Novocure Reports Second Quarter 2024 Financial Results
Novocure (NVCR) reported strong Q2 2024 financial results, with net revenues of $150.4 million, up 19% year-over-year. The company had 3,963 active patients on therapy as of June 30, 2024, an 11% increase from the previous year. Key highlights include:
- Successful launch in France and improved U.S. approval rates
- Positive results from Phase 3 METIS trial in brain metastases from non-small cell lung cancer
- 1,634 prescriptions received, up 5% year-over-year
- Gross margin of 77%
- Net loss of $33.4 million with loss per share of $0.31
- Cash, cash equivalents, and short-term investments of $951.2 million
Novocure continues to focus on growing its commercial business in glioblastoma, launching in non-small cell lung cancer, and advancing its clinical and product development pipelines.
Novocure (NVCR) ha riportato solidi risultati finanziari per il secondo trimestre del 2024, con entrate nette pari a 150,4 milioni di dollari, in aumento del 19% rispetto all'anno precedente. L'azienda contava 3.963 pazienti attivi in terapia al 30 giugno 2024, un incremento dell'11% rispetto all'anno scorso. I punti salienti includono:
- Lancio di successo in Francia e tassi di approvazione negli Stati Uniti migliorati
- Risultati positivi dal trial di fase 3 METIS per metastasi cerebrali da cancro polmonare non a piccole cellule
- 1.634 prescrizioni ricevute, in aumento del 5% rispetto all'anno precedente
- Margine lordo del 77%
- Perdita netta di 33,4 milioni di dollari con perdita per azione di 0,31 dollari
- Liquidità, equivalenti e investimenti a breve termine pari a 951,2 milioni di dollari
Novocure continua a concentrarsi sulla crescita della sua attività commerciale nel glioblastoma, sull'ingresso nel cancro polmonare non a piccole cellule e sull'avanzamento delle pipeline cliniche e di sviluppo dei prodotti.
Novocure (NVCR) informó sólidos resultados financieros para el segundo trimestre de 2024, con ingresos netos de 150,4 millones de dólares, un aumento del 19% en comparación con el año anterior. La compañía tenía 3,963 pacientes activos en tratamiento al 30 de junio de 2024, un incremento del 11% desde el año pasado. Los puntos destacados incluyen:
- Lanzamiento exitoso en Francia y tasas de aprobación mejoradas en EE. UU.
- Resultados positivos del ensayo de fase 3 METIS en metástasis cerebrales de cáncer de pulmón no microcítico
- 1,634 recetas recibidas, un aumento del 5% en comparación con el año anterior
- Margen bruto del 77%
- Pérdida neta de 33,4 millones de dólares con pérdida por acción de 0,31 dólares
- Efectivo, equivalentes y inversiones a corto plazo de 951,2 millones de dólares
Novocure continúa enfocándose en el crecimiento de su negocio comercial en glioblastoma, lanzando en cáncer de pulmón no microcítico y avanzando en sus pipelines clínicos y de desarrollo de productos.
Novocure (NVCR)는 2024년 2분기 재무 실적이 좋음을 보고하며, 순매출 1억 5천만 달러를 기록하여 전년 대비 19% 증가했습니다. 회사는 2024년 6월 30일 기준으로 3,963명의 활동 중인 환자가 치료받고 있으며, 이는 전년 대비 11% 증가한 수치입니다. 주요 하이라이트는 다음과 같습니다:
- 프랑스에서의 성공적인 출범과 미국에서의 승인 비율 개선
- 비소세포 폐암으로 인한 뇌 전이 단계 3 METIS 시험의 긍정적 결과
- 1,634건의 처방을 받았으며, 전년 대비 5% 증가
- 총 이익률 77%
- 3천 3백 40만 달러의 순손실과 주당 손실 0.31달러
- 9억 5천 12만 달러의 현금, 현금성 자산 및 단기 투자
Novocure는 계속해서 교모세포종의 상업적 사업을 성장시키고, 비소세포 폐암 분야에서의 출시 및 임상 시험과 제품 개발 파이프라인을 진행하는 데 집중하고 있습니다.
