Business
Novocure Announces Preliminary Full Year and Fourth Quarter 2021 Net Revenues and Provides Company Update
Preliminary full year 2021 net revenues of $535 million and fourth quarter net revenues of $133 million DMC interim analysis for INNOVATE-3 pivotal trial in
About this update from Novocure Limited
[{"type":"text","content":"\nPreliminary full year 2021 net revenues of $535 million and fourth quarter net revenues of $133 million\n\nDMC interim analysis for INNOVATE-3 pivotal trial in ovarian cancer anticipated in early Q2 2022 given limited total number of events to date in fast-recruiting trial\n\nNovocure to present at the 40th Annual J.P. Morgan Healthcare Conference at 7:30 a.m. EST on Tuesday, Jan. 11, 2022\n\n ST. HELIER, Jersey--(BUSINESS WIRE)--\nNovocure (NASDAQ: NVCR) today reported preliminary unaudited financial results and operational updates for the quarter and full year ended December 31, 2021.* Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer by developing and commercializing its innovative therapy, Tumor Treating Fields (TTFields). TTFields are electric fields that disrupt cancer cell division.\n\n“Since our founding over 20 years ago, we have generated tremendous scientific data, technological knowledge and commercial experience supporting the clinical impact of Tumor Treating Fields,” said William Doyle, Novocure’s Executive Chairman. “With over a half a billion dollars in global annual revenues and numerous late-stage trials nearing completion, Novocure is approaching a critical inflection point for our company and cancer patients.”\n\nFinancial and operational updates:\n\n\nTotal preliminary net revenues for the year ended December 31, 2021, were $535.0 million, up 8% over the prior year.\n\n\nTotal preliminary net revenues for the fourth quarter 2021 were $133.2 million. In the fourth quarter, the company did not recognize material revenue from its Medicare backlog. This compares to $11 million received from successful appeal of previously denied Medicare claims in the fourth quarter of 2020.\n\n\nPreliminary fourth quarter 2021 net revenues from the United States, EMEA and Japan contributed $92.0 million, $26.5 million and $8.8 million, respectively. Revenue in Greater China from Novocure’s partnership with Zai Lab totaled $5.8 million.\n\n\nThe number of active patients on therapy and the amount of net revenue recognized per active patient are our principal revenue drivers.\n\n\nIn the fourth quarter 2021, Novocure initiated contract negotiations with several large German payers that drove an update to the net revenue recognized per active patient, which negativel...