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MRK - Edwards Lifesciences: Thoughts On Its Growth Plans And Valuation
Merck & Company Inc.
Background
Edwards Lifesciences (EW) is a well-run company that develops, manufactures and markets cardiovascular products. I peg its GAAP EPS for this year around $5.05. At Monday's closing price of $237.08, that gives it a projected current-year P/E of 47X. Looking to 2020 and 2021, I look for non-GAAP and GAAP EPS to lack the inventory writedowns that - while a core part of EW's business model - carry about $6.10 and $7.00 estimates. These are above Street estimates for GAAP EPS; EW almost always guides low and the Street follows guidance. EW