Smith & Nephew PDMRs disclose routine insider share purchases

Rhea-AI Filing Summary

On 11 July 2025, Smith & Nephew plc filed a Form 6-K reporting insider share purchases carried out on 9 July 2025 under the Company’s Employee Stock Purchase Plan (ESPP). Chief Executive Officer Deepak Nath and four other persons discharging managerial responsibilities (PDMRs) bought American Depositary Shares (ADSs) on the New York Stock Exchange at a uniform price of US$29.77358 per ADS.

Individual purchases were: Nath and Paul Connolly, each 512.29508 ADSs; Craig Gaffin, 381.29219 ADSs; Scott Schaffner, 298.19045 ADSs; and Mizanu Kebede, 114.62247 ADSs. The combined volume equals roughly 1,819 ADSs, an aggregate consideration of about US$54,000. The disclosure was made in accordance with the UK Market Abuse Regulation; no additional financial metrics, guidance or strategic updates accompanied the filing.

While routine and modest in value, the insider buying may be interpreted as a limited vote of confidence by senior management. However, because the transactions occurred through a scheduled ESPP and represent a small fraction of daily trading volume, their market impact is expected to be minimal.

Positive

• Senior leadership, including the CEO, increased personal equity stakes, signalling confidence.
• All transactions were purchases rather than sales, reducing perceived insider selling risk.

Negative

• Purchases are small (≈US$54k total) and executed via a routine ESPP, limiting signalling strength.
• The 6-K provides no financial performance data or strategic updates, offering little new insight for valuation.

Insights

Securities Analyst

TL;DR: Routine ESPP insider buys; mildly positive signal but immaterial to valuation.

The Form 6-K records small open-market purchases by the CEO and four PDMRs at US$29.77. Total spend is negligible relative to Smith & Nephew’s US$13 billion market cap and appears to stem from the employee stock purchase programme rather than discretionary buying. Such activity usually indicates baseline alignment with shareholders but does not constitute a material catalyst. Investors should view the disclosure as neutral-to-slightly-positive sentiment without altering fundamental forecasts or risk assessments.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under the

Securities Exchange Act of 1934

July 11, 2025

Commission File Number 001-14978

SMITH & NEPHEW plc

(Registrant’s name)

Building 5, Croxley Park, Hatters Lane

Watford, England, WD18 8YE

 (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F a         Form 40-F __

SMITH & NEPHEW PLC

11 July 2025

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

This announcement is made in accordance with the UK Market Abuse Regulation (Regulation (EU) 596/2014, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018).

On 10 July 2025, Smith & Nephew plc (the "Company") received notification of the following transactions as detailed below.

Reason for the notification
Initial notification /Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Smith & Nephew plc
LEI	213800ZTMDN8S67S1H61
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
Description of the financial instrument, type of instrument	Smith & Nephew plc SPON ADR American Depositary Shares (ADS)
Identification code	ISIN: US83175M2052
Nature of the transaction	Purchase of American Depository Shares as participants of the Company's Employee Stock Purchase Plan
Date of Transaction	2025-07-09
Place of Transaction	New York Stock Exchange

Name	Director / PDMR	Price ($)	Volume	Aggregated information
Deepak Nath (Chief Executive Officer)	Director	29.77358	512.29508	N/A Single Transaction
Paul Connolly (President, Global Operations)	PDMR	29.77358	512.29508	N/A Single Transaction
Craig Gaffin (President, Orthopaedics)	PDMR	29.77358	381.29219	N/A Single Transaction
Mizanu Kebede (Chief Quality & Regulatory Affairs Officer)	PDMR	29.77358	114.62247	N/A Single Transaction
Scott Schaffner (President, Sports Medicine)	PDMR	29.77358	298.19045	N/A Single Transaction

Philip Horner

Deputy Company Secretary

Smith & Nephew plc

Tel:  +44 (0)1923 477100

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Smith & Nephew plc
		(Registrant)
Date: July 11, 2025	By:	/s/ Helen Barraclough
		Helen Barraclough
		Company Secretary

FAQ

What did Smith & Nephew (SNN) disclose on 11 July 2025?

The company filed a Form 6-K reporting insider purchases of ADSs by the CEO and four other senior executives.

Which executives bought Smith & Nephew ADSs and in what quantities?

Deepak Nath and Paul Connolly each bought 512.29508 ADSs; Craig Gaffin 381.29219; Scott Schaffner 298.19045; Mizanu Kebede 114.62247.

At what price were the shares purchased?

All insiders acquired ADSs at US$29.77358 per share.

Is the insider buying significant to Smith & Nephew investors?

The aggregate purchase value is modest (≈US$54k), so the market impact is expected to be limited.

Does the Form 6-K include any earnings or outlook information?

No; the filing solely covers insider share transactions and contains no financial results or guidance.

Where were the transactions executed?

All purchases occurred on the New York Stock Exchange.