NEW YORK (GenomeWeb News) — Shares in Illumina were down 11 percent, or $4.58, at $36.96 in mid-afternoon trading today after the company said R&D expenses in 2007 may double last year’s.
Illumina today posted
striking revenue growth for the quarter, but the company also said it expects to spend between $57 million and $67 million on R&D for the year, compared with the $33.3 million it spent in 2006.
The company also predicted that selling, general, and administrative costs this year will increase to between $86 million and $96 million from $59.3 million reported in 2006.
Illumina also is expecting to record “a first-quarter charge of approximately $254.6 million associated with in-process research and development,” CFO Christian Henry said in a conference call yesterday.