Novocure Limited · NASDAQ:NVCR
Novocure — Q4 2025 Earnings Presentation
12 slides from Novocure's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Quarterly Earnings
Q4 2025 Quarterly Earnings Thursday, February 26, 2026 © 2026 Novocu re GmbH 1
Slide 2: Forward-looking statements
forward - looking statements In addition to historical facts or statements of current condition, this presentation may contain forward - looking statements. Fo rward - looking statements provide Novocure’s current expectations or forecasts of future events. These may include statements regarding ant
Slide 3: Strategic roadmap balancing growth and profitability
strategic roadmap balancing growth and profitability drive scale advance pursue adoption portfolio innovation profitability in approved through new through clinical to fuel growth and indications indication launches and product shareholder value development © 2026 Novocu re GmbH 3
Slide 4: Key catalysts anticipated in 2026
key catalysts anticipated in 2026 Q1 : Release topline data from Phase 2 PANOVA - 4 trial (met. pancreatic cancer) CLINICAL Q2 : Release topline data from Phase 3 TRIDENT trial (GBM) Q4 : Complete enrollment in Phase 3 KEYNOTE D58 trial (GBM) ✓ Q1 : Launch Optune Pax for pancreatic cancer in the U.S
Slide 5: Optune Pax: FDA-approved and launch underway in locally advanced pancreatic cancer
Optune Pax: FDA - approved and launch underway in locally advanced pancreatic cancer MARKETING PATIENT HCP MATERIALS MATERIALS MATERIALS © 2026 Novocu re GmbH 5
Slide 6: Q4 and full year 2025 select financials
Q4 and full year 2025 select financials U.S. DOLLARS IN MILLIONS Q4 2025 Q4 2024 FY 2025 FY 2024 Net revenues $ 174.4 $ 161.3 $ 655.4 $ 605.2 Cost of revenues 42.2 33.5 166.9 137.2 Gross profit 132.2 127.8 488.5 468.0 Research, development and clinical expenses 60.9 51.2 224.5 209.6 Sales and market
Slide 7: 2026 net revenue & adjusted EBITDA guidance
2026 net revenue & adjusted EBITDA guidance FY 2026 net revenue KEY ASSUMPTIONS • Optune Gio net revenue: $675M – $705M Low - to- mid single digit growth from 2025 • Optune Lua, Optune Pax net revenue : $15M – $25M anticipated collective contribution • Gross margin : Maintain gross margin in the mid
Slide 8: Together with our patients, we strive to extend survival in some of the most aggressive forms of cancer
actor portrayal together with our patients, we strive to extend survival in some of the most aggressive forms of cancer © 2026 Novocu re GmbH 8
Slide 9: Adjusted EBITDA reconciliation
adjusted EBITDA reconciliation Adjusted EBITDA is a non - GAAP measurement of earnings before interest, taxes, depreciation, amortization and share - based compens ation. We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because it helps investors compare the
Slide 10: Optune Gio, Optune Lua and Optune Pax indications for use and important safety information
Optune Gio ® , Optune Lua ® and Optune Pax ® indications for use and important safety information INDICATIONS FOR USE • Optune Gio ® is intended as a treatment for adult patients (22 years of age or older) with histologically confirmed glioblastoma multiform e (GBM). • Optune Gio with temozolomide i
Slide 11: Indications for use and important safety information: warnings and precautions
Optune Gio ® , Optune Lua ® and Optune Pax ® indications for use and important safety information WARNINGS AND PRECAUTIONS • Optune Gio, Optune Lua, and Optune Pax can only be prescribed by a healthcare provider that has completed the required certif ica tion training provided by Novocure ® (the dev
Slide 12: Warnings and precautions (cont'd)
Optune Gio ® , Optune Lua ® and Optune Pax ® indications for use and important safety information WARNINGS AND PRECAUTIONS (CONT’D) • The most common ( ≥10%) adverse events involving Optune Pax concomitant with gemcitabine and nab - paclitaxel were neutropenia, ane mia, thrombocytopenia, leukopenia,