ILMN: Regional Court of Munich Rules in Favor of Element Biosciences, Impacting MiSeq in Germany

Research evidence excerpt

ILMN: Regional Court of Munich Rules in Favor of Element Biosciences, Impacting MiSeq in Germany

FLASH NOTE

July 14, 2026

Subbu Nambi, Ph.D. subbu.nambi@guggenheimpartners.com ILMN: Regional Court of Munich Rules in Favor of

617 874 7383 Element Biosciences, Impacting MiSeq in Germany

Thomas VonDerVellen

thomas.vondervellen@guggenheimpartners.com

617 859 4657 Key Message: Today, the Regional Court of Munich ruled against ILMN in favor of

Element Biosciences in regard to patent infringement on imaging-based DNA sequencing Ricki Levitus

ricki.levitus@guggenheimpartners.com methods. This impacts MiSeq and MiSeqDx today in Germany, and we are estimating the

212 823 6556 total cumulative exposure to be likely under ~$60-70M plus forward revenue loss from

the injunction. In aggregate, this feels contained today and we expect ILMN to appeal,

without a final decision for some time. Investors are likely concerned about read-throughs

to other instruments, but at this point it does not appear other ILMN systems are impacted.

ILMN

Illumina, Inc. What Happened

This morning, the Regional Court of Munich ruled in favor of Element Biosciences Sector: Diagnostics & Life Sciences Tools •

(private) against ILMN in regard to alleged patent infringement on an imaging-based DNA Company Update sequencing method in Germany.

Share Price $190.05 The full text of the court ruling is not yet available, but it appears the ruling impacts MiSeq •

and MiSeqDx without directly tying to other systems at this point.

The ruling orders ILMN to recall instruments and reagents that infringe (back to Market Data •

52-Week Range $88.00 - $196.66 03/31/2023), enjoins ILMN from selling systems and consumables in Germany, and ILMN

was determined liable for damages. Shares Out (M) 151.3

Market Cap (M) $28,755