Biotech investors finally got a dose of good news this week. Illumina Inc (NASDAQ:ILMN) staged a powerful comeback, with the stock surging over 23% on Friday after topping its third-quarter guidance while narrowing its full-year revenue decline forecast. Now, the rally of this genomics firm has rippled through the ETF space, offering a glimmer of hope for funds tied to the once high-flying sector.
Illumina, a leading DNA sequencing technology company, said third-quarter revenue came in flat at $1.08 billion from a year earlier, topping views. Although net income plunged to $150 million from $705 million, the company’s guidance for fiscal 2025 was upbeat: revenue would fall only 0.5% to 1.5% versus the prior view for up to a 2.5% decline, it said. CEO Jacob Thaysen noted that the firm returned to growth ex-China and that revenue accelerated in the clinical segment, which is the largest market.
