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Strategy Update

August 13, 2024

Illumina Strategy Update 2024Illumina Strategy Update 2024

Salli Schwartz

Head of Investor Relations

Opening Remarks

Illumina Strategy Update 2024

Illumina Strategy Update 2024Illumina Strategy Update 2024

This release may contain forward-looking statements that involve risks and uncertainties. Among the important factors to which our business is subject that could cause actual results

to differ materially from those in any forward-looking statements are: (i) our ability to meet our revenue and earnings per share growth targets; (ii) changes in the rate of growth in the

markets we serve; (iii) the volume, timing and mix of customer orders among our products and services; (iv) our ability to adjust our operating expenses to align with our revenue

expectations; (v) our ability to manufacture robust instrumentation and consumables; (vi) the success of products and services competitive with our own; (vii) challenges inherent in

developing, manufacturing, and launching new products and services, including expanding or modifying manufacturing operations and reliance on third-party suppliers for critical

components; (viii) the impact of recently launched or pre-announced products and services on existing products and services; (ix) our ability to realize the anticipated benefits from

prior or future actions to streamline and improve our R&D processes, reduce our operating expenses and maximize our revenue growth; (x) to deploy new products, services, and

applications, and to expand the markets for our technology platforms; (xi) our ability to obtain approval by third-party payors to reimburse patients for our products; (xii) our ability to

obtain regulatory clearance for our products from government agencies; (xiii) our ability to successfully partner with other companies and organizations to develop new products,

expand markets, and grow our business; (xiv) uncertainty, or adverse economic and business conditions, including as a result of slowing or uncertain economic growth or armed

conflict; (xv) the application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments and (xvi)

legislative, regulatory and economic developments, together with other factors detailed in our filings with the Securities and Exchange Commission, including our most recent filings

on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. We undertake no obligation, and do not intend, to

update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports or updates on the progress of the current quarter.

Cautionary notes on forward looking statements

Illumina Strategy Update 2024Illumina Strategy Update 2024

Agenda

IOpening Remarks | 08:00 am PT

Salli Schwartz, Head of Investor Relations

II Corporate Strategy | 08:05 am PT

Jacob Thaysen, Chief Executive Officer

III NGS Innovation | 08:30 am PT

Steve Barnard, Chief Technology Officer

IV Financial Outlook | 08:50 am PT

Ankur Dhingra, Chief Financial Officer

VQ&A Session | 09:10 am PT

Illumina Strategy Update 2024Illumina Strategy Update 2024

Corporate Strategy

Illumina Strategy Update 2024 Jacob Thaysen

Chief Executive Officer

Illumina Strategy Update 2024Illumina Strategy Update 2024

A Biology Platform Company

Improve human health by

unlocking the power of the genome

Illumina Strategy Update 2024Illumina Strategy Update 2024

5Differentiated margin expansion and EPS growth story

1Significant opportunity ahead; progress made in 2024

2Shift FROM cost per gigabase TO the highest quality

insight for the lowest end-to-end cost

3Expansion into multiomics

4Acceleration to high single-digit revenue growth by 2027

What you will learn today:

Stabilizing our base and accelerating our growth

Note: EPS = non-GAAP diluted EPS.

Illumina Strategy Update 2024Illumina Strategy Update 2024

>$100B

$4B

Clinical

Markets

$4B

NGS SAM

10 Year Fwd. CAGR

18%

>$25B

Research

Markets $6B 6%

$6B

NGS SAM 20332

NGS SAM 20242

TAM1

Illumina’s long-term opportunity as a

biology platform company is significant

NGS = next generation sequencing. SAM: serviceable addressable market. TAM = total addressable market.

1. TAM represents NGS SAM in addition all technologies that NGS could substitute over time.

2. NGS SAM represents total NGS dollars including tools and assays. 8

Illumina Strategy Update 2024Illumina Strategy Update 2024

We have made substantial progress in 2024

Note: Gb = gigabase. HT = high throughput. X = NovaSeq X. See appendix for reconciliations of GAAP and non-GAAP financial measures.

