NovoCure reported higher third-quarter revenue and raised its 2026 financial outlook, citing growth in patients using its tumor-treating therapies. The company also said Japan approved Optune Pax for locally advanced pancreatic cancer, expanding the product’s reach beyond the United States.
Revenue rose 16% from a year earlier to $193.4 million, while the number of active patients worldwide increased 19%. NovoCure remained loss-making for the quarter but reported positive adjusted EBITDA.
Quarterly performance
- NovoCure generated $193.4 million in third-quarter revenue. The United States contributed $111.9 million, Germany $24.9 million, France $18.7 million, Japan $14.5 million and other active markets $18.8 million. Revenue from its partnership with Zai Lab in Greater China was $4.5 million.
- The company recorded $4.4 million in one-time revenue benefits in the United States and Germany related to higher claims approval rates.
- Revenue from Optune Lua and Optune Pax totaled $11.9 million: $8.2 million from Optune Lua, including $4.1 million in Japan, and $3.7 million from Optune Pax, almost all of it in the United States.
- Gross margin improved to 77% from 73% a year earlier. NovoCure attributed the increase to higher patient volumes, lower cost per active patient, better array utilization and manufacturing efficiencies.
- Research, development and clinical study expenses increased 8% to $58.1 million, largely because of clinical trial costs, particularly for KEYNOTE D58. Sales and marketing expenses fell 9% to $53.3 million, while general and administrative expenses declined 5% to $43.6 million; NovoCure cited lower share-based compensation in both cases and lower marketing expenses for the sales and marketing decline.
- The company reported a net loss of $10.4 million, or 9 cents per share, and adjusted EBITDA of $15.7 million.
- Cash, cash equivalents and short-term investments totaled $463.5 million at September 30.
Outlook and market expansion
- NovoCure raised its 2026 revenue guidance to $736 million–$743 million and its adjusted EBITDA guidance to $24 million–$34 million. The company said the increase followed its third-quarter performance.
- Japan’s health ministry approved Optune Pax for locally advanced pancreatic cancer. The product generated $3.7 million in revenue during the quarter, nearly all from U.S. sales.
The quarter’s revenue growth was led by rising patient numbers, while the higher gross margin reflected lower costs per patient as well as increased volume. The new Japanese approval adds another market for Optune Pax; NovoCure’s updated annual outlook also points to higher expected revenue and adjusted EBITDA than its previous guidance.