Ladies and gentlemen, thank you for standing by and welcome to the conference call to discuss the definitive agreement for Illumina to acquire GRAIL. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone keypad. You will be limited to one question. If you require any further assistance, please press star zero. Thank you. And I'd like to hand the conference over to your moderator for today. Jacquie Ross, VP of Investor Relations. Please go ahead. Good morning, everyone. And thanks for joining us on such short notice to discuss the definitive agreement for Illumina to acquire GRAIL. If you've not had a chance to review today's release, it can be found in the investor relations section of our website at Illumina.com. Participating for Illumina today will be Francis deSouza president and Chief Executive Officer, and Sam Samad, Chief Financial Officer. We're also pleased to welcome Hans Bishop, GRAIL's chief executive officer. Francis, Hans, and Sam we'll share some prepared remarks, and then we will open the call for some questions. This call is being recorded and the audio portion will be archived in the investor section of our website. Today's presentation contains estimates, projections and other forward looking statements. These statements are subject to risks and uncertainties, actual events or results may differ materially from those projected or discussed. Please review the cautionary statements and other important information for investors and stockholders on slide two. With that, I'll turn the call over to Francis. Thanks Jacquie. Good morning everyone. And thank you for joining us on such short notice. I'm excited to share that earlier this morning, we announced an agreement to acquire GRAIL and to work together, to launch a new era in cancer detection. Before we start, I want to acknowledge the GRAIL team for what they've accomplished. We spun out GRAIL four years ago to focus on an ambitious goal, to revolutionize the way we detect cancer by developing a blood test that could find cancer earlier than is possible today. Their innovation and results since then have exceeded even our lofty expectations. Setting the stage for early cancer detection to likely be the largest genomic application over the next 15 years by far. This combination will be transformative for cancer detection. The acquisition will enable GRAIL to leverage Illumina's global commercial, clinical and operations capabilities, accelerating their mission and allowing us to impact more people faster than they might've done alone. Illumina's next generation sequencers will continue to support genomic medicine to become standard of care across clinical applications. And with this acquisition, we will accelerate and participate more fully indirectly in the highest value clinical opportunity enabled by our technology. Specifically the acquisition positions Illumina to participate in what we expect will be a $75 billion market for NGS based oncology tests by 2035, 60 billion higher than our oncology TAM excluding GRAIL. Cancer is one of the greatest threats to human health. Despite the significant investments made and the important medical advancements achieved so far when we diagnose cancer too late, when it is metastatic, less than 20% of patients will survive more than five years. In contrast, if we diagnose cancer early, approximately 90% of patients are expected to survive beyond five years. About 71% of cancer related deaths are attributable to cancers with no recommended screening tests. And with limited screening tests, cancer is more likely to be detected in the late stages and or more often than not too late. This is both a human tragedy and an enormous burden  on the healthcare system. Each year, there are over 600,000 cancer related deaths in the US and approximately 10 million deaths worldwide, making it the second leading cause of death. We spend approximately $250 billion per year on cancer in the US and globally the econo-… the annual economic impact is more than $1.20 trillion. And now for the first time, there is a technology platform that enables us to address this burden. Starting with GRAIL's, multi cancer detection test Galleri, which aims to reduce cancer deaths by transforming how and when cancer is detected. GRAILs technology characterizes the DNA that cancer cells shed into the blood detecting unique signatures that identify both the presence and often the tissue of origin of the cancer. Earlier this year, GRAIL shared positive results from it's Circulating Cell-free Genome Atlas or CPGA study that has enrolled 15,000 participants. The study found that the first version of Galleri reported sensitivity of 44% for stage one through three tumors, for 50 different cancers, and 67% sensitivity for the 12 deadliest cancers. And in 93% of the positive results, the test correctly identified the tissue of origin, all with a specificity of greater than 99% and from a single blood drop. Arguably, one of the most important performance measures for doctors and payers is the Positive Predictive Value or PPV, which is the percentage of positive tests that <inaudible> cancers. For Galleri, we predict a PPV 43%. This represents the very significant step forward compared to today's most commonly used screening tests, which often have a PPV in the range of 3% to 5%. The GRAIL team is preparing to launch Galleri as a Lab Developed Test or LDT in 202. We believe that this is a remarkable advance in the ability to detect cancer earlier, which can transform cancer care and improve population health. As noted earlier, most cancers are currently diagnosed in late stages as shown by the gray bars in the chart on the left half of slide six. The limitations of current screening methods lead to only 31% of cancers being identified in stages one and two, when they're the most treatable. Based on GRAIL's studies, this could increase to 82% with broad adoption of Galleri's blood tests, complimenting today's recommended cancer screening. This matters, because if we mentioned earlier, survival rates are directly correlated with how early cancer is detected. Broad adoption of Galleri could avert nearly 40% of the five-year cancer mortality on around 100,000 deaths annually in the US. My apologies for the technical issues, we will pick up again from slide six. As noted earlier, most cancers are currently diagnosed in late stages as shown by the gray bars and the charts on the left half of slide six. The limitations of current screening methods lead to only 31% of cancers being identified in stages one and two, when they're most treatable. Based on GRAIL's studies this could increase to 82% with broad adoption of Galleri's blood tests, complimenting today's recommended screening. This matters, because as