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NovoCure
NovoCure (NVCR) investor relations material
NovoCure Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved record net revenue of $655.4 million in 2025, up 8% year-over-year, driven by strong international growth, new product launches, and record patient numbers for TTFields therapy.
Received FDA approval and launched Optune Pax for locally advanced pancreatic cancer, expanding the product portfolio.
Presented final data from two large randomized trials and submitted PMA applications for TTFields therapy in pancreatic cancer and brain metastases.
Leadership changes included Dr. Uri Weinberg assuming Chief Innovation Officer and Chief Medical Officer roles, and Frank Leonard appointed CEO.
Strategic focus on driving adoption in approved indications, scaling through new launches, and balancing growth with profitability.
Financial highlights
Q4 2025 net revenues were $174.4 million, up 8% year-over-year; full-year net revenues reached $655.4 million.
Gross margin was 76% in Q4 and 74.5% for the year, down from prior year due to higher costs and product rollout.
Q4 net loss was $24.5 million ($0.22 per share); full-year net loss was $136.2 million.
Adjusted EBITDA was negative $16.4 million in Q4 and negative $34.3 million for the year.
Cash and short-term investments at year-end totaled $447.7 million.
Outlook and guidance
2026 net revenue guidance is $675–$705 million, representing 3%–8% year-over-year growth at constant exchange rates.
Adjusted EBITDA guidance for 2026 is -$20 million to break even, reflecting a focus on expense management and profitability.
Guidance assumes low to mid-single digit growth in established GBM markets and $15–$25 million in revenue from non-GBM products.
Gross margin expected to remain in the mid-70% range for 2026.
Key clinical milestones and new product launches anticipated in 2026.
Optune Pax 2026 net financial impact?
What factors will drive 2026 gross margin within mid-70s range?
Rationale for discontinuing prescription reporting?
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Next NovoCure earnings date
Q1 202623 Apr, 2026
NovoCure
Next NovoCure earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of Optune for the treatment of a variety of solid tumors. It provides Tumor Treating Fields (TTFields), which are characterized by low-intensity, high-frequency oscillating electric fields that disrupt cell division. The company offers TTFields delivery systems to deliver low intensity alternating electric fields in combination with standard of care chemotherapy.
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