Edwards Lifesciences (EW) Investor Day 2025 summary

Strategic vision, focus, and innovation

• Emphasizes patient-centered innovation in structural heart disease, aiming to lead new therapeutic categories and address large, complex unmet needs through breakthrough science and high-quality evidence.

• Recent portfolio transformation includes the sale of critical care, four acquisitions in 2024, and a sharpened focus on structural heart disease, with global reach in 100+ countries and over 16,000 employees.

• Investing over $1B in R&D annually for structural heart innovation, with a robust pipeline and more than 1,000 scientific publications.

• Building a complete portfolio for aortic, mitral, tricuspid, and pulmonic valve diseases, with new opportunities in aortic regurgitation and heart failure.

• Culture of continuous innovation, iterative product development, and strong stakeholder relationships, leveraging 65 years of expertise.

Financial guidance and growth outlook

• 2025 guidance: 8%-10% total sales growth, TAVR growth of 5%-7%, TMTT (mitral/tricuspid) sales growth of 50%-60% to $500M+; 2025 EPS guidance is $2.40-$2.50.

• 2026 guidance: 8%-10% sales growth ($6.4B-$6.8B), adjusted EPS of $2.80-$2.95, operating margin 28%-29%, and ~100bps margin expansion.

• 2026 segment targets: TAVR $4.6-$4.9B (6%-8% growth), TMTT $740-$780M (35%-45% growth), Surgical $1.05-$1.13B (mid-single digit growth).

• Long-term goal of ~10% average annual sales growth and double-digit EPS growth, with TMTT targeting $2B by 2030.

• Strategic capital deployment prioritizes R&D, production, targeted acquisitions, and share repurchases, maintaining a strong, flexible balance sheet.

Product, clinical, and market innovation

• TAVR: SAPIEN platform is the global benchmark, with new indications, guideline changes, and expanded platforms (e.g., SAPIEN X4) expected to drive growth; over 1.2 million patients treated.

• TMTT: Portfolio includes PASCAL, EVOQUE, and SAPIEN M3, with US launches and next-gen innovations planned through 2027; FDA approval of SAPIEN M3 expected early 2026.

• Surgical: RESILIA tissue technology drives above-market growth, with global launches of INSPIRIS, KONECT, MITRIS, and the first surgical tricuspid valve (TRIFORMIS) expected in H2 2026.

• Emerging opportunities: Advancing therapies for aortic regurgitation (JenaValve acquisition pending) and implantable heart failure management (Cordella, V-LAP), with major clinical trials and coverage expansion planned.

• Building a robust innovation pipeline with multiple launches and expanding global reach, supported by ongoing education and evidence generation.