we mentioned earlier, survival rates are directly correlated with how early cancer is detected. Broader adoption of Galleri could avert nearly 40% of the five-year cancer mortality or around 100,000 deaths annually in the US. To put this in perspective, it roughly matches the number of deaths prevented by all current screening, testing, treatment and surgery standards combined. Once available, we are confident that Galleri will enable screening for more cancers than ever before. While screening has improved for some cancers, including lung, breast, colorectal, and cervical, we know that roughly six in 10 cancers diagnosed in 12 million cases and five million deaths a year are associated with cancers with no recommended treating requirements. Since Galleri will help discover cancer earlier, we believe that Galleri can help detect three times as many cancers when added to recommend single cancer screenings. There is significant opportunity to improve outcomes for patients and the potential impact on families and communities highlights the importance of GRAIL's work. We will also be able to better meet the needs of healthcare providers and delivery systems. By improving the overall efficiency as cancer detection payers, will be able to realize the lower costs associated with the treatment of cancer at earlier stages. Based on GRAIL's estimates, the adoption of Galleri alongside existing screening guidelines could help reduce diagnostic workup costs by up to 65%. These benefits are key drivers in the market potential, which we anticipate reflects an addressable market for NGS based oncology testing of $75 billion. Today, we're seeing rapid adoption of NGS's based therapy selection, tests, many based on Illumina's technology. Over the next 15 years we expect this market to grow in the CAGR of about 16% to $14 billion, to an annual 7 million test opportunity at approximate ASD of $1,300 to $2,300.0. Illumina participates in the therapy selection market with our TSO 500 tests currently available for research use only, and making its way through regulatory approval for commercial launch in early 202. As the reimbursement landscape continues to strengthen and drives utilization of therapy selection tests, we're seeing more companies working on monitoring tests that will assess the activity of a patient's cancer. This can optimize the disease management and determine the effectiveness of cancer therapies for individual patients. These assays can also act as surveillance tests for cancer patients who have completed therapy and are in remission. We expect this market to grow with a CAGR of about 27% to 15 billion in 203. The test opportunity here is expected to grow to about 20 million tests per year, with an expected ASP of $700 to $1,000.0. The cancers screening opportunity, it's significantly larger in therapy selection and monitoring combined. This market is expected to grow quickly to about 150 million tests in 2035, a 75% CAGR to approximately $46 billion. Let's assume that ASP that starts around $1,200 and trends to about $300 in 2035, as we scale and drive adoption with increasingly accessible pricing. With regards to the market for Galleri specifically, there is a sizable addressable market of over 100 billion people between the age of 50 to 79 in the US. We believe approximately half of this addressable market is accessible with Galleri prior to reimbursement. The GRAIL go-to market strategy next year will consist of three core channels, health symptoms, self-insured employers and concierge medicine. Given the cost improvement potential, we feel that health system and self-insured employers will recognize the compelling value propositions and drive adoption of the first multi-cancer detection LDT available. There's also an opportunity in concierge medicine. Segment that typically caters to health conscious members that like to be on the forefront of new medical technologies who could be early adopters of Galleri. We expect that GRAIL will launch Galleri is 2021, we'll look forward to additional results next year from the CCGA stuff, study three and Pathfinder to further support the clinical validation of Galleri. Additionally, GRAIL will continue to work on its Diagnostic Aid for Cancer tests, or DAC which is intended for symptomatic patients and is designed to speed up the time to diagnosis when cancer is suspected. And GRAIL also has the Minimal Residual Disease or MRD test in development, intended for patients who have been diagnosed and treated to detect persistent disease, following definitive therapy. On that note, I'd like to invite Hans the CEO of GRAIL to say a few words. Thank you, Francis. I'm excited to be here today. Let me start by recognizing the accomplishments of the GRAIL team. We're a mission driven company focused on detecting cancer early when it can be cured. We believe our early cancer detection tele-… technology could substantially reduce the burden of cancer worldwide. And it developed unique technology that preferentially targets the most informative regions of the genome, and uses machine learning algorithms to detect the presence of cancer and identify the tumor tissue of origin. We believe by joining forces with Illumina, we'll achieve scales faster, preventing more late stage cancer diagnoses. We are strongly positioned with our first two conventional product launches expected in 202. And once our deal closes, we'll be able to leverage the global scale and reach of Illumina through relationships and in-country infrastructure to further our commercialization efforts. Simply put sales mission and focus will not change, but Illumina's international footprint and expertise across market access regulatory government affairs and manufacturing will accelerate our ability to realize our mission and goals of improve patient outcomes. We built a world-class team of data and computer scientists at the forefront of applying AI to genomics and were better to serve or leverage those capabilities for the benefit of human health <inaudible>. In the process, we've also established an impressive IP portfolio with more than 230 patents granted globally, and another 170 pending patent applications. With 115,000 participants enrolled and another 30,000 plans, GRAIL has built one of the largest population scale clinical trial programs ever pursued in genomic medicine. GRAIL's genomic database continues to grow with each task and additional clinical trial participant. And today stands at over 12.6 petabytes worth of genomic data. The comparison, which is five times larger than the cancer genome Atlas. Illumina remains the most innovative company in sequencing and GRAILs' ability to keep pushing the boundaries of what possible… is what's possible to keep finding