Oncology Co. Tests Advanced Cancer Treatments, Reports Q1 2026 Financial Results

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Novocure Ltd. (NVCR:NASDAQ) released its financial and operational results in Q1 2026 on April 30, 2026. Based in Switzerland, NovoCure is a global oncology company focused on extending survival and improving quality of life in someone the most aggressive cancers. Its proprietary therapy uses Tumor Treating Fields (TTFields), which are approved mainly for glioblastoma, pancreatic cancer, non-small cell lung cancer, malignant pleural mesothelioma, and pleural mesothelioma.

According to the press release, financial highlights for Q1 2026 are as follows:

• Total net revenues for the quarter were US$174.1 million, an increase of 12% compared to the same period in 2025. This increase was primarily driven by active patient growth in European markets.
• The U.S., Germany, France, and Japan contributed US$96.0 million, US$24.5 million, US$22.9 million, and US$10.2 million, respectively, with other active markets contributing US$15.7 million.
• Net revenue from Germany benefited from increased approval rates, including a one-time benefit of US$2.5 million.
• Net revenue from France benefited from contract performance improvements, including a one-time benefit of US$1 million.
• Revenue in Greater China from Novocure's partnership with Zai Lab totaled US$4.8 million.
• Recognized revenue from Optune Lua® in the quarter was US$3.1 million.
• Gross margin for the quarter was 78% compared to 75% in the prior year. The increase was primarily driven by lower array costs resulting from improved array utilization and lower supplier prices.
• Research, development, and clinical study expenses for the quarter were US$58.3 million, an increase of 8% from the same period in 2025. This was primarily driven by increased costs associated with patient recruitment in the Phase 3 KEYNOTE D58 clinical trial.
• Sales and marketing expenses for the quarter were US$58.4 million, an increase of 5% compared to the same period in 2025. This was primarily driven by costs associated with the launch of Optune Pax® in the U.S. and Optune Lua® in Japan.
• General and administrative expenses for the quarter were US$85.9 million, an increase of 92% compared to the same period in 2025. This increase was primarily driven by a US$43 million share-based compensation expense triggered by the U.S. FDA approval of Optune Pax®. This non-cash expense is reported in accordance with U.S. GAAP, but the associated grant did not vest, and shares were not distributed.
• Net loss for the quarter was US$71.1 million with a loss per share of US$0.62.
• Adjusted EBITDA for the quarter was US$(0.3) million.
• Cash, cash equivalents, and short-term investments were US$432.0 million as of March 31, 2026.

Operational highlights were as follows:

• As of March 31, 2026, there were 4,791 total active patients on TTFields therapy globally.
• Optune Gio®
• As of March 31, 2026, there were 4,543 active patients on Optune Gio, an increase of 9% from the same period in 2025.
• The U.S., Germany, France, and Japan contributed 2,250, 641, 503, and 535 Optune Gio® active patients, respectively, with 614 active patients contributed by other active markets.
• Optune Lua®
• As of March 31, 2026, there were 165 active patients on Optune Lua®, an increase of 56% from the same period in 2025.
• The U.S., Germany, France, and Japan contributed 106, 47, 2, and 6 active patients, respectively, with 4 active patients contributed by other active markets.
• Optune Pax®
• 169 prescriptions for Optune Pax® were received in the quarter.
• As of March 31, 2026, there were 83 active patients on Optune Pax® in the U.S.

The company also provided Q1 2026 achievements, such as Czechia agreeing to cover Optune Gio®, the FDA approving Optune Pax® for treatment of adult patients who meet certain criteria, and British Columbia Cancer choosing to cover Optune Gio® for newly-diagnosed patients.

Japan also adopted Optune Lua® in 2026, approving reimbursement for the drug via the country's national health insurance program. Finally, Novocure announced results from its latest Phase 2 clinical trial for PANOVA-4, evaluating ". . . TTFields therapy concomitant with atezolizumab (Tecentriq®), gemcitabine and nab-paclitaxel as a first-line treatment for metastatic pancreatic cancer. PANOVA-4 met its primary endpoint, achieving a 74% disease control rate (DCR), a statistically significant improvement compared to a 48% DCR in patients treated with gemcitabine and nab-paclitaxel alone in the historical control."

