Shares of gene sequencing equipment maker Illumina (ILMN) plunged 5.68% in pre-market trading on Friday, following the company's lower than expected revenue forecast for 2025 and geopolitical risks arising from China placing it on an "unreliable entity" list.

For 2025, Illumina expects revenue in the range of $4.28 billion to $4.40 billion, falling short of Wall Street's average estimate of around $4.39 billion. The company cited macroeconomic headwinds and competitive pressures impacting instrument sales as reasons for the muted outlook.

Adding to the concerns, China, which accounts for around 7% of Illumina's sales, put the company on an "unreliable entity" list earlier this week. While Illumina said its 2025 guidance does not reflect any potential impact from this move, analysts view it as a significant risk given the company's exposure to the Chinese market.