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.
- 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.
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| Name | Position | External Roles | Short 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. |
- 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?
- 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?
- 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?
- 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?
- 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?
Research analysts who have asked questions during NovoCure earnings calls.
Emily Bodnar
H.C. Wainwright & Co.
4 questions for NVCR
Jason Bednar
Piper Sandler Companies
4 questions for NVCR
Jonathan Chang
Leerink Partners
4 questions for NVCR
Jessica Fye
JPMorgan Chase & Co.
3 questions for NVCR
Vijay Kumar
Evercore ISI
3 questions for NVCR
Lei Huang
Wells Fargo
2 questions for NVCR
Kevin DeGeeter
Ladenburg Thalmann & Co. Inc.
1 question for NVCR
Kevin Joaquin
Evercore ISI
1 question for NVCR
Larry Biegelsen
Wells Fargo & Company
1 question for NVCR
Lawrence Biegelsen
Wells Fargo
1 question for NVCR
Na Sun
JPMorgan Chase & Co.
1 question for NVCR
| Customer | Relationship | Segment | Details |
|---|---|---|---|
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. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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. |
Recent press releases and 8-K filings for NVCR.
- Japan's Ministry of Health, Labour and Welfare (MHLW) has approved NovoCure's Optune Lua® for the treatment of unresectable advanced/recurrent non-small cell lung cancer (NSCLC).
- The approval is for concurrent use with PD-1/PD-L1 inhibitors in adult patients who have progressed on or after platinum-based chemotherapy.
- This decision is supported by the pivotal Phase 3 LUNAR trial, which demonstrated a statistically significant and clinically meaningful improvement in median overall survival.
- Patients treated with Optune Lua concurrently with a PD-1/PD-L1 inhibitor achieved a median overall survival of 19.0 months, an 8.0-month extension compared to 10.8 months for those treated with a PD-1/PD-L1 inhibitor alone.
- Novocure plans to launch Optune Lua rapidly in Japan, where approximately 120,000 patients are diagnosed with NSCLC annually.
- Novocure's Optune Lua® has received approval from Japan’s Ministry of Health, Labour and Welfare (MHLW) for concurrent use with PD-1/PD-L1 inhibitors in adult patients with unresectable advanced/recurrent non-small cell lung cancer (NSCLC) who have progressed on or after platinum-based chemotherapy.
- The approval is supported by the Phase 3 LUNAR trial, which demonstrated a statistically significant and clinically meaningful 3.3-month extension in median overall survival for patients treated with Optune Lua concurrently with a PD-1/PD-L1 inhibitor or docetaxel.
- Patients treated with Optune Lua and a PD-1/PD-L1 inhibitor showed a median overall survival of 19.0 months, an 8.0-month extension compared to 10.8 months for those treated with a PD-1/PD-L1 inhibitor alone.
- Device-related adverse events were primarily low-grade skin-related disorders (63.1% of patients), with only 4% experiencing Grade 3 skin toxicity and no Grade 4 or 5 toxicities or device-related deaths.
- Novocure is transitioning from a single-indication company, with its Glioblastoma (GBM) business generating $600 million in revenue and growing at a mid-single-digit rate, to a multi-indication platform.
- The company anticipates having four products in market by the end of 2026, including Optune for non-small cell lung cancer (NSCLC), pancreatic cancer, and brain metastases from NSCLC.
- The launch of Optune for NSCLC has been behind expectations and has not seen meaningful growth, attributed to a competitive market and the challenge of introducing a device-based therapy.
- Novocure submitted the PMA for pancreatic cancer on August 15th, with an estimated approval timeline of 9-12 months, targeting summer 2026. A Phase II readout for metastatic pancreatic cancer (PANOVA-4) is expected in Q1 2026.
- The company is committed to profitability, holding over $900 million in cash and expecting to exit 2025 with over $400 million after paying off a convertible note due by year-end.
- Novocure's core Glioblastoma (GBM) business generates $600 million in revenue and is a stable mid-single-digit growth engine, providing significant cash flow.
- The company is transitioning to a multi-indication platform, expecting to have four products in market by the end of 2026, including three additional products by the end of 2025: Optune for non-small cell lung cancer (NSCLC), pancreatic cancer, and brain metastases from NSCLC.
- The launch of Optune for NSCLC has been behind expectations and has not seen meaningful growth due to a crowded market and challenges in educating the medical oncology community about a device-based therapy.
- Novocure submitted a PMA for pancreatic cancer on August 15, 2025, with approval expected in 9-12 months (summer 2026). A Phase II readout for pancreatic cancer (PANOVA-4) is expected in Q1 2026.
- The company is committed to a path to profitability, holding over $900 million in cash as of the document date. It expects to pay down a convertible note due by the end of 2025 and exit the year with over $400 million on the balance sheet.
- Novocure is transitioning from a single-indication company (GBM) to a multi-indication platform, aiming for four products and diversified revenue by the end of 2026, with a clear path to profitability.
- The existing GBM business generates $600 million in revenue and is a mid-single-digit growth engine, providing a stable foundation for future investments.
- The company expects to launch three additional products by the end of 2026 (non-small cell lung cancer, pancreatic cancer, and brain metastases), though the non-small cell lung cancer launch has been behind expectations.
- Novocure holds over $900 million in cash and expects to exit 2025 with more than $400 million on the balance sheet after paying off a convertible note, supporting its commitment to profitability.
- Novocure has submitted a Premarket Approval (PMA) application to the U.S. Food and Drug Administration (FDA) for its Tumor Treating Fields (TTFields) therapy for the treatment of locally advanced pancreatic cancer.
- The application is supported by the PANOVA-3 trial, which demonstrated a statistically significant and clinically meaningful improvement in median overall survival for patients treated with TTFields therapy in combination with chemotherapy.
- Novocure anticipates an FDA approval decision in the second half of 2026.
- Novocure will present final secondary endpoint data from its Phase 3 PANOVA-3 trial on Tumor Treating Fields (TTFields) for locally advanced, unresectable pancreatic cancer at the ESMO GI 2025 Congress, held from July 2 to 5 in Barcelona, Spain.
- The trial demonstrated that TTFields therapy, combined with gemcitabine and nab-paclitaxel, provided a statistically and clinically significant advantage in pain assessments, significantly delayed the need for opioid pain medication, and maintained patients' quality of life longer. For instance, the median time to deterioration of global health status was 7.1 months with TTFields + GnP versus 5.7 months with GnP alone (p=0.023).
- These results complement the previously observed significant improvement in global survival in the PANOVA-3 trial.
- Novocure intends to submit a pre-commercialization application for TTFields therapy to the FDA in the second half of 2025.
- The TTFields therapy was well-tolerated, with no new safety signals observed, and device-related skin adverse events were the most common.
- 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.
- 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.
- 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