Edwards Lifesciences Corp. (EW): First Take: Setting a baseline for PROGRESS ahead of TCT

研报英文原文证据摘录

Edwards Lifesciences Corp. (EW): First Take: Setting a baseline for PROGRESS ahead of TCT

Equity Research

26 June 2026 | 9:52AM PDT

Edwards Lifesciences Corp. (EW): First Take: Setting a baseline for

PROGRESS ahead of TCT

Earlier today, Edwards presented the baseline clinical and echocardiographic David Roman

+1(212)357-4617 |

characteristics among the moderate AS patients enrolled in the PROGRESS Trial david.roman@gs.com

Goldman Sachs & Co. LLC

(press release here and American Heart Journal publication here).

Jamie Perse, CFA

+1(212)902-8192 | jamie.perse@gs.com

Background: The PROGRESS trial is a prospective, randomized, multicenter study Goldman Sachs & Co. LLC

evaluating the safety and effectiveness of TAVR (SAPIEN 3) compared to clinical Philip Coover

surveillance (“wait-and-see”) in patients with moderate aortic stenosis. Enrollment +1(917)343-8573philip.coover@gs.com|

criteria require (1) patients to be 65+ years old, (2) with moderate AS as defined by Goldman Sachs & Co. LLC

Jenny Rabinowitzthe valve opening size, and (3) symptoms or evidence of cardiac dysfunction. +1(212)855-0819 |

jenny.rabinowitz@gs.com

Sentiment: Heading into the data, many of our investor discussions focused on the Goldman Sachs & Co. LLC

Marco Espaillatbaseline characteristics for the study and potential implications for trial outcomes. In +1(212)902-6790 |

our view, a narrative emerged that carried relatively low expectations for the marco.espaillat@gs.comGoldman Sachs & Co. LLC

PROGRESS trial in moderate AS patients based on expected low-risk profile of

patients. On the other hand, baseline characteristics showing a sicker patient profile

would likely be read as favorable from a trial outcome perspective based on (1) a