NovoCure Limited Q1 FY2026 earnings call

• Pancreatic cancer program: FDA approved and launched Optune Pax for locally advanced pancreatic cancer. Certified 868 healthcare providers, 27 of whom are from academic centers. Received 169 prescriptions and completed 90 patient starts, ending the quarter with 83 patients on therapy. Announced top line data from the Phase 2 Penova 4 trial. Presented posters at AACR on TT fields with daraxone racin in pancreatic cancer models. Launched product enhancements like an HCP portal, lighter arrays, and a mobile app. - GBM and lung cancer programs: Optune Geo had 9% year-over-year growth in active patients globally. Trident trial top-line data expected in Q2. Optune Lua received national reimbursement in Japan and began treating commercial patients. Exploring modifications to the Lunar 2 trial

Net revenue in Q1 was $174 million, up 12% year-over-year. Growth was driven primarily by continued growth in markets outside the U.S., including increases of $6 million and $5 million from Germany and France respectively. Net revenue from OptinLure in the first quarter was $3 million compared to $1.5 million in Q1 2025. Gross margin in the quarter was 78% compared to 75% in Q1 of 2025. Research and development costs in the quarter were $58 million, an increase of 8% compared to the same period in 2025. Sales and marketing expenses in Q1 were $58 million, up 5% from Q1 2025. G&A costs in the quarter were $86 million, up 92% from the same period last year. Net loss for the quarter was $71 million compared to $34 million in Q1 2025. Adjusted EBITDA in the quarter was negative $0.3 million compared to negative $5 million in the first quarter of 2025. Revenue guidance for 2026 is updated to a range of $690 million to $710 million, and adjusted EBITDA guidance is updated to range from negative $15 million to break-even

• Full-year revenue guidance is updated to $690 million to $710 million, representing 5% to 8% growth. - Full-year adjusted EBITDA guidance is updated to range from negative $15 million to break-even

Q: Jonathan Chang asked about early Optune Pax launch details and comparison to lung launch.

A: Over 800 prescribers were certified in the first month of Optune Pax approval, with 27% from academic centers. Prescribing was broad across community and academic centers. Demand in the first month of Optune Pax launch was multiples of the lung launch.

Q: Jason Bednar asked about Optune Pax launch trajectory and revenue guidance.

A: Can't comment on current quarter trajectory. Revenue guidance was increased based on strong momentum from 2025, Q4, and Q1.

Q: Kevin DeJeter asked about contracting, coverage for Optune Pax and CMS coverage.

A: First major payer covered Optune Pax, working with other payers. Expect around 1 to 2 years for private payer coverage, monitoring NCCN guideline inclusion.

Q: Vijay Kumar asked about pancreatic and RAS inhibitors.

A: Optune Pax has a unique biophysical rationale for pancreatic cancer and complements RAS inhibitors.

Q: Lawrence Bigelson asked about pancreatic launch comparison to GBM and OUS timing.

A: Almost 900 prescribers were certified in the first month of Optune Pax commercial availability, multiples of the lunar launch. OUS approvals are expected in the second half.

Q: Emily Bodner asked about converting prescriptions to active patients for Optune Pax.

A: Pleased with results so far, team is providing support for patients, with quick execution from prescription to start.

Q: Jessica Fai asked about conversion from prescriptions to patients on therapy for Optune Pax.

A: Pleased with results, team is supporting patients, with good correlation between active patients and starts in the quarter