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NovoCure
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Latest analysis
Updated Oct 29, 2026
NovoCure posts record Q3 revenue of $193M (+16% YoY), raises FY2026 guidance to $736-$743M as GBM momentum offsets OptunePax headwinds from diraxonrasib competition.
NovoCure delivered its strongest commercial quarter to date, with $193 million in net revenue, a record GBM active patient count of 4,730, and adjusted EBITDA turning positive at $16 million — the best result in over four years. The OptunePax launch deteriorated sequentially to 276 active patients and $3.7 million in net revenue as diraxonrasib's market entry overwhelmed oncology practices with insurance appeals and adverse event management, blocking NovoCure's field force access. Management raised FY2026 net revenue guidance to $736-$743 million (12-13% growth) and full-year adjusted EBITDA guidance to $24-$34 million, while signaling Japan as the next material growth vector through Optune Lua and an imminent OptunePax reimbursement decision.
Tone: mixedRevenue
$655.4M
NVCR 10-K · FY 2025
Employees
1,605
Revenue FY2024
$605.2M
Founded
2000
Profile
NVCR 10-K Item 1 · Feb 26, 2026NovoCure is a global oncology company that develops and commercializes Tumor Treating Fields (TTFields) therapy, a proprietary platform using electric fields to kill cancer cells delivered through portable medical devices. The company markets three FDA-approved devices — Optune Gio (GBM), Optune Lua (NSCLC and MPM), and Optune Pax (pancreatic cancer) — in multiple countries. Revenue is derived primarily from monthly patient subscriptions across approved markets.
Read filing description ↓ Collapse description ↑
We are a global oncology company with a proprietary platform technology called Tumor Treating Fields ('TTFields'), which are electric fields that exert physical forces to kill cancer cells. Our therapy is delivered through a medical device. Our key priorities are to drive commercial adoption of Optune Gio, Optune Lua, and Optune Pax, our commercial TTFields therapy devices, obtain regulatory approval to market TTFields therapy devices in new indications, such as brain metastases from non-small cell lung cancer ('NSCLC'), and to advance clinical and product development programs intended to extend overall survival in some of the most aggressive forms of cancer. Optune Gio is approved by the U.S. Food and Drug Administration ('FDA') under the Premarket Approval ('PMA') pathway for the treatment of adult patients with newly diagnosed glioblastoma ('GBM') together with temozolomide, and for adult patients with GBM following confirmed recurrence after chemotherapy as monotherapy treatment. Optune Lua is approved by the FDA under the PMA pathway for the treatment of adult patients with metastatic NSCLC concurrent with PD-1/PD-L1 inhibitors or docetaxel following progression on or after a platinum-based regimen, and under the Humanitarian Device Exemption pathway for the treatment of adult patients with malignant pleural mesothelioma. Optune Pax is approved by the FDA under the PMA pathway for the treatment of adult patients with locally advanced pancreatic cancer concurrent with gemcitabine and nab-paclitaxel. We market our Products in multiple countries around the globe with the majority of our revenues coming from the use of Optune Gio in the U.S., Germany, France and Japan. We bill payers a single monthly fee for a month of therapy and bear the financial risk of securing payment from third-party payers in most markets.
Primary products
- Optune Gio
- Optune Lua
- Optune Pax
- Optune Mya (pending FDA approval)
- inovitro
- inovivo
End markets
Geographies
Named customers
Named competitors
“We are aware of a few third parties in the United States and China developing devices and filing for intellectual property protection related to TTFields therapy.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenues grew from $605.2 million in 2024 to $655.4 million in 2025, driven primarily by patient growth across approved indications.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.