-quarter and first-half numbers on Aug. 4. Q3 results are set for Nov. 4, according to the .
