Edwards Lifesciences Corporation · NYSE:EW
Edwards Lifesciences — Investor Day (December 2025)
139 slides from Edwards Lifesciences's investor day presentation, Dec 4, 2025
Slide 1: Edwards Lifesciences 2025 Investor Conference
Edwards Lifesciences 2025 Investor Conference
Slide 2: 2025 Investor Conference
2025 Investor Conference Mark Wilterding
Slide 3: Cautionary Statement
Cautionary Statement Presentations and comments made today by management of Edwards Lifesciences Corporation (the “Company”) will include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
Slide 4: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Unless otherwise indicated, all figures are GAAP financial measures. To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company uses non-GAAP historical financial measures. Management
Slide 5: Opening Remarks
Opening Remarks Bernard Zovighian
Slide 6: Focusing, Solving, Pioneering
Focusing Delivering on structural heart disease sustainable, differentiated growth and Solving large and complex patient needs leadership with a unique and patient-focused Pioneering strategy therapeutic categories 6
Slide 7: Exiting 2025 confident in our strategy and execution
Exiting 2025 confident in our strategy and execution 2025 Accomplishments Strategy ⏵ EARLY TAVR and 7-year PARTNER 3 practice-changing evidence, global adoption of SAPIEN 3 Ultra RESILIA ⏵ Launched first-of-its-kind replacement technology with EVOQUE and SAPIEN M3 ⏵ Invested $1B+ in R&D for structur
Slide 8: Our Structural Heart focus
Our Structural Heart focus enhances Edwards’ leadership and continued top-tier performance Deploying unique innovation strategy with speed and agility + Advancing TAVR, TMTT and Surgical for sustainable, differentiated growth + Expanding Structural Heart portfolio with multiple growth drivers and ca
Slide 9: Edwards creates global healthcare ecosystem impact
Edwards creates global healthcare ecosystem impact The only Improving Setting the Changing complete portfolio the lives of standard the practice addressing aortic, mitral, patients for physicians to of medicine with Creating value tricuspid and pulmonic for healthcare with our structural transform c
Slide 10: Solving unaddressed and growing Structural Heart patient needs
Building on our unique capabilities to solve unaddressed and growing Structural Heart patient needs Core innovations Emerging opportunities Aortic Stenosis Aortic Regurgitation Mitral + Regurgitation Tricuspid Structural Regurgitation Heart Failure + Pulmonic Disease 20M+ Patients Suffer from Struct
Slide 11: Core innovations in leading positions
Our core innovations are in leading positions and set for sustained and differentiated growth TAVR Entering a new era of proactive disease management Aortic Stenosis driven by SAPIEN with new indications and proven durability Pulmonic TMTT Personalized care driven by a comprehensive Mitral & Tricusp
Slide 12: Emerging opportunities in Structural Heart
Emerging opportunities in Structural Heart to reach more patients and complement core innovations Pioneering a new therapy TAVR-AR JenaValve and JC Medical for patients with limited options today Aortic Regurgitation Cordella and Establishing a new standard of care IHFM V-LAP1 Implantable with impla
Slide 13: 2026: another year of distinguished financial performance
2026: On track to deliver another year of distinguished financial performance Diversified sources of growth Targeting $2.80-$2.95 across structural heart 8-10% Adjusted EPS Leveraged including JenaValve acquisition (~11% growth at midpoint) SALES GROWTH Leveraged R&D and SG&A ratios while increasing
Slide 14: Growth catalysts across our structural heart portfolio
Growth catalysts across our structural heart portfolio including expansion into large unaddressed patient groups 2026 2027 2028 & Beyond TAVR Asymptomatic indication expansion ESC / EACTS guideline changes US NCD and guideline changes PROGRESS trial data at TCT Future TAVR platforms including SAPIEN
Slide 15: 2027 & Beyond: sustainable, differentiated, profitable growth
2027 & Beyond: Projecting sustainable, differentiated and profitable growth TAVR Surgical Targeting Mid-to-high single digit growth Mid-single-digit growth ~10% IHFM sales growth TAVR-AR TMTT Annual variability based on timing of key catalysts Other Structural HF Positioned for $2B sales in 2030 Wit
Slide 16: Uniquely positioned to shape the future of Structural Heart
Uniquely positioned to shape the future of Structural Heart and deliver distinguished performance 2028 and beyond Sustainable and differentiated long-term value creation 2026-2028 driven by the combination Catalysts across of core innovations and our core innovations emerging opportunities Today wil
Slide 17: Long-tenured leaders with deep expertise
Long-tenured leaders with deep expertise implementing our unique innovation strategy Leadership Committee Bernard Zovighian Don Bobo, Jr. Todd Brinton, M.D. Annette Brüls Chief Executive Officer CVP, Strategy & Corporate Chief Scientific Officer, CVP, EMEACLA Development CVP, Advanced Innovation & R
