SAN DIEGO (dpa-AFX) - Illumina, Inc. (ILMN) responded on Monday to the notice from the China Ministry of Commerce stating that it is not permitted to export sequencing instruments into China. Illumina said it now expects Core Illumina's fiscal 2025 adjusted earnings per share of approximately $4.50.
Previously, the company expected adjusted earnings per share of $4.50 to $4.65.
Illumina said it would continue to comply with all applicable laws and regulations wherever the company operates.
'We remain focused on achieving high-single-digit revenue growth by 2027, while expanding our margins,' said Jacob Thaysen, CEO of Illumina. 'We are confident in the large global market opportunity for our solutions, the strength of our business, and our strategy to continue to lead innovation in genomics and multiomics in support of our customers.'
The company is also commencing an incremental approximately $100 million cost reduction program for fiscal 2025.
'Our new fiscal 2025 guidance provides for limited further earnings contribution from China, and assumes a continuation of the macro trends we see today,' said Ankur Dhingra, CFO of Illumina. 'We will continue to invest in our growth strategy, while taking actions to achieve EPS of approximately $4.50 in 2025, and then grow from there.'
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