1. As of 6/30/2024.

2. Margin expansions reflect Core Illumina bps improvement from FYE’23 to Q2’24.

NovaSeq X Plus Innovation Margin Expansion2

>$1M Average pull-through

469 Installed since launch

Multiomics

Total HT Gb output

attributed to the X

~45% ~230 bps

Non-GAAP Operating Margin

improvement from FY’23 to Q2’24

Gross Margin

Operating Margin

~360 bps

Non-GAAP Gross Margin

improvement from FY’23 to Q2’24

Advanced our flagship platform &

primary near-term revenue driver Drove innovation that builds on the X

& helps our customers succeed Improved operational efficiency

across the enterprise

Proteomics Early access Q2’24

Acquired Q4’23

Acquired Q3’24

NovaSeq X1

Illumina Strategy Update 2024Illumina Strategy Update 2024

We are building towards an exciting vision for NGS

Deeply embedded in healthcare & transforming understanding of biology

Pharma accelerates drug discovery

and precision medicine – leveraging

AI-powered large cohort analysis

Scientists adopt multiomics at scale

– catalyzing deeper biology and

scientific breakthroughs

Sovereign nations move from sick-

care to personalized health-care –

broadly adopting NGS across

healthcare systems

Whole genomes are the diagnostics

standard of care – routinely adopted

in local hospitals around the world

Illumina Strategy Update 2024Illumina Strategy Update 2024

We will serve distinct customer segments

that reinforce each other

Note: NGS = next generation sequencing.

ClinicalResearch

Foundational biological

insights about the

nature of organisms

Specific biological answers

to guide patient care for

improved outcomes

Pharma

Leveraging large data cohorts & NGS

to uncover novel drug targets and

biomarkers for precision medicine

Core science learnings and novel

therapeutics open the door to

clinical applications

Illumina Strategy Update 2024Illumina Strategy Update 2024

Providing the highest quality and yielding

total economic value for complete workflows

Note: Gb = gigabase. NGS = next generation sequencing. TCoW = total cost of workflow.

Actionability

Genomics

Reinvent

the genome

Workflows

Make NGS

easy

Multiomics

Unlock deeper

biology

Actionability

Data

into insights

From cost per gigabase to cost of workflow

Ease & EconomicsInsights & Capability

We are uniquely positioned in the world to provide this value at scale

Focus on driving down

the Cost of Sequencing Focus on

‘Total Cost of Workflow’

$/Gb TCoW

Illumina Strategy Update 2024Illumina Strategy Update 2024

Address unmet needs, drive more high-intensity sequencing, and provide value across the workflow

40% 10%45%

35%50% 10%

Note: SW&I = software & informatics. WGS = whole genome sequencing.

1. Chart depicts total cost of workflow (relative) and % distribution across workflow components. Data as of Q2’24. All values are approximations.

2. Based on instrument-free technology.

Clinical Whole

Genome

(WGS)

Single Cell2

Library Prep Sequencing Labor & CapExSW&I

Examples: Total Cost of Workflow Distribution1

Main share of the cost of getting high quality answers

to biology questions will no longer be sequencing

Illumina Strategy Update 2024Illumina Strategy Update 2024

Example of Illumina’s focus on highest quality

biological answers for application specific workflows

Note: CRISPR = clustered regularly interspaced short palindromic repeats.

1. Illumina NGS SAM estimates for single cell. CAGR reflects FY’24-FY’27 period.

▪Complete workflow solution runs on NovaSeq X without the need

for additional equipment

▪Capable of processing millions of cells per day

▪Dramatic improvements in cost & scale (100’s to billions of cells)

▪Unlocks cell atlas-ing and CRISPR-based screening

Fluent acquisition (Q3’24):

An example of expanding

our addressable market ~$1.1B

2027 CAGR: +7%

Single Cell

Market 20241

▪Broad Clinical Labs and Illumina sign strategic partnership and

supply agreement to catalyze adoption of high-capacity single cell

experiments and new applications

▪Will support the Broad’s aspirations of enabling billion-cell

experiments

NovaSeq X PartekPipSeq V

Illumina Strategy Update 2024Illumina Strategy Update 2024

Unmatched ecosystem of offerings drives

outsized value for customers

Library Prep Sequence Analyze

Fewest variants

of unknown

significance

Access to rich

R&D innovation

pipeline

Multiomic

readouts

100%

application

coverage

Leading

interpretation

software

Largest

installed base

Unequivocal

leadership in

publications

Global services &

support

Insights

Illumina Strategy Update 2024Illumina Strategy Update 2024

NGS Innovation

Illumina Strategy Update 2024 Steve Barnard

Chief Technology Officer

Illumina Strategy Update 2024Illumina Strategy Update 2024

Illumina stands at the forefront of innovation

Note: Gb = gigabase. NGS = next generation sequencing.

