Abbott said on October 21, 2026 it will spin off its $8.5 billion Nutrition business into an independent company by the end of 2027 and tightened EPS guidance.
Last updated: October 22, 2026
Abbott will separate its Nutrition business, about $8.5 billion in annual sales, into an independent public company by the end of 2027 through a tax free distribution of shares to Abbott shareholders, while keeping its devices, diagnostics and established pharmaceuticals businesses.
This page covers Abbott’s October 21, 2026 separation announcement and third quarter results, plus the QIAGEN take private, the brepocitinib uveitis Phase 3 results, Danaher and Medpace earnings, and the day’s other regulatory and market moves.
Why is Abbott spinning off its Nutrition business?
Abbott Laboratories will distribute shares of a new, independent Nutrition company to its shareholders in a transaction intended to be tax free, expected to be complete by the end of 2027, so that each business can pursue its own growth strategy with its own capital allocation.
The announcement came at 7:25 am Eastern on October 21, about an hour before Abbott’s third quarter results. The Nutrition business generates approximately $8.5 billion in annual sales from brands including Similac, PediaSure, Pedialyte, Glucerna and Ensure, with about 16,000 employees and 14 manufacturing sites. Daniel Salvadori, executive vice president and group president of Established Pharmaceuticals and Nutritional Products, will become chief executive officer of the new company. Remaining Abbott keeps approximately $42 billion in sales across medical devices, diagnostics and established pharmaceuticals, with about 106,000 employees.
| Nutrition company | Remaining Abbott | |
|---|---|---|
| Annual sales | About $8.5 billion | About $42 billion |
| Employees | About 16,000 | About 106,000 |
| Manufacturing sites | 14 | Not broken out |
| Portfolio | Similac, PediaSure, Pedialyte, Glucerna, Ensure | Medical devices, diagnostics, established pharmaceuticals |
| Chief executive | Daniel Salvadori | Robert B. Ford |
The separation is subject to customary conditions, including regulatory approvals, the effectiveness of a Form 10 registration statement and final approval by Abbott’s board. Abbott expects the combined dividend paid by the two companies to equal Abbott’s dividend at the time of separation. The company said the transaction will not affect its 2026 guidance or the 2027 guidance it plans to give in January, and that one time transaction charges will be quantified later. The new company’s name, ticker, listing exchange and headquarters were not stated. Goldman Sachs is financial advisor. The move lands six days after Medtronic completed the separation of its MiniMed diabetes business, making structural separation the defining medtech story of October.
What did Abbott report in the third quarter of 2026?
Abbott reported third quarter sales of $13.0 billion, up 14.5 percent on a reported basis and 7.0 percent on a comparable basis, with adjusted diluted earnings per share of $1.42, up 9.2 percent. The company reaffirmed the midpoint of its full year adjusted EPS guidance and tightened the range to $5.50 to $5.55.
GAAP diluted EPS fell 43.6 percent to $0.53 on specified items of $0.89 per share, including approximately $670 million of legal settlements. Full year comparable sales growth is expected at approximately 6.0 percent, with fourth quarter adjusted EPS guided to $1.62 to $1.67. Segment detail, from the release:
| Segment, Q3 2026 | Sales | Comparable growth |
|---|---|---|
| Medical Devices | $5,826 million | +7.8% |
| Diabetes Care (within devices) | $2,185 million | +6.7% |
| Diagnostics | $3,305 million | +6.4% (+46.7% reported, reflecting Exact Sciences) |
| Nutrition | $2,262 million | +4.9% |
| Established Pharmaceuticals | $1,614 million | +8.4% |
Two lines deserve attention. Continuous glucose monitor sales grew 7.3 percent reported and 7.7 percent on a comparable basis, a slower pace for the franchise in the first full quarter with MiniMed operating as an independent competitor. And Diagnostics’ 46.7 percent reported growth reflects the Exact Sciences acquisition, which closed March 23, 2026, with comparable growth of 6.4 percent and Cancer Diagnostics up 13.8 percent. Chief executive Robert B. Ford said the quarter reflected “balanced growth across our portfolio.” Abbott shares closed at $100.51, down 1.9 percent, our arithmetic from exchange settled closes, on a day the S&P 500 rose 0.5 percent.
