Novocure Sees Revenue Growth and Pipeline Progress as Active Patients Reach Record 4,416 in Q3 2025

Strong Top-Line Growth Driven by Patient Expansion and International Markets

Novocure reported third quarter 2025 net revenues of $167.2 million, marking an 8% year-over-year increase, supported by record patient numbers on its Tumor Treating Fields (TTFields) therapies. As of September 30, 2025, 4,416 patients were actively on therapy worldwide, underscoring sustained demand for its flagship products in glioblastoma, lung, and pleural mesothelioma cancer markets.

The company's revenue distribution showcased both a solid domestic base and an expanding international footprint. The U.S. led with $96.6 million in Q3 revenue, while Germany, France, and Japan contributed a combined $49.3 million. Notably, revenue from Novocure's Greater China partnership reached $5.6 million, reflecting growing adoption across global regions.

Pipeline Milestones and Regulatory Progress Highlight Future Growth

Q3 was not just about financial gains. Novocure made strategic advances with the FDA’s acceptance of its premarket approval application for TTFields therapy in pancreatic cancer, powered by results from the Phase 3 PANOVA-3 trial. The company also secured new European reimbursement agreements and expanded its indications in Japan for NSCLC treatment alongside PD-1/PD-L1 inhibitors.

With four indications expected to be in market by year-end 2026 and a full slate of anticipated regulatory milestones—such as the planned FDA submission for TTFields in brain metastases and upcoming Phase 2 and 3 data readouts—Novocure continues to deepen its clinical footprint and potential impact.

Profitability Remains in Focus Amidst Operating Cost Pressures

While top-line results and operational metrics impress, Novocure’s journey to profitability faces ongoing cost challenges. Q3 gross margin declined to 73% (from 77% in Q3 2024) due to increased product rollouts, early-stage patient reimbursement dynamics, and inventory provisions. Operating expenses increased in R&D and general administration, the latter rising 15% as Novocure invested in digital infrastructure and scaled personnel.

Net loss for the quarter stood at $37.27 million, or $0.33 per share, compared to $30.57 million ($0.28 per share) in the prior-year quarter. Adjusted EBITDA was negative at $(3.04) million, a decline from a $1.73 million gain last year, signaling both the costs and the investments associated with ramping up as a platform therapy company.

Prescription and Therapy Adoption Continue Upward Trajectory

The company's flagship Optune Gio received 1,675 prescriptions in the quarter—up 7% year-over-year—reflecting both market penetration and growing clinician acceptance. The active patient base for Optune Gio rose 5% to 4,277 globally. Meanwhile, Optune Lua, focused on NSCLC and malignant pleural mesothelioma, had 130 prescriptions and 139 active patients as of quarter-end, signaling gradual uptake in these newer indications.

Cash Position Remains Robust Despite Losses

Novocure ended Q3 with a substantial liquidity cushion: cash, cash equivalents, and short-term investments totaled $1.03 billion, positioning the company to navigate both its current loss profile and ongoing clinical investments.

What to Watch Next: Upcoming Clinical and Regulatory Catalysts

Investors and observers should keep an eye on multiple milestones over the coming months, including a new PMA application for TTFields in brain metastases (Q4 2025), topline data from PANOVA-4 (Q1 2026) in metastatic pancreatic cancer, and pivotal results from the TRIDENT study in glioblastoma (Q2 2026). Each could further shape Novocure’s growth profile—and perhaps its march toward profitability.

The ongoing momentum in both patient adoption and pipeline progress, coupled with disciplined investments, underscores Novocure’s transition from a single-indication innovator to a true oncology platform player. For stakeholders, the key questions now center on the pace of regulatory approvals, reimbursement expansion, and whether revenue growth will soon translate into sustainable earnings.

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