olivLaw · US equity research
Novocure Limited NVCR
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Novocure is a global oncology company developing and commercializing Tumor Treating Fields, an electric-field therapy delivered by a portable device. It reported net revenues of 183.6 million USD in the quarter ended June 30 2026, and active patients rose to 5,128, making expansion into new indications central to its growth.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Novocure Limited (NVCR) stock was 13.55 USD (−7.26% on the day), with market capitalisation 1.6 bn USD, beta 1.41, 52-week range 10.03–19.99 USD. Latest reported quarter (Q3 2026): revenue of 193.4 m USD (+15.7% YoY), net income of -10.4 m USD, diluted EPS -0.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.9
- weak (30–45)
- Bollinger (20, 2)
- 12.84 – 15.78
- in the lower half of the band · %B 0.24 · band width 20.5%
- SMA 50 / 200
- 15.50 / 14.82
- mixed trend
- MACD (12, 26, 9)
- -0.50 / -0.49
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.5% | −1.1% | −8.4 pp | — |
| 3 months | −13.6% | −0.5% | −13.2 pp | — |
| 6 months | −19.5% | +4.4% | −23.9 pp | — |
| Year to date | +4.8% | +12.3% | −7.5 pp | — |
| 1 year | +16.7% | +13.5% | +3.2 pp | −30.5% |
| 3 years | +5.2% | +76.4% | −71.2 pp | −9.6% |
| 5 years | −87.3% | +63.7% | −150.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 161.3 m | 155.0 m | 158.8 m | 167.2 m | 174.4 m | 174.1 m | 183.6 m | 193.4 m |
| Cost of revenue | 33.5 m | 38.5 m | 41.5 m | 44.7 m | 42.2 m | 38.9 m | 41.1 m | 44.5 m |
| Gross profit | 127.8 m | 116.5 m | 117.3 m | 122.5 m | 132.2 m | 135.1 m | 142.5 m | 148.9 m |
| Research & development | 51.2 m | 53.8 m | 55.8 m | 54.0 m | 60.9 m | 58.3 m | 51.4 m | 58.1 m |
| Operating income | -63.3 m | -37.9 m | -39.5 m | -36.0 m | -40.4 m | -67.4 m | -10.6 m | -6.2 m |
| Depreciation & amortisation | 3.1 m | 3.3 m | 3.4 m | 3.7 m | 4.2 m | 4.1 m | 4.3 m | 4.4 m |
| Pre-tax income | -55.2 m | -30.3 m | -35.0 m | -30.0 m | -41.0 m | -69.3 m | -12.5 m | -7.9 m |
| Income tax | 10.7 m | 4.0 m | 5.2 m | 7.2 m | -16.5 m | 1.9 m | 3.2 m | 2.6 m |
| Net income | -65.9 m | -34.3 m | -40.1 m | -37.3 m | -24.5 m | -71.1 m | -15.7 m | -10.4 m |
| Diluted EPS | -0.61 ≈ | -0.31 | -0.36 | -0.33 | -0.22 ≈ | -0.62 | -0.13 | -0.09 |
| Operating cash flow | -3.5 m | -35.7 m | -15.9 m | 20.6 m | -18.0 m | -13.5 m | 8.1 m | 22.7 m |
| Capex | 8.9 m | 10.6 m | 5.5 m | 5.7 m | 4.9 m | 5.2 m | 6.9 m | 6.9 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 248.1 m | 351.3 m | 494.4 m | 535.0 m | 537.8 m | 509.3 m | 605.2 m | 655.4 m |
| Revenue YoY | +40.1% | +41.6% | +40.7% | +8.2% | +0.5% | −5.3% | +18.8% | +8.3% |
| Net income | -63.6 m | -7.2 m | 19.8 m | -58.4 m | -92.5 m | -207.0 m | -168.6 m | -136.2 m |
| Net income YoY | unavailable | unavailable | unavailable | −394.6% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.69 | -0.07 | 0.18 | -0.56 | -0.88 | -1.95 | -1.56 | -1.22 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −411.1% | unavailable | unavailable | unavailable | unavailable |
| net % | -25.6% | -2.1% | 4.0% | -10.9% | -17.2% | -40.6% | -27.9% | -20.8% |
| Free cash flow | -8.6 m | 16.1 m | 84.2 m | 58.6 m | 9.4 m | -100.4 m | -69.2 m | -75.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 93.5 m USD
- Financial debt
- 195.0 m USD
- Net debt
- 101.5 m USD
- Equity
- 340.5 m USD
- Total assets
- 804.3 m USD
- Debt / equity
- 0.57x
- Current ratio
- 2.90x
- ROE
- -38.9%
- ROA
- -13.3%
- FCF margin
