Abbott (NYSE: ABT) to fund Exact Sciences deal with notes offering
Abbott Laboratories is offering multiple series of unsecured notes, including a floating-rate series tied initially to Compounded SOFR, and several fixed-rate series. The company intends to use net proceeds, together with cash on hand or borrowings, to fund the proposed acquisition of Exact Sciences for
The prospectus supplement imposes a Special Mandatory Redemption if the Exact Sciences acquisition is not consummated by
Positive
- None.
Negative
- None.
Insights
Offering ties near-term funding to a large M&A cash consideration and includes a conditional mandatory redemption.
The prospectus shows multiple note series, with the floating series linked initially to Compounded SOFR. Proceeds are earmarked to fund the Exact Sciences Acquisition and related items;
Key dependencies include successful closing of the acquisition and Abbott’s liquidity if a
The acquisition funding is structured via debt; integration and regulatory conditions drive execution risk.
The Merger Agreement conditions include shareholder approval and regulatory clearances; failure to close by the specified End Date triggers a mandatory redemption at 101% of principal. Transaction and integration costs are disclosed as likely and potentially material to near-term cash flows.
Watch for regulatory milestones, closing conditions, and subsequent filings that disclose exact offered note amounts, spreads, maturities and the company’s plan to satisfy any Special Mandatory Redemption.
Dated February 23, 2026
(To Prospectus dated February 23, 2026)
$ % Notes due 20
$ % Notes due 20
$ % Notes due 20
$ % Notes due 20
$ % Notes due 20
$ % Notes due 20
$ % Notes due 20
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Price to
Public(1) |
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Underwriting
Discounts |
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Proceeds, Before
Expenses, to Us(1) |
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Per Floating Rate Note
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Total
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Morgan Stanley
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Barclays
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BofA Securities
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J.P. Morgan
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Page
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About This Prospectus Supplement
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| | | | S-1 | | |
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Summary
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| | | | S-2 | | |
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Abbott Laboratories
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| | | | S-6 | | |
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Risk Factors
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| | | | S-7 | | |
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Cautionary Statement Regarding Forward-Looking Statements
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| | | | S-14 | | |
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Use of Proceeds
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| | | | S-15 | | |
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Capitalization
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| | | | S-16 | | |
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Description of Notes
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| | | | S-17 | | |
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Book Entry, Delivery and Form
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| | | | S-28 | | |
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Material U.S. Federal Income Tax Considerations
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| | | | S-32 | | |
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Underwriting
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| | | | S-36 | | |
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Legal Matters
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| | | | S-41 | | |
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Experts
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| | | | S-42 | | |
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Where You Can Find More Information
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| | | | S-43 | | |
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Page
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About This Prospectus
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| | | | 1 | | |
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Abbott Laboratories
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| | | | 2 | | |
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Use of Proceeds
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| | | | 3 | | |
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Description of Debt Securities
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| | | | 4 | | |
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Description of Common Shares
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| | | | 11 | | |
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Description of Other Securities
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| | | | 12 | | |
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Legal Opinions
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| | | | 13 | | |
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Experts
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| | | | 14 | | |
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Where You Can Find More Information
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| | | | 15 | | |
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(rounded to dollars in millions)
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Actual
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As Adjusted
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| Long-Term Debt: | | | | | | | | | | | | | |
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1.50% Notes, due 2026(1)
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| | | $ | 1,344 | | | | | $ | 1,344 | | |
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3.75% Notes, due 2026
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| | | | 1,700 | | | | | | 1,700 | | |
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0.375% Notes, due 2027(1)
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| | | | 695 | | | | | | 695 | | |
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1.15% Notes, due 2028
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| | | | 650 | | | | | | 650 | | |
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5-year term loan due 2029(1)
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| | | | 589 | | | | | | 589 | | |
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1.40% Notes, due 2030
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| | | | 650 | | | | | | 650 | | |
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4.75% Notes, due 2036
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| | | | 1,650 | | | | | | 1,650 | | |
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6.15% Notes, due 2037
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| | | | 547 | | | | | | 547 | | |
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6.00% Notes, due 2039
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| | | | 515 | | | | | | 515 | | |
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5.30% Notes, due 2040
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| | | | 694 | | | | | | 694 | | |
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4.75% Notes, due 2043
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| | | | 700 | | | | | | 700 | | |
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4.90% Notes, due 2046
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| | | | 3,250 | | | | | | 3,250 | | |
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Unamortized debt issuance costs
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| | | | (47) | | | | | | (47) | | |
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Other, including fair value adjustments relating to interest rate hedge contracts designated as fair value hedges
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| | | | (8) | | | | | | (8) | | |
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Floating Rate Notes, due 20 , offered hereby
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% Notes, due 20 , offered hereby
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% Notes, due 20 , offered hereby
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% Notes, due 20 , offered hereby
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% Notes, due 20 , offered hereby
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% Notes, due 20 , offered hereby
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% Notes, due 20 , offered hereby
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% Notes, due 20 , offered hereby
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Total long-term debt
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| | | | 12,929 | | | | | | | | |
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Total shareholders’ investment
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| | | | 52,771 | | | | | | 52,771 | | |
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Total capitalization
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| | | $ | 65,700 | | | | | $ | | | |
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Underwriters
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Principal
Amount of Floating Rate Notes due 20 |
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Principal
Amount of Notes due 20 |
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Principal
Amount of Notes due 20 |
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Principal
Amount of Notes due 20 |
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Principal
Amount of Notes due 20 |
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Principal
Amount of Notes due 20 |
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Principal
Amount of Notes due 20 |
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Principal
Amount of Notes due 20 |
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Morgan Stanley & Co. LLC
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| | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||||||
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Barclays Capital Inc.
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BofA Securities, Inc.
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J.P. Morgan Securities LLC
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Total
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| | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | |||||||
Common Shares
Preferred Shares
Depositary Shares
Warrants
Purchase Contracts
Units
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About This Prospectus
|
| | | | 1 | | |
| |
Abbott Laboratories
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| | | | 2 | | |
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Use of Proceeds
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| | | | 3 | | |
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Description of Debt Securities
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| | | | 4 | | |
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Description of Common Shares
|
| | | | 11 | | |
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Description of Other Securities
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| | | | 12 | | |
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Legal Opinions
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| | | | 13 | | |
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Experts
|
| | | | 14 | | |
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Where You Can Find More Information
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| | | | 15 | | |
$ % Notes due 20
$ % Notes due 20
$ % Notes due 20
$ % Notes due 20
$ % Notes due 20
$ % Notes due 20
$ % Notes due 20
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Morgan Stanley
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Barclays
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BofA Securities
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J.P. Morgan
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