Last updated: October 14, 2026
Johnson & Johnson grew third quarter sales 5.9% to $25.4 billion and raised 2026 guidance, yet the stock settled 5.7% lower. Liquidia agreed to pay United Therapeutics $380.7 million net to end all litigation, keeping Yutrepia in PAH. Syndax exited IPF.
This page covers the October 13, 2026 session: J&J’s third quarter results, the Liquidia settlement, the Syndax and BioNTech readouts, the Roche and Pfizer licensing deals, Biomea’s Phase 1 data, and the day’s medtech consolidation news.
How did Johnson & Johnson perform in Q3 2026?
Johnson & Johnson reported worldwide sales of $25.4 billion, up 5.9%, with Innovative Medicine up 7.7% and MedTech up 2.5%. Adjusted EPS was $2.59. Reported EPS fell to $0.09 on a one time charge tied to the proposed talc litigation resolution.
The quarter’s mechanics, per the company’s October 13 release:
| Measure | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Worldwide sales | $25,399M | $23,993M | +5.9% reported, +6.0% operational |
| Innovative Medicine | $16,757M | $15,563M | +7.7% reported |
| MedTech | $8,642M | $8,430M | +2.5% reported |
| Adjusted EPS | $2.59 | $2.80 | −7.5% |
| Reported EPS | $0.09 | $2.12 | −95.8% |
The GAAP collapse is an accounting event, not an operating one. The non GAAP reconciliation carries a $5,519 million pre tax litigation adjustment in the quarter, which the release ties to the newly announced proposed resolution of the ovarian talc litigation, alongside costs from the completed Firefly Bio acquisition and the new Sail Biomedicines collaboration on in vivo CAR T programs.
Product level, the growth was concentrated. Darzalex reached $4,239 million, up 15.4%, and Tremfya reached $2,396 million, up 68.3%. The two together added roughly $1.5 billion of year over year growth, our arithmetic on the release figures, against a Stelara decline of $854 million to $716 million, down 54.4%, which the company says cost Innovative Medicine about 690 basis points of growth. The myeloma franchise kept compounding: Carvykti $710 million (+35.5%), Tecvayli $312 million (+76.6%), Talvey $171 million (+40.9%). Caplyta grew 66.1% to $398 million and Rybrevant plus Lazcluze grew 62.3% to $320 million.
Guidance moved up, modestly: the reported sales midpoint went to $101.2 billion from $101.1 billion in July, and the adjusted EPS midpoint rose six cents to $11.10.
Why did Johnson & Johnson stock fall after raising guidance?
Because the market graded the mix, not the print. The beat came from established assets and from costs and taxes, while MedTech came in about 2% below consensus and the newer medicines investors wanted to see were not yet visible in the table. JNJ settled at 248.61, down 5.7%, on a flat market.
Leerink Partners put revenue about 4% above consensus, helped by lower costs and tax expense, and Guggenheim called the results generally in line but noted investors wanted more contribution from newer medicines, both per BioSpace’s coverage of the call. Management called the Icotyde launch strong, citing about 20,000 patients started and about 9,000 prescribers since the March approval, with a stated $10 billion ambition for the Protagonist partnered asset. None of that carries a revenue line yet: the release lists no Icotyde sales figure.
MedTech is the other half of the story. Growth of 2.5% marked another slowing quarter, and the company said it would address the softness through internal investment. The quarter did carry one strategically important MedTech event: FDA market authorization for OTTAVA, which the release calls the world’s first table integrated soft tissue robotic system. That authorization is part of a broader robotics realignment covered below.
The release also disclosed a new supply chain restructuring program with estimated costs of $650 million to $750 million, substantially complete by the end of fiscal 2029.
What are the terms of the Liquidia and United Therapeutics settlement?
Liquidia will pay United Therapeutics $380.7 million net in total, all six pending litigations will be dismissed with prejudice, Yutrepia stays on the market for PAH without disruption, and Liquidia will remove the PH-ILD indication from Yutrepia’s label. The settlement was announced after Tuesday’s close.
The payment schedule, per Liquidia’s release:
| Payment | Amount | Timing |
|---|---|---|
| Net payment to United Therapeutics (includes funds UTHR pays Liquidia to resolve the antitrust case) | $175.0M | Within 30 business days |
| Two equal installments of $72.7M | $145.4M | On or before January 31, 2027 and April 30, 2027 |
| To parties holding interests in the antitrust litigation | $60.3M | This month |
| Total net payments | $380.7M | Per the release |
The resolved docket spans three patent suits (including the Delaware case where claims 1 and 14 of the ‘327 patent were held valid and infringed on September 30), the North Carolina trade secret and contract cases, and the Sandoz and RareGen antitrust case with its Third Circuit appeals. Liquidia agreed not to appeal the Delaware ruling, whose claims generally cover treatment of pulmonary hypertension associated with interstitial lung disease, and will stop promoting Yutrepia in PH-ILD and file to remove the indication. The release grants no license in either direction, and the settlement does not extend to indications beyond PAH or to new treprostinil containing products.
