Boston Scientific Corporation Option on Differentiated TAVR System and $2B ASR Signals Confidence Ahead of 2027+ Catalysts

研报英文原文证据摘录

Boston Scientific Corporation Option on Differentiated TAVR System and $2B ASR Signals Confidence Ahead of 2027+ Catalysts

J P M O R G A N North America Equity Research

18 May 2026

Boston Scientific Corporation Overweight

BSX, BSX US

Option on Differentiated TAVR System and $2B ASR Price (15 May 26):$52.68

Signals Confidence Ahead of 2027+ Catalysts

Medical Supplies & Devices

Boston announced a strategic investment of $1.5B in exchange for a ~34% equity Robbie Marcus, CFA AC

stake in MiRus LLC and an exclusive option to acquire the company’s Siegel (1-212) 464-5599

transcatheter aortic valve (TAVR) business. MiRus is currently enrolling its STAR robert.j.marcus@jpmorgan.com

pivotal trial, which is evaluating the safety and efficacy of three sizes of the Allen Gong

SIEGEL valve in patients with severe symptomatic aortic stenosis across low, (1-212) 622-9520

intermediate, and high surgical risk, which should support approval around late allen.gong@jpmorgan.com

2028/early 2029. Along with the deal, Boston announced a $2B accelerated share Lilia-Celine B Lozada

repurchase agreement as part of its previously announced $5B share repurchase (1-212) 622-1019

lilia-celine.b.lozada@jpmchase.com

authorization, with final settlement of the ASR expected to be completed by June

Henry Householter

30th. While still early, this fits in with Boston’s successful playbook of VC (1-212) 464-5599

investments followed by outright investments (e.g. Farapulse), and this should henry.householter@jpmorgan.com

allow Boston to work with MiRus to scale manufacturing and launch at scale upon J.P. Morgan Securities LLC

approval. The share repurchase and clear commitment to innovation adds another

potential major catalyst to 2027+ and certainly helps signal confidence, though we