What is EQT paying to take QIAGEN private?
A consortium led by EQT Private Equity agreed to acquire QIAGEN N.V. through an all cash voluntary public takeover offer of €46.50 per share, approximately €10.8 billion in enterprise value, or about $12.1 billion at current exchange rates including roughly $1.1 billion of net debt, per the companies’ announcement after Wednesday’s close.
The offer represents a 40.3 percent premium to QIAGEN’s XETRA closing price of €33.15 on July 8, 2026, the last trading day before market reports of private equity interest, and a 46.9 percent premium to the three month volume weighted average of €31.66. Abu Dhabi Investment Authority subsidiary Luxinva and CPP Investments are co investors alongside the EQT XI fund, through bidder Crown NL Bidco. QIAGEN’s Supervisory and Managing Boards unanimously approved the business combination agreement and support the transaction.
| Term | Detail |
|---|---|
| Offer price | €46.50 per share, all cash |
| Enterprise value | About €10.8 billion (about $12.1 billion) |
| Premium | 40.3% to the July 8 undisturbed close; 46.9% to the three month average |
| Minimum acceptance | 50% of share capital plus one share |
| Expected closing | Mid 2027 |
| Listings | Frankfurt and NYSE listings to be terminated after post closing measures |
| Financing | Committed equity and debt; no financing condition |
QIAGEN will keep its name and brand, and operates independently under current management until closing. Conditions include BaFin approval of the offer document, merger control and foreign investment clearances, and shareholder meeting resolutions on the post closing measures. If closing has not occurred within ten months because regulatory approvals are pending, QIAGEN may pay an interim dividend of up to $0.47 per share without deduction from the offer price. In a separate release, QIAGEN reported preliminary third quarter net sales of $548 million at both reported and constant exchange rates with adjusted diluted EPS of $0.65, and suspended its full year 2026 outlook while the transaction is pending; full results come November 4 with no conference call. QIAGEN’s US shares closed at $50.00, up 2.2 percent, before the announcement, making Thursday the first reaction session.
How well did brepocitinib work in non infectious uveitis?
Brepocitinib, Priovant Therapeutics’ oral inhibitor of TYK2 and JAK1, met the primary endpoint in both CLARITY-1 and CLARITY-2, reducing the risk of treatment failure by 73 percent and 78 percent versus placebo in non infectious uveitis, with both results at p<0.0001, per Roivant and Priovant’s October 21 release.
The Phase 3 program enrolled 371 patients, 166 in CLARITY-1 and 204 in CLARITY-2, randomized one to one to brepocitinib 45 mg once daily or placebo for a 48 week double masked period. Every patient received an eight week oral corticosteroid regimen, 60 mg per day for two weeks followed by a mandatory six week taper to zero, after which disease control depended on study drug alone.
| Endpoint, week 48 | CLARITY-1 | CLARITY-2 |
|---|---|---|
| Hazard ratio, time to treatment failure | 0.27 (95% CI 0.17 to 0.43), p<0.0001 | 0.22 (95% CI 0.14 to 0.34), p<0.0001 |
| Treatment failure, brepocitinib vs placebo | 35.4% vs 78.7% | 32.4% vs 77.8% |
| Steroid free quiescence, both eyes | 58.8% vs 19.8% | 64.4% vs 19.4% |
| Resolution of macular edema | 40.4% vs 2.1% | 42.6% vs 7.0% |
Median time to treatment failure exceeded 48 weeks on brepocitinib versus about 12 weeks on placebo in each study. Pooled across both trials, 62 percent of brepocitinib patients achieved steroid free quiescence in both eyes versus 20 percent on placebo, and macular edema resolved in 42 percent versus 4.8 percent. Three percent of participants discontinued due to an adverse event, most events were mild or moderate, and the companies reported no new safety signals; a full adverse event table was not provided. Priovant plans a supplemental New Drug Application in the first half of 2027. Brepocitinib is already approved for adults with dermatomyositis under the brand name LISRAYA, so uveitis would be its second indication. Roivant closed at $36.80, up 5.4 percent, our arithmetic.
