NovoCure Ltd. (NVCR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$699.2M

Revenue growth

11.0%

Net income, last twelve months

-$148.6M

Earnings per share

-$1.30

Gross margin

76.1%

Operating margin

-22.1%

Net margin

-21.2%

Free cash flow

-$25.4M

Return on equity

-43.9%

Market value

$1.6B

Cash

$93.7M

Debt

$195.9M

Debt to equity

0.58

Shares outstanding

116.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter 2026 results, filed 29 October 2026.

• Revenue up 16% on active patients. Total net revenues were $193.4 million, up 16% from the third quarter of 2025, with the company attributing the increase primarily to active patient growth.
• Net loss narrowed year over year. Net loss was $10.4 million, or $0.09 per share, against $37.3 million, or $0.33 per share, a year earlier. Operating loss was $6.2 million against $36.0 million.
• Adjusted EBITDA positive this quarter. Adjusted EBITDA was $15.7 million, against a $3.0 million loss a year earlier. Nine-month adjusted EBITDA was $26.2 million.
• U.S. was the largest market. U.S. revenue was $111.9 million, Germany $24.9 million, France $18.7 million and Japan $14.5 million, with other active markets at $18.8 million.
• Zai Lab partnership revenue in China. Greater China revenue from the Zai Lab partnership was $4.5 million, down from $6.0 million in the second quarter.
• One-time claims benefit in two markets. The quarter included $4.4 million of one-time benefits in the U.S. and Germany tied to higher claims approval rates.
• Optune Gio active patients rose 11%. Optune Gio had 4,729 active patients, with 2,324 in the U.S., 656 in Germany, 493 in France, 592 in Japan and 664 in other markets.
• Optune Lua active patients rose 83%. Optune Lua had 255 active patients at quarter end, up from 139 a year earlier.
• Optune Pax active patients reached 276. Optune Pax had 276 active patients at quarter end, of which 266 were in the U.S. and 10 in Germany.
• Optune Lua revenue by market. Recognized Optune Lua revenue was $8.2 million, with Japan contributing $4.1 million, the U.S. $2.3 million and Germany $1.8 million. Optune Lua and Optune Pax together produced $11.9 million.
• Optune Pax revenue mostly from U.S.. Recognized Optune Pax revenue was $3.7 million, substantially all from U.S. sales.
• R&D rose on KEYNOTE D58 trials. Research, development and clinical study expenses were $58.1 million, up 8%, mainly from clinical trial expenses attributable mostly to KEYNOTE D58.
• Sales and marketing fell 9%. Sales and marketing expenses were $53.3 million, down 9%, from lower share-based compensation and lower marketing expenses.
• G&A fell 5% on share-based pay. General and administrative expenses were $43.6 million, down 5%, with the decrease primarily from lower share-based compensation.

Company events

The newest 8-K filings of 154 held.

Every filing

The newest filings with the SEC of 284 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

253 funds held it at 30 Jun 2026: 117 added and 63 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Stryker Corp. (SYK): revenue $25.8B, market value $116.7B
• 3M Co. (MMM): revenue $25.2B, market value $89.3B
• Boston Scientific Corp. (BSX): revenue $21.0B, market value $61.4B
• Becton Dickinson & Co. (BDX): revenue $20.8B, market value $53.2B
• Resmed Inc. (RMD): revenue $5.7B, market value $36.1B
• Dexcom Inc. (DXCM): revenue $5.0B, market value $29.7B
• West Pharmaceutical Services Inc. (WST): revenue $3.3B, market value $28.4B
• Medline Inc. (MDLN): revenue –, market value $27.9B
• Solventum Corp. (SOLV): revenue $8.3B, market value $13.9B
• Baxter International Inc. (BAX): revenue $11.5B, market value $13.2B

What the company does

NovoCure Ltd is a global oncology company built around a platform technology called Tumor Treating Fields ("TTFields"), which are electric fields that exert physical forces to kill cancer cells. The therapy is delivered through a portable medical device sold as Optune Gio, Optune Lua and Optune Pax. The company was incorporated in the Bailiwick of Jersey in 2000, has its daily management and control in Switzerland, and has its ordinary shares quoted on the NASDAQ Global Select Market under the symbol NVCR.

