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© 2026 Illumina, Inc. All rights reserved. Jacob Thaysen, PhD Chief Executive Officer 44th Annual J.P. Morgan Healthcare Conference © 2026 Illumina, Inc. All rights reserved. January 13, 2026
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 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: ▪ Our ability to meet our revenue and earnings per share growth targets; ▪ Changes in the rate of growth in the markets we serve; ▪ The volume, timing and mix of customer orders among our products and services; ▪ Our ability to adjust our operating expenses to align with our revenue expectations; ▪ Our ability to manufacture robust instrumentation and consumables; ▪ The success of products and services competitive with our own; ▪ 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; ▪ The impact of recently launched or pre-announced products and services on existing products and services; ▪ Our ability to realize the anticipated benefits from prior or future actions to streamline and improve our R&D processes, reduce our operating expenses and maximize our revenue growth; ▪ To deploy new products, services, and applications, and to expand the markets for our technology platforms; ▪ Our ability to obtain approval by third-party payors to reimburse patients for our products; ▪ Our ability to obtain regulatory clearance from applicable government agencies for our acquisition of SomaLogicand certain of our products; ▪ Our ability to successfully partner with other companies and organizations to develop new products, expand markets, and grow our business; ▪ Uncertainty, or adverse economic and business conditions, including as a result of slowing or uncertain economic growth or armed conflict; ▪ The application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments ▪ Legislative, regulatory and economic developments, 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 Cautionary Notes On Forward Looking Statements 2
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 3 Agenda I Return To Growth II ILMN’s Differentiated Ecosystem III Sustainable And Profitable Growth
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 ~21% Reproductive Health Illumina: The Market Leader In NGS HT = high-throughput. MT = mid-throughput. LT = low-throughput. Note: All metrics are preliminary, unaudited, and approximate. See appendix for reconciliations of GAAP and non-GAAP financial measures. 1. Active installed base excludes decommissioned instruments and includes reagent rental units. HT instruments exclude HiSeq . 2. Reflects theoretical max output on active HT installed base. 3. As percent of sequencing consumables. Excludes ~3% Other, primarily consisting of infectious disease testing. 4. Latest disclosed operating margin guidance (at Q3’25 earnings). 5. Recurring revenue defined as consumables plus service & other revenue. Largest Installed Base1 ~21k Active Installed Base >12k LT instruments >6k MT instruments ~2k HT instruments Clinical Market Exposure3 Diverse Market & Product Mix3 Strong Financial Profile FY25 ~$4.3B Revenue ~23% Non -GAAP Operating Margin 4 ~160 Countries ~90% Recurring Revenue 5 ~8.6k Employees ~51% Oncology Testing ~25% Genetic Disease 4 ~2x HT Capacity Increase 2 2022 –2025 ~40% Research & Applied ~60% Clinical
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 Strong Business Momentum Entering 2026 5 CC = constant currency. YoY = year-over-year. Note: All metrics are preliminary, unaudited, and approximate. See appendix for reconciliations of GAAP and non-GAAP financial measures. 1. Includes ~$55M and ~$243M of Greater China revenue in Q4’25 and FY25, respectively. Q4’25 Illumina Revenue1 ~$1.155B ~4% YoY growth CC NovaSeq X >95 Placements ~$4.34B ~Flat YoY CC FY25 ~890 Active Installed Base Returned Illumina to growth Achieved NovaSeq X milestones Launched BioInsight Incl. signing of billion-cell atlas Pharma partnership to scale data & AI Launched series of new products Protein Prep, 5-Base, Perturb-Seq & Illumina Connected Multiomics Non-GAAP EPS $1.27-$1.30 $4.76-$4.79 Preliminary Results FY25 Accomplishments ✓ ✓ ✓ ✓