Novocure (NVCR) a rapporté de solides résultats financiers pour le deuxième trimestre 2024, avec des revenus nets de 150,4 millions de dollars, en hausse de 19 % par rapport à l'année précédente. L'entreprise comptait 3 963 patients actifs sous traitement au 30 juin 2024, soit une augmentation de 11 % par rapport à l'année dernière. Les points forts incluent :
- Lancement réussi en France et amélioration des taux d'approbation aux États-Unis
- Résultats positifs de l'essai de phase 3 METIS pour les métastases cérébrales du cancer du poumon non à petites cellules
- 1 634 prescriptions reçues, en hausse de 5 % par rapport à l'année précédente
- Marge brute de 77 %
- Perte nette de 33,4 millions de dollars avec une perte par action de 0,31 dollar
- Liquidités, équivalents et investissements à court terme de 951,2 millions de dollars
Novocure continue de se concentrer sur la croissance de son activité commerciale dans le glioblastome, le lancement dans le cancer du poumon non à petites cellules et l'avancement de ses pipelines cliniques et de développement de produits.
Novocure (NVCR) hat für das zweite Quartal 2024 starke finanzielle Ergebnisse gemeldet, mit Nettoerlösen von 150,4 Millionen Dollar, was einem Anstieg von 19 % im Vergleich zum Vorjahr entspricht. Das Unternehmen hatte zum 30. Juni 2024 3.963 aktive Patienten in Therapie, was einem Anstieg von 11 % gegenüber dem Vorjahr entspricht. Die wichtigsten Highlights umfassen:
- Erfolgreicher Markteintritt in Frankreich und verbesserte Genehmigungsquote in den USA
- Positive Ergebnisse aus der Phase-3-METIS-Studie zu Hirnmetastasen bei nicht-kleinzelligem Lungenkrebs
- 1.634 verschriebene Rezepte, ein Anstieg von 5 % im Vergleich zum Vorjahr
- Bruttomarge von 77 %
- Nettoverlust von 33,4 Millionen Dollar mit einem Verlust je Aktie von 0,31 Dollar
- Bargeld, liquide Mittel und kurzfristige Investitionen in Höhe von 951,2 Millionen Dollar
Novocure konzentriert sich weiterhin auf das Wachstum seines Geschäftsfeldes im Bereich Glioblastom, den Einstieg in nicht-kleinzelligen Lungenkrebs und die Fortentwicklung seiner klinischen und Produktentwicklungs-Pipelines.
- Net revenues increased by 19% year-over-year to $150.4 million
- Active patients on therapy grew by 11% to 3,963
- Prescriptions received increased by 5% to 1,634
- Successful launch in France and improved U.S. approval rates
- Positive results from Phase 3 METIS trial in brain metastases from NSCLC
- Strong cash position with $951.2 million in cash, cash equivalents, and short-term investments
- Net loss of $33.4 million with loss per share of $0.31
- Research, development, and clinical studies expenses decreased by 1%
- Sales and marketing expenses decreased by 3%
- General and administrative expenses decreased by 8%
Novocure's Q2 2024 results show promising growth, with net revenues of
The company's gross margin remains strong at
With
Investors should keep an eye on the upcoming PANOVA-3 clinical trial results in Q4 2024, as positive outcomes could significantly impact the company's future growth potential.
The positive results from the Phase 3 METIS trial presented at ASCO 2024 are a significant milestone for Novocure. The trial demonstrated a statistically significant improvement in time to intracranial progression for patients with brain metastases from non-small cell lung cancer (NSCLC) when treated with TTFields therapy and supportive care compared to supportive care alone.
This outcome is important as it potentially expands the application of TTFields therapy beyond glioblastoma, opening up a new market in NSCLC brain metastases. Brain metastases are a common and difficult-to-treat complication in NSCLC patients and new effective therapies are desperately needed.
Additionally, the TIGER study results, showing consistency with the phase 3 EF-14 clinical trial in newly diagnosed GBM, provide real-world evidence supporting the efficacy and safety of TTFields therapy. This data could help drive further adoption among oncologists and patients.
The upcoming PANOVA-3 trial results in locally advanced pancreatic cancer, expected in Q4 2024, could potentially open yet another significant market for Novocure if positive. Pancreatic cancer has notoriously poor outcomes and any effective new treatment would likely see rapid adoption.
Quarterly net revenues of
Positive results from Phase 3 METIS trial in brain metastases from non-small cell lung cancer presented at ASCO 2024
ROOT,
“The second quarter was a period of consistent execution at Novocure,” said Asaf Danziger, Novocure’s Chief Executive Officer. “We began the year with three key objectives – grow our commercial business in glioblastoma, launch our next indication in non-small cell lung cancer, and deliver on the promise of our clinical and product development pipelines. I am pleased to share we have made significant progress on all fronts this quarter.”
