Bulletin: Boston Scientific Corp.'s Announced Acquisition Of Penumbra Within Leverage Capacity

This report does not constitute a rating action. TORONTO (S&P Global Ratings) Jan. 16, 2026--S&P Global Ratings said today that Boston Scientific Corp. ?s (A-/Stable/A-2) plans to acquire medical device maker Penumbra Inc. for $14.5 billion in cash and stock will significantly increase leverage post-close before improving in 2027. Alameda, Calif.-based Penumbra specializes in the design and manufacture of medical devices to treat neurovascular and cardiovascular conditions. We estimate the company generate roughly $1.4 billion in revenues for 2025. It expects to close the acquisition in the second half of 2026. Our rating and outlook on Boston Scientific are unchanged. Under our base-case forecast, we estimate that adjusted leverage will increase to nearly 3x in 2026 from our estimated 2x

...January 16, 2026 This report does not constitute a rating action. TORONTO (S&P Global Ratings) Jan. 16, 2026--S&P Global Ratings said today that Boston Scientific Corp.'s (A-/Stable/A-2) plans to acquire medical device maker Penumbra Inc. for $14.5 billion in cash and stock will significantly increase leverage post-close before improving in 2027. Alameda, Calif.-based Penumbra specializes in the design and manufacture of medical devices to treat neurovascular and cardiovascular conditions. We estimate the company generate roughly $1.4 billion in revenues for 2025. It expects to close the acquisition in the second half of 2026. Our rating and outlook on Boston Scientific are unchanged. Under our base-case forecast, we estimate that adjusted leverage will increase to nearly 3x in 2026 from our estimated 2x at the end of 2025, then improve to under 2.5x by end of 2027. This incorporates our expectation for continued strong performance of Boston Scientific, highlighted by double-digit percent...

Bulletin