Slide 18: Conference Agenda
Conference Agenda Opening Remarks Bernard Zovighian TAVR Dan Lippis TMTT Daveen Chopra Surgical YJ Oh Expanding Beyond our Core Innovations Bernard Zovighian TAVR-AR Dan Lippis Growing Needs of Structural Heart Failure Patients Todd Brinton IHFM Diane Gomez-Thinnes Financial Outlook Scott Ullem Clos
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Slide 20: Transcatheter Aortic Valve Replacement (TAVR)
Transcatheter Aortic Valve Replacement (TAVR) Dan Lippis
Slide 21: Proactive disease management
Unparalleled evidence that includes Proactive proven long-term durability disease management Expanding access will position for asymptomatic patients TAVR for sustainable growth Advancing moderate AS treatment options Edwards’ differentiated TAVR innovation 2
Slide 22: 2025 TAVR accomplishments
2025 TAVR 2025 Accomplishments accomplishments Strategy ⏵US and EU asymptomatic indication ⏵Evolving TAVR guidelines and policy ⏵PARTNER 3 7-year follow up data published ⏵SAPIEN 3 Ultra RESILIA launch continues globally Financial ⏵Original sales growth guidance of 5-7%; on track to deliver 7-8% 3
Slide 23: Significant focus on TAVR through data amplification
There has been significant focus on TAVR as a result of data amplification through podium and publications globally TCT CRT EuroPCR SCAI ASE/ASPC PCR LV 2024 2025 HVS PCR LV ACC NY Valves TCT 4
Slide 24: SAPIEN 3 7-year PARTNER 3 data
Edwards SAPIEN 3 TAVR 7-year data from the PARTNER 3 trial recently presented and published in NEJM Edwards SAPIEN is the only TAVR platform with proven long-term durability 5
Slide 25: Clinical evidence underscores value of timely treatment of Severe AS
Clinical evidence continues to underscore the value of timely treatment of Severe AS patients Prompt intervention is superior to clinical surveillance in asymptomatic patients1 1. Philippe Généreux MD et al. Transcatheter Aortic Valve Replacement for Asymptomatic Severe Aortic Stenosis NEJM In Press
Slide 26: Economic evidence underscores value of timely treatment
Economic evidence continues to underscore the value of timely treatment of Severe AS patients Prompt intervention resulted in1: • $36,000 less cost per patient • 2.2 fewer days in hospital Up to 1-Year from AVR Total Healthcare Cost • 80% fewer HF hospitalizations 1. Genereux et al., Acute Valve Syn
Slide 27: Evidence and indications driving AS guideline evolution
Edwards’ leadership strategy of generating high-quality evidence and expanding indications is driving AS guideline evolution Global Guideline Asymptomatic Evolution Clinical Indication Evidence September 2025 May 2025 September 2025 July 2025 Global Expert Consensus TCT 2025 2H 2026 Q4 2026 8
Slide 28: Evolving guidelines support proactive management of Severe AS
Evolving guidelines support the proactive management of Severe AS to streamline the care pathway Global Expert Consensus Supports clear and urgent Streamlines referral and treatment for all SAS patients communication 9
Slide 29: The current pathway for Severe AS patients is complex
The current pathway for Severe AS patients is complex Managing Managing Provider Visit Echo with Severe AS Refer to Heart Team AVR Provider Visit Significant Symptoms ~160 Days1 Patients deemed Managing Provider Visit Asymptomatic Refer to Heart Team AVR Symptomatic Guidelines suggest re-evaluate in
Slide 30: The current pathway for Severe AS patients is complex
The current pathway for Severe AS patients is complex Managing Managing Provider Visit Echo with Severe AS Refer to Heart Team AVR Provider Visit Significant Symptoms Patients deemed Managing Provider Visit Asymptomatic Refer to Heart Team AVR Symptomatic Guidelines suggest re-evaluate in ~6-12 mont
Slide 31: New guidelines aim to reshape the pathway
New guidelines aim to reshape the pathway Managing Echo with Severe AS Refer to Heart Team AVR Provider Visit Anticipated Q4 2026 Quality Metric ≤ 90 Days 12
Slide 32: Focus on adoption of key changes to simplify patient pathway
We remain focused on the adoption of these key changes to simplify and accelerate the patient pathway Managing Echo with Severe AS Refer to Heart Team AVR Provider Visit Anticipated Q4 2026 Quality Metric ≤ 90 Days NCD update estimated Q4 2026 13
Slide 33: Investing in evidence for Moderate AS disease management
Beyond Severe AS, we are investing in clinical evidence to understand the best strategy for disease management of Moderate AS patients Global Guideline Moderate AS Asymptomatic Evolution Clinical Evidence Indication September 2025 May 2025 September 2025 July 2025 2026 Global Expert TCT Consensus 20
Slide 34: Edwards TAVR will remain the global benchmark
Edwards TAVR will remain the global benchmark Innovation pipeline meets the evolving needs of patients and clinicians SAPIEN 3 SAPIEN X4 Future TAVR Platforms Ultra RESILIA 15
Slide 35: SAPIEN 3 platform has set the global benchmark
