Illumina rises on $100 million cost-reduction program

Shares of gene sequencing equipment maker Illumina ILMN.O rises 2.3% to $87.90 premarket

Co said on Monday it plans to cut $100 million in spending, after China banned imports of its genetic sequencing instruments

ILMN lowered its annual profit forecast; expects 2025 adjusted profit of about $4.50 per share vs prior view of $4.50 to $4.65

Evercore ISI says ILMN "did the right thing", adds putting EPS floor is critical in uncertain macro environment

Co said it is focused on achieving high-single-digit revenue growth by 2027

"Although Illumina remains confident it can reaccelerate revenue over time, we remain on the sidelines until ILMN achieves sustainable solid performance," Canaccord Genuity says

As of previous close, ILMN down 34.6% in past 12 months