What did Danaher and Medpace report?
Danaher grew third quarter revenue 8.5 percent to $6.55 billion, with core revenue up 3.0 percent, or 5.5 percent excluding respiratory testing, and raised full year adjusted EPS guidance to $8.57 to $8.62 from $8.45 to $8.60. Medpace grew revenue 8.5 percent to $716.0 million with net new awards up 10.6 percent.
Danaher’s adjusted diluted EPS rose 11.5 percent to $2.11, and the company generated $1.6 billion of free cash flow on a non GAAP basis. For the fourth quarter it expects core revenue excluding respiratory to grow 4.0 to 5.0 percent, with respiratory an approximately 150 basis point headwind producing core growth of about 3.0 percent. The quarter included a $52 million pretax impairment at a Biotechnology segment facility. Danaher shares closed at $233.86, up 4.3 percent, our arithmetic, the day’s clearest reward for a clean guidance raise.
Medpace, the clinical research organization, reported after the close: revenue of $716.0 million, up 8.5 percent, net new business awards of $873.4 million, up 10.6 percent, backlog of $3,167.2 million, up 5.6 percent, GAAP diluted EPS of $4.84 versus $3.86, and EBITDA of $172.1 million at a 24.0 percent margin. Full year guidance calls for revenue of $2.835 to $2.855 billion, growth of 12.0 to 12.8 percent. The board terminated the prior repurchase authorization, which had $527.0 million remaining, and approved a new program of up to $1.0 billion through December 31, 2028. Because the release crossed at 4:15 pm Eastern, Thursday’s session and the 9:00 am Eastern call are the first reaction; the stock’s 6.4 percent rise on Wednesday preceded the release, and we found no disclosure behind it. Awards growing faster than revenue is the demand signal the CRO group has been waiting on all year.
Why did Arcus Biosciences sell stock, and at what price?
Arcus Biosciences priced a $250 million public offering late Wednesday night: 14,285,715 shares at $17.50, with a 30 day underwriter option for up to 2,142,857 more and closing expected October 23, per the company. The pricing followed a 19.6 percent decline in Wednesday’s session, for which we found no company disclosure.
The sequence matters. On Monday October 20 at an investor event, Arcus presented new ARC-20 data for casdatifan, its HIF-2a inhibitor, in kidney cancer, and the stock rose 7.3 percent to $23.75. On Wednesday the shares fell to $19.10 with no new company release during market hours, the offering was announced at 4:22 pm Eastern, and it priced at $17.50, which is 8.4 percent below Wednesday’s close and 26.3 percent below Tuesday’s post data close, our arithmetic throughout. The pricing release states no use of proceeds. Jefferies, Leerink Partners, TD Cowen, Evercore ISI and Mizuho are bookrunners. Elsewhere in the capital cycle on Wednesday: Teknova’s first session after pricing its $40 million offering closed 20.8 percent lower; Iambic posted its first close below its $16.00 IPO price at $15.80; and Electra Therapeutics’ overallotment window has passed its approximate October 21 expiry with no exercise announcement we could find in Wednesday night searches.
What else happened on October 21, 2026?
The FDA approved two products and cleared a system, a $400 million discovery deal was signed, and a medtech buyout cleared its shareholder vote.
The FDA approved Edwards Lifesciences’ PASCAL Precision system for transcatheter edge to edge repair in patients with symptomatic severe tricuspid regurgitation despite optimal medical therapy who are at intermediate or greater surgical risk, supported by the CLASP IITR pivotal trial, with one year data coming at the TCT meeting; the agency also approved PASCAL Ace with Capture Clarity for degenerative mitral repair, per Edwards. BioCryst Pharmaceuticals won approval for ORLADEYO (berotralstat) 150 mg oral pellets for hereditary angioedema prophylaxis in patients 12 and older, a formulation approval built on manufacturing and tolerability data. Fresenius Medical Care launched its multiFiltratePRO continuous kidney replacement therapy system in the US after an October 19 FDA clearance, alongside approval of two companion solutions that make it the first US system with an on label regional citrate anticoagulation package. Astellas Pharma signed a research collaboration and license agreement with AI Proteins to discover de novo miniprotein therapeutics, valued by the companies at over $400 million including milestones with the upfront undisclosed, per the announcement reported by Fierce Biotech. Supernus Pharmaceuticals said the FDA recognized seven years of orphan drug exclusivity for ONAPGO, its subcutaneous apomorphine infusion for motor fluctuations in advanced Parkinson’s disease, running from its February 3, 2025 approval. Integer Holdings’ stockholders approved the proposals connected to KKR’s planned acquisition of the medical device contract manufacturer. And Fierce Biotech reported that GSK has quietly scrapped a trial of a next generation hepatitis B therapy, one day after winning approval for Hibsago.
