NovoCure (NVCRN) Q3 2026 Earnings Report
MX:NVCRN Q3 2026 EPS Results
- Actual EPS
- -MXN 1.69
- Consensus EPS
- -MXN 4.42
- Beat/Miss
- Beat by +MXN 2.72
- One Year Ago EPS
- -MXN 6.20
MX:NVCRN Q3 2026 Revenue Results
- Actual Revenue
- MXN 3.63B
- Expected Revenue
- MXN 3.43B
- Beat/Miss
- Beat by +MXN 208.91M
- YoY Revenue Growth
- +15.67%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
MX:NVCRN Upcoming Earnings
NovoCure's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:NVCRN Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Management reported record patient levels and revenue, raised 2026 revenue and adjusted EBITDA guidance, delivered substantial year-over-year improvement in profitability metrics, and highlighted momentum in Optune Gio and Optune Lua in Japan. The principal negative issue was the U.S. OptunePax launch slowdown caused by practice disruption and limited access following the introduction of diraxonrasib, alongside a foreign exchange headwind and expected quarter-to-quarter EBITDA variability.
Company Guidance
Novocure raised 2026 net revenue guidance to between $736 million and $743 million, representing 12% to 13% growth, including net revenues from Optune Lua and OptunePax collectively between $30 million and $34 million; it expects to maintain gross margin in the mid to high 70s through the final quarter of 2026 and updated full-year adjusted EBITDA guidance to a range of $24 million to $34 million. The company expects to keep R&D costs roughly at or below current levels for the foreseeable future, with 2027 R&D expenses flat to slightly declining, and remains committed to adjusted EBITDA breakeven on a full year basis, with cash flow breakeven as the next goal. It remains committed to delivering double digit top line growth into the future, expects OptunePax to return to growth in the coming quarters, expects a final decision on the Optune Maya PMA application by year end with a potential launch in early 2027, and expects reimbursement for OptunePax in Japan in the first half of 2027, also described as early in 2027 first quarter of 27.
- Record GBM Patient GrowthOptune Gio reached 4.73 thousand GBM patients on therapy, an 11% increase year over year and the highest GBM active patient count to date. Growth included contributions from both new and established markets, with further adoption opportunities identified across active markets.
- Strong Quarterly Revenue GrowthThe company generated €193 million in third-quarter net revenue, an increase of 16% year over year and a record high. The increase was primarily driven by a 19% year-over-year increase in active patients, together with a $4 million one-time benefit from increased approval rates in the U.S. and Germany.
- Raised 2026 Revenue GuidanceNovocure raised its 2026 net revenue guidance to between $736 million and $743 million, representing 12% to 13% growth. The guidance includes combined Optune Lua and OptunePax net revenue of between $30 million and $34 million.
- Improved Gross MarginThird-quarter gross margin was 77%, compared to 73% in Q3 of last year. The company said it continues to make progress on supply-chain efficiency initiatives and expects gross margin to remain in the mid to high 70s through the final quarter of 2026.
- Significant Profitability ProgressNet loss improved to $10 million from a $37 million loss in Q3 2025, while loss per share was $0.09. EBITDA loss improved to $2 million from a $32 million loss in Q3 2025, and adjusted EBITDA was positive $16 million versus negative $3 million last year. The company updated full-year adjusted EBITDA guidance to $24 million to $34 million.
- Progress Toward Profitability MilestonesManagement said the company passed the first step of its profitability plan by reaching adjusted EBITDA breakeven on a quarterly basis and remains committed to achieving adjusted EBITDA breakeven for the full year. The next stated goals are cash flow breakeven and then net income breakeven.
- Optune Lua Momentum in JapanOptune Lua ended the quarter with 255 active patients and $8 million in global net revenue, including 110 active patients and $4 million in net revenue from Japan. Management cited Japan's second-line immune checkpoint inhibitor standard of care and the overlap with the Optune Lua label and LUNAR trial outcomes as supportive factors.
- Attractive Japan Commercial OpportunityThe negotiated monthly price for Optune Lua in Japan was described as approximately in line with the global price for Optune Gio, and management later said Lua is priced at a higher level than Gio in Japan. Japan is expected to become Novocure's second-largest market behind the U.S. because lung cancer and pancreatic cancer incidence are sizable markets there.
