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    Novocure Ltd (NVCR)

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    Business Description

    Novocure Limited (NVCR) is a global oncology company specializing in the development and commercialization of Tumor Treating Fields (TTFields), a proprietary platform technology that uses electric fields to disrupt cancer cell division. The company primarily sells TTFields therapy devices, including Optune Gio® and Optune Lua®, which are used for treating aggressive forms of cancer. Novocure operates globally, focusing on improving survival rates and quality of life for cancer patients through innovative therapies.

    1. Tumor Treating Fields (TTFields) Segment - Develops, manufactures, and commercializes TTFields therapy for solid tumor cancers, providing monthly treatments that include device usage, disposable arrays, and technical support.
      • Optune Gio® - Approved for treating glioblastoma (GBM) in newly diagnosed and recurrent cases, marketed globally with regulatory approvals in the U.S., EU, Japan, and other regions.
      • Optune Lua® - Approved for treating metastatic non-small cell lung cancer (NSCLC) and malignant pleural mesothelioma (MPM), with regulatory certifications in the U.S. and EU.

    Key Metrics

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    Revenue by Segment - in Millions of USDQ3 2015FY 2015Q1 2016Q2 2016Q3 2016FY 2016Q1 2017Q2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Optune Gio--------
    Optune Lua-------1.5
    - MPM-------0.8
    - NSCLC-------0.7
    Total Revenue133.7509.3138.503150.4155.1161.2605.2155.0
    Revenue by Geography - in Millions of USDQ3 2015FY 2015Q1 2016Q2 2016Q3 2016FY 2016Q1 2017Q2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    United States91.31349.7490.5495.7198.345107.21391.80193.15
    Germany14.6760.2115.7515.1016.99017.4265.26318.72
    France-11.70-14.2715.243-55.73017.86
    Japan7.5531.677.827.668.5818.5132.5698.71
    Other International15.8544.4919.4611.7711.311-0.0742.47111.94
    Greater China4.3923.224.945.854.6251.9717.3864.62
    International Total19.24136.3743.0248.8052.12552.09196.03357.22
    Total Revenue133.79509.34138.50150.36155.095161.26605.220154.99
    KPIs - Metric (Unit, Scale)Q3 2015FY 2015Q1 2016Q2 2016Q3 2016FY 2016Q1 2017Q2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Active patients at period end in US (CNS) (patients)-2145213721752200-21612157
    Active patients at period end in US (Lung) (patients)-1715---3174
    Active patients at period end in US (Total) (patients)-2162213721752200-21922231
    Active patients at period end in Germany (CNS) (patients)-525540538570-564573
    Active patients at period end in Germany (Lung) (patients)-59---1121
    Active patients at period end in Germany (Total) (patients)-525540538570-575594
    Active patients at period end in France (CNS) (patients)-262-369393-426463
    Active patients at period end in France (Lung) (patients)--------
    Active patients at period end in France (Total) (patients)-262-369393-426463
    Active patients at period end in Japan (CNS) (patients)-375379403437-420445
    Active patients at period end in Japan (Lung) (patients)-0000-00
    Active patients at period end in Japan (Total) (patients)-375379403437-420445
    Active patients at period end in Other international (CNS) (patients)-431469478513-506524
    Active patients at period end in Other international (Lung) (patients)--2478513-711
    Active patients at period end in Other international (Total) (patients)-431471478513-513535
    Active patients at period end in International markets (CNS) (patients)-1,5931,7081,7881,913-1,9162,005
    Active patients at period end in International markets (Lung) (patients)-511---1832
    Active patients at period end in International markets (Total) (patients)-1,5931,7081,7881,913-1,9342,037
    Active patients at period end Worldwide (CNS) (patients)-3,7553,8453,9634,113-4,0774,162
    Active patients at period end Worldwide (Lung) (patients)-2226---49106
    Active patients at period end Worldwide (Total) (patients)-3,7553,8453,9634,113-4,1264,268
    Prescriptions received in period in US (CNS) (prescriptions)-3,912990957934-3,757908
    Prescriptions received in period in US (Lung) (prescriptions)-495957934-8094
    Prescriptions received in period in US (Total) (prescriptions)-3,912990957934-3,8371,002
    Prescriptions received in period in Germany (CNS) (prescriptions)-792206206217-789198
    Prescriptions received in period in Germany (Lung) (prescriptions)-2911206217-5728
    Prescriptions received in period in Germany (Total) (prescriptions)-792206206217-846226
    Prescriptions received in period in France (CNS) (prescriptions)-450186176171-727207
    Prescriptions received in period in France (Lung) (prescriptions)-0000-00
    Prescriptions received in period in France (Total) (prescriptions)-450186176171-727207
    Prescriptions received in period in Japan (CNS) (prescriptions)-3549110899-407118
    Prescriptions received in period in Japan (Lung) (prescriptions)--------
    Prescriptions received in period in Japan (Total) (prescriptions)-3549110899-407118
    Prescriptions received in period in Other international (CNS) (prescriptions)-1,025356187165-640177
    Prescriptions received in period in Other international (Lung) (prescriptions)--3187165-155
    Prescriptions received in period in Other international (Total) (prescriptions)-1,025356187165-655182
    Prescriptions received in period in International markets (CNS) (prescriptions)-2,171653677652-2,563700
    Prescriptions received in period in International markets (Lung) (prescriptions)-2914677652-7233
    Prescriptions received in period in International markets (Total) (prescriptions)-2,171653677652-2,635733
    Prescriptions received in period Worldwide (CNS) (prescriptions)-3,912990957934-6,3201,608
    Prescriptions received in period Worldwide (Lung) (prescriptions)-7819677652-152127
    Prescriptions received in period Worldwide (Total) (prescriptions)-6,0831,6431,6341,586-6,4721,735
    Active MPM patients on therapy (Worldwide) (patients)------2944
    Active NSCLC patients on therapy (Worldwide) (patients)------2062
    Cost of revenues per active patient per month (USD per active patient per month)-2,7142,7152,6922,713-2,6832,794