1. As of 12/31/2023; assumes 90 Gb genome.

2. As of 06/30/2024.

Illumina’s innovation engine is shaping the future of NGS

through unmatched capability & disciplined execution

Deep Customer Connections1

~9,500 customers generate

4M genome equivalents / year

on ILMN sequencers

World Class Team2

~1,900 innovation team members

deliver our product roadmap with

executional excellence

Cutting Edge IP2

100+ invention disclosures

already in 2024 add to our pool of

~9,000 patents

Illumina Strategy Update 2024Illumina Strategy Update 2024

We are removing the historical constraints of next-gen sequencing

to unlock a deeper view of biology

Bulk

Genome

Historical Context

Customers were limited by tools that were

expensive, disparate, and unscalable

What We are Building

Our tools and workflow innovations remove these constraints to

unlock an unprecedented depth of biological insight

Bulk Single

Cell Spatial Metage-

nomics

Genome

Epigenome

Proteome

Transcriptome

Beyond…

AI-powered

analysis

provides

integrated

insights

Forced to choose a narrow

range of analysis Free to interrogate insights across

a more complete view of biology

Illumina Strategy Update 2024Illumina Strategy Update 2024

2010 2014 2018 2022 2026 2030

▪Millions of genomes

▪Information completeness

▪Integrated multiomics

▪Optimized interpretation

2023

NovaSeq X

Foundation for a

systems approach

to sequencing-rich

applications

Achieving a new inflection point with NovaSeq X:

cost, scale, and output drive value beyond cost per Gb

Note: Gb = gigabase. Pb = petabase.

Note: Chart is illustrative.

Pb Sequenced

Cost Per Gigabase Total Value of Workflow

2010

HiSeq 2000

<10 customers sequencing

human genomes

2014

HiSeq X

10’s of customers

sequencing human

genomes

2017

NovaSeq 6000

100’s of customers

sequencing human

genomes

Future

NovaSeq X

1000’s of customers

sequencing human

genomes

Illumina Strategy Update 2024Illumina Strategy Update 2024

Actionable

Data Insights

Designing our innovations in concert drives synergistic effects,

addressing customer challenges and delivering more value

More Biologic

Information

Better Throughput

& Flexibility

Faster Analysis Speed

& Cost Reduction

Sequence

▪Flexibility of output

▪Improved resolution

and sensitivity

▪Ambient ship of

consumables

Analysis

▪On-instrument analysis

with data compression

▪Seamless data

management ecosystem

Interpretation

▪AI-powered insights

▪Disease-specific variant

interpretation

▪Integrated omics

visualization

Library Prep

▪Eliminate library prep

▪More complete genome

and more applications

▪Minimized failure points

and variability

More Total

Workflow Value

Illumina Strategy Update 2024Illumina Strategy Update 2024

Note: Gb = gigabase. HT = high throughput. LT = low throughput. MT = mid throughput.

… and will be leveraged across

Illumina’s future instruments

at every throughput level

NovaSeq

Series (HT)

MiSeq

Series (LT) NextSeq

Series (MT)

Illumina’s future instrument portfolio

Simplicity

Flexibility

Scale & Quality

Sustainability

Productivity

Unlock customer value

beyond cost / Gb

NovaSeq X innovations enable scale and

address the workflow challenges of scaling up

Novel Innovations

XLEAP-SBS

Ultra-High Density

COGS Reduction

Imaging

DRAGEN

NovaSeq X

Universal

Readout

for Biology

Illumina Strategy Update 2024Illumina Strategy Update 2024

Illumina innovations redefine the genome, delivering more

information per sequencing run with simpler workflows

Note: WGS = whole genome sequencing.

Accurate genetic variant and

methylation detection in a single

assay makes epigenomics accessible

5-Base Genome

Enables simultaneous genetic and

epigenetic variant detection

Methylation accuracy on par with current

(expensive & cumbersome) standards

DNA variant accuracy better than

on-market long-read solutions

Our <10 min hands-on-time,

on-flow cell library prep with more

comprehensive genomic information

Comprehensive WGS

Structural Variants

Copy Number Variants

Repeat Expansions

Phasing

Insertions and Deletions

Single Nucleotide Variants

Novel Chemistry

Powerful Algorithms

Enhanced accuracy, sensitivity, and

throughput, with more processing

power to drive more insights

Illumina Strategy Update 2024Illumina Strategy Update 2024

Single Cell

Leading economics and scalability

for 100’s to 1M+ cells with an

accessible workflow

Broad proteome coverage with

affinity-based protein detection in an

NGS readout with automated analysis

NGS brings much higher-throughput to

the exceptionally precise SOMAmer-

based technology

Proteomics with

Total %CV

Standard

BioTools

Partek Flow

Unified visualization & analysis

across multiomic datasets enables

unprecedented insights & usability

Integrates seamlessly across

Illumina and third-party assays

The first phase of our multiomics strategy is already on-market

…with more in the pipeline

Note: CV = coefficient of variation. NGS = next generation sequencing. SOMAmer = slow off-rate modified aptamer.