more and more cancers earlier stages will be further strengthened as a result of this combination. Having spent time with Francis and the Illumina team, I'm confident we all share the same goal and we're committed to accelerating our mission and delivering on our promise faster than could be done alone. We both believe this is a case where one plus one will equal well over two. And with that, I'd like to hand the call back to Francis. Thanks Han. I couldn't be more excited about the opportunity to work with the GRAIL team to accelerate adoption of their life-saving products by leveraging our global commercial, clinical, and operations capability. On global commercial organization, market sales and supports <unk> 6,600 customers in 115 countries, including a number of national population scale genomics program powered by Illumina sequencing technology. Illumina first established our clinical lab in 200. And since then have added two more, including one in the UK to support Genomics England and the NHS. This certified and accredited labs are staff by more than 250 team members, including board certified pathologists, medical geneticists, genetic counselors, and PhD scientists. Over the last five years, our lab has processed, more than 17 million or RASs and almost one million clinical samples. We've also expanded our clinical capabilities and built-out world-class marching access, government affairs and regulatory functions. In addition, our clinical grade development and manufacturing team delivered systems and kits registered for IVD use in more than 35 countries around the world. And at the same time, we've been extending our reach into the clinical market, through partnerships with leading clinical companies, including BMS, Celgene and Roche. As Illumina and GRAIL come together we accelerate adoption of clinical NGS based testing. This will have a positive impact on our business. Over time, more of our revenue will reflect the clinical value of our NGS products, and not only the underlying sequencing output. As a result, Illumina will play a direct role in accelerating the adoption of genomic medicine, in addition to enabling it. As we evolve, Illumina remains committed to all of our customers and partners. We're dedicated to delivering the most innovative sequeing… sequencing systems as consumables to our customers and partners. There's still so much important research to be done. And we know this will be enabled in part by continued innovation in sequencing. And on the clinical side, our mission has always been improve human health by unlocking the power of the genome. We will continue to enable our clinical customers to scale as they do work towards the shared goal. With that, let me hand things over to Sam for a quick review of financial terms and impact. Thanks Francis. As announced earlier today, we have agreed to acquire GRAIL for total cash and stock consideration of $8 billion, with additional payments linked with certain product sales over the first 12 years. This acquisition expands the Illumina's market opportunity by more than $60 billion. It allows us to participate in the clinical markets more fully, and it will contribute to revenue growth starting modestly in 2021 and meaningfully accelerate over time. We expect the transaction flows in the second half of 2021, and we will share more detailed expectations about revenue growth and impact on EPS when that happens. Cash and stock consideration is $8 billion. Since Illumina currently owns 12% of GRAIL's equity on a fully excluded basis, the purchase price is approximately $7 billion to GRAIL's other shareholders. As part of the transaction, Illumina will pay GRAIL's shareholders, approximately $4 billion in common stock, which is subject to a collar. The number of shares issued be based on penetrate volume, weighted average price of Illumina common stock, 10 days prior to close. Moreover, the stock consideration collar ensures the final number of shares the GRAIL shareholders received is derived from a price that will be within a share price band of $295 and $399.0. The remaining $3.10 billion cash consideration is expected to be funded with balance sheet cash and up to an additional $1 billion raised either through equity or debt. We have a $1 billion fully committed bridge file with Goldman Sachs, and sure funding availability. The last component of the deal includes contingent payment rights to GRAIL's shareholders based on GRAIL related revenues for a 12-year period. Specifically a 2.50% payment right, is applied to the first $1 billion of revenue each year and all revenue above that would be subject to a 9% payment right to GRAIL's shareholders. With that, back to Francis. Thank you, Sam. When we created GRAIL in 2016, we knew that its mission was a moonshot, but an important one. One that would have significant ramifications for the detection of cancer successful, positively impacting millions of lives and opening a massive market opportunity. We wanted to see the technology progress as fast as possible, create the largest political trials and get it to patients in years not decades. It was clear that the best way to do this and capitalize the effort was as a separate company with this singular focus and an extraordinary team that could execute quickly. Illumina has set it up for success by seeding it with technology and some of our best and brightest. Four years later, GRAIL has proven the skeptics wrong and is now at the pre-commercial stage. It was a big bet and it paid off. Over the last four and a half years, GRAIL has raised almost $2 billion to fund its mission. During the same period, Illumina generated about $4 billion in EBITDA. GRAIL's mission is no longer a moonshot and we believe that it's poised to transform cancer detection. Our mission at Illumina is to improve human health by unlocking the power of the genome. This hasn't changed in over the last 22 years. We began our journey by launching our micro-array based services and products. Our breakthrough arrays offered higher throughput, lower costs, more flexibility, and higher quality than existing technologies. And we became the leading micro-array vendor by 2006, more than doubling revenues from the previous year. While we enjoyed the success, we saw the opportunity to take the next step forward towards our mission through sequencing. <inaudible> going away and in 2020, we still have an array business, but we saw the potential for enormous and very elastic research market fired by high quality lower cost sequencing. So in 2006, we acquired Solexa, sequencing technology company with no revenue for $600 million. A third of our market cap at the time. The market was initially skeptical, but we began the race to the $1,000 