This report does not constitute a rating action. Boston Scientific has maintained solid operating performance. The company posted solid 9.4% organic revenue growth in the first quarter of 2026. Key franchises including WATCHMAN, FARAPULSE, and neuromodulation drove this. Though organic growth will likely slow in the near term given a moderation of procedure volumes, it will remain largely at or above market growth rates, at a consistent 7%-8%. The company has had a steady new product launch schedule, and it will likely continue to benefit from robust demand in its markets, as well as acquisitions. We forecast revenue will grow 11.9% in 2026, benefiting from the announced acquisition of Penumbra, before generating annual growth of 7%. S&P Global Ratings-adjusted EBITDA
