Shares of gene sequencing equipment maker Illumina (ILMN) plummeted 9.77% in pre-market trading on Friday, following the company's lower-than-expected revenue forecast for 2025 and geopolitical risks arising from China placing it on an "unreliable entity" list.

For the fiscal year 2025, Illumina projected revenue in the range of $4.28 billion to $4.40 billion, falling short of Wall Street's average estimate of around $4.39 billion. The company attributed the muted outlook to macroeconomic headwinds and competitive pressures impacting instrument sales.

Adding to investors' concerns, China, which accounts for approximately 7% of Illumina's sales, placed the company on an "unreliable entity" list earlier this week. While Illumina stated that its 2025 guidance does not reflect any potential impact from China's move, analysts view it as a significant risk given the company's exposure to the Chinese market.