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Monday, March 20, 2023

Illumina Underscores Commitment to Shareholder Value, Responds to Icahn

 

  • Illumina's plan will maximize shareholder value

  • Illumina is engaged with regulators to define GRAIL's path forward as expeditiously as possible

  • Icahn's director nominees do not add value to the Board and will damage Illumina's core business

Illumina (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, today issued the following response to Carl Icahn's public statements and letters to Illumina's shareholders dated March 13 and March 15, 2023:

Illumina's innovation engine delivers shareholder value to the core business

Illumina has a successful long-term track record of innovating to fundamentally advance the understanding of biology and improve human health. Illumina is the only profitable, pure-play genomics tools company in existence. This commitment to excellence and successful execution includes profitable, double-digit revenue growth over the past decade. By adding Icahn's director nominees, who lack experience in, and knowledge of, the business and industry, Illumina risks jeopardizing the long-term success of its core franchise which is primed to achieve rich, long-term shareholder returns over the next several years and beyond.

Illumina continues to advance its innovation roadmap in support of its long-term growth trajectory. Since the successful launch of NovaSeq™ X, Illumina's latest flagship high-throughput instrument, there has been unprecedented demand from both research and clinical customers, while the company delivered record NextSeq™ 1000 and 2000 mid-throughput sequencing platform shipments and orders in the fourth quarter of 2022. New product introductions such as NovaSeq™ X as well as upgrades across the rest of the portfolio, including Illumina Complete Long Reads and NovaSeq™ 6000Dx, are game-changing innovations that maintain the company's position as the leading innovator in sequencing and drive long-term sustainable shareholder value.

Over the last two decades, Illumina has maintained leadership in research and clinical genomics. It has built an installed base of more than 23,000 sequencing systems across more than 9,500 customers in 155 countries, as well as secured more than 8,800 patents for its technologies.

While remaining committed to innovation, Illumina's management team also focuses on managing costs, including a restructuring in late 2022. Illumina produces strong gross margins and operating margins, while all other pure-play genomics tools companies generate operating losses. Illumina's share price has outpaced other pure-play genomics tools companies by 26 percentage points over the last two years.

https://finance.yahoo.com/news/illumina-underscores-commitment-shareholder-value-113000738.html

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