The Edwards SAPIEN 3 platform has set the global benchmark 1% 7-Years death or disabling stroke at 1-year1 10-Years SAPIEN 3 TAVR has SAPIEN 3 TAVR is SAPIEN 3 Ultra unparallelled early proven to last RESILIA valve outcomes preserves the clearest path for SAPIEN 3 future interventions Ultra RESILIA
Slide 36: SAPIEN X4 will set a new clinical standard
Edwards SAPIEN X4 will set a new clinical standard benchmark Evidence development continues in 2026 SAPIEN 3 Future TAVR Platforms Ultra RESILIA SAPIEN X4 17
Slide 37: 2026 Sales Outlook
2026 Sales Outlook 8% GROWTH LOW-END HIGH-END 6% GROWTH • Competitive pressure, particularly in • Increased referral and treatment international markets of Severe AS patients • Slower than anticipated adoption of • Earlier than anticipated NCD revised guidelines and expert revision consensus 2026E 1
Slide 38: SAPIEN is the only proven TAVR platform for proactive disease management
Edwards SAPIEN is the only proven TAVR platform to enable proactive disease management Unmatched Evidence and Performance • Exceptional 1-year outcomes with proven long-term durability Multiple catalysts to support mid to high single-digit Advancing Patient Impact • The only TAVR platform with an as
Slide 39: Indications: SAPIEN 3 platform
Indications: The Edwards SAPIEN 3, SAPIEN 3 Ultra, and SAPIEN 3 Ultra RESILIA Transcatheter Heart Valve system is indicated to reduce the risks associated with progression from asymptomatic to symptomatic severe native calcific aortic stenosis in patients who are judged by a heart team to be appropr
Slide 40: Warnings
Warnings: Observation of the pacing lead throughout the procedure is essential to avoid the potential risk of pacing lead perforation. There may be an increased risk of stroke in transcatheter aortic valve replacement procedures, as compared to balloon aortic valvuloplasty or other standard treatmen
Slide 41: Precautions
Precautions: Long-term durability has not been established for the valve. Regular medical follow-up is advised to evaluate valve performance. Limited clinical data are available for transcatheter aortic valve replacement in patients with a congenital bicuspid aortic valve who are deemed to be at low
Slide 42: Potential Adverse Events
Potential Adverse Events: Potential risks associated with the overall procedure, including potential access complications associated with standard cardiac catheterization, balloon valvuloplasty, the potential risks of conscious sedation and/or general anesthesia, and the use of angiography: death; s
Slide 43: The PROGRESS Trial
The PROGRESS Trial CAUTION: INVESTIGATIONAL DEVICES. Limited by US law to investigational use only. The Edwards SAPIEN 3, SAPIEN 3 Ultra, and SAPIEN 3 Ultra RESILIA transcatheter heart valves are investigational devices when used in patients with moderate, calcific aortic stenosis. These devices are
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Slide 45: Transcatheter Mitral and Tricuspid Therapies (TMTT)
Transcatheter Mitral and Tricuspid Therapies (TMTT) Daveen Chopra
Slide 46: Comprehensive Repair & Replacement
Adoption accelerating Comprehensive across the portfolio, leveraging the proven Repair & Edwards therapy development framework Replacement portfolio enables Innovation pipeline and personalized therapy and expanding evidence secure long-term growth and leadership broader patient applicability Positi
Slide 47: Full TMTT portfolio delivers compounding value
The full TMTT portfolio delivers compounding value to patients, physicians, healthcare systems, and Edwards Full TMTT portfolio REPLACEMENT Expanding Accelerating Better clinical therapeutic adoption outcomes Tricuspid Mitral reach Broadening the Personalized Applying SAPIEN treatable patient therap
Slide 48: Therapy development increases patient access
Relentless Therapy development INNOVATION increases patient access Enabling Continuous PROCEDURE EVIDENCE DEVELOPMENT GENERATION Targeted Empowering REFERRAL THERAPY PASCAL EVOQUE SAPIEN M3 EDUCATION LAUNCH Facilitating PATIENT ACCESS 4
Slide 49: Transformational treatment of Tricuspid disease is accelerating
Transformational treatment of Tricuspid disease is accelerating EVOQUE PASCAL TR Consistent TR Differentiated TEER elimination outcomes 5
Slide 50: Clinical evidence positions EVOQUE for broader adoption
Compelling clinical evidence positions EVOQUE for broader adoption 18 Month - Pivotal Trial Follow-up 400 patients Real-World Evidence ~1,000 patients Demonstrated hard Improved real-world safety in endpoint1 complex patient populations Combined All-Cause-Mortality and first Lower reported permanent
Slide 51: Growing physician experience fuels EVOQUE momentum
Growing physician EFFECTIVE experience fuels AND PREDICTABLE PROCEDURE EVOQUE’s momentum ELIMINATION OF TR DRIVING PATIENT REFERRALS EDWARDS' HIGH VALUE MODEL 7
Slide 52: Advancing EVOQUE innovation and globalization
Advancing EVOQUE innovation and globalization to broaden impact Intra Jugular Next-Gen Next-Gen EVOQUE Access Delivery System Valve H2 2026 H2 2027 H2 2027 Reaching new countries around the globe 8
