Illumina says Icahn board nominees will damage core business
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Responding to a proxy fight picked by Carl Icahn, Illumina (NASDAQ:ILMN) has responded that adding his board nominees "risks jeopardizing the long-term success of its core franchise."
Illumina (ILMN) noted that Icahn's nominees lack experience and knowledge of the company's business and industry as a whole.

The company also boasted of cost cutting measures, such as a 2022 restructuring and how it has outperformed peers. "Illumina (ILMN) produces strong gross margins and operating margins, while all other pure-play genomics tools companies generate operating losses. Illumina's share price has outpaced other pure-play genomics tools companies by 26 percentage points over the last two years."

Illumina (ILMN) added that its GRAIL acquisition represents "tremendous long-term value creation potential and is a great example of Illumina's innovation strategy."
Icahn has said that the company should spin off GRAIL.