genome. And over the last 14 years, the vision has proved right. We reduced the cost of high quality sequencing of a genome from $150,000 in 2007 to $600 today. Enabling groundbreaking genomic discoveries, including circulating fetal DNA in maternal blood and the impact of rare variants on cancer therapy response. By 2014, when we delivered the industry's first $1,000 genome, our research sequencing business was thriving. And once again, we sense we were entering a new era of genomics entering the clinic. In 2013, we acquired Verinata, a provider of non-invasive prenatal testing. In December of 2013, we received the first ever FDA authorization for our next generation sequencer. We embarked on our own multi-year clinical transformation building out the capabilities I referenced earlier. Today, our clinical business therapy, selection and oncology and IDT and genetic disease testing account for half of our sequencing consumable revenues. We're now entering the next phase of genomics, sequencing to the standard of care. Early cancer detection represents the largest genomic application by far, we believe over the next decade. Because cancer screening impacts a very large part of the population, <inaudible> is in an era where regular genomic testing is the norm for a population. We accelerate this vision by acquiring GRAIL. Before we open up to Q and A, I wanna summarize a few things. First, excluding GRAIL for a moment, we remain confident in our business and excited by the opportunity ahead. We expect to continue as the leading innovator in sequencing supporting both research and clinical customers. GRAIL is not replacing anything and as such the acquisition will be additive to Illumina's opportunity and growth. We consider early cancer detection to be one of the largest clinical opportunities for the next 15 years. And we believe we will accelerate global adoption by participating more directly. Second, this acquisition is consistent with our strategy to extend it to the clinical market, the fastest growing opportunity in sequencing. We will continue to deliver sequencing systems and consumables and remain committed to the relentless pursuit of sequencing innovation, to democratize access and realize the potential of this technology to positively impact human health. Third we spun out GRAIL four years ago on a moonshot mission, the terrific progress they made has de-risked the mission over time. Now that they stand poised to bring products to market in 2021, we believe this is the right time to bring the GRAIL team into Illumina, so that we can help to commercialize and accelerate its adoption. In closing, our mission to improve human health by unlocking the power of the genome and GRAIL's mission in detect cancer early when it can be cured could not be more consistent. We look forward to accelerating the age of genomic medicine together. With that I'll invite the operator to begin the Q and A. Certainly. At this time, if you'd like to ask a question, please press star one. Again, you will be limited to one question. Doug Schenkel with Cowen, your line is open. Morning. Um, so- so GRAIL is clearly a- a really exciting and promising asset. And- and you did a great job this morning, outlining, uh, a lot of that. Um, and you were very comprehensive in explaining, uh, why you wanna do this deal. I'm, I'm actually hoping that you could address how you got comfortable overcoming some of the reasons not to do the deal. These include three things that would be really helpful for you to address. The first is the challenge of competing with customers, which has been an issue for you in the past and something you talked about avoidance. So, um, first off, wondering how you expect to manage that and why the change, why the pivot there. Second the- the dilution associated with this deal, um, which could create a potential internal P and L conflict when it comes to incentive structure, not to mention an issue with investor valuation methodologies. Um, I think this is part of the reason your stock got hit so much last week in anticipation of this announcement. So how do you handle potential P and L conflict internal and externally moving forward? And then third, so the lack of clear clinical operating synergies. Um, and- and how you plan to succeed as a clinical development company in a way that you haven't in the past. We know that Illumina is great at certain things that especially developing leading genetic tools platforms and having an amazing, uh, commercial team in place to support, not just the placement of these platforms, but how users use them. That said, while you've been great as an arms dealer to clinical customers, your track record isn't as strong when it comes to developing and selling assays and getting them through regulatory and reimbursement pathways. So- so what are the clinical synergies and how do you quantify them. Again, one, how do you manage the competing with customers? Two, how do you manage the P and L conflict internal and externally? And third, why should we get excited about this given the lack of clear clinical operating synergies? Thank you. Sure. Uh, thank you, Doug. So let's go through each of those. The first one is how do we manage the challenge of competing with our customers. And our strategy there continues to be that in the vast majority of applications, uh, in the market that we serve, we will look to our customers and our partners to develop the applications, and our sequencers and consumables. And that's gonna be to the vast majority of applications. What we've said, however, is that for a very small set of applications where- where we felt the market was large, and we felt that there was a differentiated offering that we could put into the market. And we would, uh, we would enter that market directly. In those markets, we still enable our customers and partners to create a competing offering. So we continue to support everybody. But we said in the very large markets where we felt we had a differentiated capability to bring into the market we would enter those. And you've seen us do that, for example, in the NIPT space where we brought innovations and intellectual property into that market, and I've put together an end to end solution. You saw us do that in the large cancer panels, like the 500 gene panel, TSO 50. And now you're seeing us do that here. In this case, we feel that the criteria we use have been met, this is a very large, uh, uh, application for us. We think that over the next 15 years, it could potentially be the largest genomics application in the market in terms of, uh, addressable market size. And the GRAIL team has put together a very differentiated offering. There's a lot of innovation, a lot of IP that was created, Hans