Boston Scientific

Observed and latent pricing power stems from differentiated outcomes and procedure economics in AF ablation and LAAC. FARAPULSE’s efficiency and safety profile relative to thermal ablation supports premium positioning, while WATCHMAN’s stroke‑prevention value versus lifetime anticoagulation underpins durable pricing.

FDA labeling expansion to persistent AF increases clinical scope and value. Offsetting factors include payer pressure and global procurement dynamics. China’s volume‑based procurement and domestic substitution trend can compress price in commoditizing categories, though truly innovative Class III devices retain better economics and pathways.

The EU’s IPI action against Chinese suppliers may buffer pricing in EU tenders but also signals rising trade frictions. Overall, we expect continued mid‑to‑high‑teens growth with stable to improving gross margins, but we discount pricing power for geographies exposed to VBP.