Illumina Strategy Update 2024Illumina Strategy Update 2024

Insights

Our proprietary AI delivers actionable insights that drive greater

adoption and utilization

Powered

by AI

Seamlessly generates, stores, and

analyzes high quality data

Unlocks more intensive

sequencing with higher throughput,

generating more data at lower cost

Illumina

Connected

Insights

SpliceAI

PrimateAI-3D

Variant interpretation algorithms deliver the

highest resolution of insights, unlocking

new clinical insights & drug targets

Complete workflows allow customers to

easily move from “sample to answer” in

less time

Library Prep Sequence Analyze

Note: NGS = next generation sequencing.

Lower sequencing cost

Insights Explosion of data

Make NGS easy

Illumina Strategy Update 2024Illumina Strategy Update 2024

Delivering an open, complete, and modular biology platform

for integrated workflows

Platforms Analysis

Multiomics Content

MiSeq series

NextSeq series

NovaSeq series

Clinical Content

TSO Comprehensive

(CGP) VeriSeq

(NIPT) TruSight

Whole Genome

Genome Transcriptome Epigenome

Proteome Single Cell …And More Emedgene

Illumina

Connected

Insights2

Partek

DRAGEN Illumina Connected

Analytics

Interpretation

Library Prep1Sequence Analyze

Illumina is enabling a universal readout for biology by making it easier than ever to assemble &

operate complete and automated workflows from sample to insight

Partnered Content

RUO assays / LP IVD assays / LP Integrated

Software

Note: CGP = comprehensive genomic profiling. IVD = in vitro diagnostics. LP = library prep. NIPT = noninvasive prenatal testing. RUO = research use only. TSO = TruSight Oncology.

1. Non-exhaustive list of solutions.

2. Illumina Connected Insights (ICI) not available in all geographies. ICI supports user-defined tertiary analysis through application programming interface (API) calls to third-party knowledge source. 25

Insights

Illumina Strategy Update 2024

Financial Outlook

Illumina Strategy Update 2024 Ankur Dhingra

Chief Financial Officer

Illumina Strategy Update 2024Illumina Strategy Update 2024

72%

Consumables

13%

Instruments

15%

Service

& Other

Illumina’s global position of strength

Note: AMEA = Asia Pacific, Middle East and Africa. GC = Greater China. LTM = Last Twelve Months.

1. Active installed base as of 06/30/2024. Accounts for instruments that have been decommissioned or inactivated since launch. Not reflective of new placements during the period.

2. As of 06/30/2024.

3. FY’24E revenue represents the midpoint of the guidance range as of 08/06/2024. FY’24E non-GAAP free cash flow as of 08/13/2024.

~2.0x

Gross Debt /

LTM EBITDA2

~$900-$950M

FY’24E Non-GAAP

Free Cash Flow3

~$4.3B

FY’24E Revenue3

Revenue Profile

(LTM, % of Total Revenue) Market Segment Profile

(LTM, % of Sequencing Consumables) Geographical Profile

(LTM, % of Total Revenue)

High-Throughput2

~2,180 Mid-Throughput2

~6,540 Low-Throughput2

~12,910

Active Installed Base2

>21,600

Market leading global instrument active installed base1Scaled financials

Highly diversified revenue base2

54%

Clinical

46%

Research

& Applied

56%

Americas

26%

Europe

10%

AMEA

Illumina Strategy Update 2024Illumina Strategy Update 2024

Transformation beginning to take hold:

Seeing early results on margins

Note: See appendix for reconciliations of GAAP and non-GAAP financial measures.

1. FY’24E revenue represents the midpoint of the guidance range as of 08/06/2024.

$3.5 $3.2

$4.5 $4.6 $4.4 ~$4.3

FY'19 FY'20 FY'21 FY'22 FY'23 FY'24E

Revenue ($B)1Non-GAAP

Gross Margin Non-GAAP

Operating Margin

Amidst a challenging environment, Illumina’s initiatives are driving margin improvement

