Business
Novocure Reports Second Quarter 2023 Financial Results
Quarterly net revenues of $126 million with 3,571 active patients on therapy as of June 30, 2023 Phase 3 LUNAR trial in non-small cell lung cancer met
About this update from Novocure Limited
[{"type":"text","content":"\nQuarterly net revenues of $126 million with 3,571 active patients on therapy as of June 30, 2023\n\n\nPhase 3 LUNAR trial in non-small cell lung cancer met primary and key secondary survival endpoints, the first of four phase 3 trials to readout by year-end 2024\n\n\nInterim analysis for fully enrolled phase 3 PANOVA-3 trial in pancreatic cancer concluded with recommendation to proceed to final analysis\n\n\n ROOT, Switzerland--(BUSINESS WIRE)--\nNovocure (NASDAQ: NVCR) today reported financial results for the quarter ended June 30, 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 second quarter was a period of sound execution and expansion at Novocure,” said Asaf Danziger, Novocure’s Chief Executive Officer. “Our restructured commercial organization has begun driving greater penetration in key markets, the launch of Optune® in France has been a resounding success, and we are preparing to introduce our next generation arrays in more markets later this year. We believe there are many more patients who can benefit from TTFields therapy and we are determined to reach them.”\n\n\n“The positive results from the LUNAR trial in non-small cell lung cancer mark the beginning of the next chapter at Novocure, as we strive to extend survival for patients diagnosed with difficult-to-treat tumors,” said William Doyle, Novocure’s Executive Chairman. “With three more phase 3 trials set to read out by the end of 2024 and a new generation of trials slated to launch, our determination and commitment are strengthened by the prospect of potentially treating many more patients across a number of new indications in the coming years.”\n\n\nFinancial updates for the second quarter ended June 30, 2023:\n\n\n\nTotal net revenues for the quarter were $126.1 million, a decrease of 11% compared to the same period in 2022. The decrease resulted primarily from $13.4 million in reduced collections from previously denied or appealed claims in the U.S.\n\n\nThe United States, Germany and Japan contributed $87.0 million, $15.7 million and $7.9 million in quarterly net revenues, respectively, with our other active markets contributing $8.7 million.\n\n\n\nRevenue in Greater China from Novocure’s...