NovoCure (NVCR) Q4 2025 earnings summary

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.