NovoCure (NVCR) 44th Annual J.P. Morgan Healthcare Conference summary

Company overview and strategic direction

• Tumor Treating Fields (TTFields) therapy is a wearable device for cancer, standard of care in glioblastoma, with expanding indications in pancreatic cancer and brain metastases.

• 2025 saw 8% revenue growth to $655 million, driven by global GBM market expansion and new market entries like Spain.

• CEO emphasizes a focus on high unmet-need tumors, prudent R&D investment, and a clear path to profitability with Adjusted EBITDA break-even as a milestone.

• Selective investment continues in non-small cell lung cancer markets, with a focus on Japan due to favorable treatment paradigms.

• Product development aims to reduce patient burden with improved skin-contact materials, lighter devices, and garment-like wearables.

Clinical results and pipeline updates

• TTFields showed a five-month median overall survival improvement in GBM and significant survival benefits in non-small cell lung cancer and pancreatic cancer.

• PANOVA-3 and METIS pivotal studies in pancreatic cancer and brain metastases demonstrated statistically significant survival and pain-free survival benefits.

• Regulatory filings for PANOVA-3 and METIS data have been completed with the FDA, with U.S. launches anticipated in 2026.

• PANOVA-4 (metastatic pancreatic cancer) and TRIDENT (newly diagnosed GBM) top-line results expected in Q1 and Q2 2026, respectively.

• KEYNOTE-D58 and LUNAR-2 phase 3 trials are ongoing, focusing on GBM and first-line metastatic non-small cell lung cancer.

Commercial performance and market expansion

• 2025 saw a 9% increase in global active GBM patient volume, with notable growth in Japan (29%), France (19%), and Germany (10%).

• U.S. GBM business grew 4% year-over-year, with penetration rates in key markets at 35%-40% of eligible patients.

• National reimbursement achieved in Spain for GBM; further selective geographic expansion planned.

• Non-small cell lung cancer launch in U.S. and Germany has been challenging, leading to adjusted sales and marketing spend.

• Pancreatic cancer and brain metastases launches in the U.S. are expected in Q2 and Q4 2026, each with addressable markets of 15,000–16,000 patients.