Business
Novocure Reports Second Quarter 2024 Financial Results
Quarterly net revenues of $150 million, up 19% year-over-year, with 3,963 active patients on therapy as of June 30, 2024 Positive results from Phase 3 METIS
About this update from Novocure Limited
[{"type":"text","content":"\nQuarterly net revenues of $150 million, up 19% year-over-year, with 3,963 active patients on therapy as of June 30, 2024\n\n\nPositive results from Phase 3 METIS trial in brain metastases from non-small cell lung cancer presented at ASCO 2024\n\n\n ROOT, Switzerland--(BUSINESS WIRE)--\nNovocure (NASDAQ: NVCR) today reported financial results for the quarter ended June 30, 2024. 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 consistent execution at Novocure,” said Asaf Danziger, Novocure’s Chief Executive Officer. “We began the year with three key objectives – grow our commercial business in glioblastoma, launch our next indication in non-small cell lung cancer, and deliver on the promise of our clinical and product development pipelines. I am pleased to share we have made significant progress on all fronts this quarter.”\n\n\nFinancial updates for the second quarter ended June 30, 2024:\n\n\n\nTotal net revenues for the quarter were $150.4 million, an increase of 19% compared to the same period in 2023. This increase is primarily driven by our successful launch in France and improved U.S. approval rates.\n\n\nThe United States, Germany, France and Japan contributed $95.7 million, $15.1 million, $14.3 million and $7.7 million, respectively, with other active markets contributing $11.8 million.\n\n\n\nRevenue in Greater China from Novocure’s partnership with Zai Lab totaled $5.8 million.\n\n\n\nImproved approval rates in the U.S. resulted in $5.0 million of increased net revenue from prior period claims during the quarter. In addition, we received $2.6 million in net revenues from a private payer in the United Kingdom where payments are not routine. We do not expect these two benefits, totaling $7.6 million, to recur.\n\n\n\n\n\n\nGross margin for the quarter was 77%.\n\n\n\nResearch, development and clinical studies expenses for the quarter were $55.0 million, a decrease of 1% from the same period in 2023.\n\n\n\nSales and marketing expenses for the quarter were $56.6 million, a decrease of 3% compared to the same period in 2023. This primarily reflects lower personnel expenses associated with support functions.\n\n\n\nGeneral and ad...