Illumina (ILMN) said Monday it is starting a $100 million cost reduction program and lowering its fiscal 2025 non-GAAP earnings forecast.
The cost savings are expected to reduce the impact of a potential reduction in revenue and related operating income from the company's Greater China business after the country placed a ban on imports of its genetic sequencing instruments.
The company now expects fiscal 2025 adjusted EPS of about $4.50, compared with $4.50 to $4.65 expected previously. Analysts polled by FactSet expect $4.51.
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