Medtech: Clear split between gainers and losers in 2025

Medtech stocks are set to end 2025 on a mixed note, with shares of Becton Dickinson BDX.N, Zimmer Biomet ZBH.N, Baxter BAX.N and Stryker SYK.N headed for yearly losses

Boston Scientific BSX.N, Medtronic MDT.N, Johnson & Johnson JNJ.N, Abbott ABT.N, Edwards Lifesciences EW.N and GE HealthCare GEHC.O, however, are on track to finish the year in positive territory

Zimmer Biomet shares are down 14.1% this year amid repeated profit warnings and are bracing for a third consecutive loss, while Baxter has shed about 33.8% in 2025 and faces a fourth straight year in the red due to continued pain from profit warnings and hurricane disruptions at its key facility

Edwards Lifesciences, Boston Scientific, and Abbott shares are set to end 2025 up over 16%, 7%, and 11%, respectively. BSX and EW posted standout gains on repeated profit upgrades and strong revenue from top heart devices

JNJ investors rewarded consistent beats, with the stock climbing over 43%, hitting a record high, outpacing the medtech sector and snapping a two-year losing streak

"We see hope for a more peaceful '26 for MedTech. With tariffs mitigated and policy risks manageable, we expect robust MedTech growth and remain constructive," said Jefferies analysts in a note two weeks ago