Illumina reported flat full‑year revenue for 2025 but flagged a notable acceleration in clinical sequencing consumables and an uptick in NovaSeq X placements. Management pointed to demand in comprehensive genomic profiling and whole‑genome applications as drivers of consumables growth and disclosed the $50 million purchase of short‑read binding IP and assets from PacBio to broaden strategic options. The results underscore a strategic pivot: Illumina is prioritizing clinical markets and sequencing‑intense workflows to offset broader research headwinds. For customers and competitors, the shift signals continued consolidation and product‑level investments around clinical genomics and diagnostic consumables.