What does the settlement mean for the inhaled treprostinil market?
United Therapeutics keeps PH-ILD, the larger commercial pool for inhaled treprostinil, to itself. Liquidia buys certainty in PAH, where Yutrepia posted preliminary third quarter net sales of $222.7 million, and says it can fund the payments without new financing.
Liquidia reported $396.1 million of cash at September 30, and its CFO said the company expects to rebuild its cash position and fund planned clinical studies without additional financing. The economics are notable for how cleanly they sort the field: a revenue stage challenger paid roughly 1.7 times its own quarterly drug sales, our arithmetic on the release figures, to convert an existential litigation overhang into a defined cost, while conceding the indication a court had already taken off the table. LQDA closed Tuesday at 26.81, down 3.1%, and UTHR at 543.40, down 1.2%, both before the announcement crossed. Wednesday is the first reaction session for both.
Why did Syndax stop developing Niktimvo in IPF?
Syndax’s Phase 2 Maxpire trial of Niktimvo (axatilimab), an anti CSF-1R antibody, did not slow lung function decline versus placebo over 26 weeks in idiopathic pulmonary fibrosis, per the company’s Monday announcement. Syndax is halting IPF development. SNDX fell 15.7%.
No figures were disclosed; the company said safety was consistent with prior studies. The exit lands one day after Bristol Myers Squibb’s ALOFT-IPF result split by dose, which makes for a sorting week in a field defined by tolerability limited incumbents:
| Program | Mechanism | Status after this week |
|---|---|---|
| Admilparant (Bristol Myers Squibb) | Oral LPA1 antagonist | Phase 3 primary met at 60 mg; 120 mg not significant; figures withheld; ALOFT-PPF topline early 2027 |
| Niktimvo (Syndax/Incyte) | Anti CSF-1R antibody | Phase 2 Maxpire missed; IPF development ended |
| Field incumbents | Antifibrotics with tolerability limits | The bar every entrant is graded against; unchanged this week |
The cGVHD business that Niktimvo was approved for is unaffected, and the frontline GVHD readouts stand: a Phase 2 combination with Jakafi expected by year end and a Phase 3 with steroids in early 2028, per Fierce Pharma. Jefferies called IPF an offshoot of the core story and pointed to Revuforj’s two first line Phase 3 trials, which could read out as early as the end of 2027, as the assets that now matter. INCY slipped 2.5%.
What happened in BioNTech’s AHEAD-MERIT trial?
BNT113, BioNTech’s mRNA immunotherapy encoding fixed HPV16 antigens, added to pembrolizumab did not improve progression free survival versus pembrolizumab alone in first line metastatic HPV16 positive head and neck cancer, missing one of two dual primary endpoints. Overall survival follow up continues. BNTX fell 7.1%.
The independent data monitoring committee recommended the open label Phase 2/3 trial continue to evaluate overall survival, and under the statistical design a positive OS result would still establish a positive trial. Chief Medical Officer Özlem Türeci said the drug is engaging its intended therapeutic mechanism and argued immune mediated effects can deepen over time. BMO Capital Markets analysts said the PFS miss left them significantly less confident in the OS outcome, per Fierce Biotech. BioSpace framed the result as the company’s third mRNA setback, a read with industry weight: fixed antigen mRNA cancer vaccines keep struggling to move regulatory grade endpoints, while the personalized approach Merck and Moderna are running remains the field’s live hope.
What did Roche license from Rona Therapeutics, and what did Pfizer sign with Enodia?
Roche took an exclusive global license to Rona Therapeutics’ RNAi candidate against ALK7, an adipose tissue target, for $100 million in upfront and near term payments and up to $1.06 billion in milestones, per the companies’ announcement. Pfizer separately signed a Sec61 degrader collaboration with Enodia worth over $500 million.
ALK7, encoded by the ACVR1C gene, is preferentially expressed in adipose tissue; human genetics link ALK7 variants to lower waist to hip ratios, and the thesis is fat loss with lean mass preserved. The deal makes Rona, a Shanghai based siRNA company, the latest Chinese licensor into the obesity field, and it crowds an already contested target: GSK paid $55 million for SiranBio’s ALK7 candidate in May, Alnylam has Phase 1 ALK7 data coming in the second half of 2026, and Novo has said it holds several assets against the target, all per Fierce Biotech. For Roche the license joins Carmot, Hanmi, and the Zealand petrelintide alliance in a build toward its stated top three obesity ambition.
