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NovoCure
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Latest analysis
Updated Jul 23, 2026
NovoCure posts record Q2 2026 revenue of $184M (+16% YoY), raises full-year guidance to $710M-$725M, and turns adjusted EBITDA positive for first time since 2024.
NovoCure's Q2 2026 results represent a clear commercial inflection: record net revenue of $184 million, driven by 11% YoY Optune Gio active patient growth, early Optune Pax prescription ramp, and Optune Lua's Japan launch. Management raised full-year revenue guidance to $710M-$725M (8%-11% growth) and adjusted EBITDA guidance to $0M-$15M, targeting full-year breakeven — a structural milestone. The concurrent LUNAR-2 trial redesign, expected to cut approximately $90 million in R&D spend, directly funds expanded pancreatic cancer programs and accelerates the path to profitability.
Tone: bullishRevenue
$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
“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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