TLDR
- NovoCure reported record Q2 net revenue of $183.6 million, up 16% year over year
- Global active patients rose 18% to 5,128 across all TTFields indications
- Adjusted EBITDA turned positive at $10.8 million, versus a $10 million loss a year ago
- Full-year 2026 revenue guidance raised to $710M–$725M
- Optune Pax received CE Mark approval for locally advanced pancreatic cancer in Europe
NovoCure (NVCR) stock surged 28.39% after the company posted record quarterly revenue and lifted its full-year outlook, giving investors a lot to cheer about.
Q2 net revenue came in at $183.6 million, up 16% from the same period last year. That beat expectations and set a new quarterly record for the company.
Active patients on TTFields therapy worldwide grew 18% year over year to 5,128. Optune Gio remains the biggest driver with 4,636 active patients, while Optune Lua posted 51% growth to 207 patients.
Optune Pax, the pancreatic cancer indication launched in the U.S. earlier this year, generated 418 prescriptions in Q2. There were 285 active U.S. patients on therapy as of June 30.
Gross margin improved to 78% from 74% a year ago. Part of that improvement came from a $5 million tariff refund and lower manufacturing costs. Management expects margins to settle in the mid-70s for the rest of the year.
Adjusted EBITDA swung to a positive $10.8 million from a loss of $10 million in Q2 2025. That is a meaningful shift, though the company still posted a GAAP net loss of $15.7 million, down from $40 million a year earlier.
Guidance Gets a Lift
Management raised full-year 2026 revenue guidance to $710 million–$725 million, up from the prior range of $690 million–$710 million. That implies growth of 8% to 11% for the year.
The adjusted EBITDA outlook also improved, moving from a loss of up to $15 million to a range of breakeven to positive $15 million.
NovoCure ended the quarter with $440.6 million in cash and short-term investments, giving it runway to support commercial launches and ongoing trials without needing to raise capital near term.
European Expansion and Pipeline Milestones
Optune Pax received CE Mark approval for locally advanced pancreatic cancer in Europe. Germany is expected to be the first European launch market.
About half of Optune Pax prescribers in the U.S. have written only one prescription so far. Converting those early prescribers into repeat users is a key commercial challenge the company acknowledged on its earnings call.
Optune Lua, targeting malignant pleural mesothelioma, had 64 patients in Japan following national reimbursement granted in March. Hospital-by-hospital contracting requirements remain a hurdle to broader adoption there.
R&D spending fell 8% year over year to $51 million as the company trimmed clinical trial costs. NovoCure is also reworking its LUNAR-2 Phase III trial to reduce costs by roughly $90 million through sample size cuts and site changes.
The FDA is expected to issue a decision in Q4 2026 on Optune Maia for brain metastases from non-small cell lung cancer. The NCCN has already added Optune Maia as a Category 2A treatment option for limited brain metastases.
Enrollment in the Phase 3 KEYNOTE D58 glioblastoma trial is expected to complete before year-end 2026.
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