| Segment revenue reconciles to statutory revenues from continuing operations |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | $ million | | $ million | | $ million | Reportable segment revenue | | | | | | | Orthopaedics | | 2,437 | | 2,305 | | 2,214 | Sports Medicine & ENT | | 1,934 | | 1,824 | | 1,729 | Advanced Wound Management | | 1,793 | | 1,681 | | 1,606 | Revenue from external customers | | 6,164 | | 5,810 | | 5,549 |
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| Disaggregation of revenue |
| | | | | | | | | 2025 | | 20241 | | 2023 | | | $ million | | $ million | | $ million | Revenue by product from continuing operations | | | | | | | Knee Implants | | 1,011 | | 977 | | 940 | Hip Implants | | 641 | | 619 | | 599 | Other Reconstruction | | 136 | | 101 | | 111 | Trauma & Extremities | | 649 | | 608 | | 564 | Orthopaedics | | 2,437 | | 2,305 | | 2,214 | Sports Medicine Joint Repair | | 1,067 | | 982 | | 945 | Arthroscopic Enabling Technologies | | 647 | | 632 | | 588 | ENT (Ear, Nose and Throat) | | 220 | | 210 | | 196 | Sports Medicine & ENT | | 1,934 | | 1,824 | | 1,729 | Advanced Wound Care | | 766 | | 735 | | 725 | Advanced Wound Bioactives | | 621 | | 581 | | 553 | Advanced Wound Devices | | 406 | | 365 | | 328 | Advanced Wound Management | | 1,793 | | 1,681 | | 1,606 | Consolidated revenue from continuing operations | | 6,164 | | 5,810 | | 5,549 |
1 Robotics consumables revenue has been reclassified from Other Reconstruction to Knee and Hip implants. The following table shows the disaggregation of Group revenue by geographic market and product category. The disaggregation of revenue into the two product categories below reflects that in general the products in the Advanced Wound Management business unit are sold to wholesalers and intermediaries, while products in the other business units are sold directly to hospitals, Ambulatory Surgery Centers and distributors. The further disaggregation of revenue by Established Markets and Emerging Markets reflects that in general our products are sold through distributors and intermediaries in the Emerging Markets while in the Established Markets, with the exception of the Advanced Wound Care and Bioactives products, which are in general sold direct to hospitals and Ambulatory Surgery Centers. The disaggregation by Established Markets and Emerging Markets also reflects their differing economic factors, including volatility in growth and outlook. | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | Established
Markets1 | | Emerging
Markets | | Total | | Established
Markets1 | | Emerging
Markets | | Total | | Established
Markets1 | | Emerging
Markets | | Total | | | $ million | | $ million | | $ million | | $ million | | $ million | | $ million | | $ million | | $ million | | $ million | Orthopaedics, Sports Medicine & ENT | | 3,606 | | 764 | | 4,370 | | 3,366 | | 763 | | 4,129 | | 3,184 | | 759 | | 3,943 | Advanced Wound Management | | 1,555 | | 239 | | 1,794 | | 1,464 | | 217 | | 1,681 | | 1,406 | | 200 | | 1,606 | Total | | 5,161 | | 1,003 | | 6,164 | | 4,830 | | 980 | | 5,810 | | 4,590 | | 959 | | 5,549 |
| 1 | Established Markets comprises the US, Australia, Canada, Europe, Japan and New Zealand. |
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| Trading profit reconciles to operating profit |
Segment trading profit is reconciled to the statutory measure below: | | | | | | | | | 2025 | | 2024 | | 2023 | | | $ million | | $ million | | $ million | Segment profit | | | | | | | Orthopaedics | | 363 | | 265 | | 251 | Sports Medicine & ENT | | 461 | | 437 | | 394 | Advanced Wound Management | | 447 | | 399 | | 372 | Segment trading profit | | 1,271 | | 1,101 | | 1,017 | Corporate costs1 | | (60) | | (52) | | (47) | Acquisition and disposal-related items2 | | (32) | | (94) | | (60) | Restructuring and rationalisation expenses | | (47) | | (123) | | (220) | Amortisation and impairment of acquisition intangibles2 | | (176) | | (187) | | (207) | Legal and other2 | | (162) | | 12 | | (58) | Operating profit | | 794 | | 657 | | 425 | Interest income | | 28 | | 24 | | 34 | Interest expense | | (140) | | (145) | | (132) | Other finance costs | | (16) | | (28) | | (7) | Share of results of associates | | 113 | | (10) | | (30) | Profit before taxation | | 779 | | 498 | | 290 |
| 1 | Corporate costs include centralised infrastructure costs, such as compliance and group functions. |
| 2 | During 2025, the Group undertook a strategic review of its inventory portfolio and determined that certain product ranges would be phased out and simplified. As a result, the Group recognised an excess and obsolescence charge of $159m within legal and other items. During 2024, the Group announced its intention to close the Warwick manufacturing site that manufactures Birmingham Hip Resurfacing (BHR) products. As a result, a total of $68m of BHR assets and liabilities were written off, which mainly includes goodwill of $63m (included in acquisition and disposal-related items). During 2023, management evaluated the commercial viability of Engage products and concluded that they should be discontinued. A total of $109m of Engage’s assets and liabilities were written off as a result of this action, which includes goodwill of $84m (included in acquisition and disposal-related items), intangible assets of $37m (included in amortisation and impairment of acquisition intangibles), inventory of $21m (included in legal and other), partially offset by remeasurement of contingent consideration of $33m (included in acquisition and disposal-related items). |
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| Assets and liabilities by geographic location |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | $ million | | $ million | | $ million | United Kingdom | | 608 | | 465 | | 525 | United States of America | | 3,426 | | 3,517 | | 3,692 | Other | | 1,909 | | 1,538 | | 1,397 | Total non-current assets of the consolidated Group1 | | 5,943 | | 5,520 | | 5,614 |
1 | Non-current assets exclude retirement benefit assets and deferred tax assets. |
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