In the release, Frank Leonard, CEO of NovoCure, said, "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."

R&D Spending Down Despite Demand

The global cancer treatment sector, unfortunately, shows no signs of shrinking. A March 26, 2026, article by Kinjel Shah for Yahoo Finance claimed that cancer incidences were rising. He quoted the American Cancer Society as expecting 2.1 million new cancer cases and over 626,000 cancer-related deaths in 2026. However, technology is ever-evolving to keep up with the disease.

Shah wrote, "Emerging technologies such as genomic sequencing, artificial intelligence, and machine learning are accelerating biomarker discovery, enhancing patient stratification, and enabling earlier and more accurate diagnoses. While a universal cure remains out of reach, consistent improvements in survival rates and patient outcomes across multiple cancer types highlight the tangible benefits of these advances, particularly when combined with earlier detection and intervention."

This innovation comes at a price. In February 2026, Keith Speights wrote an article for The Motley Fool discussing rising care costs, stating that cancer treatments in the U.S. cost roughly US$200 billion in 2020 but are expected to increase to more than US$245 billion by 2030.

Many in the pharma sector have been cutting research and development (R&D) costs since the pandemic, citing lower returns. "R&D work on complex, expensive therapies could taper off as companies prioritize already or nearly commercialized drugs, and companies may further consolidate roles to maintain leaner operations," argued BDO at the beginning of 2026. But some companies, like NovoCure, are still investing heavily in drug development.

Expert Patient with Stock

On April 30, 2026, Kevin DeGeeter of Landenburg Thalmann gave the company a 'Buy' rating, with a US$27.00 price target. DeGetter said, ". . . if NVCR can follow up from the Elevance Health coverage decision with additional positive coverage determinations from commercial payors in the next six months, in our view, top end of guidance for revenue of US$25 million from new products may be conservative. We are raising our 2026 revenue estimate from US$697.6 million to US$701.0 million. Our estimate of revenue from new products is US$22.0 million."

Also on April 30, 2026, Emily Bodnar of H.C. Wainwright & Co. gave the company a 'Buy' rating, with a price target of US$48.00, noting the company's wide breadth of prescribers as an important catalyst.

In a third April 30, 2026, report, David Nierengarten, Ph.D., of Wedbush gave the company a 'Neutral' rating, with a price target of US$18.00. Niernegarten wrote that the company's target disease could represent a limited opportunity, saying, "We continue to view brain metastases as a narrow commercial opportunity given limited treatment duration and poor prognosis in this population."

In response to NovoCure's financial results, Chen Lin of What is Chen Buying? What is Chen Selling? weighed in on May 4, 2026: "I was asked about my NVCR target. I hope it can reach sales of US$1 billion+ in a couple of years (currently US700 million). Over US$1 billion in sales with no patent threats should be worth at least US$5-10 billion, which is about 40-80, maybe 100 if I am lucky. But it will take some time, you know. However, I like the fact that they are fully funded to profitability."

Two More Trials Planned

As of April 30, 2026, NovoCure has updated its 2026 financial guidance as follows:

• Total net revenue: US$690 million-US$710 million (previous: US$675 million-US$705 million)
• Adjusted EBITDA: US$(15) million - US$0 million (previous: US$(20) million - US$0 million)

In Q2 2026, the company expects topline data from the Phase 3 TRIDENT trial for newly diagnosed glioblastoma patients. In Q4 2026, NovoCure anticipates a decision from the FDA on its premarket approval application for the use of TTFields therapy as a treatment for brain metastases. Finally, to round out the year, the company hopes to complete enrollment for its Phase 3 KEYNOTE D58 trial for newly diagnosed glioblastoma patients.

Ownership & Share Information¹

NovoCure Ltd. has a market cap of US$1.84 billion, with 115.82 million shares outstanding. The company's 52-week range is US$9.82-US$20.06.

Institutions own 80.91% of shares, while Management & Insiders own 9.97%. The remaining 9.13% of shares are Retail.