- OptunePax and Optune Lua Expansion Plans in JapanOptunePax received Japanese regulatory approval earlier in the year and management expects reimbursement in the first half of 2027, or early in the first quarter of 2027, allowing the launch to begin. The company plans a national Optune Lua symposium in Tokyo in January with relevant Japanese non-small cell lung cancer physicians.
- Optune Maya Regulatory ProgressThe PMA application for Optune Maya for brain metastases from non-small cell lung cancer remains under FDA review. The application is based on the phase 3 METIS trial, which showed a doubling in time to intracranial progression for the TTF arm compared with control. Management expects an FDA decision by year end, with a potential launch in early 2027.
- KEYNOTE-D58 Enrollment on TrackThe phase 3 KEYNOTE-D58 trial evaluating pembrolizumab and low-dose chemotherapy with Optune Gio in newly diagnosed glioblastoma remains on track to complete enrollment by year end. Management said physician interest has been strong and it expects to share more information in future periods.
- New KRAS-Inhibitor Combination StudiesNovocure plans to initiate the PANOVA-5 and PANOVA-6 studies in the first half of 2027. PANOVA-5 will evaluate OptunePax with gemcitabine, nab-paclitaxel, and Verastem's VS-5 KRAS G12D inhibitor in locally advanced pancreatic cancer, while PANOVA-6 will evaluate OptunePax with diraxonrasib in metastatic pancreatic cancer. Each study is expected to enroll approximately 25 patients and will assess feasibility, tolerability, and toxicity of concomitant treatment.
- Reduced Operating Expenses Outside R&DSales and marketing expenses were $53 million, down 9% year over year, primarily due to lower share-based compensation and lower general marketing expenses. General and administrative expenses were $44 million, down 5% year over year, primarily due to lower share-based compensation. The company intends to largely leverage its existing sales force and maintain current G&A with minimal increases due to inflation.
- R&D Investment Focused on KEYNOTE-D58Research and development costs were $58 million, up 8% year over year, primarily due to expenses related to finalizing enrollment in KEYNOTE-D58. Management said R&D costs can fluctuate with clinical activity, expects costs to remain roughly at or below current levels for the foreseeable future, and expects 2027 R&D expenses to be flat to slightly declining.
- Strong Liquidity PositionCash and investments totaled $463 million as of September 30.
- Double-Digit Growth AmbitionManagement reaffirmed its vision of producing double-digit top-line growth and returning to profitability. It said the company delivered double-digit growth in the quarter both across all products and in the Optune Gio franchise.
- Commercial Interest in OptunePax RemainsDespite launch challenges, management said it continues to see recognition of OptunePax's clinical value as a first-line treatment in locally advanced pancreatic cancer. At the ESMO conference, OptunePax generated the highest number of unsolicited product inquiries at Novocure's booth.
- Payer and Guideline EngagementNovocure has submitted OptunePax for consideration in the NCCN pancreatic cancer guidelines and is awaiting the annual update, typically published at the end of the year or early in the new year. The company reported that Elevance has a coverage policy in place and is continuing discussions with commercial payers regarding inclusion in medical policies.
MX:NVCRN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | -4.15- | -4.13 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | -4.42-1.69 | -6.2 | 72.73% (+4.51) | |
| Jul 23, 2026 | 2026 (Q2) | -6.24-2.44 | -6.77 | 63.89% (+4.32) | |
| Apr 30, 2026 | 2026 (Q1) | -9.62-11.65 | -5.83 | -100.00% (-5.83) | |
| Feb 26, 2026 | 2025 (Q4) | -7.72-4.13 | -11.46 | 63.93% (+7.33) | |
| Oct 30, 2025 | 2025 (Q3) | -7.89-6.20 | -5.26 | -17.86% (-0.94) | |
| Jul 24, 2025 | 2025 (Q2) | -7.22-6.77 | -5.83 | -16.13% (-0.94) | |
| Apr 24, 2025 | 2025 (Q1) | -8.72-5.83 | -6.77 | 13.89% (+0.94) | |
| Feb 27, 2025 | 2024 (Q4) | -6.46-11.46 | -8.46 | -35.56% (-3.01) | |
| Oct 30, 2024 | 2024 (Q3) | -6.28-5.26 | -8.64 | 39.13% (+3.38) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