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 NovaSeq X: From Transition to Revenue Growth 6 Gb = gigabases. HT = high-throughput. YoY = year-over-year. Note: All metrics are preliminary, unaudited, and approximate. All growth rates shown are reported. Note: All references to China refer to Greater China Region, which also includes Taiwan and Hong Kong. 82% 68% 53% Q1’25 82% 69% 55% Q2’25 91% 78% 64% Q3’25 Q4’25 Research & Applied Total ILMNClinical X transition milestones achieved in 2H’25 … … driving revenue growth acceleration 0% 8% (11%) Q1’25 2% 10% (9%) Q2’25 3% 12% (8%) Q3’25 Q4’25 NovaSeq X % of HT Gb Shipped Ex-China Sequencing Consumables YoY Growth 71% 90% 80% 20% 11% 0%
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 500+ bps Operating Margin Expansion Accelerating to HSD Growth by FY27 Double-Digit to Teens EPS Growth FY25 Progress Builds Toward Our FY27 Targets 7 CC = constant currency. HSD = high single digit. LSD = low single digit. Note: All FY25 metrics, are preliminary, unaudited, and approximate. See appendix for reconciliations of GAAP and non-GAAP financial measures. Note: All references to China refer to Greater China Region, which also includes Taiwan and Hong Kong. 1. FY27 operating margin target excludes China. 2. Represents disclosed operating margin guidance at Q3’25 earnings, and midpoint of revised EPS guidance as of 01/13/26. (1%) +2% HSD ~300 bps 21% ~23%2 26%1 $4.16 $4.782 ~15% Ex-China Revenue Growth (in CC) Non-GAAP Operating Margin Non-GAAP Diluted EPS ~200bps FY24 FY25 FY27E FY24 FY25 FY27E FY24 FY25 FY27E As of 01/13/2026
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 Building Towards an Exciting Vision for NGS 8 Scientists adopt multiomics at scale – catalyzing deeper biology and new scientific breakthroughs Multiomics Pharma accelerates drug discovery and precision medicine – leveraging AI- powered large cohort analysis Drug Discovery Whole genomes are the diagnostics standard of care – routinely adopted in local hospitals around the world Whole Genomes Sovereign nations move from sick-care to personalized health-care – broadly adopting NGS across healthcare systems Sovereign Nations
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 Highest-Quality Insight at the Lowest End-to-End Cost Focus on driving down the Cost of Sequencing Focus on ‘Total Cost of Workflow’ $/Gb TCoW Proteomics Workflows Single Cell Workflows List price per sample, by value chain component1 List price per cell, by value chain component2 Assay Sequencing Analysis Illumina 25B FC with Illumina Protein Prep Alternative Workflow Illumina 25B FC with Illumina Single Cell Alternative Workflow Gb = gigabase. TCoW = total cost of workflow. FC = flow cell. 1. Illumina Protein Prep 9.5K panel compared to competitor‘s HT panel size 5.4K proteins. 2. Illumina Single Cell 100K cells per run compared to competitor’s 100K cells per run. 9
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 Illumina’s Open Ecosystem Turns Scale into Advantage Open Platform Allowing Broad Application Coverage Enabling Success of More than 8,000 Customers Fast Expanding Global Partnerships Global Service Network Customers Rely On Data + AI Model Factory Operating At Scale Unparalleled Clinical Development Infrastructure Sample-to-Answer Solutions Integrated bioinformatics stack powering analysis at scale Broadest and most versatile assay and sequencing portfolio Assay Sequence Analyze Insights Data + AI for discovery and clinical translation Data & AI Services AI & Model Factory More Data Better Insights 10
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 Scalable Entry Into Multiomics Core Sequencing & NovaSeq X Transition Expansion of Services, Data & Software Three Growth Pillars to Deliver Our Vision 11 ClinicalCommercial LabsResearchPharma Serving Customers Across Multiple End-Markets Complete application-specific workflows with superior TAT and overall test economics 1 More biological layers per sample to deepen insight and expand use cases 2 AI tools and scaled datasets that accelerate discovery and clinical translation 3 TAT = turnaround time.
