Novocure Reports Third Quarter 2025 Financial Results
Novocure, a global oncology company focused on extending survival in aggressive forms of cancer through its innovative Tumor Treating Fields (TTFields) therapy, has released its financial results for the third quarter ending September 30, 2025. The company reported steady growth in revenue and active patient numbers, alongside significant progress in its clinical and product development pipelines.
Financial Highlights
For the third quarter of 2025, Novocure reported total net revenues of $167.2 million, marking an 8% increase compared to the same period in 2024. This growth was primarily driven by an increase in active patient numbers and favorable exchange rate benefits amounting to $3.3 million. However, the company experienced a decline in gross margin to 73%, down from 77% in the previous year, due to the rollout of new products and increased costs associated with treating non-small cell lung cancer (NSCLC) patients prior to broad reimbursement.
Net loss for the quarter was $37.3 million, translating to a loss per share of $0.33. Adjusted EBITDA stood at $(3.0) million. As of September 30, 2025, Novocure held cash, cash equivalents, and short-term investments totaling $1,033.5 million.
Business and Operational Highlights
Novocure reported 4,416 active patients on TTFields therapy globally as of September 30, 2025. The company received 1,675 prescriptions for Optune Gio for the treatment of glioblastoma, a 7% increase from the same period in 2024. Additionally, there were 130 total prescriptions for Optune Lua, with 109 for NSCLC and 21 for malignant pleural mesothelioma (MPM).
Geographically, the U.S., Germany, France, and Japan were significant contributors to revenue, with the U.S. market alone generating $96.6 million. Revenue from Novocure’s partnership with Zai Lab in Greater China totaled $5.6 million.
Strategic Initiatives and Corporate Developments
In August 2025, Novocure’s premarket approval (PMA) application for the use of TTFields therapy in treating locally advanced pancreatic cancer was accepted for filing by the U.S. Food and Drug Administration (FDA). This submission is supported by data from the Phase 3 PANOVA-3 trial. Additionally, the company announced the coverage of Optune Gio through the Spanish National Health System for newly diagnosed glioblastoma patients.
In September 2025, the Japanese Ministry of Health, Labour and Welfare approved the use of Optune Lua concurrently with PD-1/PD-L1 inhibitors for adult patients with unresectable advanced/recurrent NSCLC who progressed on or after platinum-based chemotherapy.
Management's Perspective
Ashley Cordova, CEO of Novocure, commented, “Q3 was a solid quarter with steady commercial execution in glioblastoma, geographic expansion, and material progress for our clinical and product development pipelines. With four indications expected in market by year-end 2026, we are well on our way to becoming a platform therapy company — and we remain sharply focused on reaching profitability and expanding patient impact.”
Future Outlook
Looking ahead, Novocure plans to submit a PMA application to the FDA for the treatment of brain metastases from NSCLC based on results from the Phase 3 METIS clinical trial in Q4 2025. The company also anticipates topline data readouts from the Phase 2 PANOVA-4 clinical trial in metastatic pancreatic cancer in Q1 2026 and the Phase 3 TRIDENT clinical trial in newly diagnosed glioblastoma in Q2 2026.
Original SEC Filing: NovoCure Ltd [ NVCR ] - 8-K - Oct. 30, 2025