Business
Novocure Reports Third Quarter 2024 Financial Results
Quarterly net revenues of $155 million, up 22% year-over-year, with record 4,113 active patients on therapy as of September 30, 2024 FDA approves Optune Lua®
About this update from Novocure Limited
[{"type":"text","content":"\nQuarterly net revenues of $155 million, up 22% year-over-year, with record 4,113 active patients on therapy as of September 30, 2024\n\nFDA approves Optune Lua® for the treatment of metastatic non-small cell lung cancer\n\nAfter 22 years as CEO, Asaf Danziger announces planned retirement at year end, will be succeeded by current CFO Ashley Cordova\n\nChristoph Brackmann appointed Chief Financial Officer, effective January 1, 2025\n\n ROOT, Switzerland--(BUSINESS WIRE)--\nNovocure (NASDAQ: NVCR) today reported financial results for the third quarter ended September 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“This was a period of strong execution and achievement at Novocure,” said William Doyle, Novocure’s Executive Chairman. “We secured FDA approval and launched Optune Lua for the treatment of patients with metastatic non-small cell lung cancer, achieved significant year-over-year revenue growth across our major markets, and solidified our management team to drive our next stage of growth. It is an exciting time to be at Novocure as we pursue opportunities to make a difference in the lives of our patients.”\n\nFinancial updates for the third quarter ended September 30, 2024:\n\n\nTotal net revenues for the quarter were $155.1 million, an increase of 22% 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 U.S., Germany, France and Japan contributed $98.3 million, $17.0 million, $15.2 million and $8.6 million, respectively, with other active markets contributing $11.3 million.\n\n\nImproved approval rates in the U.S. resulted in $4.7 million of increased net revenue from prior period claims during the quarter. We do not expect this benefit to recur.\n\n\nRevenue in Greater China from Novocure’s partnership with Zai Lab totaled $4.6 million.\n\n\n\n\nGross margin for the quarter was 77%.\n\n\nResearch, development and clinical studies expenses for the quarter were $51.9 million, a decrease of 3% from the same period in 2023.\n\n\nSales and marketing expenses for the quarter were $59.8 million, an increase of 3% compared to the same period in 2023.\n\n\nGeneral and ...