The Pfizer deal, announced the same morning, backs Paris based Enodia Therapeutics, launched in 2025 by Argobio and the Institut Pasteur, to develop small molecules that trigger destruction of disease causing proteins at the point of synthesis through Sec61. Enodia runs discovery; Pfizer takes clinical development, manufacturing, and commercialization, with milestones that could top $500 million plus royalties, per BioSpace. It is the second big pharma commitment to the target class this month, after Lilly expanded its Gate Bioscience alliance on October 5.
What did Biomea Fusion’s BMF-650 Phase 1 show?
BMF-650, an oral small molecule GLP-1 receptor agonist, produced mean Day 29 weight loss of 1.5% to 3.2% across outpatient cohorts versus 0.1% for pooled placebo, and 6.1% in a small confined cohort, with no serious adverse events and no discontinuations for adverse events. The release crossed after Tuesday’s close.
| GLP-131 study arm | n (active) | Day 29 mean weight change | Note |
|---|---|---|---|
| MAD cohorts 1 to 4 (200 mg or higher once daily) | 32 implied | −1.5% to −3.2% (pooled placebo −0.1%) | About 0.97 kg per week |
| Cohort 5 (200 mg week one, then 400 mg; confined) | 8 | −6.1% (6.2 kg) | About 1.55 kg per week; no attenuation observed |
The Cohort 5 number needs its caveat, which the company itself supplies: the cohort was confined, the two placebo participants ate roughly a third of the food provided and lost similar weight, and Biomea says the cohort should be read separately from the outpatient arms. Tolerability was the cleaner headline: across all 40 active participants, every adverse event was mild or moderate, nausea ran 17.5% and vomiting 7.5%, there were no liver enzyme adverse events, and a one step titration from 200 mg to 400 mg was tolerated. The strategic posture matters as much as the data: further development needs longer term toxicology, and Biomea said it will seek a strategic partner or licensing deal for late stage development while keeping its own focus on icovamenib in diabetes. BMEA closed Tuesday at 1.26, down 7.4%, before the release; Wednesday is the first reaction session.
What is happening in surgical robotics and medtech consolidation?
Three moves in two days redrew soft tissue robotics: Stryker invested about $400 million in CMR Surgical with an exclusive option to acquire the company and exclusive US sales rights to Versius, J&J’s OTTAVA won FDA market authorization, and STERIS agreed to buy Xodus Medical for $2.1 billion.
Stryker’s Monday announcement, as reported by MedTech Dive, makes it the exclusive US sales agent for CMR’s Versius system, a modular soft tissue robot with more than 45,000 procedures performed globally, while CMR keeps leading other markets. Stifel’s Rick Wise called it a now or never moment for Stryker, with both Johnson & Johnson and Medtronic holding fresh FDA authorizations for their own soft tissue robots. The field that Intuitive has owned for two decades now has three scaled challengers with US regulatory clearance paths and distribution muscle behind them.
STERIS’s Monday release, per MedTech Dive’s reporting, prices Xodus Medical at $2.1 billion, about $1.8 billion net of roughly $300 million in cash tax benefits, with up to $150 million more on 2028 performance targets. Xodus, which makes patient positioning and laparoscopic consumables, expects about $245 million in sales this year, and STERIS aims to close in 2026, funded mainly with debt. That is a consumables multiple built on surgical volume growth, the same volume thesis the robotics entries are underwriting.
On the Medtronic MiniMed split off, an amended Schedule TO filed October 13 reaffirms the preliminary count: 298,024,452 shares tendered, 55,032,401 to be accepted, 252,813,348 MiniMed shares to be distributed, and a preliminary proration factor of approximately 18.3%, with the final factor to come promptly after the guaranteed delivery period expires. MiniMed stock has been trading on the tape ahead of the distribution and closed Tuesday at 18.40; the arithmetic on the exchange ratio of 4.5939 says an accepted Medtronic share currently converts into about $84.53 of MiniMed stock against Medtronic’s 93.01 close, our calculation on the exchange data. MDT rose 1.2%.
Which stocks moved on October 13, 2026?
Settled closes, October 13; percentages are our arithmetic against Monday’s settled closes. Biotech fell broadly: XBI dropped 3.0% on a flat S&P 500 session, so single stock declines below carry both company news and a sector tape.
| Ticker | Close | Move | What carried it |
|---|---|---|---|
| JNJ | 248.61 | −5.7% | In line quarter, raised guidance, and the market graded the growth mix anyway |
| SNDX | 13.95 | −15.7% | Maxpire miss and IPF exit; INCY slipped just 2.5% on the same news |
| BNTX | 89.01 | −7.1% | BNT113 PFS miss; OS follow up continues |
| FRNM | 12.64 | −4.4% | Second straight decline, no new disclosure found; ACG late breaking oral lands Wednesday |
| XBI | 146.80 | −3.0% | Sector context: the selloff was broad on a flat market (SPY 778.01, down less than 0.1%) |
Frequently asked questions
How much revenue did Johnson & Johnson report in Q3 2026?