Financial updates for the second quarter ended June 30, 2024:
-
Total net revenues for the quarter were
, an increase of$150.4 million 19% compared to the same period in 2023. This increase is primarily driven by our successful launch inFrance and improvedU.S. approval rates.-
The United States ,Germany ,France andJapan contributed ,$95.7 million ,$15.1 million and$14.3 million , respectively, with other active markets contributing$7.7 million .$11.8 million -
Revenue in
Greater China from Novocure’s partnership with Zai Lab totaled .$5.8 million -
Improved approval rates in the
U.S. resulted in of increased net revenue from prior period claims during the quarter. In addition, we received$5.0 million in net revenues from a private payer in the$2.6 million United Kingdom where payments are not routine. We do not expect these two benefits, totaling , to recur.$7.6 million
-
-
Gross margin for the quarter was
77% . -
Research, development and clinical studies expenses for the quarter were
, a decrease of$55.0 million 1% from the same period in 2023. -
Sales and marketing expenses for the quarter were
, a decrease of$56.6 million 3% compared to the same period in 2023. This primarily reflects lower personnel expenses associated with support functions. -
General and administrative expenses for the quarter were
, a decrease of$37.7 million 8% compared to the same period in 2023. This primarily reflects lower personnel expenses. -
Net loss for the quarter was
with loss per share of$33.4 million .$0.31 -
Adjusted EBITDA* for the quarter was
.$1.1 million -
Cash, cash equivalents and short-term investments were
as of June 30, 2024.$951.2 million
Operational updates for the second quarter ended June 30, 2024:
-
1,634 prescriptions were received in the quarter, an increase of
5% compared to the same period in 2023. Prescriptions fromthe United States ,Germany ,France andJapan contributed 957, 206, 176 and 108 prescriptions, respectively, with the remaining 187 prescriptions received in other active markets. -
As of June 30, 2024, there were 3,963 active patients on therapy, an increase of
11% compared to the same period in 2023. Active patients fromthe United States ,Germany ,France andJapan contributed 2,175, 538, 369 and 403 active patients, respectively, with the remaining 478 active patients contributed by other active markets.
Quarterly updates and achievements:
- In June, we presented positive results from the phase 3 METIS trial, evaluating the use of TTFields therapy and supportive care for the treatment of patients with brain metastases from non-small cell lung cancer (NSCLC) following stereotactic radiosurgery at the 2024 American Society of Clinical Oncology (ASCO) annual meeting. The METIS trial met its primary endpoint, demonstrating a statistically significant improvement in time to intracranial progression for adult patients treated with TTFields therapy and supportive care compared to patients treated with supportive care alone.
-
In June, we presented top-line results from the prospective, non-interventional TIGER study at the 2024 ASCO annual meeting. TIGER investigated the use of TTFields therapy in routine clinical use in the treatment of newly diagnosed GBM in
Germany . The outcomes observed in the TIGER study are consistent with the survival and safety results from our phase 3 EF-14 clinical trial. TTFields therapy use was not associated with an increase in systemic toxicity and was well tolerated.
Anticipated clinical milestones:
- Top-line data from phase 3 PANOVA-3 clinical trial in locally advanced pancreatic cancer (Q4 2024)
Conference call details
Novocure will host a conference call and webcast to discuss second quarter 2024 financial results at 8:00 a.m. EDT today, Thursday, July 25, 2024. To access the conference call by phone, use the following conference call registration link and dial-in details will be provided. To access the webcast, use the following webcast registration link.
The webcast, earnings slides presented during the webcast and the corporate presentation can be accessed live from the Investor Relations page of Novocure’s website, www.novocure.com/investor-relations, and will be available for at least 14 days following the call. Novocure has used, and intends to continue to use, its investor relations website, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Novocure
Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer through the development and commercialization of its innovative therapy, Tumor Treating Fields. Novocure’s commercialized products are approved in certain countries for the treatment of adult patients with glioblastoma, malignant pleural mesothelioma and pleural mesothelioma. Novocure has ongoing or completed clinical trials investigating Tumor Treating Fields in brain metastases, gastric cancer, glioblastoma, liver cancer, non-small cell lung cancer, pancreatic cancer and ovarian cancer.
