Edwards Lifesciences
(NYSE: EW)
today announced its plans to enter 2026 with momentum for sustainable, differentiated growth.
The company said it remains “uniquely positioned” across its leading therapies for core structural heart innovations. It continues to target patients with aortic stenosis (AS), mitral regurgitation (MR), tricuspid regurgitation (TR) and pulmonic diseases. Additionally, the company hopes to expand into emerging opportunities like aortic regurgitation (AR) and structural heart failure.
At its annual investor conference, the Irvine, California–based company reaffirmed its 2025 guidance and provided its outlook for 2026. Next year, it anticipates sales growth between 8% and 10% and adjusted EPS between $2.80 and $2.95. That includes dilution from its planned JenaValve acquisition as well, with that deal still facing legal scrutiny.
Edwards projects transcatheter aortic valve replacement (TAVR) sales between $4.6 billion and $4.9 billion for growth between 6% and 8%. It expects to advance its broad and balanced portfolio of structural heart therapies — including the the Pascal and Evoque devices — in 2026, too. Then, it anticipates penetrating the new therapeutic areas like heart failure and TAVR for AR.
“As we enter 2026, we are poised for sustainable growth and long-term value creation,” said Bernard Zovighian, Edwards’ CEO. “For the more than 20 million structural heart patients worldwide, we are continuing to bring novel and differentiated innovations and world-class evidence to transform care. In addition, we are excited to pioneer therapies for the many structural heart patient groups currently unaddressed today, such as those with asymptomatic AS and those with mitral, tricuspid or aortic regurgitation in need of a transcatheter replacement. Edwards is the only company committed to delivering first-of-its-kind innovations for all of these patients, leveraging our 65 years of leadership and valve expertise. This approach underscores our unwavering commitment to creating long-term value for patients, physicians, health systems and shareholders.”
How Edwards looks at its various offerings going into 2026
In TAVR, Edwards expects its Sapien platform, with new indications and proven durability, to remain the “best-in-class” option for AS.
The company anticipates the continued adoption of its Sapien 3 Ultra Resilia valve globally and asymptomatic patient treatment. It also plans for updates to U.S. TAVR guidelines, reimbursement and future clinical evidence for its PROGRESS trial evaluating the treatment of moderate AS patients.
In transcatheter mitral and tricuspid therapies (TMTT), driven by Pascal and Evoque, Edwards projects milestones like follow-up for a Pascal study in functional MR on top of FDA approval for Sapien M3, the world’s first transcatheter mitral valve replacement (TMVR) system. That remains on track for early 2026.
Then, Edwards expects to launch its next-generation Pascal system in the fourth quarter of 2026, alongside the receipt of FDA approval for Pascal in the treatment of TR. Further Evoque data is expected in the second quarter of 2026, with the next-generation version expected to hit the market in the second half of 2027.
Edwards also hopes to drive adoption of its Resilia tissue portfolio within its Surgical business. It plans to launch Triformis, the first surgical valve indicated and designed for the tricuspid position, in the back half of 2026 in the U.S. The company also aims to establish a new, data-driven, patient-engaged standard of care in structural heart failure. It hopes to advance its pressure sensor-guided management solutions through R&D investments and external commitments to adjacent therapies.
The analysts’ take
BTIG analysts Marie Thibault, Sam Eiber and Alexandra Pang maintained a “Buy” rating for Edwards following the event.
The analysts say they saw a “sneak peek” of Edwards’ implantable heart failure management (IHFM) portfolio during the event. However, they don’t expect a meaningful contribution from this or AR projects under development and FTC review until 2028.
After hearing from Edwards leadership, the analysts remain positive on the company moving forward.
“We like the catalysts, pipeline, and setup for EW into 2026,” the analysts said.
They believe the company’s “premium valuation” is warranted, thanks to its strong portfolio and decades of clinical evidence across its product pipeline.
“[Edwards’ value] reflects its well-rounded portfolio of transcatheter valve solutions, competitive moat, durable pricing strategy, leading clinical data generation over 15+ years, and best-in-class product pipeline across structural heart and heart failure solutions,” the analysts said. “The business is also well-suited to outperform in a dynamic macroeconomic environment as its technologies treat emergent and degenerative cardiovascular conditions with few alternative treatment options.”
