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    NVCR
    Earnings call· Jun 2026(Q2 FY26)

    NovoCure Ltd NVCR

    Jul 23, 2026 Source

    Executive summary

    NovoCure Q2 FY26 — Record Revenues, Patient Growth, and Return to Positive Adjusted EBITDA

    NovoCure delivered a strong commercial quarter, driven by record net revenues and growth in active patients across its product portfolio, including successful launches of Optune Pax in the U.S. and Optune Lua in Japan. The company is strategically shifting its clinical development focus towards pancreatic cancer and optimizing the LUNAR-2 trial to accelerate data generation and reduce costs. This disciplined approach to R&D and expense management has positioned NovoCure to achieve positive adjusted EBITDA and is expected to lead to full-year profitability.

    Highlights

    5

    • Net revenues reached a record $184 million, marking a 16% year-over-year increase.

    • Active patients on Optune Gio grew 11% year-over-year to 4,636.

    • The Optune Pax launch generated 418 prescriptions and 285 patients on therapy by June 30.

    • Adjusted EBITDA turned positive at $11 million, compared to negative $10 million in Q2 2025.

    • Full-year adjusted EBITDA guidance was raised to a range of $0 million to $15 million, targeting breakeven for FY26.

    Concerns

    2

    • Slower initial uptake of Optune Pax in Germany

    • Uncertainty regarding payer dynamics for RAS inhibitors

    Guidance & targets

    6
    CategoryTargetConfidence
    Full-year revenue
    $710 million to $725 million
    high materiality
    High
    Full-year combined revenue from Optune Lua and Optune Pax
    $20 million to $30 million
    medium materiality
    Medium
    Full-year adjusted EBITDA
    $0 million to $15 million
    high materiality
    High
    Adjusted EBITDA breakeven
    achieve for the full year of 2026
    high materiality
    High
    R&D costs
    at or below current levels
    medium materiality
    High
    Quarterly gross margins
    remain in the mid-70s
    medium materiality
    Medium

    Operational metrics

    21
    Net revenue
    $184 millionincrease of 16% year-over-year
    Q2 FY26

    Record net revenues driven by active patient growth and new product contributions.

    Optune Gio active patients on therapy
    4,636increase of 11% year-over-year
    Q2 FY26

    Strong growth in the primary product's patient base.

    Optune Gio active patients on therapy
    8% year-over-year growth
    Q2 FY26

    U.S. growth was a key driver for Optune Gio.

    Optune Gio active patients on therapy
    double-digit year-over-year growth
    Q2 FY26

    Strong growth also observed in international markets.

    Optune Pax prescriptions
    418
    Q2 FY26

    Number of prescriptions for the newly launched Optune Pax.

    Optune Pax patients on therapy
    285
    as of June 30

    Total patients on therapy for Optune Pax since launch.

    Optune Pax revenue contribution
    $1.6 million
    Q2 FY26

    Revenue generated by Optune Pax in the quarter.

    Optune Lua patients on therapy
    207
    Q2 FY26

    Total patients on therapy for Optune Lua.

    Optune Lua patients on therapy
    64
    as of June 30

    Patients on therapy for Optune Lua in Japan following its recent launch.

    Optune Lua revenue contribution
    $5.4 million
    Q2 FY26

    Revenue generated by Optune Lua in the quarter.

    One-time revenue items
    $3 million
    Q2 FY26

    Benefited from one-time items including increased approval rates and aged claims in Germany, lower annual deductible reset impact in the U.S., and performance improvements in France.

    Gross margin
    78%compared to 74% in Q2 of 2025
    Q2 FY26

    Improved gross margin primarily due to a tariff refund and lower array costs.

    Tariff refund
    $5 million
    Q2 FY26

    Contributed to gross margin improvement in the quarter.

    Research and development costs
    $51 milliondecrease of 8% compared to the same period in 2025
    Q2 FY26

    Decrease driven by lower direct trial costs from concluded Phase III trials and LUNAR-2 trial optimization.

    LUNAR-2 trial cost savings
    approximately $90 million
    future

    Cost savings from the redesign of the LUNAR-2 trial.

    Sales and marketing expenses
    $62 millionup 8% from Q2 2025
    Q2 FY26

    Increase primarily due to costs associated with the ongoing launches of Optune Pax in the U.S. and Optune Lua in Japan.

    G&A costs
    $40 milliondecrease of 9% from the same period last year
    Q2 FY26

    Decrease primarily driven by lower share-based compensation expenses.

    Net loss
    $16 millioncompared to $40 million in Q2 2025
    Q2 FY26

    Reduced net loss reflecting improved financial performance.

    Loss per share
    $0.13
    Q2 FY26

    Loss per share for the quarter.

    Adjusted EBITDA
    $11 millioncompared to negative $10 million in the second quarter of 2025
    Q2 FY26

    Positive adjusted EBITDA for the quarter, a significant improvement.

    Cash and investment balance
    $441 million
    as of June 30, 2026

    Cash and investment balance at the end of the quarter.