71%

69% 71% 69% 66% 67% 69%

FY'19 FY'20 FY'21 FY'22 FY'23 Q1'24 Q2'24

30%

23% 28% 24% 20% 21% 22%

FY'19 FY'20 FY'21 FY'22 FY'23 Q1'24 Q2'24

Illumina Strategy Update 2024Illumina Strategy Update 2024

Looking ahead: Accelerating revenue to

high single digit growth by 2027

Key Growth Drivers

Core Sequencing &

NovaSeq X Transition

Scalable Entry into

Multiomics Expand Services,

Data & Software

+ +

Complete workflows unlocking

sequencing intensive applications New high growth business to

complement core sequencing Scalable, high-margin businesses

with recurring revenue potential

2 3

Partner with Customers on Innovation Roadmap

Illumina Strategy Update 2024Illumina Strategy Update 2024

Achieving key milestones in returning high

throughput consumables to revenue growth

Note: Gb = gigabase. HT = high-throughput.

Note: NovaSeq X transition trends as of Q2’24.

Note: Chart reflects sequencing activity trends for connected HT instruments. Approximately 60% of global high- and mid-throughput instruments are connected. Excludes Greater China region.

2023A 2024E 2025E 2026E 2027E

Avg. Realized $/Gb

HT Gb Output

NovaSeq 6k NovaSeq X $/Gb

Increasing Gb Sequenced as $ per Gb Declines NovaSeq X Transition Trends

Observed Trend Potential Scenario

NovaSeq X Average Annual Pull-Through Tops $1M+ Per Instrument as of Q2’24

~20-40%

YoY growth in Gb sequenced on

ILMN high-throughput instruments

~25%

Illustrative expected rate of volume

increases through 2027

~45%

High throughput Gb output attributed

to NovaSeq X in Q2’24

~75%

Attributed to

NovaSeq X exiting 2025

(~20%)

YoY decline in avg. realized

$/Gb in 2024

(~15%)

Decelerating for

2025 to 2027

Illumina Strategy Update 2024Illumina Strategy Update 2024

2025E 2027E

HT Gb Output

1Enabling broad shifts to higher-intensity

sequencing applications

Note: CGP = comprehensive genomic testing. Gb = gigabase. HT = high throughput. MRD = minimal residual disease. WGS = whole genome sequencing.

High-Throughput Gb Output Growth

Clinical Drivers

▪More widespread clinical adoption of WGS & new HT methods

▪Expanded utilization of HT oncology testing (e.g., CGP and MRD)

Research Drivers

▪Broad shift from single- to multi-omics applications, new analysis

methods (e.g., spatial transcriptomics), & larger experiments

▪Research customers tend to transition volume to new

instruments faster than clinical customers

Key Drivers of expected NovaSeq X elasticity

Illumina Strategy Update 2024Illumina Strategy Update 2024

48%

Americas

31%

Europe

11%

10%

AMEA

China MT

revenue mix

down (~8) pts.

since 2021

67%

Consumables

19%

Instruments

14%

Svcs. &

Other

Mid-throughput is more susceptible to macro headwinds

P4 Flow CellXLEAP-SBS

ILMN continues to augment MT offering

Larger projects, broader

range of applications,

including multiomics

Faster, higher

quality, & more

robust chemistry

“We have 2B reads and yes, quality is better.

Error rate is lower, phasing and prephasing is

better. We are excited with the data quality and

looking forward to using P4 more.”

- Leading US core lab

Mid-Throughput Product Mix1

(LTM, % of Total MT Revenue)

MT Geographic Profile1

(LTM, % of Total MT Revenue)

MT revenue has been more

exposed to China (GC)

slowdown

MT revenue relies more on

instrument spending, and

customers have been CapEx

constrained

Note: AMEA = Asia Pacific, Middle East and Africa. GC = Greater China. LTM = Last Twelve Months. MT = mid-throughput.

1. LTM revenue as of 06/30/2024 for mid-throughput instruments and sequencing consumables. Reflects data for NextSeq 1000/2000 and NextSeq 500/550.

Instruments

+6 pts. vs.

overall

ILMN mix

Illumina Strategy Update 2024Illumina Strategy Update 2024

Multiomics product portfolio will add

another layer of growth by 2027

▪NovaSeq X as universal readout

▪Higher intensity sequencing

▪Greater participation across the

workflow

▪Expanded customer base

WES

WGS

Single Cell2

Spatial3

ILMN revenue per sample1

Sequencing

Library Prep

2-5x

3-15x 10-20x

Key growth drivers for Illumina

Multiomic experiments result in much more sequencing

per sample, and more revenue exposure for ILMN

Note: WES = whole exome sequencing. WGS = whole genome sequencing.

1. Size of bars is directional and not to scale. Non-clinical Sequencing and library prep costs only. WES / WGS experiments may require multiple samples whereas single cell / spatial may only require one.