Headquartered in Root,
*Non-GAAP Financial Measurements
We measure our performance based upon a non-
Forward-Looking Statements
In addition to historical facts or statements of current condition, this press release may contain forward-looking statements. Forward-looking statements provide Novocure’s current expectations or forecasts of future events. These may include statements regarding anticipated scientific progress on its research programs, clinical trial progress, development of potential products, interpretation of clinical results, prospects for regulatory approval, manufacturing development and capabilities, market prospects for its products, coverage, collections from third-party payers and other statements regarding matters that are not historical facts. You may identify some of these forward-looking statements by the use of words in the statements such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” or other words and terms of similar meaning. Novocure’s performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, environmental, regulatory and political conditions and other more specific risks and uncertainties facing Novocure such as those set forth in its Annual Report on Form 10-K filed on February 22, 2024, and subsequent filings with the
NOVOCURE LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||||
|
|||||||||||||||||||
|
Three months ended June 30, |
|
Six months ended June 30, |
|
Year ended
|
||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2023 |
||||||||||
|
Unaudited |
|
Unaudited |
|
Audited |
||||||||||||||
Net revenues |
$ |
150,356 |
|
|
$ |
126,051 |
|
|
$ |
288,859 |
|
|
$ |
248,233 |
|
|
$ |
509,338 |
|
Cost of revenues |
|
34,654 |
|
|
|
34,018 |
|
|
|
68,343 |
|
|
|
63,632 |
|
|
|
128,280 |
|
Gross profit |
|
115,702 |
|
|
|
92,033 |
|
|
|
220,516 |
|
|
|
184,601 |
|
|
|
381,058 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
||||||||||
Research, development and clinical studies |
|
54,955 |
|
|
|
55,427 |
|
|
|
106,553 |
|
|
|
115,131 |
|
|
|
223,062 |
|
Sales and marketing |
|
56,616 |
|
|
|
58,488 |
|
|
|
111,822 |
|
|
|
109,657 |
|
|
|
226,809 |
|
General and administrative |
|
37,711 |
|
|
|
40,778 |
|
|
|
77,241 |
|
|
|
82,722 |
|
|
|
164,057 |
|
Total operating costs and expenses |
|
149,282 |
|
|
|
154,693 |
|
|
|
295,616 |
|
|
|
307,510 |
|
|
|
613,928 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss) |
|
(33,580 |
) |
|
|
(62,660 |
) |
|
|
(75,100 |
) |
|
|
(122,909 |
) |
|
|
(232,870 |
) |
Financial income (expenses), net |
|
10,851 |
|
|
|
8,756 |
|
|
|
20,729 |
|
|
|
17,925 |
|
|
|
41,130 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income tax |
|
(22,729 |
) |
|
|
(53,904 |
) |
|
|
(54,371 |
) |
|
|
(104,984 |
) |
|
|
(191,740 |
) |
Income tax |
|
10,646 |
|
|
|
3,514 |
|
|
|
17,764 |
|
|
|
5,495 |
|
|
|
15,303 |
|
Net income (loss) |
$ |
(33,375 |
) |
|
$ |
(57,418 |
) |
|
$ |
(72,135 |
) |
|
$ |
(110,479 |
) |
|
$ |
(207,043 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted net income (loss) per ordinary share |
$ |
(0.31 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.67 |
) |
|
$ |
(1.04 |
) |
|
$ |
(1.95 |
) |
Weighted average number of ordinary shares used in computing basic and diluted net income (loss) per share |
|
107,700,284 |
|
|
|
106,289,073 |
|
|
|
107,483,241 |
|
|
|
105,979,791 |
|
|
|
106,391,178 |
|
Consolidated Balance Sheets |
|||||
USD in thousands (except share data) |
|||||
NOVOCURE LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS |
|||||
|
|||||
|
June 30,
|
|
December 31,
|
||
|
Unaudited |
|
Audited |
||
ASSETS |
|
|
|
||
CURRENT ASSETS: |
|
|
|
||
