Key Points – ConvaTec maintained its 2026 targets after delivering 5% first-half organic revenue growth excluding InnovaMatrix, 6% adjusted EPS growth and a 21.2% operating margin.
Management expects stronger second-half growth, particularly in Infusion Care, and reaffirmed double-digit full-year EPS growth. – InnovaMatrix remains a significant headwind: first-half sales dropped to £2.5 million, prompting a £69 million non-cash impairment charge and reducing full-year revenue expectations to £5 million–£10 million
The company expects the product to approach breakeven in the second half as U.S. market conditions stabilize. – Shareholder returns and future investment increased: ConvaTec raised its interim dividend by 15% and launched a £200 million share buyback, while investing about $90 million in 2026 growth capital—primarily to expand Infusion Care capacity and support its product pipeline. ConvaTec Group (LON:CTEC) said it remained on track to meet its 2026 financial targets after reporting 5% organic revenue growth in the first half, excluding the impact of its InnovaMatrix skin-substitute product. The company said revenue growth was broad-based across its four chronic-care categories, while it continued to invest in manufacturing capacity, new-product launches, simplification programs and technology.
Management reiterated its expectation that growth will accelerate in the second half, led principally by Infusion Care. First-half operating margin was 21.2%, down 10 basis points from a year earlier but up 50 basis points at constant currency. Adjusted earnings per share rose 6%, with the company maintaining its expectation for double-digit EPS growth for the full year.