2. Single cell reflects Fluent assay for ~20k-100k cells.

3. Spatial reflects ~4 samples per 25B Flow Cell.

Illumina Strategy Update 2024Illumina Strategy Update 2024

Services, data, and software business adds

another layer of growth by the end of 2027

Services &

Support Expand and accelerate growth in services and customer

application support

Software &

Insights Scale up and commercialize Illumina full software stack

to support needs of pharma-data cohorts

Large Genomic

Programs Build on multiomics capabilities to drive accelerated

growth in population genomics

>$500M services & other revenue growing at mid-single digits1

1. Annualized Core Illumina services & other revenue as of Q2’24.

Illumina Strategy Update 2024Illumina Strategy Update 2024

Realigning investments to enable growth:

Organic investments for innovation and commercialization

Research & Development

▪Investments to sustain leadership in core

sequencing technologies

▪Scaled investments into building multiomics

capabilities

▪Accelerated investments in software and AI for more

actionable interpretation

Sales & Marketing

▪Increased field specialization to scale multiomics

offerings along with services and support

▪New business models to better serve customers

needing easier access to sequencing capability

▪Consultative selling capabilities enabling customers

to optimize their total NGS economics

Note: NGS = next generation sequencing.

Illumina Strategy Update 2024Illumina Strategy Update 2024

Strategically driving operating leverage:

+500 bps improvement in operating margin FY’25-FY’27

FY’25-FY’27

~$200M

Planned Run Rate

Gross Cost Savings

Actions taken to date

▪COGS savings on shipping and handling

▪Select headcount reductions in R&D and

Medical

▪Non-labor expense reductions focused on R&D,

Legal, and IT

▪Supports expanded margins even with lowered

revenue guidance

Levers left to pull

▪COGS and complexity reduction

▪R&D spend optimization

▪G&A reductions through automation

▪Geographically optimized capability

centers for R&D and G&A functions

▪Non-labor operating expense spend controls

FY’24

~$100M

Annualized Run Rate

Gross Cost Savings

Illumina Strategy Update 2024Illumina Strategy Update 2024

Capital allocation priorities FY’25-FY’27

Organic Core

Investment Opportunistic

“Bolt-On” M&A

Strong Balance Sheet

and Credit Rating

Return Cash to

Shareholders

Invest to drive our innovation engine

and leverage technology for productivity

Bolt-on key strategic enablers:

Evaluate based on SAM expansion,

Growth/EPS accretion and ROIC

Maintain investment grade rating3

Plan for anti-dilutive share buy-back with

additional opportunistic repurchases

1 2

Note: EPS = non-GAAP diluted EPS. SAM = serviceable addressable market.

Illumina Strategy Update 2024Illumina Strategy Update 2024

Illumina summary of three-year financial targets

Note: EPS = non-GAAP diluted EPS.

Note: Financial targets as of 08/13/2024.

FY’25–FY’27 Financial Targets

Non-GAAP Gross Margin High 60s to 70%

Non-GAAP Operating Margin 500+ bps expansion

Share Repurchases Plan for anti-dilutive share repurchases under

$1.5B program authorized by Board of Directors;

may opportunistically repurchase more

Non-GAAP EPS Double digit to teens growth FY‘25-FY’27

Revenue Accelerating to high single digit growth by 2027

Illumina Strategy Update 2024Illumina Strategy Update 2024

Corporate Strategy

Illumina Strategy Update 2024 Jacob Thaysen

Chief Executive Officer

Illumina Strategy Update 2024Illumina Strategy Update 2024

Our new corporate strategy establishes a foundation

for sustainable and profitable growth

Note: EPS = non-GAAP diluted EPS.

Accelerate Revenue

Growth to High Single-

Digit by 2027

Drive Differentiated

Margin Expansion

and EPS Growth

Partner with

Customers on

Innovation Roadmap

Disciplined & Programmatic Execution

To improve human health

by unlocking the power of the genome

Our Mission:

Illumina Strategy Update 2024

Q&A

Salli Schwartz

Head of Investor Relations

Ankur Dhingra

Chief Financial Officer

Jacob Thaysen

Chief Executive Officer Steve Barnard

Chief Technology Officer

Illumina Strategy Update 2024

Speaker Bios

Illumina Strategy Update 2024

Illumina Strategy Update 2024Illumina Strategy Update 2024

Jacob Thaysen, PhD is Illumina’s Chief Executive Officer. He joined the company in September 2023.