Which stocks moved on the day’s news?
Settled closes, October 21, with changes versus the prior close, our arithmetic. The broader tape was quiet: the SPDR S&P Biotech ETF (XBI) slipped 0.3 percent to $152.78 while the S&P 500 rose 0.5 percent.
| Ticker | Close | Move | Context |
|---|---|---|---|
| ABT | $100.51 | −1.9% | Q3 growth plus the Nutrition spin announcement cleared lower |
| DHR | $233.86 | +4.3% | Guidance raise with the respiratory headwind isolated |
| RCUS | $19.10 | −19.6% | No disclosure in the session; $250 million offering priced at $17.50 overnight |
| TKNO | $5.85 | −20.8% | First session after pricing a $40 million offering |
| RAPP | $25.06 | −14.7% | Second session after the debated RAP-219 mania topline |
| TLX | $10.03 | −10.1% | First session after a Q3 up 19% from a year ago, down 1% sequentially |
First reaction sessions to Tuesday evening’s news, all our arithmetic: GSK closed down 1.2 percent and Ionis down 2.5 percent after the Hibsago approval; Intuitive Surgical fell 2.3 percent after its antitrust charge quarter; Alcon slipped 0.6 percent after the Neurotech acquisition; HUTCHMED fell 2.5 percent after its GSK license closing; and Disc Medicine closed at $76.00, down 4.4 percent but a dollar above its $75.00 offering price, the day before the deal’s expected close. MiniMed rose 1.8 percent to $17.80 in its fourth post separation session, narrowing the exchange package gap to Medtronic to about 12.1 percent.
Frequently asked questions
What did Abbott announce on October 21, 2026?
Two things: third quarter 2026 results, with sales of $13.0 billion up 7.0 percent on a comparable basis, and its intention to separate the global Nutrition business into an independent, publicly traded company by the end of 2027.
How will Abbott separate its Nutrition business?
Through a distribution of shares of the new Nutrition company to Abbott shareholders, intended to be tax free for US federal income tax purposes. After completion, Abbott shareholders will own shares in both companies. No exchange offer is involved.
What brands go with the Abbott Nutrition spinoff?
Similac, PediaSure, Pedialyte, Glucerna and Ensure, together about $8.5 billion in annual sales, 16,000 employees and 14 manufacturing sites.
Who will run the new Abbott Nutrition company?
Daniel Salvadori, currently Abbott’s executive vice president and group president for Established Pharmaceuticals and Nutritional Products, will become chief executive officer. The company’s name, ticker and listing were not announced.
Did Abbott raise its 2026 guidance?
No. Abbott reaffirmed the midpoint of its full year adjusted EPS guidance and tightened the range to $5.50 to $5.55, with full year comparable sales growth of approximately 6.0 percent and fourth quarter adjusted EPS of $1.62 to $1.67.
How much is EQT paying for QIAGEN?
€46.50 per share in cash, about €10.8 billion in enterprise value, or roughly $12.1 billion including about $1.1 billion of net debt, a 40.3 percent premium to the undisturbed July 8 price. ADIA and CPP Investments are co investors.
When will the QIAGEN takeover close, and what happens to the shares?
Closing is expected in mid 2027, subject to a 50 percent plus one share minimum acceptance, regulatory clearances and shareholder resolutions. After post closing measures, QIAGEN’s Frankfurt and New York listings would be terminated, with non tendering holders receiving a cash distribution equal to the offer price less applicable withholding taxes.
