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Smith & Nephew designs, manufactures, and markets orthopedic devices, sports medicine and arthroscopic technologies, and wound care solutions. Roughly 40% of the UK-based firm's revenue comes from orthopedic products, and another 31% is sports medicine and ENT. The remaining 29% of revenue is from the advanced wound therapy segment. Over half of Smith & Nephew's total revenue comes from the US, just over 30% is from other developed markets, and emerging markets account for the remainder.

Johnson & Johnson is the world's largest and most diverse healthcare firm. It has two divisions: innovative medicine and medtech. These now represent all of the company's sales following the divestment of the consumer business, Kenvue, in 2023. After restructurings in 2023-24, the drug division focuses on three main therapeutic areas: immunology, oncology, and neurology. Geographically, just over half of total revenue is generated in the United States.