- -11.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 494.4 m | 535.0 m | 537.8 m | 509.3 m | 605.2 m | 655.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 106.5 m | 114.9 m | 114.9 m | 128.3 m | 137.2 m | 166.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 387.9 m | 420.2 m | 423.0 m | 381.1 m | 468.0 m | 488.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 132.0 m | 201.3 m | 206.1 m | 223.1 m | 209.6 m | 224.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 30.4 m | -44.3 m | -89.5 m | -232.9 m | -170.5 m | -153.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 9.2 m | 10.3 m | 10.6 m | 11.0 m | 11.2 m | 14.7 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 39.6 m ≈ | -34.1 m ≈ | -78.9 m ≈ | -221.9 m ≈ | -159.3 m ≈ | -139.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 18.1 m | 8.8 m | 8.1 m | 4.9 m | 11.7 m | 22.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 18.1 m | -52.1 m | -81.8 m | -191.7 m | -131.2 m | -136.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -1.7 m | 6.3 m | 10.7 m | 15.3 m | 37.5 m | -23.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 19.8 m | -58.4 m | -92.5 m | -207.0 m | -168.6 m | -136.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.18 | -0.56 | -0.88 | -1.95 | -1.56 | -1.22 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 108.9 m | 103.4 m | 104.7 m | 106.4 m | 107.8 m | 111.5 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 234.7 m | 208.8 m | 115.3 m | 240.8 m | 163.8 m | 93.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 96.7 m | 93.6 m | 86.3 m | 61.2 m | 74.2 m | 89.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 27.4 m | 24.4 m | 29.4 m | 38.2 m | 35.1 m | 41.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 999.4 m | 1.1 bn | 1.1 bn | 1.0 bn | 1.1 bn | 646.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 11.4 m | 22.7 m | 32.7 m | 51.5 m | 77.7 m | 77.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 1.1 bn | 1.1 bn | 1.2 bn | 1.1 bn | 1.2 bn | 804.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | — | — | — | — | — | 0 | SEC (XBRL)· 29 Oct 2026verified |
| Long-term debt | 429.9 m | 562.2 m | 565.5 m | 568.8 m | 97.3 m | 195.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 113.6 m | 142.6 m | 158.8 m | 179.1 m | 756.4 m | 223.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 575.5 m | 729.0 m | 750.5 m | 783.6 m | 880.6 m | 463.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 476.5 m † | 410.5 m † | 441.2 m † | 362.5 m † | 360.2 m † | 340.5 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 99.1 m | 82.8 m | 30.8 m | -73.3 m | -26.4 m | -49.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 15.0 m | 24.2 m | 21.4 m | 27.1 m | 42.9 m | 26.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 84.2 m ≈ | 58.6 m ≈ | 9.4 m ≈ | -100.4 m ≈ | -69.2 m ≈ | -75.7 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -472.8 m | -144.8 m | -140.0 m | 184.1 m | -140.2 m | 437.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 440.2 m | 25.7 m | 15.5 m | 15.8 m | 90.3 m | -451.3 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -37.5% | 20 (vs peers) | 24% |
| Net margin · Quality | -16.8% | 50 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 6.8% | 57 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.6x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.6% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial57/100 · 1/2 factors with a value
- Quality31/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NovoCure Limited (NVCR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 655.4 m USD in 2025; YoY growth 8.3%; net margin -16.8%; ROE -35.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.5x
What contradicts it
- ROIC: -37.5%
- Interest coverage: -5.6x
- FCF yield: -1.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 129.3 bn | 36.2 | 16.0% | 13.8% | +11.2% | −8% / +15% |
| MMM3m Company | 100.2 bn | 28.9 | 80.8% | 14.0% | +1.5% | +13% / +134% |
