Novocure (NVCR) raised its full-year 2026 revenue and adjusted EBITDA guidance after third-quarter revenue increased 15.7% and its net loss narrowed sharply. The company also reported early commercial uptake for Optune Pax, its newly launched treatment for locally advanced pancreatic cancer.
For 2026, Novocure now expects net revenue of $736 million to $743 million, compared with its previous range of $710 million to $725 million. The company projects adjusted EBITDA, a non-GAAP measure, of $24 million to $34 million, up from its prior forecast of $0 to $15 million.
The outlook assumes mid- to high-single-digit growth in Optune Gio revenue from 2025 and a combined contribution of $30 million to $34 million from Optune Lua and Optune Pax. Novocure also expects to maintain a quarterly gross margin in the mid- to high-70% range. Its foreign-exchange assumptions are based on rates as of Sept. 30.
Revenue growth and lower quarterly loss
Third-quarter net revenue rose to $193.4 million from $167.2 million a year earlier. Gross profit increased to $148.9 million from $122.5 million, while cost of revenue was broadly unchanged at $44.5 million. That put the quarterly gross margin at approximately 77%, compared with about 73% in the prior-year period.
Operating expenses totaled $155 million, down from $158.5 million. Research, development and clinical spending increased to $58.1 million from $54 million, but sales and marketing expense declined to $53.3 million from $58.5 million, and general and administrative expense fell to $43.6 million from $45.9 million.
The operating loss narrowed to $6.2 million from $36 million. Novocure recorded a net loss of $10.4 million, or $0.1 million after rounding per $1 million of revenue, compared with a $37.3 million loss a year earlier. Adjusted EBITDA was positive at $15.7 million, versus a $3 million loss in the third quarter of 2025. The non-GAAP measure excludes interest, taxes, depreciation, amortization and share-based compensation.
For the first nine months of 2026, revenue reached $551 million, up from $481 million. The year-to-date operating loss narrowed to $84.2 million from $113.4 million, while the net loss improved to $97.2 million from $111.7 million. Adjusted EBITDA was $26.2 million, compared with negative $18 million in the same period last year.
Cash, cash equivalents and short-term investments stood at $463.5 million as of Sept. 30, down from $1.03 billion a year earlier. The presentation did not provide a reason for the decrease.
Optune Pax expands beyond the U.S.
Optune Pax, used with gemcitabine and nab-paclitaxel for adults with locally advanced pancreatic cancer, received 276 prescriptions during the third quarter. Novocure reported 238 active Optune Pax patients as of Sept. 30.
The product was approved by the U.S. Food and Drug Administration in February and received a CE mark in Europe in June. Japan’s Ministry of Health, Labour and Welfare approved it in October.
Novocure plans two pancreatic cancer studies for the first half of 2027. PANOVA-5 will explore Tumor Treating Fields therapy with gemcitabine, nab-paclitaxel and Verastem Oncology’s KRAS G12D inhibitor VS-7375 in locally advanced disease. PANOVA-6 will examine the therapy with daraxonrasib in metastatic pancreatic cancer.
The company also anticipates a fourth-quarter U.S. launch of Optune Mya for brain metastases from non-small cell lung cancer, subject to FDA approval. It expects to complete enrollment in the Phase 3 KEYNOTE D58 glioblastoma trial during the quarter.
Regulatory and commercialization risks remain
Novocure cautioned that approval of its Tumor Treating Fields therapy in additional indications is uncertain. The company also said it cannot assure market acceptance or successful commercialization of Optune Gio, Optune Lua or Optune Pax.
The devices carry contraindications and safety limitations. Optune Gio should not be used in patients with certain active implanted devices, skull defects or bullet fragments, while Optune Lua and Optune Pax are contraindicated for patients with electrical implants. The products also should not be used in patients known to be sensitive to conductive hydrogels. Reported risks include device-site and other skin reactions, and the safety and effectiveness of the products have not been established during pregnancy.
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