talked about the 230 applications of patents that have been granted and 170 more that have been filed. So there is a very differentiated offering. And in this case, you know, with GRAIL pioneering the market, you know, they're sort of leading the way in creating that market. And so as we looked at the market, we felt it meets the criteria for one of the very small set of markets that we would get into directly. We're gonna continue though to- to enable our customers and partners to create their own offerings in this market too. So that's how we thought about, you know, that question. The next question was around dilution and how we got comfortable with that and how we to manage P and L costs. And so the thinking here is that we're gonna manage GRAIL as a, as a separate division. And we get a report really transparent about, uh, the P and L of GRAIL. And we manage that differently and separately from the P and L for the rest of the business. And we understand the profile of what it'll take to get GRAIL successful in the market going forward. And so we'll be very transparent about what that looks like. Now we expect that to be dilutive for the next few years, but then because of the size of the opportunity, we expect it to be, uh, highly accretive as this… as we start to scale the offering in the later years. And- and again, we'll be very transparent about sharing what that looks like. Longterm, we have a high confidence in the- the P and L attractiveness of this business, but we do know it takes investment in the first few years. And the next question was about, you know, clinical synergy. So what are the synergies that, you know, GRAIL will enjoy coming into Illumina? And as you know, we've been building out our clinical capabilities since 2000… 201. And so today, for example, you know, we have a number of places where we think gra- uh, GRAIL can benefit, you know, as soon as they come in. Uh, some of the things we talked about on the call. One, for example, that we're engaged with over 50 population sequencing efforts around the world. Uh, today, we're talking to them about oncology therapy selection, genetic disease diagnosis. Um, we think it's a very natural add to expand the conversation, to include, uh, you know, cancer screening and early detection. We think it'd be very valuable in conversations we're in. So we'll be able to immediately scale up a number of conversations that GRAIL is having around the world. We talked about our clinical lab. Um, we have among the largest, uh, clinical genomics labs in the world. We have, uh, two in the US, one in the UK. Those labs have already processed over a million clinical samples and build the workflows and expertise necessary to do that. And then we've also built, uh, you know, the regulatory capabilities, the market access capabilities, uh, in-country surveillance capabilities to support clinical offerings around the world. Today, we have IVEs that are cleared in 35 countries around the world, leveraging relationships. We build with the regulatory bodies in those countries, as well as having a market sur- surveillance capability from those countries. And you can see that playing out in the success of products that we've bought on the market like our VeriSeq NIPT product, which is CE- IVD marked and doing really well in EMEA. So those are some of the clinical capabilities, and frankly, we spend the last five plus years building that GRAIL plugs into immediately. Your next question comes from Tycho Peterson with JP Morgan. Your line is open. Hey, thanks. Uh, a couple of quick ones. So, you know, your- your stock lost 20 billion in market cap list last week, because alluded to… you know, did that influence your thinking and what is it that you think the street doesn't fully understand here? You know, especially given this as a pretty significant, I think about a $4 billion step up since the last round GRAIL did in May. And why is buying it all now the right approach, given that you could have taken your equity stake up higher, maybe to 40%, 50% healthy IPO and then, you know, had a call option to buy it later. So that's the first question. Second on margins. Can you give us a sense of where COGs can go? You know, we know you have off the shelf technology for $100 genome. So how much of this is about driving down COGs quickly and then where do you think they can go? And then how much do you think GRAIL needs to spend on R&D and the sales force ramp, uh, to- to really scale up. Third, you know, Francis, you talked about, uh, you know, uh, uh, competence in- in the core business. You know, I think one of the things investor is gonna worry about is- is, you know, uh, you know, concerns about growth in the core business or maybe, you know, you're doing this deal to- to diversify and cover up, you know, continued to slow down. So can you maybe talk to what you think, uh, about the core business for next year, a little bit more quantitatively. And then lastly, you know, either for Francis or Hans, you know, why is a 44% sensitivity for a screen test, you know, of clinical value, especially at the price that's been- been talked about. Thank you. Thank you, Tycho. All right. Uh, a lot of ground to cover. So I'm gonna start by talking about your first question, which is the why now question. And then Sam I'm gonna turn it over to you to talk, uh, about the margins question, and then I'll come back and talk about our core business. And then, uh, and then I'll look to- to you Hans maybe also to comment a little bit around the- the screening tests and the clinical value. So let's start. Um, so why now? Um, and- and- and was there any sort of reaction in our mind you're asking around the stock drop <inaudible>. So the reason for why now, uh, and- and frankly, we took a longer-term view. So the events of last week didn't really impact our why now decision. Uh, and I'll, I'll talk about that a little bit. The- the reason for why now is, uh, frankly, the terrific progress that the GRAIL team has made over the last few years and where they stand right now. When we spun out GRAIL four years ago, you'll remember how this idea got started, right? So we were processing samples, uh, for NIPT and our clinical labs. And although we were seeing normal, uh, you know, fetal DNA, we noticed abnormalities in the mother's DNA. And so we reported that to the doctor and in all of those cases, it turned out that the mother had cancer and didn't know about it. And so we incubated… So there was a, there was an idea that you could get signals for cancer in the blood. And we incubated that idea without a team for a couple of years to feel like there was something there, but there was a lot of unknowns. It was unclear whether there was enough signal to