    Leadership

    NamePositionExternal RolesShort Bio

    Asaf Danziger

    ExecutiveBoard

    Chief Executive Officer

    Asaf Danziger has been the Chief Executive Officer of NovoCure Limited since 2002 and a Director since 2012. Prior to joining NovoCure, he served as CEO of Cybro Medical from 1998 to 2002.

    William Doyle

    ExecutiveBoard

    Executive Chairman

    Director at ProKidney Corp. since 2022; Director at Elanco Animal Health, Inc. since 2020

    William Doyle serves as the Executive Chairman of NVCR since 2016 and has been a board member since 2004, also acting as Chairman of the Board since 2009. He brings extensive experience from significant roles in healthcare and investment, including his previous leadership at WFD Ventures LLC and positions at Johnson & Johnson.

    Ashley Cordova

    Executive

    Chief Executive Officer

    Board of Directors of Therabody, Inc.

    Ashley Cordova has been the CEO of NVCR since January 1, 2025. She previously served as CFO from September 2020 to December 31, 2024 and held multiple key financial roles at NVCR starting in June 2014.

    Barak Ben-Arye

    Executive

    General Counsel

    Barak Ben-Arye serves as the General Counsel at NVCR since April 2022 and previously served as Vice President, EMEA Counsel from June 2019 and Senior Director, EMEA Counsel since 2018.

    Christoph Brackmann

    Executive

    Chief Financial Officer (CFO)

    Christoph Brackmann has been serving as the Chief Financial Officer (CFO) at NVCR since January 1, 2025, after previously joining the company as a Senior Finance Advisor on October 28, 2024.

    Francis Leonard

    Executive

    Executive Vice President, President Novocure Oncology

    Francis Leonard has held multiple leadership roles at NVCR, serving as Chief Development Officer (starting September 1, 2020) and President, CNS Cancers US (starting September 19, 2022) before becoming Executive Vice President, President Novocure Oncology on January 4, 2024. He has been instrumental in driving the company's strategic direction and operational growth.

    Michael Puri

    Executive

    Chief Human Resources Officer

    Michael Puri is the Chief Human Resources Officer at NVCR since September 2023. He has held senior HR leadership roles at CSL Limited, GrandVision, Staples, Inc., and UCB S.A., showcasing extensive expertise in human resources.

    Mukund Paravasthu

    Executive

    Chief Operating Officer

    Mukund Paravasthu is the COO of NVCR since October 2024. He previously served as Senior Vice President of Product Development from April 2022 and as Vice President of Product Development from May 2020.

    Nicolas Leupin

    Executive

    Chief Medical Officer

    Nicolas Leupin has been serving as Chief Medical Officer at NVCR since January 2024, overseeing medical affairs, medical safety, and clinical development operations. He previously held executive roles as Chief Medical Officer at Molecular Partners AG from August 2019 to December 2023 and at argenx from 2016 to 2019.