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 Clinical Market Poised for Accelerated Growth Clinical NGS Adoption Still Has Significant Headroom1 CGP = comprehensive genomic profiling. GDT = genomic disease testing. MCED = multi cancer early detection. MRD = minimal residual disease. NGS = next-generation sequencing. WES = whole exome sequencing. WGS = whole genome sequencing. 1. Reflects internal market models and should be considered directional. 2. Human genome assumes >120 Gb of data per sample vs ~8 Gb for exomes. Tailwinds Drive Continued Volume Growth for Illumina Small Panels Large Panels WES WGS ~15x Gb2 Physician Demand Is Shifting to Higher-Quality, Deeper Insight <20% CAGR >30% Past Future More samples Higher sequencing intensity Accelerated Gb growthx = 12 CGP MRD MCED GDT
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 New Innovations that Power Illumina’s Growth Constellation Technology H1’26 Complete Genomic Insights Phasing, SVs and difficult regions made simple DRAGEN ver. 4.4 ✓ Integrated Workflows Germline structural variant (SV) accuracy 5-base Genome ✓ Deeper Functional Insights Genome + Methylome Driving value with greater quality, scale, and new applications NovaSeq X NovaSeq X v.1.4 Optimized for Clinical Applications Dual flow cell, Staggered runs 5B flow cell – 100, 200 & 300c kit 1.5B flow cell – 600c kit H1’26 1.5B 5B 10B 25B 13 On-Market Launching H1‘26
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 Multiomics Solutions Adds the Next Layer of Growth 14 Ex-Situ Spatial DRAGEN Whole transcriptome, single-cell-level gene- expression maps to study cellular interactions and diseases in their native environment Connected Multiomics Single Cell Illumina Single Cell Understand tissue biology at single-cell resolution—capturing cellular diversity and functions Launched H1’25 Launched Q4’25 Available H1’26 Illumina Protein Prep Proteomics Ultra-high plex measurement of proteins to understand cell function, disease mechanisms and drug responses Launched H2’25
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 BioInsight: Driving Growth in AI-Enabled Applications 15 Sequencing at Scale Compute Power Perturb-Seq Genome-Wide Artificial Intelligence Aggregate biology at scale to train proprietary foundation models enabling discovery and insights Foundation Models Advancing Drug Discovery for Pharma Partners Clinical Insights Large-scale longitudinal datasets Causal maps of gene function Standardized pipelines delivering model- ready data to train foundation models
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 16 Invest to drive growth through innovation in the total workflow, data capacity expansion and multiomic investments Anti-dilutive share buy-back and additional opportunistic repurchases, including ~$740M in FY25 Bolt-on key growth enablers: Evaluate based on SAM expansion, Growth/EPS accretion and ROIC Scheduled close 1H’262 Free Cash Flow ~$1B per year and FCF Conversion >140%1 ~1.7x gross leverage (~0.6x net1) with goal of maintaining investment grade rating Strong FCF with Balance Sheet Flexibility Capital Deployment for Value Creation ROIC1 >20% Deploying Capital for Growth & Value Creation FCF = free cash flow. ROIC = return on invested capital. SAM = serviceable addressable market. Note: All metrics are preliminary, unaudited, and approximate. See appendix for reconciliations of GAAP and non-GAAP financial measures. 1. ROIC, FCF, FCF conversion, and leverage ratios are LTM as of 09/28/2025. ROIC = NOPAT / (shareholders equity plus net debt). FCF conversion = FCF / Non-GAAP Net Income. 2. Pending regulatory review.
