Latest news with #JacobThaysen
Yahoo
02-08-2025
- Business
- Yahoo
Pharma interest can plug NIH funding gap: Illumina CEO
Genetic sequencing company Illumina (ILMN) has had a rough few years. It has battled activist investors, faced off with the Federal Trade Commission, and, most recently, agreed to a $9.8 million settlement with the Department of Justice over a cybersecurity breach. To add to the pile: sanctions in China and the Trump administration cutting National Institutes of Health (NIH) funding, which the company relies heavily on for clinical research. The numbers don't lie. The stock is down more than 21% in the past year and sank more than 11% in after-hours trading Thursday after the company reported an earnings miss for the second quarter. The company reported $1.06 billion in revenues compared to expected revenues of $1.05 billion. Adjusted earnings per share came in at $1.19 compared to estimates of $1.01. But CEO Jacob Thaysen told Yahoo Finance he remains positive about the company's near-term growth. Why? Because, in part, pharmaceutical companies can provide a new market. "Now, we're shifting from small things to really big programs. Some of the things making up for the reduction from the NIH is kind of indirect, but pharma is getting more interest in these big programs," he said, noting that 15% of the company is exposed to government research funding. "It's not only about sequencing itself, but really using massive amounts of data ... to really identify new drug targets and understand a disease," Thaysen said. The idea to use patient data to help the pharmaceutical world was also identified by 23andMe, which recently came out of bankruptcy through a nonprofit led by founder Anne Wojcicki. Thaysen said that unlike 23andMe, which he has worked with, his company is not going to pursue drug development on its own. "We have a lot of pharma companies that are very excited to work with us," he said. In addition to genetic testing of patient samples, the company is looking at growing in the preventative side of care with cancer screenings. The oncology business, Thaysen said, will have healthy growth over the next 10 or so years. China China banned importations of the San Diego-based company's sequencing machines earlier this year as part of its retaliatory actions to Trump's tariff war. Thaysen said he is working with regulators to try to reverse that, but "in the meantime, that business is declining, and we are expecting it to be flat." In fact, though China has historically been about 10% of the company's business, it contributed to half of the decline in earnings this past week. "China was never a huge part of Illumina's business. When it was the largest, it was just around 10%. We're down to 5% of the business," Thaysen told Yahoo Finance. But because of the tariff war and China's goals to boost its domestic innovation market, Illumina has faced a setback in its market power there from local competition. "As soon as there is a Chinese alternative that is good enough, then you will see that the Chinese government is pushing for the Chinese population, the Chinese companies to use that technology," Thaysen said. He added that even with the increased competition, China is an appealing market to remain in. Analysts are still waiting to see more progress on Illumina's return to growth. Jefferies analyst Tycho Peterson said in a note to clients that the firm will reiterate its Hold rating until things settle: "While the clinical traction is encouraging, we view clarity on near-term headwinds (A&G, China, Roche) and a path to sustainable HSD growth as key to a more constructive view. Reiterate Hold." Anjalee Khemlani is the senior health reporter at Yahoo Finance, covering all things pharma, insurance, provider services, digital health, PBMs, and health policy and politics. That includes GLP-1s, of course. Follow Anjalee as AnjKhem on social media platforms X, LinkedIn, and Bluesky @AnjKhem. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Wire
25-06-2025
- Business
- The Wire
Illumina to acquire SomaLogic, accelerating its proteomics business and advancing the company's multiomics strategy
Combines highly complementary proteomics expertise with Illumina's industry-leading product innovation and global market reach Positions Illumina to achieve growth in a large, expanding market Illumina and SomaLogic have partnered in proteomics co-development since late 2021 SAN DIEGO, June 25, 2025 /PRNewswire/ -- Illumina, Inc. (NASDAQ: ILMN) announced it has entered into a definitive agreement with Standard BioTools (NASDAQ: LAB) under which Illumina will acquire SomaLogic, a leader in data-driven proteomics technology, and other specified assets for $350 million in cash payable at closing, subject to customary adjustments, plus up to $75 million in near-term performance-based milestones and performance-based royalties. "The acquisition of SomaLogic will enhance Illumina's presence in the expanding proteomics market and advance the multiomics strategy we announced in 2024. This will strengthen the value of the NovaSeq X product today and unlock greater capabilities in the future," said Jacob Thaysen, chief executive officer of Illumina. "Illumina and SomaLogic have partnered closely for more than three years, and this combination increases our ability to serve our customers and accelerate our technology roadmap towards advanced biomarker discovery and disease profiling." This transaction builds on a co-development