NovoCure Limited

What they do

NovoCure develops and sells medical devices that deliver Tumor Treating Fields, electric fields that exert physical forces to kill cancer cells. The products are marketed under three brands: Optune Gio (approved for newly diagnosed and recurrent glioblastoma), Optune Lua (approved for metastatic NSCLC and, under HDE, pleural mesothelioma), and Optune Pax (approved for locally advanced pancreatic cancer). Most revenue comes from Optune Gio in the U.S., Germany, France and Japan, supported by clinical trials and payer coverage efforts.

Revenue drivers

• Optune Gio — Approved for glioblastoma; the largest revenue source, with 4,636 active patients as of June 30, 2026 and 2,341 of those in the U.S. The majority of company revenue comes from Optune Gio use in the U.S., Germany, France and Japan.
• Optune Lua — Approved for metastatic NSCLC and pleural mesothelioma; recognized revenue of $5.4 million in Q2 2026, with the U.S., Germany and Japan contributing $1.9 million, $1.7 million and $1.8 million respectively. Active patients totaled 207 as of June 30, 2026, up 51% year-over-year.
• Optune Pax — Approved for locally advanced pancreatic cancer; recognized revenue of $1.6 million in Q2 2026, with 285 active patients and 418 prescriptions in the quarter. CE Mark received in June 2026 with Germany as the first EU launch market.
• Greater China partnership with Zai Lab — Revenue from NovoCure's partnership with Zai Lab totaled $6.0 million in Q2 2026.

Recent performance

Q2 2026 net revenues were a record $183.6 million, up 16% year-over-year, driven by 18% global active patient growth. The U.S., Germany, France and Japan contributed $103.0 million, $23.3 million, $21.3 million and $11.8 million respectively, with other active markets adding $18.2 million. Gross margin was 78% versus 74% in the prior year, benefiting from a one-time $4.9 million tariff refund. Net loss for the quarter was $15.7 million, or $0.13 per share, and Adjusted EBITDA was $10.8 million. Cash, cash equivalents and short-term investments were $440.6 million as of June 30, 2026.

Strategy

Management's stated priorities are to drive commercial adoption of Optune Gio, Optune Lua and Optune Pax, obtain approval in new indications such as brain metastases from NSCLC, and advance clinical and product development programs. In December 2025 the company submitted the final module of a PMA for Optune Mya, which has been accepted as filed by the FDA and is under substantive review. It is also pursuing regulatory approval for Optune Pax in other countries and has submitted the regulatory application in Japan. Sales and marketing spending rose 8% year-over-year on the Optune Pax U.S. launch and Optune Lua Japan launch, while R&D and G&A expenses declined.

Risks

• Dependence on Optune Gio — The business and prospects depend heavily on Optune Gio, which is approved only for glioblastoma, so any decline in that franchise would materially harm results.
• Reimbursement and coverage — The company has established coverage policies for Optune Gio but is still pursuing payer coverage for Optune Lua and Optune Pax, billing on an individual case basis in the meantime.
• Regulatory and approval risk — Further growth depends on obtaining regulatory approvals in additional indications and jurisdictions, and delays such as FDA PMA processing could limit commercialization.
• Ongoing losses and cash use — The company reported net losses in each year from 2021 through 2025 and negative operating cash flow in 2023, 2024 and 2025.

Outlook

For full year 2026, management updated guidance to total net revenue of $710 million to $725 million, up from a previous range of $690 million to $710 million, including $20 million to $30 million from Optune Lua and Optune Pax combined. Adjusted EBITDA guidance was raised to $0 million to $15 million from a previous range of $(15) million to $0 million. The guidance assumes full-year mid-to-high single digit net revenue growth from Optune Gio, foreign exchange rates as of June 30, 2026, and consistent quarterly gross margin.