Illumina completes GRAIL spin-off; expects $1.9B in Q2 impairment charges

ILLUMINA, INC.

Spin-off closed June 24, 2024; Illumina distributed 85.5% of GRAIL shares (1-for-6 ratio) and retained 14.5% stake.
Illumina contributed $974M cash to GRAIL (funded by a $750M 364-day term loan at ~6.69%, maturing June 2025).
Pro forma financials reflect expected Q2 2024 goodwill impairment of $1,466M and IPR&D impairment of $420M.
Pro forma for spin-off, 2023 net income would have been $219M vs. historical loss of $1,161M; Q1 2024 pro forma net income $56M vs. historical loss $126M.

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