The present invention is directed to polymeric materials (e.g., coatings) comprising biodegradable copolymers and implantable devices (e.g., drug-delivery stents) formed of such materials. The biodegradable copolymers are derived from at least two relatively polar monomers and at least one relatively nonpolar monomer. Incorporation of at least one relatively nonpolar monomer into the copolymer improves controlled release of a hydrophobic drug from the polymeric material by increasing the copolymer's miscibility with and permeability to the hydrophobic drug. The polymeric materials can also contain at least one biocompatible moiety, at least one non-fouling moiety, at least one biobeneficial material, at least one bioactive agent, or a combination thereof. The polymeric materials are designed to improve the mechanical, physical and biological properties of implantable devices formed thereof.