    Uri Weinberg

    Executive

    Chief Innovation Officer

    Uri Weinberg, M.D., Ph.D., has been with Novocure since 2008 and currently serves as the Chief Innovation Officer since January 2023, having previously served as Chief Science Officer from 2020 to 2023.

    Allyson Ocean

    Board

    Member of the Board of Directors

    Professor of Clinical Medicine at Weill Medical College of Cornell University ; Medical Oncologist and Attending Physician at NewYork-Presbyterian Hospital/Weill Cornell Medical Center ; Medical Oncologist at The Jay Monahan Center for Gastrointestinal Health ; Co-founder and Scientific Advisory Board Chair of Let’s Win Pancreatic Cancer

    Allyson Ocean has served as a member of the Board of Directors at NVCR since February 2023 and is an active participant on the Nominating and Corporate Governance Committee. She has a distinguished background in clinical oncology, holding positions as a professor, medical oncologist, and Scientific Advisory Board Chair in other leading institutions.

    David Hung

    Board

    Director

    Founder, President, Chief Executive Officer, and Director at Nuvation Bio Inc.

    David Hung has served as a Director at NVCR since 2018, contributing through his role on the Nominating and Corporate Governance Committee. He is also recognized for his leadership in the biopharmaceutical and medical device industries.

    Jeryl Hilleman

    Board

    Director

    Director at SI-Bone, Inc.; Director at HilleVax; Director at Cutera, Inc.

    Jeryl Hilleman is an independent director on NovoCure's board since 2018. She has an extensive background in finance, having served as CFO at multiple companies prior to her board roles.

    Kinyip Gabriel Leung

    Board

    Director

    Pernix Therapeutics Holdings, Inc. (2016–2019); Albany Molecular Research Inc. (2010–2016); Delcath Systems, Inc. (2011–2014)

    Kinyip Gabriel Leung served as Vice Chairman and employee from 2011 to 2016 at NVCR and is currently a Director on the Board, serving on the Nominating and Corporate Governance Committee. He is recognized for his extensive global commercial operations experience and deep pharmaceutical industry knowledge.

    Kristin Stafford

    Board

    Board of Directors Member

    Senior Vice President, Chief Accounting Officer at Royalty Pharma plc

    Kristin Stafford was elected to the NVCR Board in March 2023, where she serves on the Compensation Committee. She brings extensive financial expertise and is currently the Senior Vice President, Chief Accounting Officer at Royalty Pharma plc since December 2018.

    Martin Madden

    Board

    Director

    Director at Microbot Medical Inc.

    Martin Madden has been serving as an independent director at NVCR since 2017, where he also contributes as a member of the Audit and Compensation Committees. With over three decades in medical device innovation, he brings extensive industry experience to his role.

    Timothy Scannell

    Board

    Independent Director

    Timothy Scannell was elected to the Board of Directors of NVCR in February 2021 as an independent director. He brings over 30 years of leadership experience, including serving as President and COO at Stryker Corporation.

    William Vernon

    Board

    Lead Independent Director

    Director at Nuvation Bio Inc.; Director at McCormick & Company

    William Vernon serves as the Lead Independent Director at NVCR since May 2016 and has been a Board member since 2006. He brings extensive industry experience from his previous executive roles at companies such as Kraft Foods and Johnson & Johnson.

    Questions to Ask Management

    1. Based on the sequential decline in Chinese revenue, can you explain in more detail how the timing of royalty amortization and customer purchases is expected to impact growth in this key market going forward?
    2. Given the initial 52 prescriptions and a current count of 20 active lung cancer patients, what specific milestones or targets does management expect to achieve in 2025 to validate the lung launch strategy?
    3. With the rollout of the new HFE arrays expected to compress gross margins to the lower 70s, what steps is management taking to mitigate these higher costs and what impact should investors anticipate on overall profitability?
    4. As the one-off revenue boost from improved U.S. approval rates appears unsustainable, how does management plan to maintain revenue growth in 2025 in the absence of further similar one-time events?
    5. In light of ongoing payer negotiations and the anticipated lag in Medicare coverage, what contingency strategies does management have if commercial and Medicare coverage milestones are delayed beyond current expectations?

    Customer Concentration

    CustomerRelationshipSegmentDetails

    Zai Lab (Shanghai) Co., Ltd. (Zai)

    Exclusive license to commercialize TTFields therapy in Greater China

    Greater China

    In 2024, product sales were $9.7 million (~1.6% of $605.2 million total revenue) , down from $12.0 million in 2023.

    Recent Mergers & Acquisitions

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Novocure Inc.

