波士顿科学公司 (BSX.N)：指引重置，期待管线进展

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31 Jul 2026 13:05:58 ET │ 11 pages

Boston Scientific Corporation (BSX.N)

Guidance Reset, Looking Forward to the Pipeline

CITI'S TAKE

We hosted BSX EVP and President of Cardiology Joe Fitzgerald, CFO

Jonathan Monson, and VP Investor Relations Lauren Tengler, following

2Q26 (link), where expectations were more level-set. Much of the time

was focused on the 2026 reset, initial 2027 thoughts, and 2028 drivers. In

sum, 2H26 guidance is for flat EP, MSD-HSD declines in Watchman, and

for the 75% of the remaining business to be up ~6%, which combined

leads to 2-4% growth. This is the launching-off point for 2027, outlining

2-4% growth with limited EPS growth, before rebounding “meaningfully”

in 2028. While easy to focus on the challenges, looking forward we

highlight the Penumbra acquisition (2H26E), Ultrasound RDN (2028E),

MiRus’s balloon-expandable TAVR system (TBD), intravascular lithotripsy

(1H27E), Farawave Ultra (mid-2027E) and Faraflex (2028E). Despite nearterm pressures and a more measured outlook, we believe it is progressing

on its challenges and hurdling into better horizons. We rate BSX Buy.

Guidance appears in a good spot. Given rapidly evolving market dynamics,

management called for 2026 organic revenue up 5-6% (including ~flat EP growth

and MSD to HSD decline in Watchman in 2H26), which assumes current market

conditions persists through 2026 and into 2027, along with a number of initiatives

to stimulate growth. For 2027, management assumes growth up 2-4%, in line with

2H26, including: 1) flat Watchman growth y/y; and 2) 1H27 Electrophysiology to

perform in line with 2H26 (or ~flat). Given dynamics in these two segments, it

expects gross and operating margins to remain under pressure, translating to

“limited” EPS growth. Turning to 2028, it expects revenue, operating margins, and

EPS growth to improve “meaningfully” as it benefits from the cadence of growth

catalysts and the restructuring program. Altogether, the color on 2026-28 appear

appropriately measured and should level-set expectations after its recent guidedowns.

Buy

Price (31 Jul 26 12:00)

US$45.30

Target price

US$61.00

Expected share price return

34.7%

Expected dividend yield

0.0%

…