Novocure Ltd

Q2 2026 net revenue was $184 million, up 16% year over year. Gross margin was 78% versus 74% in Q2 2025, helped by a $5 million tariff refund and lower array costs from utilization and manufacturing efficiencies. Net loss was $16 million versus $40 million in Q2 2025, and loss per share was $0.13. Adjusted EBITDA was $11 million versus negative $10 million in Q2 2025. Active patients on Optune Gio were 4,636, up 11% year over year; Optune Pax had 418 prescriptions and 285 patients on therapy; Optune Lua had 207 patients on therapy, including 64 in Japan. Full-year revenue guidance was raised to $710 million to $725 million, implying 8% to 11% growth, and combined Lua plus Pax revenue guidance was raised to $20 million to $30 million. Full-year adjusted EBITDA guidance was raised to $0 million to $15 million, and management said quarterly gross margins should remain in the mid-70s through year-end 2026.

Bill Doyle framed the quarter as NovoCure’s strongest commercial quarter to date, highlighting record net revenue, record active patients, and meaningful progress toward profitability. He emphasized that all three approved products contributed, with Gio continuing to grow, Pax gaining early traction in the U.S. and Germany, and Lua beginning to build in Japan. His tone was upbeat but measured, stressing that the company is focused on regulatory, reimbursement, and launch milestones to expand TTFields therapy to more patients and more regions.

Christoph Brackmann highlighted the hard numbers behind the quarter: $184 million of revenue, 78% gross margin, $51 million of R&D, $62 million of sales and marketing, $40 million of G&A, a $16 million net loss, and $11 million of adjusted EBITDA. He pointed to one-time items that helped revenue and margin, including a $5 million tariff refund and benefits from claims and deductible resets, and said quarterly gross margins should stay in the mid-70s through year-end as more Pax patients come on therapy before broad reimbursement is established. He also said LUNAR-2 redesign should cut total spend by about $90 million, keep R&D at or below current levels, and support the company’s goal of full-year adjusted EBITDA breakeven in 2026. Cash and investments were $441 million at June 30, 2026.

Analysts focused heavily on Optune Pax, asking about the sources of prescription growth, repeat prescribing, conversion from prescription to active patient, and whether the launch can sustain its pace. Management said about half of prescribers have only written one script so far and the other half have repeated, with strong interest from both academic and community practices, but it said it is too early to model a stable fill-rate or conversion pattern. Questions also centered on the planned TTFields plus RAS inhibitor program; management said the proposed IDE trial is aimed at safety and feasibility in metastatic disease after daraxonrasib approval, not a registrational study, while broader earlier-stage partnership work is also ongoing. On Japan and Germany, management said Japan has national reimbursement but site-by-site contracting remains a gating factor, and Germany will launch via case-by-case reimbursement with a slower expected ramp than the U.S.