Illumina, Inc.: 2Q26 Recap: Clinical Momentum in Consumables and NovaSeq X Placements Drive Beat and Raise; Remain Overweight

研报英文原文证据摘录

Illumina, Inc.: 2Q26 Recap: Clinical Momentum in Consumables and NovaSeq X Placements Drive Beat and Raise; Remain Overweight

J P M O R G A N North America Equity Research

31 July 2026

Illumina, Inc.

2Q26 Recap: Clinical Momentum in Consumables and Overweight

NovaSeq X Placements Drive Beat and Raise; Remain ILMN, ILMN US

Overweight Price (30 Jul 26):$205.09

▲Price Target (Dec-27):$230.00

Prior (Dec-26):$220.00

ILMN’s 2Q beat demonstrated continued momentum in clinical consumables,

growing +15% ROW, albeit down from the +20% trend seen the past two quarters, Life Science Tools & Diagnostics

which was attributable to pockets of softness in the Middle East and Latin America Casey Woodring AC

in the quarter though U.S. clinical consumables grew >+20%. That said, the (1-212) 622-9074

performance in the quarter was enough to raise the clinical consumables growth casey.woodring@jpmchase.com

guide for the year to +mid-teens vs. prior guide of +DD/mid-teens. Additionally, Marta Nazarovets Zaremba

ILMN placed >95 NovaSeq X instruments (above the guide of ~80) with a (1-212) 622-6046

marta.zaremba@jpmchase.com

70%/30% clinical/research placement skew. On the research side, while the guide

Jaden Rismay

doesn’t assume research improvement relative to the company’s prior expectations

(1-212) 622-8479

this year, management called out encouraging trends in U.S. funding releases later jaden.rismay@jpmchase.com

in the quarter. Stepping back, with the growing NovaSeq X clinical installed base J.P. Morgan Securities LLC

ramping to drive sustainable consumables growth, we see +HSD topline growth

and +mid/high-teens adj. EPS growth moving forward as highly achievable, with

upside from a more pronounced acceleration in research end-market demand and Quarterly Forecasts (FYE Dec)