$25.4 billion in worldwide sales ($25,399 million), up 5.9% reported and 6.0% operational versus Q3 2025, per the company’s October 13 release.
Did Johnson & Johnson raise its 2026 guidance?
Yes. The reported sales midpoint moved to $101.2 billion from $101.1 billion in July, and the adjusted EPS midpoint rose six cents to $11.10.
Why was J&J’s reported EPS only $0.09?
A one time special charge tied to the proposed talc litigation resolution. The non GAAP reconciliation shows a $5,519 million pre tax litigation adjustment in the quarter; adjusted EPS was $2.59.
How much did Stelara sales decline in Q3 2026?
Stelara fell 54.4% to $716 million, and the company says the erosion cost Innovative Medicine about 690 basis points of growth in the quarter.
How much will Liquidia pay United Therapeutics under the settlement?
Total net payments of $380.7 million: $175 million net within 30 business days, two $72.7 million installments due by January 31 and April 30, 2027, and $60.3 million this month to parties with interests in the antitrust litigation.
Does Yutrepia stay on the market?
Yes, for PAH, without disruption per Liquidia’s release. All six pending litigations will be dismissed with prejudice.
What indication is coming off Yutrepia’s label?
PH-ILD. Liquidia agreed not to appeal the September 30 Delaware ruling on the ‘327 patent and will file to remove the PH-ILD indication and stop promoting there.
What was the result of Syndax’s Maxpire trial?
Niktimvo did not slow lung function decline versus placebo over 26 weeks in idiopathic pulmonary fibrosis, and Syndax ended IPF development. No figures were disclosed.
Did BioNTech’s BNT113 trial fail?
It missed progression free survival, one of two dual primary endpoints, in first line metastatic HPV16 positive head and neck cancer. Overall survival follow up continues, and a positive OS result would still establish a positive trial under the design.
What is ALK7 and why did Roche license an ALK7 drug?
ALK7 is a receptor encoded by the ACVR1C gene, preferentially expressed in fat tissue. Human genetics link reduced ALK7 signaling to lower waist to hip ratios, and the therapeutic thesis is weight loss that spares lean mass. Roche licensed Rona Therapeutics’ RNAi candidate for up to $1.16 billion, per the companies.
How much weight loss did BMF-650 show in Phase 1?
Mean Day 29 reductions of 1.5% to 3.2% in outpatient cohorts at 200 mg or higher once daily, versus 0.1% for pooled placebo, and 6.1% in a small confined cohort the company says should be read separately.
What did Stryker announce with CMR Surgical?
An investment of about $400 million, exclusive US sales rights to the Versius soft tissue robot, and an exclusive option to acquire CMR, per MedTech Dive’s reporting of Monday’s announcement.
Is the Medtronic MiniMed exchange offer finished?
Nearly. The October 13 amended filing keeps the preliminary count (about 18.3% proration) and says the final proration factor comes promptly after the guaranteed delivery period expires.
When does Freenome present at ACG 2026?
The late breaking oral presentation is scheduled for Wednesday, October 14, during the day. FRNM has fallen two straight sessions since the Sunday announcement, with no new disclosure found in our checks through Tuesday night.
What moved biotech stocks broadly on October 13?
The sector fell on a flat market: XBI dropped 3.0% while the S&P 500 was essentially unchanged. No single disclosed catalyst explains the sector move.
Sources
Primary sources: Johnson & Johnson Q3 2026 results release (Business Wire, October 13, 2026); Liquidia Corporation global settlement release (investors.liquidia.com, October 13, 2026); Biomea Fusion BMF-650 Phase 1 results release (GlobeNewswire, October 13, 2026); Medtronic Schedule TO-I/A Amendment No. 3 (SEC EDGAR, October 13, 2026) and Medtronic final exchange ratio release (October 7, 2026).
Trade coverage (October 12 to 13, 2026): Fierce Biotech (BioNTech BNT113; Roche and Rona); Fierce Pharma (Syndax Maxpire; Kaléo BARDA contract); BioSpace (J&J earnings call coverage; Pfizer and Enodia); MedTech Dive (Stryker and CMR Surgical; STERIS and Xodus Medical); StockTitan (TRexBio IPO closing; Rhythm IMCIVREE Japan launch timestamps).
Market data: Exchange settled closing prices, October 13, 2026; percentage moves are our arithmetic against October 12 settled closes.
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