Edwards Lifesciences — Apr 23, 2026 release

This decrease in R&D as a percentage of sales and increase in total expense reflects Edwards’ strong top-line growth as well as strategic prioritization of investments in its expanding structural heart portfolio. The company continues to expect R&D expense as a percentage of sales to be approximately 17% in 2026. Operating profit margin in the first quarter of 29.0%, or 31.4% adjusted, was in line with the company’s expectation for the quarter. Adjusted EPS was $0.78 and benefited from solid operational performance and planned phasing of strategic investments during the course of the year. In 2026, Edwards expects full-year operating profit margin to be at the high end of the company’s original 28% to 3 29% guidance range, resulting in approximately 150 basis points of constant currency operating margin expansion for the full year. Cash and cash equivalents were approximately $2.4 billion as of March 31, 2026. Total debt was approximately $600 million. Also during the quarter, the company entered into an Accelerated Share Repurchase agreement to buy back $500 million in shares. Edwards has approximately $1.5 billion remaining under its share repurchase authorization. Outlook Due to stronger-than-expected first quarter results, Edwards is raising its full-year 2026 sales growth rate guidance to 9% to 11% from 8% to 10% and TAVR product group sales growth rate guidance to 7% to 9% from 6% to 8%. Edwards now expects total company sales of $6.5 to $6.9 billion, and TAVR sales of $4.7