| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 174.06 | 12.3% |
| Total Income | 174.06 | 12.3% |
| Expenditure | 241.48 | 25.2% |
| PBT | -69.26 | 128.6% |
| Net Profit | -71.14 | 107.3% |
| OPM | -38.73% | 14.30pp |
| NPM | -40.87% | 18.73pp |
| EPS | -0.62 | 100.0% |
Novocure Reports Q1 2026 Net Revenues of $174.1 Million, Up 12% YoY
30 Apr 2026 · 30 Apr, 4:38 pm
Summary
Novocure reported a strong start to 2026 with first-quarter net revenues climbing 12% year-over-year to $174.1 million, fueled by global growth in Optune Gio. The company achieved a gross margin of 78%, an increase from 75% in the prior year, driven by cost efficiencies. Despite a net loss of $71.1 million, largely impacted by a significant non-cash share-based compensation expense, Adjusted EBITDA improved substantially to $(0.3) million. Key operational milestones included the U.S. FDA approval and launch of Optune Pax for pancreatic cancer and an increase in total active patients to 4,791 globally. Management expressed satisfaction with the progress and raised full-year 2026 financial guidance, anticipating continued momentum and exciting catalysts.
Key Highlights
- 1
Novocure reported total net revenues of $174.1 million for the first quarter of 2026, marking a 12% increase compared to the same period in 2025, primarily driven by active patient growth in European markets.
- 2
The company's gross margin improved to 78% for the quarter, up from 75% in the prior year, attributed to lower array costs from improved utilization and supplier prices.
- 3
Net loss for the quarter was $71.1 million, resulting in a loss per share of $0.62, significantly higher than the $34.3 million net loss in Q1 2025, largely due to a $43 million share-based compensation expense.
- 4
Adjusted EBITDA for the quarter was $(0.3) million, a substantial improvement from $(4.9) million in the first quarter of 2025.
- 5
The U.S. FDA approved Optune Pax for the treatment of locally advanced pancreatic cancer in February 2026, with more than 800 prescribers certified and 169 prescriptions received in the quarter.
- 6
Total active patients on TTFields therapy globally reached 4,791 as of March 31, 2026, with Optune Gio active patients increasing by 9% year-over-year to 4,543.
- 7
Novocure updated its full-year 2026 net revenue guidance to $690 million - $710 million and adjusted EBITDA guidance to $(15) million - $0 million, reflecting an optimistic outlook.
Management Comments
Frank Leonard
This was a very strong start to the year for Novocure and we are pleased with the progress made across our commercial and clinical programs. We reached several key milestones in the first quarter and are eager to maintain this momentum as we approach numerous exciting catalysts later this year. Our focus remains on bringing Tumor Treating Fields therapy to patients diagnosed with some of the most aggressive forms of cancer, further exploring the use of our therapy to benefit patients in need, and achieving sustainable growth and profitability.
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