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- **Revenue Growth**: Q3 net revenue $167M (+8% YoY), driven by GBM patient expansion (4,277 active patients).
- **Lung Cancer Struggles**: 100 patients on therapy (94 in U.S.), facing headwinds from drug competition and device complexity. Japan launch expected to accelerate growth.
- **Upcoming Launches**: Pancreatic cancer and brain metastases FDA approvals anticipated in 2026, leveraging existing infrastructure.
- **Financial Targets**: Adjusted EBITDA breakeven in 2027 at $700-750M revenue, supported by disciplined expense management.
- **Product Innovation**: 78% U.S. GBM patients using new app, HFE array global rollout complete, and MAXPOINT software FDA submission.

**【Management Opening Remarks】**
- **Mission Expansion**: Transitioning from a single-indication to a platform therapy company, targeting 4 cancer indications by end-2026 (GBM, lung, pancreatic, brain metastases).
- **Priorities**: Launch new indications, achieve profitability, and invest in product portfolio.
- **Q3 Highlights**: 4,277 active GBM patients (5% YoY growth), 100 lung cancer patients (94 in U.S.), and regulatory approvals for Japan lung cancer launch.

**【CEO Commentary】**
- **Regulatory Progress**: FDA submissions for pancreatic cancer (PANOVA-3) and brain metastases (METIS) expected in 2026. Japan filings for pancreatic and lung cancer underway.
- **Product Development**: Rollout of HFE arrays globally, new patient app adoption (78% U.S. GBM patients), and MAXPOINT treatment planning software FDA submission.
- **Clinical Trials**: PANOVA-4 (metastatic pancreatic cancer) data expected Q1 2026, TRIDENT (GBM concurrent TTFields + radiation) Q2 2026.

**【CFO Financial Commentary】**
- **Q3 Financials**: Net revenue $167M (+8% YoY), gross margin 73%, adjusted EBITDA -$3M (vs. -$12M YoY improvement).
- **Expense Management**: R&D $54M (4% YoY), SG&A $46M (15% YoY), driven by share-based compensation and infrastructure build.
- **Cash Position**: $1.03B, with $561M convertible notes redeemed. Targeting adjusted EBITDA breakeven in 2027 at $700-750M revenue run rate.

**【Q&A Highlights】**
- **Lung Cancer Challenges**: Slow adoption due to physician preference for drugs, device complexity, and patient health. Japan launch expected to outperform U.S. due to reimbursement structure and physician familiarity with devices.
- **Gross Margin Trajectory**: 73% Q3, mid-70s for 2025, recovery to high-70s post-launches as reimbursement catches up to patient growth.
- **Pancreatic Launch Strategy**: Leverage existing GBM infrastructure, focus on high-burden regions, and use real-world evidence to support trials.


NovoCure Limited (NVCR) Q3 2025 Earnings Call Transcript

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Europe,Japan and Others

Greater China

NVCR

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