Prior to Illumina, Jacob was senior vice president of Agilent and president of Agilent's Life Sciences and Applied Markets Group (LSAG) which consists of

Agilent's analytical instrument portfolio, informatics and cell analysis franchise. From 2014 to 2018, Thaysen served as the president of Agilent's Diagnostics and

Genomics Group (DGG).

Prior to joining Agilent, Jacob was corporate vice president of R&D at Dako, a Danish cancer diagnostic company. Before joining Dako, he served as

management consultant at Copenhagen Consultancy Company (now Bain & Co). Early in his career, he was founder and chief technology officer of Cantion, a

research and defense application development company based in Denmark.

Jacob holds an MSc and PhD in physics from the Technical University of Denmark.

Jacob Thaysen

Chief Executive Officer

Illumina Strategy Update 2024Illumina Strategy Update 2024

Steve Barnard, PhD, is Illumina’s Chief Technology Officer. He is responsible for leading Illumina’s research and product development teams in engineering,

consumables, applications, user design, software, informatics, artificial intelligence, scientific affairs, and global advanced science. These teams are Illumina’s

innovation engine and deliver product excellence in next-generation sequencing platforms and applications to accelerate scientific breakthroughs and translation

of genomics to the clinic.

Steve joined Illumina in 1998 as the company’s first scientist and fourth employee, holding a variety of leadership positions within Illumina’s R&D organization

throughout his distinguished 25-year tenure. Through critical roles in research and technology development, Steve contributed significantly to maturing Illumina’s

foundational science technologies including synthetic chemistry, protein engineering, surface science, assay research and nanofabrication. He holds more than

100 patents globally and has been published in diverse, industry-leading scientific journals, such as Analytical Chemistry, Nature, Science, and Genome

Research, to name a few.

Steve has played an integral role in advancing Illumina’s industry-leading products, including the launch of the revolutionary NovaSeq X series. His profound

understanding of Illumina’s core technologies is accelerating R&D productivity and efficiency, as well as driving shareholder value.

Steve Barnard

Chief Technology Officer

Illumina Strategy Update 2024Illumina Strategy Update 2024

As Chief Financial Officer (CFO), Ankur Dhingra is responsible for Illumina’s accounting, financial planning and analysis, internal audit, investor relations, tax, and

treasury functions.

Prior to joining Illumina, Ankur served as CFO at Summit Therapeutics – a California-based biopharmaceutical oncology company. He was previously CFO at

CareDx, Inc, a molecular diagnostics company focused on the transplant patient journey. Ankur spent 18 years at Agilent Technologies in a variety of financial

and operational leadership roles, including Vice President of Investor Relations and Group CFO for the Life Sciences and Applied Markets Group (LSAG), which

consists of Agilent's market leading analytical instrument portfolio, informatics, and cell analysis franchise.

Ankur is a Chartered Accountant from The Institute of Chartered Accountants of India.

Ankur Dhingra

Chief Financial Officer

Illumina Strategy Update 2024Illumina Strategy Update 2024

Salli Schwartz is the Head of Investor Relations, leading Illumina’s global investment community strategies and activities.

Prior to Illumina, Salli was as Head of Investor Relations and Treasurer at MSCI, as well as a member of MSCI’s Corporate Responsibility Committee, Enterprise

Risk Oversight Committee, and Investment Committee. Prior to MSCI, Salli spent more than 12 years with Moody’s Corporation, most recently as Global Head of

Strategic Capital Management and Treasurer. She previously served as Moody’s Global Head of Investor Relations and Communications, as well as on Moody’s

Corporate Development team.

Early in her career, Salli held positions in corporate strategy, corporate treasury and FP&A with Citigroup Inc., and in investment banking and merchant banking

with Legg Mason. She previously served as a Board Director and Chair of the Audit Committee of the National Academy Foundation (NAF), a non-profit.

Salli holds an MBA from Cornell University and a B.A. from the University of Pennsylvania, both with distinction.

Salli Schwartz

Head of Investor Relations

Appendix

Statement regarding use of non-GAAP financial measures

The company reports non-GAAP results for diluted earnings per share, net income, gross margin, operating

expenses, including research and development expense, selling general and administrative expense, and from time

to time, as applicable, legal contingencies and settlement, and goodwill and intangible impairment, operating

income (loss), operating margin, gross profit (loss), other income (expense), tax provision, constant currency

revenue growth, and free cash flow (on a consolidated and, as applicable, segment basis) in addition to, and not as

a substitute for, or superior to, financial measures calculated in accordance with GAAP. The company’s financial

measures under GAAP include substantial charges such as amortization of acquired intangible assets among others

that are listed in the itemized reconciliations between GAAP and non-GAAP financial measures included in our

quarterly earnings releases, as well as the effects of currency translation. Management has excluded the effects of

these items in non-GAAP measures to assist investors in analyzing and assessing past and future operating

performance, including in the non-GAAP measures related to our segments. Additionally, non-GAAP net income,

diluted earnings per share and operating margin are key components of the financial metrics utilized by the

company’s board of directors to measure, in part, management’s performance and determine significant elements of

management’s compensation.

