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Illumina Dealt Blow in Patent Dispute With BGI's Complete Genomics; No FVE Change

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Late on May 6, Illumina was dealt a blow in a patent dispute with potential competitor BGI's Complete Genomics. The jury found that Illumina had infringed on some of its patents, which affect its major instruments, and awarded Complete Genomics $334 million in past damages. Prior to this finding, Complete Genomics had been seeking a 5.5% royalty on Illumina's U.S. sales through patent expiration in 2029. We do not think an injunction is likely. Illumina plans to appeal this ruling. However, even if we include the maximum proposed financial damages in our model, our $377 fair value estimate would not change materially on Illumina, as recently generated cash flows help offset those potential future outflows.

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Illumina Inc's Company Profile

Business Description

Illumina provides tools and services to analyze genetic material with life science and clinical lab applications. The company generates over 90% of its revenue from sequencing instruments, consumables, and services. Illumina’s high-throughput technology enables whole genome sequencing in humans and other large organisms. Its lower throughput tools enable applications that require smaller data outputs, such as viral and cancer tumor screening. Illumina also sells microarrays (less than 10% of sales) that enable lower-cost, focused genetic screening with primarily consumer and agricultural applications.

5200 Illumina Way
San Diego, CA, 92122
T +1 858 202-4500
Sector Healthcare
Industry Diagnostics & Research
Most Recent Earnings Mar 31, 2022
Fiscal Year End Jan 1, 2023
Stock Type Slow Growth
Employees 11,750

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