What is brepocitinib?
An oral small molecule that inhibits TYK2 and JAK1, developed by Priovant Therapeutics, a Roivant company. It is approved for adults with dermatomyositis under the brand name LISRAYA.
What did the CLARITY trials show in uveitis?
In CLARITY-1 and CLARITY-2, brepocitinib 45 mg once daily reduced the risk of treatment failure by 73 and 78 percent versus placebo after a mandatory steroid taper, with week 48 failure rates of 35.4 versus 78.7 percent and 32.4 versus 77.8 percent, both p<0.0001.
When will brepocitinib be filed for non infectious uveitis?
Priovant plans to file a supplemental New Drug Application with the FDA in the first half of calendar 2027.
What did Danaher report in the third quarter of 2026?
Revenue of $6.55 billion, up 8.5 percent reported and 3.0 percent core, adjusted diluted EPS of $2.11, up 11.5 percent, and a full year adjusted EPS guidance raise to $8.57 to $8.62 from $8.45 to $8.60.
What did Medpace report in the third quarter of 2026?
Revenue of $716.0 million, up 8.5 percent, net new business awards of $873.4 million, up 10.6 percent, backlog of $3.17 billion, GAAP diluted EPS of $4.84, and a new $1.0 billion buyback authorization through 2028.
Why did Arcus Biosciences stock fall on October 21?
The shares fell 19.6 percent with no company disclosure during the session that we could find. After the close, Arcus launched and then priced a $250 million offering at $17.50 per share, 26.3 percent below Tuesday’s close, our arithmetic.
What did the FDA approve on October 21, 2026?
Edwards Lifesciences’ PASCAL Precision system for transcatheter tricuspid valve repair, PASCAL Ace with Capture Clarity for degenerative mitral repair, and BioCryst’s ORLADEYO 150 mg oral pellets for hereditary angioedema prophylaxis in patients 12 and older. Fresenius Medical Care’s multiFiltratePRO system was cleared October 19 with its citrate and calcium solutions approved alongside.
Is MiniMed’s separation related to Abbott’s spinoff?
They are separate transactions, but both reflect the same strategy: Medtronic completed its MiniMed diabetes separation on October 15, 2026 via a split off exchange offer, while Abbott chose a straight distribution spin for Nutrition, announced October 21 and expected by the end of 2027.
Sources
Primary sources, October 21, 2026: Abbott Laboratories third quarter 2026 earnings release (SEC Form 8-K, Exhibit 99.1); Abbott news release, “Abbott Announces Its Intention to Separate Its Global Nutrition Business into an Independent, Publicly Traded Company” (PR Newswire, 7:25 am ET); QIAGEN N.V. and EQT Private Equity joint announcement of a recommended voluntary all cash public takeover offer (5:43 pm ET) and QIAGEN preliminary Q3 2026 results release (5:44 pm ET); Roivant Sciences and Priovant Therapeutics release on CLARITY-1 and CLARITY-2 results (GlobeNewswire, 7:00 am ET); Danaher Corporation Q3 2026 results release (PR Newswire, 6:00 am ET); Medpace Holdings Q3 2026 results release (4:15 pm ET); Arcus Biosciences offering commencement (4:22 pm ET) and pricing (10:53 pm ET) releases (Business Wire); Edwards Lifesciences PASCAL Precision approval release (Business Wire, 9:00 am ET); BioCryst Pharmaceuticals ORLADEYO pellets approval release (GlobeNewswire, 7:00 am ET); Fresenius Medical Care multiFiltratePRO launch release (PR Newswire, 6:10 pm ET); Supernus Pharmaceuticals ONAPGO orphan exclusivity release (GlobeNewswire, 7:45 pm ET); Integer Holdings stockholder approval release.
Trade press, attributed: Fierce Biotech, October 21, 2026, on the Astellas and AI Proteins collaboration (citing the companies’ Business Wire release), on GSK ending a next generation hepatitis B trial, and on the reverse merger financing report. Market closes are exchange settled closes; percentage moves are our arithmetic.