Slide 53: PASCAL with TR indication completes portfolio
PASCAL with TR indication completes portfolio Differentiated performance drives technology adoption US approval expected in Q4 2026 9
Slide 54: Adding Mitral Replacement to Repair expands patient options
Adding Mitral Replacement to Repair expands patient options PASCAL MR SAPIEN M3 Distinct technology Broadening optimizes procedures patient care 10
Slide 55: Differentiated design and compelling evidence drive adoption
Differentiated design and compelling evidence drive adoption Atraumatic Accurate, Elongation Design Intuitive Control 1,000 PATIENTS Enrollment Complete STS/ACC Registry ~2,000 PATIENTS 11
Slide 56: Evolving the PASCAL platform
Evolving the PASCAL platform to enhance performance and outcomes Next Q4 Gen 2026 Streamlining procedures and PASCAL PASCAL Ace PASCAL Precision Procedural Innovations advancing outcomes 12
Slide 57: SAPIEN M3 – first transcatheter Mitral Replacement therapy
SAPIEN M3 – the first truly transcatheter Mitral Replacement therapy Expands Access beyond TEER and surgery NOVEL DOCKING Securely encircles native anatomy VALVE TECHNOLOGY Built on proven SAPIEN platform 13
Slide 58: Well positioned for US launch of SAPIEN M3
Well positioned for a successful US launch of SAPIEN M3 Significant MR reduction Meaningful health status improvements Expanding patient reach US approval early 2026 0.6% mortality at 30 days SAPIEN M3 RESILIA FUTURE GENERATIONS 2027 14
Slide 59: 2026 Sales Outlook
2026 Sales Outlook $780M LOW-END HIGH-END $740M Slower care pathway Strong real-world outcomes development expand EVOQUE Time to establish funding Mitral therapies accelerating mechanisms for new therapies with strong clinical evidence 2026E Near-term Therapy Milestones CLASP II TR CLASP IIF
Slide 60: Transforming Mitral and Tricuspid care with personalized therapy
Transforming Mitral and Tricuspid care by enabling personalized Repair and Replacement therapy REPLACEMENT $2B sales by 2030 Increasing contribution to Edwards’ growth PASCAL TR Tricusp Mitral Advancing id Patient population > Aortic Stenosis Tricuspid Repair supports long-term opportunity REPAIR SA
Slide 61: PASCAL Precision System - Important Safety Information
PASCAL Precision System - Important Safety Information CAUTION: US law restricts this device to sale by or on the order of a physician. See instructions for use for full prescribing information. The PASCAL Precision system involves potential serious risks including death, stroke, severe bleeding, su
Slide 62: EVOQUE System - Important Safety Information
EVOQUE System - Important Safety Information CAUTION: US law restricts this device to sale by or on the order of a physician. See instructions for use for full prescribing information. The EVOQUE system involves potential serious risks including death, conduction system injury, severe bleeding, stro
Slide 63: Potential Adverse Events
Potential Adverse Events: Potential adverse events related to standard cardiac catheterization, use of anesthesia, the EVOQUE valve, and the implantation procedure include: death; abnormal lab values; allergic reaction to anesthesia, contrast media, anti- coagulation medication, or device materials;
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Slide 65: Surgical
Surgical Edwards
Slide 66: We are transforming patients' lives
Surgical structural heart We are procedures are growing transforming across all patients patients’ lives with our Our differentiated RESILIA leading Surgical innovations are ideally suited innovations for patient needs around the world We are extending our leadership with new clinical evidence and a
Slide 67: Surgical procedures are growing across all structural heart patient groups
Surgical procedures are growing across all structural heart patient groups Patients Undergoing Combined Procedures Patients with Complex Aortic Valve Disease Patients with Mitral and Tricuspid Valve Disease 3
Slide 68: Our Surgical therapies enable patients to…
Our Surgical therapies enable patients to… Improve Live without Reduce Optimize their quality lifelong the risk of future for lifetime of life anti-coagulation reoperations management 4
Slide 69: RESILIA is the tissue benchmark for valve durability
RESILIA is now the tissue benchmark for valve durability and the foundation for all Edwards innovations INSPIRIS MITRIS KONECT SAPIEN 3 Ultra Pivotal trial enrollment RESILIA RESILIA RESILIA RESILIA and 7-year outcomes Present 650,000+ Continued global RESILIA launches RESILIA Tissue Valve Compariso
Slide 70: RESILIA innovation portfolio
Our RESILIA innovation portfolio is transforming patient lives globally INSPIRIS KONECT MITRIS 6
Slide 71: INSPIRIS is the leading surgical aortic tissue valve
INSPIRIS is the leading surgical aortic tissue valve in the world Provides extended Unique VFit Significant durability using technology enables opportunities remain RESILIA tissue expansion for future to treat patients across TAVR valve-in-valve for the globe better hemodynamics INSPIRIS continues t
