ILLUMINA (ILMN) Company Report

Illumina, Inc. completed a public offering of $500,000,000 aggregate principal amount of its 4.750% notes due 2030 on November 25, 2025.
The notes will accrue interest at 4.750% per annum, payable semi-annually, and will mature on December 12, 2030.
The net proceeds are expected to be used for general corporate purposes, including the potential repayment of its 5.800% notes due December 12, 2025, and the completion of the proposed acquisition of SomaLogic, Inc..
In the event of a Change of Control Triggering Event, Illumina will be required to offer to purchase the notes at 101% of the aggregate principal amount plus accrued and unpaid interest.

Nov 25, 2025, 10:06 PM

8-K

Illumina Reaffirms 2027 Financial Targets and Discusses Clinical Transition

ILMN

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Illumina (ILMN) reaffirms its 2027 targets for high single-digit revenue growth (excluding China), over 500 basis points of operating margin expansion, and double-digit earnings growth, despite facing recent headwinds.
Less than 50% of clinical customers have transitioned to the 'ex' platform, indicating a substantial future growth opportunity, with initial flat growth typically followed by volume-driven acceleration.
The export ban to China has been lifted, enabling instrument placement, but the company remains on the unreliable entity list, and a significant impact on growth is anticipated no sooner than 2026. China currently represents 2-3% of total sales.
Key innovations like 5base (methylation) and Constellation (structural variances) are expected to be significant drivers of future growth, especially within the clinical sector.

Nov 19, 2025, 2:20 PM

Transcript

Illumina Reaffirms 2027 Financial Targets and Discusses Clinical Transition and China Outlook

ILMN

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Illumina remains committed to its 2027 financial targets, aiming for high single-digit revenue growth (ex-China), an approximate 500 basis point improvement in operating margins to 26% overhead margin, and double-digit earnings growth.
The company is less than 50% through the conversion of its clinical customer base to the 'ex' platform, which is anticipated to be the primary driver for future growth as customers expand assay offerings after an initial period of small growth.
Sanctions preventing instrument imports and exports to China have been lifted, allowing Illumina to place instruments again. However, customers still require permits, and significant recovery is not expected until 2026, with China currently accounting for 2%-3% of sales.
Illumina continues to invest heavily in innovation, with new offerings in multi-omics, methylation (5base), and structural variant analysis (Constellation). Despite new competition, the company has not observed changes in customer behavior and leverages its large installed base as a competitive advantage.

Nov 19, 2025, 2:20 PM

Transcript

Illumina Reaffirms 2027 Financial Targets and Discusses Clinical Transition

ILMN

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

CEO Jacob Thaysen reaffirmed Illumina's 2027 financial targets, including high single-digit revenue growth, approximately 500 basis points of operating margin expansion to 26% overhead margin, and double-digit earnings growth, despite challenges faced in 2025.
The company is managing the transition of clinical customers to its 'ex' systems, noting that initial conversions lead to flattish growth in the first year before volume-driven growth accelerates. Most research customers have already transitioned, with the majority of remaining conversions expected from clinical customers.
Regarding China, the export ban on instruments has been lifted, allowing new placements, though customer permits are still required. Significant growth from China is anticipated to return in 2026 as the company works to be removed from the unreliable entity list.
Illumina continues to emphasize innovation, with new developments in multi-omics, Constellation, 5base, and Proteomics assays, which are expected to drive future growth, particularly in the clinical sector.

Nov 19, 2025, 2:20 PM

Transcript

Illumina enters agreement for $500 million note offering

ILMN

Debt Issuance

M&A

Illumina, Inc. entered into an Underwriting Agreement on November 10, 2025, to issue and sell $500,000,000 aggregate principal amount of 4.750% notes due 2030.
The offering is anticipated to close on November 25, 2025.
The net proceeds are expected to be used for general corporate purposes, potentially including the repayment of its 5.800% notes due December 12, 2025, and the proposed acquisition of SomaLogic, Inc..
Goldman Sachs & Co. LLC and BofA Securities, Inc. are acting as representatives for the underwriters.

