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BAAR, Switzerland - Novocure (NASDAQ:NVCR) shares dropped 6.3% after the oncology company reported fourth-quarter earnings that fell short of analyst expectations, despite beating revenue estimates. The company’s focus on expanding its Tumor Treating Fields (TTFields) therapy into new indications showed progress, but investors appeared concerned about the wider-than-expected loss.
Novocure reported a Q4 loss of -$0.61 per share, missing the analyst estimate of -$0.36 by $0.25. However, revenue for the quarter came in at $161.26 million, surpassing the consensus estimate of $153.04 million and marking a 21% increase YoY.
For the full year 2024, Novocure’s total net revenues reached $605.2 million, up 19% from the previous year. The company attributed this growth primarily to the successful launch of Optune Gio for glioblastoma in France and improved approval rates in the U.S.
CEO Ashley Cordova commented, "2025 is a defining year for Novocure as we enter a new era with a multi-indication platform propelled by positive Phase 3 data in three indications – one FDA-approved and two advancing toward regulatory submission."
The company highlighted the FDA approval of Optune Lua for the treatment of metastatic non-small cell lung cancer, with the commercial rollout underway in the U.S. Additionally, Novocure’s Phase 3 PANOVA-3 trial met its primary endpoint, demonstrating a statistically significant improvement in overall survival for patients with unresectable, locally advanced pancreatic cancer.
As of December 31, 2024, Novocure reported 4,126 active patients on TTFields therapy globally. The company ended the year with $959.9 million in cash, cash equivalents, and short-term investments.
Looking ahead, Novocure expects its GBM business to grow at a low mid-single digit rate in 2025 as it reaches maturity. The company also anticipates that gross margins will be impacted by current and future product enhancements, including the U.S. launch of its Head Flexible Electrode transducer arrays for Optune Gio and the launch of Optune Lua in metastatic non-small cell lung cancer.
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