Illumina, Inc. · NASDAQ:ILMN
Illumina — 44th Annual J.P. Morgan Healthcare Conference 2026
24 slides from Illumina's conference presentation, Jan 13, 2026
Slide 1: 44th Annual J.P. Morgan Healthcare Conference
44th Annual J.P. Morgan Healthcare Conference Jacob Thaysen, PhD Chief Executive Officer January 13, 2026 © 2026 Illumina, Inc. All rights reserved. © 2026 Illumina, Inc. All rights reserved.
Slide 2: Cautionary Notes On Forward Looking Statements
Cautionary Notes On 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:
Slide 3: Agenda
Agenda I Return To Growth II ILMN’s Differentiated Ecosystem III Sustainable And Profitable Growth J.P. Morgan Healthcare Conference 2026 © 2026 Illumina, Inc. All rights reserved. 3
Slide 4: Illumina: The Market Leader In NGS
Illumina: The Market Leader In NGS Largest ~21k ~2x >12k >6k ~2k Installed Base1 Active Installed Base HT Capacity Increase 2 LT instruments MT instruments HT instruments 2022–2025 Diverse Market & Product Mix3 ~40% ~60% ~8.6k ~160 Research & Applied Clinical Employees Countries Clinical Market Stro
Slide 5: Strong Business Momentum Entering 2026
Strong Business Momentum Entering 2026 Preliminary Results FY25 Accomplishments Q4’25 FY25 ✓ Returned Illumina to growth Illumina Revenue1 ~$1.155B ~$4.34B ~4% YoY growth CC ~Flat YoY CC ✓ Achieved NovaSeq X milestones Non-GAAP EPS $1.27-$1.30 $4.76-$4.79 ✓ Launched series of new products Protein Pr
Slide 6: NovaSeq X: From Transition to Revenue Growth
NovaSeq X: From Transition to Revenue Growth X transition milestones achieved in 2H’25 … … driving revenue growth acceleration NovaSeq X % of HT Gb Shipped Ex-China Sequencing Consumables YoY Growth 91% 90% 20% 82% 82% 80% 12% 78% 10% 11% 8% 69% 71% 3% 68% 2% 64% 0% 0% 53% 55% (8%) (9%) (11%) Q1’25
Slide 7: FY25 Progress Builds Toward Our FY27 Targets
FY25 Progress Builds Toward Our FY27 Targets As of 01/13/2026 Accelerating to HSD 500+ bps Operating Double-Digit to Teens Growth by FY27 Margin Expansion EPS Growth Ex-China Revenue Growth (in CC) Non-GAAP Operating Margin Non-GAAP Diluted EPS HSD ~200bps 26%1 ~300 bps ~15% +2% ~23%2 $4.782 21% $4.
Slide 8: Building Towards an Exciting Vision for NGS
Building Towards an Exciting Vision for NGS Whole WholeGenomes genomes are the diagnostics Multiomics at scale – Scientists adopt multiomics standard of care – routinely adopted in catalyzing deeper biology and local hospitals around the world new scientific breakthroughs Sovereign Sovereign Nations
Slide 9: Highest-Quality Insight at the Lowest End-to-End Cost
Highest-Quality Insight at the Lowest End-to-End Cost Focus on driving down the $/Gb TCoW Focus on Cost of Sequencing ‘Total Cost of Workflow’ Proteomics Workflows Single Cell Workflows List price per sample, by value chain component1 List price per cell, by value chain component2 Illumina Illumina
Slide 10: Illumina's Open Ecosystem Turns Scale into Advantage
Illumina’s Open Ecosystem Turns Scale into Advantage Open Platform Allowing Enabling Success of More Fast Expanding Broad Application Coverage than 8,000 Customers Global Partnerships Sample-to-Answer Solutions More Data & AI Services Data Assay Sequence Analyze Insights AI & Model Factory Better In
Slide 11: Three Growth Pillars to Deliver Our Vision
Three Growth Pillars to Deliver Our Vision 1 2 3 Core Sequencing & Scalable Entry Expansion of Services, NovaSeq X Transition Into Multiomics Data & Software Complete application-specific More biological layers per AI tools and scaled datasets workflows with superior TAT and sample to deepen insight
Slide 12: Clinical Market Poised for Accelerated Growth
Clinical Market Poised for Accelerated Growth Clinical NGS Adoption Physician Demand Is Shifting to Tailwinds Drive Continued Still Has Significant Headroom1 Higher-Quality, Deeper Insight Volume Growth for Illumina <20% Small Panels CAGR >30% Large Panels WES CGP MRD MCED GDT ~15x Gb2 WGS Past Futu
