secwatch.observer — SEC 8-K summary
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Issuer:     ILLUMINA, INC. (ILMN)
CIK:        0001110803
Form:       8-K/A
Filed at:   2024-06-27T23:59:59+00:00
Accession:  0001110803-24-000037
Event type: m_and_a
Sentiment:  negative
Materiality: 0.90
Item codes: 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1110803/000111080324000037/0001110803-24-000037-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1110803/000111080324000037/ilmn-20240627.htm
  HTML page:      https://secwatch.observer/filing/0001110803-24-000037

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