agreement Illumina established with SomaLogic in December 2021 to bring the SomaScan® Proteomics Assay onto Illumina's high-throughput next-generation-sequencing (NGS) platforms. Illumina Protein Prep is currently in use with nearly 40 early-access customers globally and will become available to all customers starting in the third quarter of 2025. Combining SomaLogic's proteomics technology with Illumina's scalable NGS ecosystem, DRAGEN™ software, and Illumina Connected Multiomics will accelerate the technology development roadmap for proteomics and reduce time and cost of proteomic research. "We are taking the scalability of NGS into proteomics," continued Thaysen. "Illumina will remain an open, accessible, and enabling NGS platform. The Company is committed to maintaining and supporting its existing proteomics partnerships as well as continuing to develop the sequencing ecosystem and supporting a wide variety of multiomics solutions." Scientific evidence* presented over the past year demonstrates the strength of SomaLogic's proteomics offerings in the areas of plexity, scalability, and technical reproducibility. In addition, researchers can generate significant and pivotal insights with high sensitivity, high throughput, and thousands of protein markers in a single experiment. SomaLogic has approximately 250 employees worldwide working in commercial, R&D, lab operations, manufacturing, and other roles. The company's Boulder, Colorado, facilities—including a CLIA- and CAP-certified lab, office, and manufacturing space—will be part of the purchase. SomaLogic has a global footprint serving customers. This transaction brings SomaLogic's aptamer-based affinity proteomics platform into Illumina's portfolio, enhancing Illumina's presence in a high-growth area within the proteomics market. The kitted NGS-based panels business will add a high-margin consumables revenue stream. Based on the projected closing date, Illumina expects this business to become profitable in 2027 on a non-GAAP operating income basis, and for non-GAAP operating margins to be in line with Illumina in 2028. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory clearance. The parties intend to make the necessary filing under the Hart-Scott-Rodino Act in the United States in due course. Illumina expects to close the transaction in the first half of 2026. Until then, the companies will continue to operate as separate and independent entities. Goldman Sachs and Co. LLC is serving as financial advisor and Cravath, Swaine & Moore LLP is serving as legal advisor to Illumina. Centerview Partners LLC is serving as financial advisor to Standard BioTools, and Freshfields LLP and Richards, Layton & Finger P.C. are serving as its legal counsel. UBS Investment Bank is serving as financial advisor to the Special Committee of the Standard BioTools Board of Directors. Use of forward-looking statements This release may contain forward-looking statements that involve risks and uncertainties. Among the important factors to which our business is subject that could cause actual results to differ materially from those in any forward-looking statements are: (i) the completion of the proposed transaction on the anticipated terms and timeline, or at all, including the ability of the parties to obtain required regulatory clearance—such as under the Hart-Scott-Rodino Act in the United States or from government authorities that may have or assert jurisdiction outside the United States—and to satisfy other conditions to closing; (ii) the future conduct and growth of the business and the markets in which we operate, including the proteomics market; (iii) the success of products and services competitive with our own; (iv) our ability to successfully integrate SomaLogic into our existing operations and SomaLogic's technology and products into our portfolio; (v) our ability to sell SomaLogic's products and further develop SomaLogic's technology; (vi) our ability to successfully manage partner and customer relationships in the proteomics market; (vii) our ability to manufacture robust instrumentation and consumables including SomaLogic's products; (viii) challenges inherent in developing, manufacturing, and launching new products and services, including expanding or modifying manufacturing operations and reliance on third-party suppliers for critical components; (ix) challenges inherent in developing, manufacturing, and launching new products and services; and (x) customer uptake of, and satisfaction with, new products and services, together with other factors detailed in our filings with the Securities and Exchange Commission, including our most recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. We undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports or updates on the progress of the current quarter. About Illumina Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit and connect with us on X, Facebook, LinkedIn, Instagram, TikTok, and YouTube. *References: 1. Rooney MR, Chen J, Ballantyne CM, et al. Plasma proteomic comparisons change as coverage expands for SomaLogic and Olink. medRxiv. Preprint posted online July 12, 2024. doi:10.1101/2024.07.11.24310161 2. Kirsher DY, Chand S, Phong A, Nguyen B, Szoke BG, Ahadi S. The current landscape of plasma proteomics: technical advances, biological insights, and biomarker discovery. bioRxiv. Preprint posted online February 19, 2025. doi: 10.1101/2025.02.14.638375 Logo - (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.).
