Illumina's "impressive" Q1 resurrects Roche rumors
This article was originally published in Scrip
Illumina beat analyst estimates in its first fiscal quarter with revenues of $331.0 million (+21%) and non-GAAP earnings of $0.46 per diluted share, ahead of consensus forecasts of $312 million revenue and $0.39-per-share earnings. The Q1 performance, described by analysts as “strong” and “impressive”, raises the possibility of another bid by long-time admirer Roche, which tried and failed to buy Illumina last year. But if Roche does re-enter the fray, it may need to raise its offer, which previously stood at $51 per share, or $6.7 billion in total, and which Illumina rejected as inadequate.