Slide 72: KONECT is the first ready-to-implant aortic valved conduit
KONECT is the first and only, ready-to-implant, aortic tissue valved conduit Significant growth Excellent clinical Launched in in Bentall procedures results presented at Europe this year with following the US launch the 2025 STS Annual very positive surgeon of KONECT Meeting response “KONECT is a ga
Slide 73: MITRIS extends RESILIA durability to mitral patients
MITRIS extends RESILIA durability to mitral patients and is specifically designed for the mitral anatomy The leading valve Launched in China Patient enrollment in US mitral valve this year and continuing completed in the replacement procedures rollout across Europe global MOMENTIS study Significant
Slide 74: Recent 8-year clinical data reinforces RESILIA tissue benefits
Recent 8-year clinical data reinforces the benefits of RESILIA tissue Freedom from Structural Valve Deterioration (SVD) 99.3% RESILIA V Non-RESILIA valves S valves (n=947 patients) 90.5% RESILIA valves demonstrated significantly better freedom from SVD Log-rank P-Value: <0.0001 and reoperation Sourc
Slide 75: New clinical evidence in 2026
New clinical evidence in 2026 will continue to advance outcomes with best-in-class RESILIA tissue Landmark 10-year outcomes from RESILIA aortic pivotal trial One-year MITRIS outcomes from largest, core-lab adjudicated MVR study 11
Slide 76: TRIFORMIS first surgical valve for tricuspid position
TRIFORMIS will be the first surgical valve indicated and designed for the tricuspid position More awareness Designed for the The only surgical and treatment of tricuspid anatomy valve option tricuspid disease with for better implantability for patients with new transcatheter and patient outcomes tri
Slide 77: Expanded RESILIA portfolio
Our expanded RESILIA portfolio will enable us to reach even more patients around the world INSPIRIS KONECT MITRIS TRIFORMIS Edwards has the broadest portfolio of surgical structural heart therapies 13
Slide 78: Surgical innovation pipeline is robust
Our surgical innovation pipeline is robust with multiple launches planned in the upcoming years INSPIRIS KONECT MITRIS TRIFORMIS Next-Generation Next-Generation Additional New Aortic Valve Aortic Valved Conduit Mitral Valve Tricuspid Valve INSPIRIS MITRIS Therapy Launches 2017 2020 2021 2026 14
Slide 79: 2026 Sales Outlook
2026 Sales Outlook Mid-Single Digit Growth Rate LOW-END HIGH-END • Slower OUS adoption of • Increased RESILIA adoption and premium technologies new product launches • Transient impact from new • New transcatheter indications guidelines bringing more patients to seek treatment 2026E Surgical is proje
Slide 80: Important Safety Information - RESILIA Tissue Devices
Important Safety Information - RESILIA Tissue Devices Indications: INSPIRIS RESILIA Aortic Valve - For use in replacement of native or prosthetic aortic heart valves. KONECT RESILIA Aortic Valved Conduit - For use in replacement of native or prosthetic aortic heart valves and the associated repair o
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Slide 82: Expanding Beyond our Core Innovations
Expanding Beyond our Core Innovations Bernard Zovighian
Slide 83: Core innovations provide a balanced growth outlook
Our core Structural Heart innovations provide a balanced and differentiated growth outlook TAVR SAPIEN set a global benchmark enabling a new era of proactive disease management TMTT Our comprehensive portfolio enabling personalized therapy and expanding patient access Surgical Our leading innovation
Slide 84: Expanding capabilities to advance Structural Heart care
Expanding on these capabilities to advance Structural Heart care Pioneering a new therapy TAVR-AR with our Structural Heart valve expertise + Transforming care Structural Heart with intracardiac therapies Failure + Establishing a new standard of care Implantable with implantable pressure sensor Hear
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Slide 86: Aortic Regurgitation
Aortic Regurgitation Dan Lippis
Slide 87: Stenosis vs Regurgitation
Edwards Lifesciences Stenosis Regurgitation Restricted valve opening Incomplete valve closing Calcified valve Dilated valve
Slide 88: Aortic Regurgitation is a deadly disease that goes largely untreated
Aortic Regurgitation is a deadly disease that goes largely untreated Undertreatment High mortality Limited of diagnosed symptomatic if left untreated alternatives Severe AR patients to surgery Aortic Regurgitation is a meaningful new opportunity that will deliver growth 3
Slide 89: Structural heart expertise with new complementary technologies
Our structural heart expertise with new complementary technologies positions us to advance these early therapies to patients J-Valve* Technology Agreement to acquire JenaValve under Pivotal trial is ongoing FTC review; planned transaction close in Q1 2026 4
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Slide 91: Growing Needs of Structural Heart Failure Patients
Highlighting the Growing Needs of Structural Heart Failure Patients Todd Brinton, M.D.
