Illumina rises after China lifts export ban, Evercore sees growth in FY26
Shares of gene sequencing company Illumina ILMN.O rise 4.7% to $122.3
China lifted its export ban on Illumina instruments, domestic firms can apply to resume transactions with Illumina, subject to review and compliance, Evercore ISI says
The ban followed Illumina's addition to China's "unreliable entities" list earlier this year; the latest move removes that restriction for several U.S. firms
Evercore ISI notes Illumina's China revenue peaked at $502 million in 2021 and has fallen since
With the ban now lifted, Evercore ISI expects that, even assuming flat China sales, Illumina is positioned to show positive reported organic growth in FY26
The brokerage says that while investors still watch Roche's ROG.S entry into the market, it believes "the worst might be behind us"
As of last close, ILMN stock was down 8.9% YTD
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