detect early stage cancer. It was unclear whether you could just detect only certain types of cancer. It was unclear if the approach we were thinking about was the right approach. And so what we wanted was to- to create a company that was going after this- this, uh, this moonshot mission, uh, that could be focused on that move quickly on that. So we also wanted to know maybe other approaches in the market would- would be more fruitful. The team has done a fantastic job over the last four years and sort of <inaudible> a lot of the questions. The- the technology they put together, the team they've assembled, and then probably most importantly, the results they're demonstrating from their large scale clinical studies have put to bed a lot of the questions that we had. You know, the- the Galleri results I talked about based on the CCGA samples show that, you know, they are able to identify over 50- 50 types of cancer, that they have a specificity that, that means the FALSE of 99%, that the FALSE positive rate of less than 1%. They won't flood, you know, health care systems with FALSE positives. Um, and they have high sensitivity, especially for the deadliest cancers. And so they stand today on the precipice of commercializing a product next year. And so now- now it makes a lot of sense for us to- to acquire them. And so why a part of you are asking why not just increase our investment. And the reason to acquire them is because we have very clear line of sight into how we can accelerate a plan that they are on today. And we can only do that if they're part of Illumina. Plugging them into our commercial, uh, conversations with population sequencing efforts, for example. Standing them up in our clinical labs around the world, rather than waiting for them to build out their own clinical labs, plugging into our regulatory expertise in countries around the world. All of those things are things that we can do with their part of Illumina and frankly we wouldn't be able to do as well, even if we were a 30%, 40% owner off of GRAIL. And so, you know, they are… you know, they- they talk about launching the product next year, so they're close to ma-… commercialization. So it's exactly the right time we felt where there is a product, you know, the value has been demonstrated and they're ready to scale. And that's where we can help from an operational perspective, from a clinical perspective, from a commercial perspective. In terms of the stock drop, you know, uh, we've seen before, and I mentioned this in my prepared remarks that this is a big step. I understand that. This is also a big amount, I understand that. And, you know, we've, we've had this happened to us before, when we were in the array business and we wanted to get into sequencing. And we announced that we were acquiring the Solexa to get into the sequencing business. Uh, our stock dropped that day too. And- and it took a while for us to work with- with the market to explain where we were going and why we thought that was a big opportunity. And of course, you know, today that's been enormously successful story and sequencing is the vast majority of our revenues. And so, you know, we anticipated that there'd be work for us to do and explaining this step and explaining the opportunity and explaining why GRAIL and why GRAIL and Illumina. And that's the work we have in front of us, but we're very confident that it's the right next step in terms of fulfilling our mission. With that, I'm gonna turn it over to Sam for you to talk about margins and the questions Tycho had. Yeah. So I'll tackle a couple of things here, margins, and I think you had a question on operating expenses as well, Tycho. So, uh, you know, from an overall COGs standpoint, uh, the COGs will initially start out, you know, obviously much higher than our average cost driven by the fact that, you know, volumes are ramping up. So initially you're gonna see a higher cost profile for the business as the volume start ramping up though. And two and a half to three years post launch of Galleri, the COGs starts to get to a level which is commensurate with our overall services business and, uh, slightly below our overall COGs profile. And, uh, obviously as we introduce more innovations and, you know, uh, lower the cost of sequencing to your question, uh, the COGs will benefit from that as well. Just like our, all of our customers will benefit from that. Um, in terms of operating expenses, you know, if you look at, um, what, um, uh, what the… GRAIL invested last year or- or this year I should. For the first month it was roughly $135 million. If you extrapolate that for the full year, let's say it's, uh, you know, it's exactly double that, it's about 270 million for the full year. As we look forward, obviously that number is gonna grow because we're gonna be ramping and launching, uh, products. We're gonna be accelerating the commercialization efforts and building out a sales force. Uh, and there's gonna be continuing R&D as well. So, you know, OPEX, especially in three years, there's gonna be, uh, you know… I've backed on dilution, you know? but, uh, let me remind you of the… just the attractiveness of this opportunity longer term, and eventually as the volume scale, uh, the- the opportunity is significant on the top line. And even though it requires investments in terms of commercial efforts in R&D, you know, we will definitely, uh, after a few years start to see accretion on P&L. And then maybe Hans you comment on the- the clinical value and the questions around this screening test and where we are? Sure. So- so as you, as you noted Tycho, um, the, uh, sensitivity for 50 cancers is 44%. So le- let me explain why we think this is quite through performance. Um, Francis touched on the fact that when we pre-specified a basket of 12 cancers, we have sensitivity of just under, uh, uh, 70% and those 12 cancers by the way, account for about two thirds of the mortality. Um, what you're observing is when you stop looking for more cancers in those 12, and you start adding in cancers where the test has lower sensitivity, the sensitivity does drop, but here's what matters, even though the sensitivity drops as you expand the absolute number of cancers, you look for the total number of cancers, you detect goes up. So a test looking for 50 cancers at 44% sensitivity in aggregate detect many more cancers and a test looking for 12 cancers at a 67% sensitivity. And when you think about medical need, we all have, you know, 70% of deaths in this country from cancer, occurring cancers, where there is no screening. This test will detect the vast majority of those. So- so that, that's why it's the right thing to have a test that can really detect the maximum number of cancers possible. Thank