What it sells

Each complete device includes a portable electric field generator, arrays, rechargeable batteries and accessories. Single-use arrays sit on the skin around the tumor and are changed when hair growth or skin moisture reduces adhesion. The most common side effect the company reports is mild to moderate skin irritation.

Optune Gio is approved by the FDA for newly diagnosed glioblastoma ("GBM") together with temozolomide, and as monotherapy for recurrent GBM. It also has a CE certificate in the European Union and approval or local registration in the United Kingdom, Japan, Canada and certain other countries. Optune Lua is approved by the FDA for metastatic non-small cell lung cancer ("NSCLC") and, under the Humanitarian Device Exemption pathway, for malignant pleural mesothelioma. Optune Pax was approved by the FDA in February 2026 for locally advanced pancreatic cancer together with gemcitabine and nab-paclitaxel.

How it earns money

The company bills payers a single monthly fee for each month of therapy. It says the number of active patients and the net revenue recognized per active patient are its principal revenue drivers. Most revenue comes from Optune Gio in the United States, Germany, France and Japan.

The company keeps a monthly list price and typically negotiates discounts with payers. It bears the risk of securing payment in all markets except those where it contracts with hospitals, such as Japan. National reimbursement for Optune Gio exists in Austria, Czechia, France, Germany, Israel, Japan, Spain, Sweden and Switzerland. At year end it had no national reimbursement for Optune Lua or Optune Pax in any active market. The company also receives revenue under a 2018 licence to Zai Lab (Shanghai) Co., Ltd. to commercialize the products in China, Hong Kong, Macau and Taiwan. It runs as one operating segment.

Who prescribes and how patients are supported

The company had 217 sales force colleagues at year end. They focus on medical oncologists, specialty oncologists for the brain, thorax or abdomen, and radiation oncologists. Every prescriber must complete certification training. After a prescription arrives, Device Support Specialists train the patient and caregivers, and the company helps with commercial insurance reimbursement. It also gives the physician and patient a usage report on time spent on therapy.

For 2026 the company estimates about 8,200 United States patients are candidates for Optune Gio, about 30,000 for second-line Optune Lua, and about 15,000 for first-line Optune Pax.

What is in development

In December 2025 the company submitted the final module of a premarket approval application for brain metastases from NSCLC, under the proposed brand name Optune Mya. The FDA has accepted it as filed and it is under substantive review. It rests on the Phase 3 METIS trial of 298 patients.

- TRIDENT, a Phase 3 trial in newly diagnosed GBM that enrolled 981 patients. - KEYNOTE D58, a Phase 3 GBM trial designed for 741 patients and run with MSD. - LUNAR-2, a Phase 3 first-line NSCLC trial designed for 734 patients. - PANOVA-4, a Phase 2 pancreatic trial of 84 patients run with Roche.

Manufacturing and supply

All production of system components is outsourced to qualified partners. Making the disposable arrays is the dominant activity in the supply chain. The company gets some critical materials from single source suppliers. It holds safety stocks and is developing second sources. It says it is in the final steps of adding production capacity in Mexico and Ireland. It has registered three of its facilities with the FDA.

Patents, rivals and rules

The company holds hundreds of issued patents, and its United States patents have expected expiration dates between 2025 and 2041. Several early patents began expiring in 2021. It says it is aware of a few third parties in the United States and China developing TTFields devices. Optune Gio, Optune Lua and Optune Pax are Class III devices under FDA rules. Outside the United States the company answers to bodies such as EU notified bodies, Japan's Pharmaceuticals and Medical Device Agency and the UK's Medicines and Healthcare products Regulatory Agency.

*From NovoCure's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1645113/000164511326000017/nvcr-20251231.htm)*

From the company's 10-K.