Cash and cash equivalents |
$ |
164,796 |
|
$ |
240,821 |
Short-term investments |
|
786,390 |
|
|
669,795 |
Restricted cash |
|
3,647 |
|
|
1,743 |
Trade receivables, net |
|
64,703 |
|
|
61,221 |
Receivables and prepaid expenses |
|
32,858 |
|
|
22,677 |
Inventories |
|
40,442 |
|
|
38,152 |
Total current assets |
|
1,092,836 |
|
|
1,034,409 |
LONG-TERM ASSETS: |
|
|
|
||
Property and equipment, net |
|
66,477 |
|
|
51,479 |
Field equipment, net |
|
11,719 |
|
|
11,384 |
Right-of-use assets |
|
29,076 |
|
|
34,835 |
Other long-term assets |
|
12,062 |
|
|
14,022 |
Total long-term assets |
|
119,334 |
|
|
111,720 |
TOTAL ASSETS |
$ |
1,212,170 |
|
$ |
1,146,129 |
Consolidated Balance Sheets |
|||||||
USD in thousands (except share data) |
|||||||
|
June 30,
|
|
December 31,
|
||||
|
Unaudited |
|
Audited |
||||
The accompanying notes are an integral part of these unaudited consolidated financial statements. |
|||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
||||
Trade payables |
$ |
90,171 |
|
|
$ |
94,391 |
|
Other payables, lease liabilities and accrued expenses |
|
79,007 |
|
|
|
84,724 |
|
Total current liabilities |
|
169,178 |
|
|
|
179,115 |
|
LONG-TERM LIABILITIES: |
|
|
|
||||
Convertible note |
|
556,508 |
|
|
|
568,822 |
|
Senior secured credit facility, net |
|
96,962 |
|
|
|
— |
|
Long-term leases |
|
21,731 |
|
|
|
27,420 |
|
Employee benefit liabilities |
|
6,023 |
|
|
|
8,258 |
|
Other long-term liabilities |
|
18 |
|
|
|
18 |
|
Total long-term liabilities |
|
681,242 |
|
|
|
604,518 |
|
TOTAL LIABILITIES |
|
850,420 |
|
|
|
783,633 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
||||
|
|
|
|
||||
SHAREHOLDERS' EQUITY: |
|
|
|
||||
Share capital - |
|
|
|
||||
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 108,013,830 shares and 107,075,754 shares at June 30, 2024 (unaudited) and December 31, 2023, respectively |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
1,422,903 |
|
|
|
1,353,468 |
|
Accumulated other comprehensive income (loss) |
|
(3,515 |
) |
|
|
(5,469 |
) |
Retained earnings (accumulated deficit) |
|
(1,057,638 |
) |
|
|
(985,503 |
) |
TOTAL SHAREHOLDERS' EQUITY |
|
361,750 |
|
|
|
362,496 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
1,212,170 |
|
|
$ |
1,146,129 |
|
Non- |
|||||||||||||||||||||
USD in thousands |
|||||||||||||||||||||
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||||||||
Net income (loss) |
$ |
(33,375 |
) |
|
$ |
(57,418 |
) |
|
(42 |
)% |
|
$ |
(72,135 |
) |
|
$ |
(110,479 |
) |
|
(35 |
)% |
Add: Income tax |
|
10,646 |
|
|
|
3,514 |
|
|
203 |
% |
|
|
17,764 |
|
|
|
5,495 |
|
|
223 |
% |
Add: Financial expenses (income), net |
|
(10,851 |
) |
|
|
(8,756 |
) |
|
24 |
% |
|
|
(20,729 |
) |
|
|
(17,925 |
) |
|
16 |
% |
Add: Depreciation and amortization |
|
2,858 |
|
|
|
2,721 |
|
|
5 |
% |
|
|
5,673 |
|
|
|
5,443 |
|
|
4 |
% |
EBITDA |
$ |
(30,722 |
) |
|
$ |
(59,939 |
) |
|
(49 |
)% |
|
$ |
(69,427 |
) |
|
$ |
(117,466 |
) |
|
(41 |
)% |
Add: Share-based compensation |
|
31,830 |
|
|
|
32,740 |
|
|
(3 |
)% |
|
|
65,914 |
|
|
|
71,824 |
|
|
(8 |
)% |
Adjusted EBITDA |
$ |
1,108 |
|
|
$ |
(27,199 |
) |
|
(104 |
)% |
|
$ |
(3,513 |
) |
|
$ |
(45,642 |
) |
|
(92 |
)% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725581079/en/
Investors & Media:
Ingrid Goldberg
investorinfo@novocure.com
media@novocure.com
Source: Novocure
FAQ
What were Novocure's (NVCR) Q2 2024 revenue and growth rate?
How many active patients did Novocure (NVCR) have as of June 30, 2024?
What were the results of Novocure's (NVCR) Phase 3 METIS trial presented at ASCO 2024?
What is Novocure's (NVCR) cash position as of Q2 2024?