you, Hans. And then your last question Tycho was, you know, is- is this move any reflection of how we think about the core market and is that what's driving this. And I think not at all, uh, are we remain confident in our core market. Uh, you know, obviously this year, the last couple of quarters we've seen a slow down because of people's sheltering in place as a result of the pandemic, but we thought we've talked about how that's slowly been- been building, uh, since the end of- of Q1 and, you know, next year, certainly as we start to see a number of initiatives kick back up, we feel very good about where we are with the core business. We talked about the population efforts that all of us is gonna be starting in the back half of this year in the US but we'll be wrapping up next year. Similarity, that UK Biobank project has been going on. It paused for a little bit, but it's starting to scale up again. Um, and then, uh, at the NHS effort, which this year has been, uh, sideline to focus on- on COVID is gonna be kicking back up next year. So as we… we are optimistic about where population sequencing efforts are gonna be starting into next year. We've seen good news in terms of, uh, guideline changes for NIPT and continued growth in NIPT around the world. Uh, we're seeing continued adoption of our TSO 500 products, and we expect that to continue to drive growth. And then obviously we launched the NextSeq 2000 this year. And so we expect to continue to see that upgrade cycle play out certainly as we get into next year. This move is really about our strategy and our strategy has been guided by our mission to improve human health. By unlocking the part of the genome, our strategy is to provide sequencers and consumables to, uh, to, uh, abroad RAF markets, and then to pick very specific applications where we want to provide the sol- solution ourselves. We wanna pick the largest market opportunities where we can provide a differentiated offering. And frankly, if you look at that criteria, there probably is no other criteria… no other space that meets that criteria as well as early cancer detection. It's the largest of the genomic applications that we can imagine over the next 15 years. And GRAIL has built a- a- a very innovation rich portfolio with good IP around it. And so we will have a differentiated offering in that market. And so the price again, the strategy is, you know, horizontally provide sequencers and <inaudible> everywhere and then be very surgical. And that's very common for platform companies. Certainly if you look at… you're in technology, whether it's Apple or Amazon or Microsoft, they provide the platform, but then there are specific applications that they provide directly themselves. Typically, the largest application. And having an application actually gives you access to insights that have you created a better platform too. So having specific application also help you… helps you have the best platforms in the market. So with that, we'll go to the next question. Certainly. And as a reminder, please limit yourself to one question to allow others an opportunity. Derik De Bruin with Bank of America, your line is open. Um, hi, good morning. So a couple of questions. Um, I guess the first one, how much Illumina's revenues in 2019 and estimated revenues for 2028 were tied to sales, to GRAIL. Number one. Uh, number two, I… a number of questions from investors this morning, just wanting to get some better clarity on the EPS solution is a 20% to 30%, uh, EPS dilution, a reasonable number for the ma-… investors to sort of do their models. And number three, what do you expect from the Pathfinder trial readouts, uh, and- and what would be a, what would be a good readout to, uh, enable the LDT launch and just some initial thoughts on the early commercialization efforts and- and what conversations GRAIL has had with potential, um, uh, self-insured employers and sort of the other members that you've talked about. Thank you. Sure. So three questions, I'll take the first one around, uh, GRAIL revenue to Illumina in the last couple of years. Uh, maybe Sam, you can talk about EPS solutions, and then Hans you can, uh, answer the question around the Pathfinder readout. Um, so first one sort of short, uh, in 2019 and 2020 GRAIL was a very, very, very, very small part of our overall revenue. Um, in fact, I typically look at our top 20 customers on a daily and weekly basis. I don't think I ever saw them in either of those two years on those lists. So since a very small part of our revenue for 2019 or ' 2. Um, Sam maybe, uh, EPS? Yeah. So, uh, as I talked about earlier, the- the ramp of off in the first few years is significant driven by the commercialization of Galleri. So our expectations right now is that in the first full year post-close of the deal, that, uh, there would be EPS dilution of somewhere in the, uh, 325 to $375 range. And then, uh, Hans could you talk a little bit about Pathfinder and- and the upcoming readouts and place that in context a little bit? Sure. And- and, uh, folks that aren't familiar Pathfinder is a 6,000 patient clinical trial that's enrolling as we speak. It's a return of results study. So patients in this trial getting the GRAIL test when the test detects the cancer they're getting worked up, um, obviously the results returned to them. So, uh, our expectation is that that real-world trial will- wi- will confirm the performance we've seen in other studies that we've reported to you and covered on the call this morning. The- the other thing that, uh, this study is very important for is it will help us understand the service components of the test that we'll provide, uh, to help make sure that the workup process post a positive test is- is- is simple and good to use for primary care doctors. Thank you. All right. Next question. Patrick Donnelly with Citi. Your line is open. Great. Thanks guys. Maybe just to follow up on Derik there, just give him the dilution number a- a little bit bigger than we were modeling, uh, so just as the news came out last week. Sam, can you just talk about maybe the OPEX trajectory over the next 12 months, again, to get to that, uh, 350, 375 number you noted? Um, should we expect that number to really take a big jump up from what we saw on the S1 from the, from the, um, the GRAIL OPEX numbers, and then maybe just quickly after that you guys were obviously participating with some upside from GRAIL and royalty as a customer, et cetera. So can you just expand a little more Francis on- on, I guess why you guys wanted to bring it in house and then also give the royalty almost back to them with a 9% over a billion? Um, they're… just kind of flush that out a little bit. Thanks guys. Yeah. So I can start on the, uh, on the