Nov 12, 2025, 9:59 PM

8-K

Illumina Study Highlights Whole-Genome Sequencing's Superiority in Genetic Research

ILMN

Product Launch

New Projects/Investments

A study published in Nature, co-authored by Illumina scientists, demonstrated that whole-genome sequencing (WGS), powered by Illumina's DRAGEN analysis, captured nearly 90% of the genetic signal across 34 complex human diseases and traits, addressing the "missing heritability" problem.
The study, which analyzed 347,630 WGS samples from the UK Biobank, showed WGS to be superior to whole-exome sequencing (WES) and array-based methods in detecting common and rare disease variants, with WES capturing only 17.5% of total genetic variance.
These findings highlight WGS's potential to provide AI-driven insights for predicting disease risk, identifying drug targets, and advancing precision healthcare and drug discovery.
Illumina recently launched BioInsight to further leverage sequencing, data analysis, software, and AI, building on the importance of insights from large genomic datasets.

Nov 12, 2025, 5:00 PM

Press Release

Illumina Highlights Broad Adoption and Impact of Protein Prep Product

ILMN

Product Launch

New Projects/Investments

M&A

Illumina Protein Prep has been adopted by over 40 customers across 16 sites globally, processing more than 40,000 samples since its global commercial launch in September, offering the broadest coverage of the blood proteome at the lowest cost per protein target.
Key institutions such as Sydney Mass Spectrometry, Genomics England, and Singapore's PRECISE-SG100K study are utilizing Illumina Protein Prep to integrate comprehensive proteomics into large-scale genomics studies, advancing research in areas like metabolic disease, rare diseases, and population-specific genetic variants.
The product aims to accelerate breakthroughs across cancer, cardiometabolic, and immunologic diseases, with Genomics England reporting a 7.5% increase in disease classification when genomics and proteomics were integrated in previously undiagnosed patients.
In June, Illumina announced a definitive agreement to acquire SomaLogic, which is subject to customary closing conditions including regulatory clearance.

Nov 10, 2025, 5:15 PM

Press Release

illumin Reports Third Quarter 2025 Financial Results

ILMN

Earnings

Revenue Acceleration/Inflection

Share Buyback

Revenue for the third quarter ended September 30, 2025, increased 5% year-over-year to $38.2 million.
The company reported a net loss of $2.1 million and Adjusted EBITDA of $0.2 million for Q3 2025, compared to a net loss of $1.1 million and Adjusted EBITDA of $1.9 million in Q3 2024.
Gross margin for Q3 2025 was 38%, a decrease from 47% in the prior year, primarily due to an increased proportion of revenue from service lines with lower gross margins.
Exchange service revenue grew significantly by 103% year-over-year to $20.5 million, while Managed service revenue was $9.4 million.
During the quarter, illumin purchased and cancelled 432,490 common shares for a total consideration of $0.7 million.

Nov 7, 2025, 12:45 PM

Press Release

Illumina: China Lifts Gene Sequencer Ban

ILMN

Guidance Update

New Projects/Investments

Demand Weakening

China's Ministry of Commerce will lift the ban on imports of Illumina's gene sequencing machines starting November 10, reversing a restriction in place since March due to trade tensions.
Despite the ban being lifted, Illumina remains on China's Unreliable Entities List, meaning purchases of its instruments will still require government approval.
Illumina's stock price rose approximately 4.7% following the announcement, though the company has not updated its full-year financial guidance.
Prior to this development, Illumina reported strong quarterly financial results, with adjusted earnings of $1.34 per share and revenue of $1.08 billion.

Nov 6, 2025, 11:54 AM

Bloomberg

Illumina Responds to MOFCOM Lifting Export Ban

ILMN

Legal Proceedings

Guidance Update

The Chinese Ministry of Commerce (MOFCOM) announced it will lift the export ban on Illumina, Inc. (NASDAQ: ILMN) on November 10, which had been in place since March 4, 2025.
Despite the lifted ban, Illumina remains on the Unreliable Entities List (UEL), requiring government approval for instrument purchases.
Illumina is making no change to its FY25 guidance following this announcement.

Nov 5, 2025, 10:16 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for ILLUMINA.

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