NovoCure (NVCR) investor relations material

Executive summary

• Net revenues for Q1 2026 increased 12% year-over-year to $174.1 million, driven by global growth, strong commercial execution, and new product launches, including the U.S. launch of Optune Pax for pancreatic cancer.

• Active patient base grew 12% to 4,791 globally, with notable increases in Germany, France, Japan, and new markets like Spain.

• FDA approval and U.S. launch of Optune Pax for locally advanced pancreatic cancer, with over 800 prescribers certified and 160+ prescriptions received.

• Key regulatory and reimbursement milestones achieved in the U.S., Japan, Czechia, and Canada, supporting international expansion.

• Strategic roadmap includes launching new indications, expanding the global footprint, and advancing clinical and product development.

Financial highlights

• Q1 2026 net revenue was $174.1 million, up 12% year-over-year, with gross profit of $135.1 million and gross margin improving to 78% from 75% in Q1 2025.

• Net loss for the quarter was $71.1 million (GAAP), or $28 million excluding a one-time $43 million share-based compensation expense triggered by FDA approval of Optune Pax.

• Adjusted EBITDA was $(0.3) million, a significant improvement from $(5.0) million in Q1 2025.

• Cash, cash equivalents, and short-term investments totaled $432.0 million as of March 31, 2026.

• General and administrative expenses rose 92% year-over-year, mainly due to the share-based compensation expense.

Outlook and guidance

• Full-year 2026 net revenue guidance raised to $690–$710 million, representing 5%–8% growth.

• Adjusted EBITDA guidance improved to $(15) million to $0 million for the full year.

• Guidance assumes mid-single digit growth for Optune Gio and $15–$25 million combined revenue from Optune Lua and Optune Pax.

• Gross margin expected to remain in the mid-70% range as more Optune Pax patients start therapy before broad reimbursement.

• Anticipated milestones include Phase 3 TRIDENT topline data (Q2 2026) and FDA decision on TTFields for brain metastases from NSCLC (Q4 2026).