| BSXBoston Scientific Corporation | 66.4 bn | 19.4 | 14.3% | 16.6% | +19.9% | −55% / −18% |
| BDXBecton, Dickinson And Company | 57.0 bn | 63.2 | 3.8% | 4.0% | +8.2% | +37% / +13% |
| RMDResMed Inc. | 33.8 bn | 21.9 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 33.0 bn | 34.8 | 37.7% | 19.4% | +15.6% | +39% / −23% |
| WSTWest Pharmaceutical Services, Inc. | 28.5 bn | 45.9 | 21.2% | 18.8% | +6.3% | +47% / +17% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +33% / −33% |
| MMSIMerit Medical Systems Inc | 5.4 bn | 33.7 | 9.8% | 9.9% | +11.8% | +3% / +25% |
| IRTCiRhythm Holdings, Inc. | 4.3 bn | — | -9.6% | -1.7% | +26.2% | −31% / +53% |
| PLSEPulse Biosciences, Inc. | 3.8 bn | — | -78.5% | -6,755.8% | unavailable | +288% / +488% |
| NVCRNovoCure Limited | 1.6 bn | — | -35.2% | -16.8% | +8.3% | +17% / +5% |
| AORTArtivion, Inc. | 1.2 bn | — | -0.7% | -0.7% | +13.6% | −46% / +43% |
| IRMDIradimed Corporation | 1.1 bn | 45.7 | 23.4% | 26.8% | +14.4% | −8% / +95% |
| BBNXBeta Bionics, Inc. | 842.1 m | — | -23.9% | -65.3% | +53.9% | −51% / unavailable |
| KIDSOrthoPediatrics Corp | 841.3 m | — | -9.8% | -12.8% | +15.4% | +74% / +5% |
| DCTHDelcath Systems, Inc. | 502.8 m | 1,168.8 | 0.5% | 0.6% | +129.1% | +49% / +427% |
| OBIOOrchestra BioMed Holdings, Inc. | 337.8 m | — | -601.8% | -184.6% | +1,169.2% | +6% / −10% |
| PROFProfound Medical Corp. | 251.3 m | — | -73.5% | -171.6% | +50.7% | +4% / −37% |
| PDEXPro-Dex, Inc. | 195.8 m | 16.9 | 26.5% | 15.1% | +16.5% | +68% / +279% |
| GUTSFractyl Health, Inc. | 142.6 m | — | — | — | −100.0% | −95% / unavailable |
| APYXApyx Medical Corp | 128.9 m | — | -96.4% | -14.8% | +9.9% | −24% / +30% |
| LUNGPulmonx Corporation | 111.5 m | — | -90.3% | -47.9% | +8.0% | +58% / −77% |
| MBOTMicrobot Medical Inc. | 71.9 m | — | -32.9% | — | unavailable | −56% / −15% |
| RNXTRenovorx, Inc. | 53.7 m | — | -125.2% | -621.7% | +2,511.6% | +30% / +86% |
1- and 3-year price returns: for NVCR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Novocure is a global oncology company developing and commercializing Tumor Treating Fields, an electric-field therapy delivered by a portable device. It reported net revenues of 183.6 million USD in the quarter ended June 30 2026 3, and active patients rose to 5,128 3, making expansion into new indications central to its growth.
SWOT
Strengths
- The company holds a proprietary technology platform with patents and approvals in several jurisdictions.
- Growth in active patients has been steady in recent quarters and now exceeds five thousand.
- The therapy has a favourable safety profile, with side effects mostly limited to skin irritation.
Weaknesses
- The company has not been consistently profitable and has accumulated operating losses in recent years.
- Revenue depends heavily on a single product, Optune Gio, for glioblastoma.
- Sales and marketing costs are high relative to revenue.
Opportunities
- Approvals for new indications, such as brain metastases from lung cancer, could open new patient segments.
- New reimbursement in Japan and Europe could accelerate adoption of Optune Lua and Optune Pax.
- Results from ongoing clinical studies could extend use of the therapy to other solid tumours.
Threats
- Negative or inconclusive clinical trial results could delay or halt approvals.
- Competition from other therapies and changes in treatment guidelines could limit eligible patients.
- Changes in trade policy and tariffs could affect manufacturing costs.
Risks
- Dependence on Optune Giohigh
Most revenue comes from Optune Gio for glioblastoma, so sales difficulties would directly affect financial results 1.
- Clinical trial resultshigh
Clinical studies can be delayed or produce inconclusive results, as happened with the TRIDENT trial in June 2026 2.
