China is set to ease restrictions on some Illumina products, giving the sequencing giant a partial reprieve.
Since March, Illumina has been barred from exporting its DNA sequencers to China, after Beijing shut out the company in response to the Trump administration’s expanded tariffs on China-made products.
This has been eroding Illumina’s China sales, stalling overall revenue over the past two quarters. However, Illumina said Wednesday that the Chinese Ministry of Commerce will lift the export ban on Nov. 10.
Illumina remains on the Unreliable Entities List, which requires government approval for instrument purchases. Shares in the company were up 4.7% on the news at the end of trading Wednesday.
Despite this, Illumina is not updating its full-year guidance for the financial year.
Illumina CEO Jacob Thaysen said the announcement by the Ministry of Commerce was a welcome development. "Illumina will continue to engage with authorities and stakeholders as we work toward a long-term resolution," he said.