The company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-

GAAP information and the reconciliation between these presentations, to more fully understand its business.

Summarized reconciliations between GAAP and non-GAAP results are presented in the tables of this document, and

itemized reconciliations between GAAP and non-GAAP results are included in our quarterly earnings releases as

linked within this document.

The company provides forward-looking guidance on a non-GAAP basis. The company is unable to provide a

reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported

financial measures because it is unable to predict with reasonable certainty the financial impact of items such as

acquisition-related expenses, gains and losses from our strategic investments, fair value adjustments related to

contingent consideration and contingent value rights, potential future asset impairments, restructuring activities, and

the ultimate outcome of pending litigation without unreasonable effort. These items are uncertain, inherently difficult

to predict, depend on various factors, and could have a material impact on GAAP reported results for the guidance

period. For the same reasons, the company is unable to address the significance of the unavailable information,

which could be material to future results.

Core Illumina Reconciliation Between GAAP and Non-GAAP Gross Margin and Operating Margin

Dollars in millions

unaudited

Year Ended Three Months Ended

December 29, 2019 January 3, 2021 January 2, 2022 January 1, 2023 December 31, 2023 March 31, 2024 June 30, 2024

GAAP gross profit $ 2,467 69.6 % $ 2,203 68.0 % $ 3,195 70.7 % $ 3,107 68.2 % $ 2,856 64.4 % $ 693 65.7 % $ 743 68.0 %

Cost of revenue (b) 34 1.0 % 32 1.0 % 27 0.6 % 39 0.9 % 62 1.4 % 15 1.4 % 15 1.4 %

Non-GAAP gross profit (a) $ 2,501 70.6 % $ 2,235 69.0 % $ 3,222 71.3 % $ 3,146 69.1 % $ 2,918 65.8 % $ 708 67.1 % $ 758 69.4 %

GAAP operating profit $ 985 27.8 % $ 580 17.9 % $ 808 17.9 % $ 481 10.6 % $ 552 12.4 % $ 116 11.0 % $ 442 40.5 %

Cost of revenue (b) 34 1.0 % 32 1.0 % 27 0.6 % 39 0.9 % 62 1.5 % 15 1.4 % 15 1.4 %

Research and development costs (b) 3 0.1 % 1 — — — 8 0.1 % 29 0.6 % 4 0.4 % — —

Selling, general, and administrative costs (b) 54 1.5 % 145 4.5 % 438 9.7 % (66) (1.4) % 216 4.9 % 83 7.8 % (215) (19.7) %

Goodwill and intangible impairment (b) — — — — — — — — 6 0.1 % — — — —

Legal contingency and settlement (b) — — — — — — 619 13.6 % 20 0.4 % — — — —

Non-GAAP operating profit (a) $ 1,076 30.4 % $ 758 23.4 % $ 1,273 28.2 % $ 1,081 23.8 % $ 885 19.9 % $ 218 20.6 % $ 242 22.2 %

All amounts in tables are rounded to the nearest millions, except as otherwise noted. As a result, certain amounts may not recalculate using the rounded amounts provided.

(a) Non-GAAP gross profit, included within non-GAAP operating profit, is a key measure of the effectiveness and efficiency of manufacturing processes, product mix and the average selling prices of our products

and services. Non-GAAP gross profit and non-GAAP operating profit exclude the effects of the pro forma adjustments as detailed above. Non-GAAP operating margin is a key component of the financial metrics

utilized by the company’s board of directors to measure, in part, management’s performance and determine significant elements of management’s compensation. Management has excluded the effects of these

items in these measures to assist investors in analyzing and assessing past and future operating performance, including in the non-GAAP measures related to our segments.

(b) Refer to the Q4 2019 Earnings Release, Q4 2020 Earnings Release, Q4 2021 Earnings Release, Q4 2022 Earnings Release, Q4 2023 Earnings Release, Q1 2024 Earnings Release, and Q2 2024 Earnings

Release for the itemized reconciliations between GAAP and non-GAAP of these amounts.

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