Novocure's Q2 2025 Earnings Call: Unpacking Contradictions in Optune Lua Growth and Revenue Recognition

Optune Lua adoption and growth, revenue recognition and collection in Germany, launch and prescription growth for Optune Lua, NCCN guidelines and payer discussions, and revenue recognition and CMS backlog are the key contradictions discussed in NovoCure's latest 2025Q2 earnings call.



Tumor Treating Fields Therapy Advancements:
- Novocure reported positive clinical outcomes from the PANOVA-3 trial in unresectable locally advanced pancreatic cancer, showing a median overall survival benefit of 16.2 months over the control arm.
- The improved survival rates along with significant enhancements in quality of life and pain management led to overwhelmingly positive physician feedback, reflecting the potential of Tumor Treating Fields therapy in pancreatic cancer.

Non-Small Cell Lung Cancer (NSCLC) Market Introduction:
- Optune Lua launched in non-small cell lung cancer, receiving 121 prescriptions, with 106 in the U.S. and 15 in Germany.
- The launch has been successful, with a significant portion of patients having prior exposure to immune checkpoint inhibitors, suggesting potential demand for the therapy post-platinum failure.

Regulatory and Clinical Milestones:
- Novocure is on track to submit regulatory filings for pancreatic cancer by the end of Q3 2025, and for brain metastases from non-small cell lung cancer in 2025.
- The upcoming FDA PMA submissions for these indications are based on positive clinical outcomes from the PANOVA-3 and METIS trials.

Financial Performance and Strategic Goals:
- Novocure reported net revenues of $159 million, an 6% increase over the previous year, driven primarily by active patient growth in the GBM franchise.
- The company is focused on securing reimbursement terms and achieving profitability, with expectations that commercial traction will drive revenue growth, particularly in 2026.