Slide 92: The burden of Structural Heart Failure is substantial
The burden of Untreated Structural Heart Failure patients Structural Heart Failure enter a devastating, downward spiral is substantial Increasingly Health Status aging population drives incidence of Structural Heart Failure Patients’ quality of life deteriorates suddenly #1 reason for hospitalizatio
Slide 93: Hospitalizations are driven by elevated intracardiac pressures
Health Status deterioration and hospitalizations are driven by elevation in Intracardiac Pressures Health Status Hospitalization Intracardiac Pressures can be mechanically reduced directly with implants Therapies i.e., Shunts, Catheter-based Pumps, LV Remodeling Intracardiac Pressures Intracardiac P
Slide 94: Intracardiac Pressure Sensor Management is changing patient interaction
Intracardiac Pressure Sensor Management is changing how patients interact with their disease Pressures High-risk Moderate-risk Low-risk 36% reduction in heart failure hospitalization1 25% reduction in mortality for HFrEF1 Duration of Time in Days Sources: 1) Implantable Hemodynamic Monitor Improves
Slide 95: Direct Left Atrial Pressure expands Heart Failure management
Direct Intracardiac Left Atrial Pressure expands Heart Failure management beyond Pulmonary Artery Pressure PA Indirect Direct Measure Measure LA RA LV Pulmonary Artery Left Atrial RV Pressure Pressure PAP LAP V-LAP 5
Slide 96: Building on the foundation of Structural Heart Disease
Building on the foundation of Structural Heart Disease Core innovations Aortic Stenosis Mitral Emerging Regurgitation opportunities Triscuspid Regurgitation Pulmonic Disease 6
Slide 97: Solving large, complex unmet needs in Structural Heart Failure
Solving large, complex unmet needs in Structural Heart Failure will continue to deliver innovations where patients need it most Core innovations Emerging opportunities Aortic Aortic Regurgitation Stenosis Pulmonary Hypertension + Mitral Atrial Disease Regurgitation + + Left Heart Failure Triscuspid
Slide 98: Early intervention will shift the trajectory for patients
Early intervention with the right solutions will shift Alter the course of the trajectory for Structural Heart Failure patients Structural Heart Failure Improved Health Status quality of life Decreased hospitalizations Extended life expectancy Hospitalization Reduced healthcare costs Chronic Duratio
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Slide 100: Implantable Heart Failure Management
Implantable Heart Failure Management Diane Gomez-Thinnes
Slide 101: Shaping the future of heart failure management
Shaping the future of heart failure management Advancing technology to address large unmet patient need Significant patient opportunity 1.2M+ Patients at risk for hospitalization1 Transforming heart failure standard of care Empowering clinicians and patients with data Enabling a category to scale be
Slide 102: A growing patient need that requires a novel and scalable technology
A growing patient need that requires a novel and scalable technology Large population Small number NCD coverage of hospitalized HF patients of advanced HF cardiologists for Medicare patients 3
Slide 103: Data-driven interventions, patient-centric experience
Data-driven interventions Patient-centric experience Innovating toward patient self-management 4
Slide 104: Shaping the data-driven future of heart failure management
Edwards IHFM Shaping the data-driven future of heart failure management EMPOWER PATIENTS and HEALTHCARE PROVIDERS INNOVATION EVIDENCE Implantable Devices Digital Platform Clinical Evidence Behavioral Insights Cordella V-LAP1 PROACTIVE-HF Studies Pulmonary Left Atrial VECTOR-HF Artery Pressure Pressu
Slide 105: Building the foundation for long-term growth
Building the foundation for long-term growth Progress in 2025 Technology Innovation Evidence Patient Impact Enhanced system usability PROACTIVE-HF two-year data Positive early user feedback Added left atrial pressure to portfolio PROACTIVE-HF2 and VECTOR-HF II enrolling Important milestones (NCD, CE
Slide 106: Strengthening our capabilities in 2026
Building the foundation for long-term growth Strengthening our capabilities in 2026 Technology Innovation Evidence Patient Impact Execute the comprehensive product Expand data science capabilities Scale programs through education roadmap for PAP and LAP platforms Strengthen evidence base and workflo
Slide 107: Important Safety Information - Cordella Pulmonary Artery Sensor