Yahoo
23-06-2025
- Business
- Yahoo
Illumina to buy SomaLogic for up to $425M
This story was originally published on MedTech Dive. To receive daily news and insights, subscribe to our free daily MedTech Dive newsletter. Illumina said Monday it agreed to acquire SomaLogic and other assets from Standard BioTools for $350 million in cash to expand in the proteomics market. The deal includes additional near-term payments of up to $75 million tied to performance milestones, plus royalties. Illumina said the acquisition of SomaLogic, a leader in data-driven technology, will advance the company's multiomics strategy and strengthen the value of its NovaSeq X products. "Illumina and SomaLogic have partnered closely for more than three years, and this combination increases our ability to serve our customers and accelerate our technology roadmap towards advanced biomarker discovery and disease profiling,' Illumina CEO Jacob Thaysen said in a statement. SomaLogic produces next-generation sequencing library preparation kits. Standard BioTools, which acquired SomaLogic and its SomaScan technology 18 months ago, said Monday it will retain certain reagent commercialization rights on SOMAmer kits. Illumina will remain an open NGS platform, Thaysen said, and the company is committed to maintaining its existing proteomics partnerships and supporting a variety of multiomics solutions. The acquisition by Illumina will help lead SomaScan to its next phase of growth, said Standard BioTools CEO Michael Egholm, adding that the 'value of this transaction reflects the fundamental improvements we have made to the business.' For Standard BioTools, the transaction will simplify the company's operating structure and enable its adjusted earnings before interest, tax, depreciation and amortization to achieve break-even, the CEO said. SomaLogic has about 250 employees worldwide. The company's Boulder, Colorado, facilities, which include a lab, office and manufacturing space, will be part of the purchase. Illumina expects the deal to close in the first half of 2026. Recommended Reading SEC ends probe of Illumina's Grail acquisition Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-06-2025
- Business
- Yahoo
Canaccord Raises Price Target Of Illumina, Inc. (ILMN).
Illumina, Inc. (NASDAQ:ILMN) is among the 11 Best Genomics Stocks to Buy According to Hedge Funds. Kyle Mikson, an analyst at Canaccord Genuity, increased his price objective for Illumina, Inc. (NASDAQ:ILMN) shares from $87 to $99 on June 11 while keeping his rating at Hold. A research facility with medical professionals surrounded by diagnostic equipment. The announcement comes after Illumina, Inc. (NASDAQ:ILMN) CEO Jacob Thaysen stated in a podcast that when pricing pressures lessen, revenue improvements may be driven by robust volume growth from clinical customers. Thaysen stated that its long-term development plan is still in place, provided that the NovaSeq X sequencing system is adopted more widely. Canaccord is still on the sidelines even if there are indications that its performance will improve in the medium term. The recent performance of Illumina, Inc. (NASDAQ:ILMN), a significant participant in sequencing and genomics technology, has been hampered by pricing challenges. CEO Jacob Thaysen highlighted the need for clinical volume increase in promoting both future revenue growth and recovery. The implementation of the NovaSeq X platform will be essential to carrying out Illumina, Inc. (NASDAQ:ILMN)'s expansion goal. Canaccord's raised target reflects cautious optimism about improving execution while remaining neutral overall. While we acknowledge the potential of ILMN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 High-Growth EV Stocks to Invest In and 13 Best Car Stocks to Buy in 2025. Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-06-2025
- Business
- Yahoo
ILMN Q1 Earnings Call: Clinical Growth and Cost Actions Offset Research and China Headwinds
Genomics company Illumina (NASDAQ:ILMN) reported Q1 CY2025 results beating Wall Street's revenue expectations , but sales fell by 1.4% year on year to $1.04 billion. Its non-GAAP profit of $0.97 per share was 3.2% above analysts' consensus estimates. Is now the time to buy ILMN? Find out in our full research report (it's free). Revenue: $1.04 billion vs analyst estimates of $1.04 billion (1.4% year-on-year decline, 0.5% beat) Adjusted EPS: $0.97 vs analyst estimates of $0.94 (3.2% beat) Adjusted EBITDA: $272.6 million vs analyst estimates of $258.3 million (26.2% margin, 5.5% beat) Management lowered its full-year Adjusted EPS guidance to $4.25 at the midpoint, a 7.1% decrease Operating Margin: 15.8%, up from 11% in the same quarter last year Organic Revenue fell 1.2% year on year, in line with the same quarter last year Market Capitalization: $13.45 billion Illumina's first quarter results reflected the resilience of its clinical sequencing business and ongoing adoption of its NovaSeq X platform. Management highlighted continued momentum in clinical instrument placements, with CEO Jacob Thaysen noting, 'NovaSeq X instruments continue to perform well, exceeding our expectations with another quarter of over 60 placements in Q1.' While research and academic customers showed more