Business
Novocure Reports First Quarter 2023 Financial Results
Data from phase 3 LUNAR clinical trial in non-small cell lung cancer to be presented June 6th at ASCO Annual Meeting Enrollment of phase 3 METIS clinical
About this update from Novocure Limited
[{"type":"text","content":"\nData from phase 3 LUNAR clinical trial in non-small cell lung cancer to be presented June 6th at ASCO Annual Meeting\n\n\nEnrollment of phase 3 METIS clinical trial completed, the fourth phase 3 clinical trial to complete enrollment in last 18 months\n\n\n ROOT, Switzerland--(BUSINESS WIRE)--\nNovocure (NASDAQ: NVCR) today reported financial results for the quarter ended March 31, 2023. 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).\n\n\n“The first quarter was another period of solid progress for Novocure,” said Asaf Danziger, Novocure’s Chief Executive Officer. “We received the most prescriptions in our history in the U.S., earned reimbursement for Optune in France and launched our next generation arrays in Sweden. We look forward to a promising 2023 and the opportunity to reach many more patients who can benefit from the use of Tumor Treating Fields therapy.”\n\n\n“We are pleased to share the presentation of data from our phase 3 LUNAR clinical trial next month at the American Society of Clinical Oncology annual meeting in Chicago,” said William Doyle, Novocure’s Executive Chairman. “LUNAR is the first phase 3 clinical trial completed utilizing TTFields outside the brain and together with immunotherapy. LUNAR is also the first of four phase 3 clinical trials set to readout by the end of 2024. This marks the beginning of Novocure’s next chapter, with the potential to help tens of thousands of patients diagnosed with deadly cancers in the coming years.”\n\n\nFinancial updates for the first quarter ended March 31, 2023:\n\n\n\nTotal net revenues for the quarter were $122.2 million, a decrease of 11% compared to the same period in 2022.\n\n\nThe United States, Germany and Japan contributed $85.2 million, $15.1 million and $8.7 million in quarterly net revenues, respectively, with our other active markets contributing $7.9 million.\n\n\n\nRevenue in Greater China from Novocure’s partnership with Zai Lab totaled $5.3 million.\n\n\n\n\n\n\nGross margin for the quarter was 76%.\n\n\n\nResearch, development and clinical studies expenses for the quarter were $59.7 million, an increase of 41% from the same period in 2022. This primarily reflects increased clinical trial and personn...