Important Safety Information - Cordella Pulmonary Artery Sensor Intended Use - The Cordella Pulmonary Artery Sensor System is intended to measure, record and transmit pulmonary artery pressure (PAP) data from NYHA Class III heart failure patients who are at home on diuretics and guideline-directed m
Slide 108: Calibration Equipment
Calibration Equipment: CalEQ must be operated by trained Endotronix personnel only; The CalEQ is suitable for professional healthcare facilities except for near active heart failure hospital equipment and the radiofrequency (RF) shielded room of a medical electrical (ME) system for magnetic resonanc
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Slide 110: Financial Update
Financial Update Scott Ullem
Slide 111: Financial strategy designed to create significant value
Financial strategy designed to create significant value Projecting 2026 sales growth of 8-10% Strong organic sales growth Targeting ~10% average annual sales growth in 2027 and beyond driven by broad portfolio of structural heart therapies with annual variability based on timing of key catalysts Gro
Slide 112: Edwards' financial objectives: sales growth
SALES GROWTH Edwards’ financial objectives Addressing large and growing patient populations in existing Strong organic and new categories sales growth Growth fueled by successful long-term Healthy and R&D investments to pioneer breakthrough therapies expanding margins Sustained leadership position s
Slide 113: Sales profile
SALES GROWTH Sales profile 2020-2025E performance 2025E regional mix Billions ROW $5.9 - $6.1 Japan 10% $5.4 5% $5.0 $4.5 $4.3 25% Europe 60% $3.6 US 2020 2021 2022 2023 2024 2025E Sales from continuing operations 4
Slide 114: Sales outlook
SALES GROWTH Sales outlook Core innovations Emerging opportunities TAVR TMTT Surgical Structural Heart Failure & TAVR-AR 2026 2027 and beyond 2026 2027 and beyond 2026 2027 and beyond 2026 2028 and beyond 6–8% Mid-to-high single $740–$780 Reaching $2 billion Mid-single Mid-single Minimal Increasing
Slide 115: Edwards' financial objectives: profitability
PROFITABILITY Edwards’ financial objectives Generating Strong organic strong gross profit by sales growth producing high-value technologies efficiently Healthy and Expanding field organization to expanding margins support therapy adoption Investing strategically Strategic capital in innovation for p
Slide 116: 2025E to 2026E operating margin
PROFITABILITY 2025E to 2026E operating margin 28 – 29% 27 – 28% Volume Efficient G&A Strategic efficiencies leverage investments in emerging Strong Organic Continued Prioritize R&D opportunities Revenue Growth leverage of global initiatives manufacturing footprint FX New product Patient access intro
Slide 117: Active prioritization of R&D
PROFITABILITY Active prioritization of R&D to drive innovation and fuel growth $1,400 21.5% $1,300 19.4% Generating ~18% scientific evidence ~17% to expand $1,200 16.5% opportunities 40% $1,100 ~$1.1B 11.5% $1,000 New product 2026E R&D 35% development $900 across structural 25% heart disease 6.5% $8
Slide 118: 2025E to 2026E adjusted EPS bridge
PROFITABILITY 2025E to 2026E adjusted EPS bridge Leveraged EPS growth $2.80 - $2.95 $0.29 - $0.35 $(0.02) - $(0.04) ~Flat $2.56 - $2.62 2025E Core Business Tax Interest/Shares/FX 2026E 2027+ Operations and Guidance Emerging Opportunities 9
Slide 119: Edwards' financial objectives: capital allocation
CAPITAL ALLOCATION Edwards’ financial objectives Strong organic Supports sales growth global capacity expansion Strategic acquisitions Healthy and to supplement and expand innovation expanding margins Returning capital to shareholders through Strategic capital opportunistic share deployment repurcha
Slide 120: Strong and flexible balance sheet enables capital allocation
CAPITAL ALLOCATION Edwards’ strong and flexible balance sheet enables capital allocation strategy Invest to support growth Capital expenditures to support innovative R&D and including production capacity production capacity External investments Focus on structural heart including acquisitions, minor
Slide 121: Investing capital for the future
CAPITAL ALLOCATION Investing capital for the future Capital spending Where are we investing? $ millions Manufacturing resiliency Infrastructure ~$280 investment $252 ~$250 Research capacity 2024 2025E 2026E Other 12
Slide 122: Track record of opportunistic share repurchases
CAPITAL ALLOCATION Track record of opportunistic share repurchases Share repurchases Shares outstanding $ millions millions 1,727 700 1,159 650 875 853 600 513 550 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2021 2022 2023 2024 2025 YTD Note: ~$2B current remaining share repurc
