Gene Sequencing Giant Loses Over $1 Billion Ahead of Earnings

ILLUMINA INC (NASDAQ: ILMN) closed down 5.56% at $119.86 on April 29, erasing roughly $959 million in market capitalization—about ₩1.3 trillion—in a single day. Trading volume of approximately 1.41 million shares exceeded its recent daily average. The company’s current market cap stands at about $18.2 billion, or roughly ₩24.6 trillion.

Ahead of its first-quarter earnings release, Wall Street analysts expect Illumina to report earnings per share of around $1.05, forecasting a return to single-digit year-over-year growth. Recently, the company has expanded its product lineup with DRAGEN v4.5 and new TruPath genome and 5-base assays, strengthening its portfolio for oncology and multi-omics analysis.

As the world’s leading DNA sequencing firm, Illumina supplies next-generation sequencing instruments and consumables and delivers platforms across research, diagnostics, and precision-medicine markets. In June 2024, following regulatory disputes, it spun off its early cancer-detection subsidiary Grail—retaining only a minority stake—and refocused its growth strategy on its core sequencing business.