Illumina (ILMN) Stock Forecast & Price Target

Illumina's clinical consumables revenue has demonstrated a positive trend, increasing mid-single digits year-over-year, while the MiSeq i100 Plus is successfully attracting new customers to the sequencing space. The company has raised its non-GAAP diluted EPS guidance to a range of $4.45 to $4.55, indicating a favorable adjustment from previous expectations and reflecting strong operational momentum. Additionally, the improved outlook from funding sources such as China and the NIH supports Illumina's growth trajectory and financial stability, reinforcing a positive outlook on the company's overall performance.

Illumina is facing a challenging outlook, with expectations of a constant currency revenue decrease of 1.5-2.5% year-over-year in Q3 2025, translating to reported revenue guidance of $1.06-1.07 billion. Key metrics highlight a decline in constant currency revenues for sequencing instruments, projected to decrease by 4-6% year-over-year, contrasting with modest growth of 1-3% in sequencing consumables, excluding China. Additionally, the company has experienced a notable decline in NovaSeq X shipments, indicating potential ongoing demand challenges in its core sequencing products.