OPEX trajectory and maybe expanding on this solution to some extent, and I'll remind everybody that we will be providing more, uh, refined financial estimates as we, um, as we get closer to uh, close of the acquisition. So at this point we're giving, you know, directional numbers just to give you a sense of- of what to expect in your models. Um, but, uh, to- to answer your question around the OPEX investments, Patrick, yes. Uh, obviously there will be an increase from what you saw in the S1 and what you saw last year or this year, sorry, I keep saying last year. But what you saw this year in terms of investment by GRAIL, you know, the investment has been, uh, focused on R&D. And as I said, you know, the investment that, uh, was disclosed was 135 million. So if you expect that that's gonna, um, you know, be a full year worth of investment, that's closer to 270, but as you look forward, kind of the Galleri launches, there's gonna be investments around a number of factors. You know, it's gonna be R&D, is gonna be commercial. It's going to be market access, government affairs, uh, you know, uh, DNA to support the business. There are a number of factors that drive that OPEX in the first, um, you know, in the, in the first few years. And until the revenue start to scale, um, that's gonna be significantly diluted. Um, so the number that I mentioned earlier, which is the 325 to 375 in the first full year post launch. So, um, I think, uh, you know, I was also though mention that we're at a $6 billion TAM that's gotten added to our business. You know, the- the revenue opportunity is quite attractive as we, as we look at the long term. Yeah. And then thirdly let me pick up on your question around royalties. So as you pointed out, you know, those… the arrangement, we have, you know, have… pre- acquisition was <inaudible> that they buy sequencers and consumables from us, but we also get a royalty on- on the GRAIL revenue. And, you know, as we've thought through, you know, we modeled what that looks like over the next 15 years, you know, it's clear to us that, you know, we participate, uh, more fully. So we get more revenue, more margin dollars, uh, in, you know, if we acquired GRAIL. So just financially, this is a much better way of capturing the- the value in the market, uh than continuing to be a supplier to GRAIL with the royalty. And as Sam pointed out there's a $60 billion market opportunity, you know, we- we are able to sort of capture the value better in the current agreement. In terms of, uh, the royalty back to GRAIL shareholders. And just as a point there, as you heard in the prepared remarks, we are 12% currently with the, uh, GRAIL shareholding. So, you know, the royalty by the way adjusted to the 12% that, uh, that we own ourselves. And the thinking here was, look, we were working with the GRAIL investors. Now this is one area where, you know, clearly they see the opportunity in front of them. And there was a gap and I think they saw us and we were a little bit more conservative. And so this was a nice way to sort of bridge doctors, to say, look, we wanna make sure that we participate. If the opportunity is much bigger than we think that everybody wins. Uh, otherwise we all share if it's, if it's a little bit less than we thought. So this was the way to structure it over the next 12 years where we could, you know, align on, you know, benefiting as the market, ends up being much bigger than we, than we thought. Steve Beuchaw with Wolfe Research, your line is open. Uh, hi, good morning. Uh, thanks for the time I'll ask just to… uh, one, I actually want to follow up on a point that- that Tycho raised and it's about, you know, how you wanna articulate, uh, right now, what you think about the- the core business. I appreciate the points that all of us, Biobank, NHS all coming on the next, uh, next year, I'm away to do the pipeline, but I wonder, would you be comfortable, you know, taking a view that the- the core business, the ex- GRAIL business is a double-digit grower, uh, as far as you can see out into the future. And then my second one is, as you think about, uh, the landscape of providers, you know, out five or- or 10 years ago, uh, from now rather five or 10 years from now, what does it look like in terms of how many different cancer detection assays you- you think are out there. Having Illumina involved in- in this particular, uh, way, it means that there's gonna be one, you know, obviously very large scale player, the ways to, uh, to come at this particular market. Can you talk about how you- you see that looking and what is the importance of, uh, the rather substantial IP portfolio, uh, that, uh, you had flagged, uh, Francis and Hans, as you think about what that landscape looks like. Thank you very much. Thank you, Steve. So a couple of questions. One is how do we think about the- the core business? And the second one is how do we think the, uh, landscape for cancer detection assays will play out. Would there be a- a significant single winner or would there be multiple players? So let me go to the first one. You know, the, uh, I absolutely am comfortable, you know, saying that we expect our core business over a multi-year period, you know, to generate double digit growth. You know, we are still, as we said, in the very early stages of understanding from a research perspective, even how genomics translates into, you know, health and disease, but from a clinical perspective, we're also in the very early stages of penetrating some of the markets we talked about. Like oncology therapy selection and genetic disease testing, genetic disease testing we're less than 1% penetration. So I am comfortable that over a multi-year period, you should be seeing double digit growth from the core business. Um, and that, you know, the acquisition of GRAIL is intended to accelerate that even further, but even without it, it's a double digit growth. In terms of how we expect the, uh, cancer detection market to play out. Now, this is a very, very large market. And, you know, we talked about a $60 billion market. And so we expect that there will be multiple approaches, uh, for this market that, you know, some will focus on single cancers or small set of cancers, some will be pan-cancer. Um, and- and finally that's how we've modeled, you know, sort of, uh, the revenues for us that we expect there to be multiple players in are trying multiple different approaches, serving different segments of the market. Um, and- and again, with a market this big and- and this important, we- we expect it to play out that way. And this is all the time we have for questions. The Illumina team, thanks, you all for your participation in today's conference. This concludes today's call you may now disconnect.