03:09 PM EDT, 08/13/2024 (MT Newswires) -- Illumina ( ILMN ) shares fell 4% in recent Tuesday trading despite unveiling a plan to boost earnings and sales over the next three years.

The biotechnology company is aiming to increase its non-GAAP diluted earnings per share by "double digit to teens" and grow revenue "into high single digits" by 2027 through operational efficiencies.

It will prioritize investments in areas that can generate $200 million in cost savings, CEO Jacob Thaysen said during an investors call. That will include portfolio simplification and exploring new opportunities among other strategies.

The company also said it entered into a new partnership with the research-focused Broad Institute of MIT and Harvard "to advance single-cell sequencing and accelerate adoption of high-capacity single-cell experiments." The partnership will make use of Illumina's ( ILMN ) Fluent technology.

Price: 119.44, Change: -5.10, Percent Change: -4.10