NovoCure Limited Q4 FY2025 earnings call

• 2025 was year of progress with record net revenues, presented trial data, submitted PMA applications, rolled out product enhancements. • 2026 expects regulatory, clinical, commercial milestones: Optune PACS approved for locally advanced pancreatic cancer, submitted EU and Japan filings; awaits FDA decision on brain metastases PMA; top line readouts from Panova 4 and Trident trials; national/regional launches of products in Spain, Czechia, British Columbia, Japan, US, Germany. • Combined scientific and clinical organizations with Uri Weinberg taking on CMO role. • 2025 saw substantial active patient growth in ex-US markets, US active patient growth 4%.

2025 generated record $655 million in net revenues, an 8% increase from 2024. Fourth quarter net revenue was $174 million. Growth driven by ex-US markets like Germany, France, Japan. Foreign exchange provided tailwind. Optune Lua 2025 revenue $10.4 million, including $5.8 million from non-small cell lung cancer patients. Fourth quarter gross margin 76%, full year 75% compared to prior years. R&D costs in Q4 $61 million, up 19% y-o-y; full-year R&D $225 million, up 7%. Sales and marketing expenses Q4 $69 million, up 2% y-o-y; full-year $240 million, flat. G&A expenses Q4 $43 million, down 41%; full-year $178 million, down 6%. Net loss Q4 $24 million, full year $136 million. Adjusted EBITDA Q4 negative $16 million, full year negative $34 million.

• 2026 annual net revenue guidance at constant exchange rates $675 million to $705 million, 3%-8% y-o-y growth. Assumes GBM established markets low to mid-single digit growth, new GBM markets modest contributions, new indications $15-$25 million revenue. • 2026 gross margin expected mid-70s percentage range. • Adjusted EBITDA guidance negative 20 million to break even for full year 2026, driven by revenue growth and expense management.

• Earlier CMS notified billing privileges halted due to administrative issue during DME supplier revalidation, but issue resolved with privileges reinstated retroactively. • Forward-looking statements involve risks and uncertainties beyond control, described in SEC filings.

Q: Why did Novacure start giving guidance now and break down revenue contributions?

A: As new CEO, wanted to set clear expectations, signal return to steady growth, drive to adjusted EBITDA break even, and show moving up maturity curve. On revenue, GBM established markets low to mid-single digit growth, new GBM markets modest contributions, new indications $15-$25 million.

Q: Regarding Optune Geo guidance being low to mid-single digit, is it conservatism or market change?

A: Not signaling moderation, believe many patients still benefit, range reflects assumptions including revenue timing.

Q: Lessons learned from Optune launch for Optune Pax?

A: Pleased with Optune Pax approval, quality of data led to 180-day review, targets first-line locally advanced pancreatic cancer patients, leveraged existing torso sales force.

Q: How much Salesforce allocated for Optune Pax?

A: Leveraging existing established team, not adding incremental sales headcount, tasking current team with pancreatic launch.

Q: Detail on Optune Pax revenue contribution and sales and marketing for pancreatic patients?

A: Launch involves working with payers to establish coverage, expect revenue not directly correlate initially, similar to Optune Lua, takes 1-2 years for routine coverage, incremental spend on marketing side, reusing field force.