    Industry KPIs

    5
    MetricValueDetails
    Tariff impact$5 millionUSD
    New product launch ramp418 prescriptionsprescriptions
    Segment franchise organic growth11%%
    Indicated addressable patient population15,000patients
    Pivotal trial clinical evidence milestonesPANOVA-3 survival data

    Product announcements

    2
    ProductTypeDetails
    Optune Paxmilestone
    Optune Maiamilestone

    Risks & headwinds

    2
    Slower initial uptake of Optune Pax in Germanyinitial launch phase

    null

    Mitigation: Focus on large national cancer centers, initial marketing and sales campaigns, and education process due to fewer direct KOLs involved in the trial.

    Uncertainty regarding payer dynamics for RAS inhibitorsupon introduction of RAS inhibitors

    null

    Mitigation: Continue studying TTFields with new agents and building evidence for clinicians.

    What to watch in Q3 FY26

    5

    Optune Pax repeat prescriber rate

    Q3 FY26
    Current50% of prescribers have written more than one prescription
    TargetIncreased percentage of repeat prescribers

    Why it matters

    Driving repeat prescriptions is key to increasing Optune Pax volume and integrating the therapy into routine clinical practice, which is a major focus for the next quarter.

    We are right now looking at about half of our prescriber base has already become a repeat prescriber with the other half having initiated treatment once. And we think that at this point in the launch is pretty common. We have a big set of physicians who are interested. And as with any new modality, there's that interest to get it on one patient to try. And then the challenge for us as we move forward to answer the part of the question about the future, as we look ahead, one of our major focuses for Q2 -- Q3, pardon me, is that we need to push that number of repeat prescribers up and go from trying Optune to Optune is integrated in my practice.

    Q&A highlights

    5

    Can you provide more color on the Optune Pax launch, including prescriber growth, repeat prescriptions, and the sustainability of the strong sequential growth for the back half of the year?

    Frank Leonard noted strong Q1 to Q2 growth, with broad access to both community and academic practices. Approximately 50% of prescribers have become repeat prescribers, and the focus for Q3 is to increase this percentage to integrate Optune Pax into routine clinical practice. He emphasized that it's too early to glean specific statistics from the first full quarter of launch.

    “We are right now looking at about half of our prescriber base has already become a repeat prescriber with the other half having initiated treatment once. And we think that at this point in the launch is pretty common. We have a big set of physicians who are interested. And as with any new modality, there's that interest to get it on one patient to try. And then the challenge for us as we move forward to answer the part of the question about the future, as we look ahead, one of our major focuses for Q2 -- Q3, pardon me, is that we need to push that number of repeat prescribers up and go from trying Optune to Optune is integrated in my practice.”

    asked by Vijay Kumar · answered by Frank Leonard

    2 min read5 chapters

    Detailed Narrative

    01

    Commercial Momentum & Product Launches

    NovoCure achieved its strongest commercial quarter to date, driven by record net revenues and an 11% year-over-year increase in Optune Gio active patients to 4,636. U.S. growth was a key driver, with active patients up 8% YoY, alongside double-digit growth in Germany, Japan, and Global Markets. The company is benefiting from strategic and structural changes to its U.S. commercial operations, now yielding positive results.

    02

    Optune Pax Launch Dynamics

    The Optune Pax launch for pancreatic cancer is progressing well, with 418 prescriptions and 285 patients on therapy as of June 30. Initial objectives of engaging and training prescribers familiar with PANOVA-3 results have been met, with adoption seen in both academic and community practices. The focus for the coming quarter is to increase repeat prescriptions, as approximately 50% of prescribers have only written one prescription, indicating significant room for volume growth.

    03

    Optune Lua Japan Launch

    The Japan launch of Optune Lua is showing early positive signals, with 64 patients on therapy as of June 30. Clinical practice patterns in Japan align more closely with the product's label, supporting the company's expectations. While national reimbursement is established, additional contracting at each treatment site is required, which is a gating item for broader adoption. Japan is expected to become the leading Optune Lua market as more hospitals are contracted.

    04

    Clinical Strategy Shift & Pancreatic Cancer Focus

    NovoCure is shifting its clinical development strategy to strengthen market position and broaden labels, with a near-term focus on pancreatic cancer. This includes designing new trials for locally advanced and earlier stages of pancreatic cancer, and exploring concomitant use of TTFields with KRAS inhibitors through pilot trials and an IDE trial with daraxonrasib. The LUNAR-2 trial for non-small cell lung cancer is being redesigned to optimize clinical footprint, streamline endpoints, and reduce costs by approximately $90 million, with savings reallocated to pancreatic cancer programs.

    05

    Path to Profitability & Financial Discipline

    The company is focused on reaching profitability, achieving positive adjusted EBITDA of $11 million in Q2 2026, a significant improvement from negative $10 million in Q2 2025. This was driven by strong revenue growth, a $5 million tariff refund, and lower array costs. R&D costs decreased 8% YoY due to concluded Phase III trials and LUNAR-2 redesign. The company expects to achieve adjusted EBITDA breakeven for the full year 2026, leveraging prior infrastructure investments as new product launches gain momentum.

    AI-generated summary of the company’s earnings call. Not investment advice.