Smith & Nephew (SNN) said Monday it has introduced its new RISE strategy, targeting 6% to 7% annual revenue growth and more than $1 billion in free cash flow by 2028.

The company said the plan is intended to strengthen financial and operational performance and will build on its 2022 12-Point Plan.

For 2025, the company raised its free cash flow forecast to about $800 million, up from its previous guidance of more than $600 million. It also reaffirmed its underlying revenue growth outlook of around 5%.

As part of the new strategy, Smith & Nephew said it will further streamline its product portfolio and expects to reduce gross inventory by about $500 million over time. It added that the strategy will result in a non-cash provision of roughly $200 million in 2025.

For 2026, the company expects around 6% underlying revenue growth and about $800 million in free cash flow.