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Illumina stock rallies 13% after biotech says it expects Q1 sales to top $1 billion

Economy, Finance

Shares of Illumina Inc. jumped more than 13% in the extended session Monday after the biotech company said it expects first-quarter revenue to top $1 billion thanks to “record” orders and revenue growth in its gene-sequencing and related businesses. Illumina said it expects first-quarter revenue of about $1.085 billion, which would compare with revenue of $859 million in the first quarter of 2020. For fiscal 2021, Illumina said it now expects year-over-year revenue growth in a range between 25% and 28% compared with fiscal 2020. The revenue growth demonstrates “the solid recovery from the COVID-19 pandemic and the strength of our core business. Most customers are now at or above pre-COVID activity levels,” Illumina said in a statement. Illumina shares ended the regular trading day down 0.1%.

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