    2022

    Novocure Inc. purchased an office building at 64 Vaughan Mall, Portsmouth, New Hampshire for $9,500,000 (with an initial deposit of $475,000 and the remaining $9,025,000 due at closing on December 30, 2021) to create its flagship facility and training center; the deal included acquiring all buildings, land use permits, and site improvements, with construction scheduled to complete in 2023.

    Latest news

    Recent press releases and 8-K filings for NVCR.

    Novocure Expands Pipeline and Revenue Prospects at Jefferies Global Healthcare Conference 2025
    •NVCR
    Product Launch
    New Projects/Investments
    Revenue Acceleration/Inflection
    • Overview of Technology: Novocure detailed its tumor treating fields platform, emphasizing its role in extending survival for aggressive cancers and its established success in glioblastoma (GBM) with a strong patient base.
    • Pipeline Expansion: The company highlighted positive phase III data in new indications including non‐small cell lung cancer, brain metastases, and notably pancreatic cancer, where a 2‐month overall survival extension and improved pain‐free survival were demonstrated.
    • Solid Commercial Foundation: With over 4,200 active GBM patients and more than $600M in revenue, Novocure underscored how its strong commercial infrastructure supports ongoing and future market launches.
    • Near-Term Catalysts: Emphasis was placed on upcoming product launches such as OptuneLua in lung cancer, along with continued investment in trials across its platform to drive revenue acceleration and achieve profitability.
    Jun 4, 2025, 4:50 PM
    Transcript
    NovoCure Reports Positive Phase 3 PANOVA-3 Trial Results
    •NVCR
    New Projects/Investments
    • Phase 3 trial results show that adding TTFields to gemcitabine/nab-paclitaxel provides a 2.0-month overall survival improvement (16.2 vs. 14.2 months) in unresectable, locally advanced pancreatic cancer (p=0.039).
    • The study also demonstrated statistically significant improvements in secondary endpoints, including enhanced one-year survival and extended pain-free survival, supporting improved quality of life.
    • Results are set to be presented at the 2025 ASCO Annual Meeting and published in the Journal of Clinical Oncology.
    Jun 2, 2025, 12:00 AM
    8-K
    Novocure Q1 2025 Earnings & Strategic Milestones Update
    •NVCR
    Earnings
    Product Launch
    Revenue Acceleration/Inflection
    Strategic Milestones
    • Q1 2025 net revenue reached $155 million, up 12% YoY
    • Achieved record operational performance with 4,268 active patients on therapy globally as of March 31, 2025, marking an 11% increase vs Q1 2024
    • Launched Optune Lua for metastatic NSCLC with 92 prescriptions and 62 active patients, bolstered by European CE Mark approval
    • Advanced pipeline progress with the PANOVA-3 Phase III trial in pancreatic cancer set for late-breaking presentation at the 2025 ASCO Annual Meeting
    • Reported a net loss of $34 million and an adjusted EBITDA of negative $5 million; cash balance stood at $929 million
    Apr 24, 2025, 12:01 PM
    TranscriptPresentation8-K
    NovoCure Achieves CE Mark Approval for Optune Lua
    •NVCR
    Product Launch
    New Projects/Investments
    • Optune Lua has received CE Mark approval for treating metastatic non-small cell lung cancer in adults, to be used with immune checkpoint inhibitors or docetaxel after platinum-based treatment failure.
    • The approval is supported by Phase 3 LUNAR trial data showing a 3.3-month extension in median overall survival compared to standard therapies.
    • NovoCure is initiating local registration in Germany and planning a post-market study, following its recent FDA approval in October 2024.
    Apr 22, 2025, 12:00 AM
    8-K
    [Novocure Reports Q4 2024 Financial, Regulatory & Clinical Milestones]
    •NVCR
    Earnings
    Product Launch
    Revenue Acceleration/Inflection
    • Revenue Performance: Q4 net revenues reached $161 million (up 21% YoY ) and full-year net revenues amounted to $605 million .
    • Regulatory & Clinical Milestones: Achieved FDA approval for Optune Lua for non-small cell lung cancer, with positive Phase III results in the PANOVA-3 and METIS trials , setting the stage for a multi-indication platform.
    • NSCLC Therapy Launch: Delivered key milestones with 52 new prescriptions and 20 active patients .
    • Patient Growth: Reported a record 4,126 active patients (+10% YoY) .
    • Operational Update: Achieved a Q4 gross margin of 79%, with an expected temporary dip in 2025 due to rollout expenses for new HFE arrays and the lung cancer launch .
    Feb 27, 2025, 12:00 AM
    TranscriptPresentation8-K