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 Maximizing Shareholder Returns via Innovation 17 DD = double digit. HSD = high-single digit. Key Strategic Priorities Value Creation HSD Revenue Growth Margin Expansion Capital Allocation DD EPS Growth Expanding the NGS Ecosystem Leading Innovation for Clinical Solutions Scaling Proteomics with SomaLogic Expanding BioInsight to accelerate Discovery & Development Commercial and Operational Excellence
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© 2026 Illumina, Inc. All rights reserved. Appendix
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© 2026 Illumina, Inc. All rights reserved. J.P. Morgan Healthcare Conference 2026 RGB: 229, 96, 0 RGB: 228, 189, 255 RGB: 255, 150, 0 Primary Pumpkin RGB: 255, 150, 0 RGB: 255, 192, 102 RGB: 255, 213, 153 RGB: 253, 189, 42 RGB: 255, 229, 169 RGB: 163, 97, 211 RGB: 81, 100, 248 RGB: 220, 224, 254 RGB: 255, 150, 0 RGB: 246, 238, 228 RGB: 51, 51, 51 Cool gray 10 255, 150, 0 RGB: 214, 214, 214 FY25 Active Installed Base 19 Note: Reflects preliminary unaudited FY25 results. 1. High-throughput figures exclude HiSeq . NovaSeq 6000 active installed base accounts for ~330 decommissions in FY25. 2. Active installed base excludes decommissioned instruments and includes reagent rental units. 3. Average pull through reflects FY25 average annualized figures per instrument, in thousands. High-Throughput1 Mid-Throughput Low-Throughput NovaSeq X Series NovaSeq 6000 NextSeq 1k/2k NextSeq 500/550 MiSeq i100 | MiSeq MiniSeq | iSeq 100 Q1’23 Q1’17 Q4’20 | Q1’20 Q1’14 | Q1’15 Q4’24 | Q3’11 Q1’16 | Q1’18 ~260 ~30 ~380 ~100 ~1,200 ~90 ~890 ~1,360 ~2,990 ~3,460 ~8,860 ~3,840 ~$1,350 ~$670 ~$90 ~$100 ~$30 MiSeq ~$20 MiniSeq FY25 Shipments Active Installed Base2 Avg. Pull Through3 First Shipment Date Preliminary as of 01/13/2026
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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 goodwill and intangible impairment, operating income, operating margin, gross profit, other income (expense), tax provision, constant currency revenue and growth, and free cash flow (on a consolidated and, as applicable, segment basis) in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The company’s financial measures under GAAP include substantial charges such as amortization of acquired intangible assets among others that are listed in the reconciliations of GAAP and non-GAAP financial measures included in this press release, as well as the effects of currency translation. Management has excluded the effects of these items in non-GAAP measures to assist investors in analyzing and assessing past and future operating performance. Non-GAAP net income, diluted earnings per share and operating margin are key components of the financial metrics utilized by the company’s board of directors to measure, in part, management’s performance and determine significant elements of management’s compensation. The company encourages investors to carefully consider its results under GAAP, as well as its supplemental non- GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP results are presented in the tables of this release. The company provides forward-looking guidance on a non-GAAP basis, including on a constant currency basis for revenue and revenue growth rates. The company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures because it is unable to predict with reasonable certainty the impact of items such as acquisition-related expenses, fair value adjustments to contingent consideration, gains and losses from strategic investments, potential future asset impairments, restructuring activities, the ultimate outcome of pending litigation, and currency exchange rate fluctuations without unreasonable effort. These items are uncertain, inherently difficult to predict, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, the company is unable to address the significance of the unavailable information, which could be material to future results.