Slide 123: 2026 financial guidance
Supplemental 2026 financial guidance $6,400–$6,800 8–10% Nominal TOTAL SALES SALES FX IMPACT ON SALES GROWTH At current rates 78–79% 28–29% $4,600–$4,900 $740–$780 GROSS OPERATING 6–8% SALES GROWTH 35–45% SALES GROWTH PROFIT MARGIN MARGIN ~100 bps expansion at midpoint incl. ~30 bps from FX TAVR TMT
Slide 124: Financial strategy designed to create enhanced shareholder value
Financial strategy designed to create enhanced shareholder value 2027 and beyond 50 – 100 ~10% Leveraged bps Average annual sales growth Constant currency operating Earnings per share growth margin expansion 15
Slide 125: Ewa
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Slide 126: Closing Remarks
Closing Remarks Bernard Zovighian
Slide 127: Delivering sustainable, differentiated growth and leadership
Delivering sustainable, differentiated growth and leadership with a unique and patient-focused strategy Focusing on structural heart disease Solving large and complex patient needs Pioneering therapeutic categories 2
Slide 128: Differentiated and expanded breakthrough therapies
Resulting in differentiated and expanded breakthrough therapies Core innovations Emerging opportunities Aortic Stenosis SAPIEN INSPIRIS KONECT Mitral Aortic Regurgitation Regurgitation JENAVALVE JC MEDICAL PASCAL SAPIEN M3 MITRIS + Tricuspid Regurgitation PASCAL EVOQUE TRIFORMIS + Structural V-LAP1
Slide 129: A culture built on transforming care
A culture built on transforming care for millions of Structural Heart patients Leading with strength, scale and reach As Edwards leads, everyone benefits to fund innovation globally Innovation brings clinical and economic value to the healthcare ecosystem INNOVATION 16,000+ employees 5 plants 1,600+
Slide 130: The Edwards Board is focused and engaged
The Edwards Board is focused and engaged Leading governance practices Highly qualified with broad expertise Guiding Edwards’ unique innovation strategy 5
Slide 131: Confidence in our innovation strategy
Confidence in our innovation strategy 2026 2027 & Beyond 8-10% SALES GROWTH ~10% SALES GROWTH $2.80-$2.95 ADJUSTED EPS Leveraged ~11% growth at midpoint EPS Leveraged including JenaValve acquisition MARGIN 28-29% OPERATING +50-100bps EXPANSION ~100bps of expansion MARGIN Strong P&L and balance sheet
Slide 132: Edwards Lifesciences
Edwards Lifesciences
Slide 133: Ewa
Ewa Re yD a ve Edwards Iping Patients i is Our Life’s Work, and, no) i : B= == te
Slide 134: Bernard Zovighian, Chief Executive Officer
BERNARD ZOVIGHIAN Chief Executive Officer Edwards Lifesciences Bernard J. Zovighian is CEO and on the Board of Directors of Edwards Lifesciences since May 2023, after serving as the company’s president. As CEO, Zovighian is leading Edwards into a new era of groundbreaking structural heart innovation
Slide 135: Scott Ullem, Chief Financial Officer
SCOTT ULLEM Chief Financial Officer Edwards Lifesciences Scott B. Ullem has been chief financial officer since 2014. He is responsible for leading Edwards’ global finance organization. In addition, Ullem has executive responsibility for the company’s information technology, information security, ris
Slide 136: Speaker biography
for Biodesign from 2006 to 2019, where he mentored and directed numerous teams on the development of new technologies. In addition, he served as the co-director for both the graduate and executive education programs at the center during a similar time period. He is currently an adjunct professor of
Slide 137: Diane Gomez-Thinnes, Corporate Vice President, Implantable Heart Failure Management
DIANE GOMEZ-THINNES Corporate Vice President, Implantable Heart Failure Management Edwards Lifesciences Gomez-Thinnes joined Edwards as corporate vice president of Implantable Heart Failure Management in October 2024. She recently served as the chief commercial officer for medical technology start-u
Slide 138: YJ Oh, Senior Vice President, Surgical
Europe, and Asia Pacific. He received a bachelor’s degree in science from the University of Adelaide with a double major in pharmacology and human physiology, and a post-graduate diploma in marketing from the University of Technology Sydney. YJ Oh Senior Vice President, Surgical Edwards Lifesciences
Slide 139: Mark Wilterding biography
2025. Mark is also a member of the company’s Executive Leadership Team (ELT) and coordinates closely with business development and corporate strategy on external engagements. Prior to joining Edwards, Mark was Sr. Director of Investor Relations at Medtronic for 5 years. Mark spent the first 15 years