Illumina reported a 5% gain in fourth‑quarter revenue and flat full‑year 2025 revenue, driven by stronger clinical sequencing consumables sales even as China revenues lagged. Management highlighted growth in sequencing‑intensive clinical applications—comprehensive genomic profiling and whole‑genome diagnostics—as the key demand driver. The company also acquired short‑read sequencing‑by‑binding IP from Pacific Biosciences for $50 million, a move Illumina framed as preserving optionality while doubling down on its sequencing‑by‑synthesis base. Investors and customers will watch whether Illumina can convert consumables momentum into durable clinical market share amid competitive and regulatory pressures.