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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 in the rate of growth in the markets we serve, including the proteomics market; (ii) the volume, timing and mix of customer orders among our products and services; (iii) our ability to adjust our operating expenses to align with our revenue expectations; (iv) the completion of the proposed acquisition of SomaLogic, Inc. and certain other assets (the SomaLogic Business) from Standard BioTools Inc. on the anticipated terms and timeline, or at all, including the ability of the parties to obtain required regulatory approvals – 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 closing conditions; (v) our ability to successfully integrate the SomaLogic Business into our existing operations and the SomaLogic Business' technology and products into our portfolio; (vi) our ability to successfully manage partner and customer relationships in the proteomics market; (vii) uncertainty regarding the impact of our inclusion on the "unreliable entities list" by regulatory authorities in China; (viii) uncertainty regarding tariffs imposed or threatened by the U.S. government and its trading partners, and other possible tariffs or trade protection measures and our efforts to mitigate the impact of such tariffs; (ix) our ability to manufacture robust instrumentation and consumables, including the SomaLogic Business’ products; (x) the success of products and services competitive with our own; (xi) 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; (xii) the impact of recently launched or pre-announced products and services on existing products and services; (xiii) our ability to modify our business strategies to accomplish our desired operational goals; (xiv) our ability to realize the anticipated benefits from prior or future actions to streamline and improve our R&D processes, reduce our operating expenses and maximize our revenue growth; (xv) our ability to further develop and commercialize our instruments, consumables, and products; (xvi) to deploy new products, services, and applications, and to expand the markets for our technology platforms; (xvii) the risk of additional litigation arising against us in connection with the GRAIL acquisition; (xviii) our ability to obtain approval by third- party payors to reimburse patients for our products; (xix) our ability to obtain regulatory clearance for our products from government agencies; (xx) our ability to successfully partner with other companies and organizations to develop new products, expand markets, and grow our business; (xxi) uncertainty, or adverse economic and business conditions, including as a result of slowing or uncertain economic growth or armed conflict; (xxii) the application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments and (xxiii) legislative, regulatory and economic developments, together with other factors detailed in our filings with the Securities and Exchange Commission, including 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.
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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 included from time to time in the public reports filed with the Securities and Exchange Commission (SEC), including Form 10-K for the fiscal year ended December 29, 2024, filed with the SEC on February 12, 2025, Form 10-Q for the fiscal quarter ended March 30, 2025, Form 10-Q for the fiscal quarter ended June 29, 2025, and Form 10-Q for the fiscal quarter ended September 28, 2025. We assume no obligation to update any forward-looking statements or information. The preliminary unaudited information included in the tables below is approximate and subject to change. As previously announced, we will report our fourth quarter and full year fiscal 2025 results on February 5, 2026. Revenue information for fiscal year 2024, including growth rates, is for our Core Illumina segment. PRELIMINARY CONSTANT CURRENCY REVENUE: Three Months Ended Year Ended Dollars in millions December 28, 2025 December 29, 2024 % Change December 28, 2025 December 29, 2024 % Change Preliminary revenue $ 1,155 $ 1,104 5 % $ 4,339 $ 4,332 — % Less: Hedge effect (4) 5 (5) 15 Revenue, excluding hedge effect 1,159 1,099 4,344 4,317 Less: Exchange rate effect 15 — 20 — Constant currency revenue (a) $ 1,144 $ 1,099 4 % $ 4,324 $ 4,317 — % PRELIMINARY CONSTANT CURRENCY REVENUE EXCLUDING GREATER CHINA: Three Months Ended Year Ended Dollars in millions December 28, 2025 December 29, 2024 % Change December 28, 2025 December 29, 2024 % Change Preliminary revenue $ 1,100 $ 1,024 7 % $ 4,096 $ 4,024 2 % Less: Hedge effect (4) 3 (7) 10 Revenue, excluding hedge effect 1,104 1,021 4,103 4,014 Less: Exchange rate effect 15 — 21 — Constant currency revenue (a) $ 1,089 $ 1,021 7 % $ 4,082 $ 4,014 2 % RECONCILIATION BETWEEN PRELIMINARY GAAP AND NON-GAAP DILUTED EARNINGS PER SHARE: Fourth Quarter 2025 Fiscal Year 2025 Preliminary GAAP diluted earnings per share $2.14 to $2.17 $5.42 to $5.45 Acquisition-related costs (c) 0.24 0.53 Transformational initiatives (d) 0.06 0.39 Intangible asset impairment — 0.15 Strategic investment gain, net (e) (1.24) (2.13) Other (f) 0.12 0.14 Income tax provision (g) (0.05) 0.26 Preliminary non-GAAP diluted earnings per share (b) $1.27 to $1.30 $4.76 to $4.79
