diff --git a/packages/common/src/pipes/async_pipe.ts b/packages/common/src/pipes/async_pipe.ts
index 54a62d6903..2d4e44a229 100644
--- a/packages/common/src/pipes/async_pipe.ts
+++ b/packages/common/src/pipes/async_pipe.ts
@@ -6,7 +6,7 @@
  * found in the LICENSE file at https://angular.io/license
  */
 
-import {ChangeDetectorRef, EventEmitter, OnDestroy, Pipe, PipeTransform, WrappedValue, ɵisObservable, ɵisPromise, ɵlooseIdentical} from '@angular/core';
+import {ChangeDetectorRef, EventEmitter, OnDestroy, Pipe, PipeTransform, ɵisObservable, ɵisPromise} from '@angular/core';
 import {Observable, SubscriptionLike} from 'rxjs';
 import {invalidPipeArgumentError} from './invalid_pipe_argument_error';
 
@@ -81,7 +81,6 @@ const _observableStrategy = new ObservableStrategy();
 @Pipe({name: 'async', pure: false})
 export class AsyncPipe implements OnDestroy, PipeTransform {
   private _latestValue: any = null;
-  private _latestReturnedValue: any = null;
 
   private _subscription: SubscriptionLike|Promise<any>|null = null;
   private _obj: Observable<any>|Promise<any>|EventEmitter<any>|null = null;
@@ -104,7 +103,6 @@ export class AsyncPipe implements OnDestroy, PipeTransform {
       if (obj) {
         this._subscribe(obj);
       }
-      this._latestReturnedValue = this._latestValue;
       return this._latestValue;
     }
 
@@ -113,12 +111,7 @@ export class AsyncPipe implements OnDestroy, PipeTransform {
       return this.transform(obj as any);
     }
 
-    if (ɵlooseIdentical(this._latestValue, this._latestReturnedValue)) {
-      return this._latestReturnedValue;
-    }
-
-    this._latestReturnedValue = this._latestValue;
-    return WrappedValue.wrap(this._latestValue);
+    return this._latestValue;
   }
 
   private _subscribe(obj: Observable<any>|Promise<any>|EventEmitter<any>): void {
@@ -143,7 +136,6 @@ export class AsyncPipe implements OnDestroy, PipeTransform {
   private _dispose(): void {
     this._strategy.dispose(this._subscription!);
     this._latestValue = null;
-    this._latestReturnedValue = null;
     this._subscription = null;
     this._obj = null;
   }
diff --git a/packages/common/test/pipes/async_pipe_spec.ts b/packages/common/test/pipes/async_pipe_spec.ts
index 0d1635938c..5d53c6b76e 100644
--- a/packages/common/test/pipes/async_pipe_spec.ts
+++ b/packages/common/test/pipes/async_pipe_spec.ts
@@ -7,7 +7,7 @@
  */
 
 import {AsyncPipe, ɵgetDOM as getDOM} from '@angular/common';
-import {EventEmitter, WrappedValue} from '@angular/core';
+import {EventEmitter} from '@angular/core';
 import {AsyncTestCompleter, beforeEach, describe, expect, inject, it} from '@angular/core/testing/src/testing_internal';
 import {browserDetection} from '@angular/platform-browser/testing/src/browser_util';
 
@@ -32,13 +32,13 @@ import {SpyChangeDetectorRef} from '../spies';
           expect(pipe.transform(emitter)).toBe(null);
         });
 
-        it('should return the latest available value wrapped',
+        it('should return the latest available value',
            inject([AsyncTestCompleter], (async: AsyncTestCompleter) => {
              pipe.transform(emitter);
              emitter.emit(message);
 
              setTimeout(() => {
-               expect(pipe.transform(emitter)).toEqual(new WrappedValue(message));
+               expect(pipe.transform(emitter)).toEqual(message);
                async.done();
              }, 0);
            }));
@@ -82,15 +82,14 @@ import {SpyChangeDetectorRef} from '../spies';
              }, 10);
            }));
 
-        it('should return unwrapped value for unchanged NaN', () => {
+        it('should return value for unchanged NaN', () => {
           const emitter = new EventEmitter<any>();
           emitter.emit(null);
           pipe.transform(emitter);
           emitter.next(NaN);
           const firstResult = pipe.transform(emitter);
           const secondResult = pipe.transform(emitter);
-          expect(firstResult instanceof WrappedValue).toBe(true);
-          expect((firstResult as WrappedValue).wrapped).toBeNaN();
+          expect(firstResult).toBeNaN();
           expect(secondResult).toBeNaN();
         });
       });
@@ -145,12 +144,12 @@ import {SpyChangeDetectorRef} from '../spies';
              resolve(message);
 
              setTimeout(() => {
-               expect(pipe.transform(promise)).toEqual(new WrappedValue(message));
+               expect(pipe.transform(promise)).toEqual(message);
                async.done();
              }, timer);
            }));
 
-        it('should return unwrapped value when nothing has changed since the last call',
+        it('should return value when nothing has changed since the last call',
            inject([AsyncTestCompleter], (async: AsyncTestCompleter) => {
              pipe.transform(promise);
              resolve(message);
@@ -169,7 +168,6 @@ import {SpyChangeDetectorRef} from '../spies';
              promise = new Promise<any>(() => {});
              expect(pipe.transform(promise)).toBe(null);
 
-             // this should not affect the pipe, so it should return WrappedValue
              resolve(message);
 
              setTimeout(() => {
@@ -203,7 +201,7 @@ import {SpyChangeDetectorRef} from '../spies';
 
 
                setTimeout(() => {
-                 expect(pipe.transform(promise)).toEqual(new WrappedValue(message));
+                 expect(pipe.transform(promise)).toEqual(message);
                  pipe.ngOnDestroy();
                  expect(pipe.transform(promise)).toBe(null);
                  async.done();