Slide 13: New Innovations that Power Illumina's Growth
New Innovations that Power Illumina’s Growth On-Market NovaSeq X DRAGEN Integrated Workflows ✓ ver. 4.4 Germline structural variant (SV) accuracy 1.5B 5-base Deeper Functional Insights 5B ✓ Genome Genome + Methylome 10B Launching H1‘26 25B Constellation Complete Genomic Insights H1’26 Technology Pha
Slide 14: Multiomics Solutions Adds the Next Layer of Growth
Multiomics Solutions Adds the Next Layer of Growth Launched H1’25 Launched H2’25 DRAGEN Single Cell Proteomics Illumina Single Cell Launched Q4’25 Illumina Protein Prep Understand tissue biology at Connected Multiomics Ultra-high plex measurement of proteins single-cell resolution—capturing to under
Slide 15: BioInsight: Driving Growth in AI-Enabled Applications
BioInsight: Driving Growth in AI-Enabled Applications Aggregate biology at scale to train proprietary foundation models enabling discovery and insights Perturb-Seq Sequencing at Compute Artificial Genome-Wide Scale Power Intelligence Causal maps of Large-scale Standardized pipelines delivering model
Slide 16: Deploying Capital for Growth & Value Creation
Deploying Capital for Growth & Value Creation ROIC1 Strong FCF with >20% Capital Deployment Balance Sheet Flexibility for Value Creation Invest to drive growth through innovation in the total workflow, data capacity expansion and Free Cash Flow ~$1B per year and multiomic investments FCF Conversion
Slide 17: Maximizing Shareholder Returns via Innovation
Maximizing Shareholder Returns via Innovation Key Strategic Priorities Value Creation Expanding the NGS Ecosystem HSD Margin Leading Innovation for Clinical Solutions Revenue Expansion Growth Scaling Proteomics with SomaLogic Expanding BioInsight to accelerate Discovery & Development DD Capital EPS
Slide 18: Appendix
Appendix © 2026 Illumina, Inc. All rights reserved.
Slide 19: FY25 Active Installed Base
FY25 Active Installed Base Preliminary as of 01/13/2026 High-Throughput1 Mid-Throughput Low-Throughput NovaSeq X Series NovaSeq 6000 NextSeq 1k/2k NextSeq 500/550 MiSeq i100 | MiSeq MiniSeq | iSeq 100 First Shipment Date Q1’23 Q1’17 Q4’20 | Q1’20 Q1’14 | Q1’15 Q4’24 | Q3’11 Q1’16 | Q1’18 FY25 Shipme
Slide 20: Statement regarding use of non-GAAP financial measures
Statement regarding use of non-GAAP financial measures The company reports non-GAAP results for diluted earnings per share, net income, gross margin, operating expenses, including research and development expense, selling general and administrative expense, legal contingency and settlement, and good
Slide 21: Use of forward-looking statements
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) changes
Slide 22: Illumina, Inc. Preliminary Results of Operations - Non-GAAP
Illumina, Inc. Preliminary Results of Operations - Non-GAAP (unaudited) Our performance and financial results are subject to risks and uncertainties, and actual results could differ materially from preliminary results set forth below. Some of the factors that could affect our financial results are i
Slide 23: Results of Operations - Core Illumina - Non-GAAP
Illumina, Inc. Results of Operations - Core Illumina - Non-GAAP (unaudited) CONSTANT CURRENCY REVENUE EXCLUDING GREATER CHINA: Fiscal Year Fiscal Year 2024 2023 % Change Revenue $ 4,024 $ 4,054 (1)% Less: Hedge effect 10 10 Revenue, excluding hedge effect 4,014 4,044 Less: Exchange rate effect (5) —
Slide 24: Non-GAAP footnotes and definitions
(a) Constant currency revenue growth, which is a non-GAAP financial measure, is calculated using comparative prior period foreign exchange rates to translate current period revenue, net of the effects of hedges. (b) Non-GAAP operating margin and diluted earnings per share exclude the effects of the
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