conservative purchasing behavior due to U.S. funding uncertainty, Thaysen attributed the company's performance to operational execution and a stable base of high-throughput consumable usage. CFO Ankur Dhingra added that early year ordering activity—particularly long-range purchase commitments—was stronger than in prior years, providing a measure of stability despite broader macroeconomic challenges. Illumina's ability to maintain operational execution and product adoption under challenging market conditions was a key theme throughout the call. Looking forward, management's outlook for the year is shaped by several headwinds, including new export restrictions to China, a constrained research funding environment, and incremental tariffs on imported products. Thaysen acknowledged that these factors have led to a downward revision of full-year earnings guidance, stating, 'We are revising our guidance to reflect both the headwinds and the proactive steps we are taking to protect earnings.' The team emphasized ongoing cost reductions, supply chain optimization, and targeted pricing actions as central to mitigating these pressures. Dhingra explained that the company expects to offset about half of the tariff impact in 2025 and sees stronger growth opportunities in clinical markets and new product launches as key to future performance. Management remains focused on advancing its innovation pipeline, particularly in multi-omics, while closely monitoring evolving regulatory and funding developments. Management attributed the quarter's results to continued clinical market strength, the successful transition to NovaSeq X, and proactive cost controls, while addressing challenges in China and U.S. research funding. Clinical placements drive growth: Illumina's clinical segment continued to show robust demand, with more than 60 NovaSeq X instruments placed in Q1. This transition is progressing especially well among clinical customers, which management sees as a key lever for volume-driven revenue growth as clinical sequencing expands. Research funding pressures: The company noted that research and academic customers became more conservative with consumables purchases in Q1, driven by uncertainty around U.S. government research funding. This softness was most pronounced in the mid-throughput segment, which is more sensitive to delayed instrument purchases and lower utilization. China export restrictions: Recent export controls have limited Illumina's ability to ship sequencing instruments to China, resulting in a significant reduction in projected revenue from the region. Management will now provide separate guidance for Greater China to clarify the underlying performance of the rest of the business. Tariff impact and mitigation: New U.S. import tariffs on goods from Singapore and certain other countries are expected to increase Illumina's costs. The company is actively working to offset these through supply chain changes and selective price increases, though only partial mitigation is anticipated in 2025. Cost reduction initiatives: Illumina implemented a $100 million global cost reduction program in March, which is expected to result in flat or slightly down operating expenses for the rest of the year. Management believes these measures, combined with operational discipline, will help protect margins amid ongoing revenue headwinds. Looking ahead, Illumina's guidance is shaped by geopolitical headwinds, funding constraints, and ongoing cost management, with clinical market expansion and innovation serving as primary growth drivers. Clinical market momentum: Management expects continued strength in clinical sequencing to partially offset declines in research-driven revenue. Expanded adoption of newer platforms like NovaSeq X within clinical settings is anticipated to drive higher consumable usage and more predictable revenue streams. Tariff and supply chain adjustments: The company is implementing supply chain optimizations and targeted pricing actions to address increased costs from tariffs. Management stated that about half of the tariff impact will be mitigated in 2025, with further actions expected to improve the cost structure in 2026. Ongoing innovation pipeline: Illumina highlighted upcoming product launches—including a new single-cell CRISPR research tool and early access proteomics solution—as key to supporting long-term growth. These innovations are designed to expand the multi-omics ecosystem and open new market opportunities, despite near-term market uncertainties. In the quarters ahead, our analysts will watch (1) the pace of NovaSeq X adoption and its effect on clinical consumable volumes, (2) the company's ability to mitigate tariff-related cost increases through supply chain and pricing actions, and (3) the impact of ongoing cost reduction initiatives on operating margins. Key product launches and developments in the regulatory environment for China and research funding will also be important signposts. Illumina currently trades at a forward P/E ratio of 18.4×. At this valuation, is it a buy or sell post earnings? The answer lies in our full research report (it's free). The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. 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