- Operating lossesmedium
The company reported net losses over several consecutive years, and sustained profitability is not assured 1.
- Regulatory approvalsmedium
Obtaining approvals for new indications and countries depends on authorities and review timelines, which can delay growth 1.
- Sales forcelow
Expanding the sales force and marketing needs significant resources, and costs may exceed the revenue they generate 1.
Investment thesis
What would need to be true (bull case)
- If growth in active patients continues and new approvals are obtained, revenue could accelerate in the coming years.
- Positive adjusted EBITDA in the second quarter of 2026 could indicate improving operating efficiency.
- The raised 2026 revenue guidance suggests demand that could hold over the medium term.
What would break the thesis
- If approvals for new indications are delayed, the company could remain dependent on a single product.
- Recurring net losses and high marketing spending could limit internal funding capacity.
- Inconclusive clinical trial results could reduce confidence among physicians and payers.
What to watch
- FDA decision on brain metastases from lung cancerQ4 2026
- Completion of patient enrolment in the KEYNOTE D58 trialQ4 2026
- Full TRIDENT trial results at the ASTRO congress2026
- Trend in active patient numbers on Optune Lua and Optune PaxQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Novocure develops the TTFields platform, which uses electric fields in the 100 to 500 kHz range to disrupt cancer cell division 1. The therapy is delivered through a portable device with a generator, single-use arrays and batteries, and the commercial products are Optune Gio, Optune Lua and Optune Pax 1. The company is listed on NASDAQ as NVCR and is headquartered in Switzerland 13.
The company has not been consistently profitable and reported a net loss of 136,227 thousand USD in fiscal 2025 1. However, adjusted EBITDA was positive in the second quarter of 2026, which points to progress toward profitability 3. The strategy focuses on expanding approved indications and geographic markets 1.
Segments
Optune Gio
Optune Gio is FDA approved for newly diagnosed glioblastoma together with temozolomide and for recurrent glioblastoma as monotherapy 1. As of June 30 2026 there were 4,636 active patients on Optune Gio, up 11% from the same period in 2025 3.
Market context
The company estimates that about 8,200 US glioblastoma patients are candidates for Optune Gio and will actively seek treatment 1. For lung and pancreatic cancer, the estimates point to significant additional populations for Optune Lua and Optune Pax 1.
Updated 2026 guidance calls for net revenue between 710 and 725 million USD, of which Optune Lua and Optune Pax could contribute between 20 and 30 million USD 3. Expansion into Japan and other European markets depends on reimbursement coverage 2.
Trends
- Approvals for new indicationstailwind
An FDA decision on brain metastases from lung cancer is expected in Q4 2026 and could open a new market 3. If approval is obtained, the company could expand its patient base significantly.
- Reimbursement in new marketsmixed
The national reimbursement coverage in Japan for Optune Lua is an important step and could speed adoption in other countries 2. Lack of reimbursement could however limit growth in new markets.
- Research and development costsmixed
Research, development and clinical study expenses fell in the second quarter as some clinical trials were completed 3. If ongoing studies produce positive results, costs could rise again.
Competitive position
The supplied sources do not name specific direct competitors of Novocure. The company notes that patients are also treated with chemotherapy, immunotherapy or other standard therapies, and the cost and efficacy of alternatives shape adoption 1.
In 2018 the company granted Zai Lab exclusive commercialization rights in Greater China 1. Revenue from this partnership was 6.0 million USD in the second quarter of 2026 3.
- Zai Lab
Commercialization partner in Greater China under the 2018 agreement cited in the sources.
- Standard chemotherapy and immunotherapy regimens
Alternatives that compete for the same patients and are cited as a competitive factor in the risk disclosures.
- Other oncology therapies
Products from other companies in the field, referred to generically in the commercial risk factors.
- Other clinical studies
Studies of other products for similar indications that can change physician attitudes toward the therapy.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Novocure data breach affects more than 1,400 cancer patientsBleepingComputer · 01 Sept 2026 · EN
- Oncology firm Novocure says cyberattack exposed US patient recordsCNA (Channel NewsAsia) · 01 Sept 2026 · EN
The latest news item in our archive is from 01 Sept 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report01 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report09 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report01 Sept 2026Other events · Financial statements and exhibits
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report23 Jul 2026
- Current report30 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report18 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Novocure Limited · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Novocure Limited · 23 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Novocure Limited · 23 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.