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Illumina, Inc. Results of Operations - Core Illumina - Non-GAAP (unaudited) CONSTANT CURRENCY REVENUE EXCLUDING GREATER CHINA: Fiscal Year 2024 Fiscal Year 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) — Constant currency revenue (a) $ 4,019 $ 4,044 (1) % RECONCILIATION BETWEEN GAAP AND NON-GAAP OPERATING MARGIN: PRELIMINARY Fiscal Year 2025 (1) Fiscal Year 2024 GAAP operating margin 19% 34% Acquisition-related costs (c) 2 (4) Transformational initiatives (d) 1 1 Intangible impairment 1 — Other, including legal contingency and settlement (f)(h) — (10) Non-GAAP operating margin (b) 23% 21% _____________ (1) Represents latest disclosed operating margin guidance at Q325 earnings. RECONCILIATION BETWEEN GAAP AND NON-GAAP DILUTED EARNINGS PER SHARE: Fiscal Year 2024 GAAP diluted earnings per share $ 5.61 Acquisition-related costs (c) (1.00) Transformational initiatives (d) 0.38 Intangible impairment 0.02 Legal contingency and settlement (h) (2.87) Other expense, net (e) 1.86 Income tax provision (g) 0.16 Non-GAAP diluted earnings per share (b) $ 4.16 CALCULATION OF FREE CASH FLOWS: In billions LTM as of 9/28/2025 (1) Net cash provided by operating activities $ 1.1 Purchases of property and equipment (0.1) Free cash flow (i) $ 1.0 _____________ (1) LTM = last twelve months.
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(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 pro forma adjustments detailed above. Non-GAAP operating margin and diluted earnings per share are key components of the financial metrics utilized by the company's board of directors to measure, in part, management's performance and determine significant elements of management's compensation. Management has excluded the effects of these items to assist investors in analyzing and assessing past and future operating performance. (c) Amounts consist primarily of amortization of intangible assets, legal and other expenses related to the acquisition and divestiture of GRAIL, and fair value adjustments for our contingent consideration liabilities. Amounts for FY25 also consist of legal and other expenses related to the pending SomaLogic acquisition. (d) Amounts for FY25 consist primarily of employee severance costs related to restructuring activities and costs related to implementation efforts to upgrade our ERP system. Amounts for FY24 consist primarily of lease and other asset impairments and employee severance costs. (e) Amounts consist primarily of mark-to-market adjustments and impairments from strategic investments and, for FY24, fair value adjustments related to our Helix contingent value right that was settled in 2024. (f) Amounts for FY25 consist primarily of a donation to the Illumina foundation, costs related to board membership changes, and legal contingency accruals. (g) Amounts for FY25 represent the aggregate of the difference between book and tax accounting related to stock- based compensation cost, a one-time valuation allowance adjustment against deferred tax assets associated with certain U.S. foreign tax credits as a result of the U.S. tax legislation that was signed on July 4, 2025, and the tax impact related to the non-GAAP adjustments. Amounts for FY24 represent the impact of GRAIL pre- acquisition net operating losses on GILTI, the utilization of US foreign tax credits, and the Pillar Two global minimum top-up tax, the difference between book and tax accounting related to stock-based compensation cost, and the tax impact related to the non-GAAP adjustments. (h) Amounts for FY24 consist primarily of the reversal of the accrued EC fine, including accrued interest. (i) Free cash flow, which is a non-GAAP financial measure, is calculated as net cash provided by operating activities reduced by purchases of property and equipment. Free cash flow is useful to management as it is one of the metrics used to evaluate our performance and to compare us with other companies in our industry. Our calculation of free cash flow may not be comparable to similar measures used by other companies.