Novocure Ltd. (NVCR) outlined a path toward adjusted EBITDA breakeven by the end of 2025 during a presentation at the Morgan Stanley 24th Annual Global Healthcare Conference on September 14, 2026, as the company continues to broaden its tumor-treating fields (TTF) platform beyond its flagship glioblastoma franchise.
Shares of Novocure closed at $16.22 on September 11, having climbed roughly 29% over the prior six months. The stock trades near the midpoint of a Wall Street price-target range spanning $17 to $52, with analysts assigning a consensus "Buy" rating. Five analysts have recently revised their earnings estimates upward.
Revenue for the last twelve months reached $699 million, up 11% year over year, while gross profit margin held at 76%. However, the company posted a negative EBITDA of $136 million and is targeting adjusted EBITDA breakeven by year-end 2025, with the potential for upside to approximately $50 million in positive adjusted EBITDA. CFO Christoph Brackmann noted that achieving cash-flow breakeven would require roughly $30 million to $40 million in profitability beyond EBITDA breakeven. Novocure entered the quarter with $440 million in cash, including $200 million in debt, and maintains a credit facility with a maximum debt limit below $400 million.
Frank Leonard, who became chief executive in late 2025, said the company is shifting focus from its early-stage development phase to expanding the application of TTF across additional cancer types. "We have spent the first 25 years taking a really novel approach to killing cancer cells," Leonard said. "We have kind of crossed from the startup phase of the company to now where we have built out a global, sustainable business."
The core glioblastoma franchise, marketed in the U.S. as Optune Gio, grew volume 8% year over year. The U.S. penetration rate among eligible patients is estimated at 35% to 40%, with roughly 90% of glioblastoma patients receiving surgery. Optune Gio received U.S. approval for newly diagnosed glioblastoma in 2015 and peaked in penetration around early 2021.
Novocure is diversifying its portfolio with Optune Lua, launched at the end of 2024 for second-line stage IV non-small cell lung cancer (NSCLC), and Optune Pax, which received a CE mark in Europe for pancreatic cancer. The company operates in 16 countries, with Japan ranking as its fourth-largest market.
On the clinical front, the KEYNOTE-D58 trial — evaluating TTF combined with pembrolizumab in glioblastoma — is expected to complete enrollment by the end of 2025, with a readout anticipated roughly two years later. Leonard emphasized the favorable toxicity profile of TTF combination strategies, noting that skin irritation has been the primary adverse event and that the modality does not produce systemic toxicities that would interfere with standard therapies.
Leonard acknowledged operational challenges faced earlier in the year. "What we lacked coming into the start of this year was really the focus and the discipline on where are we going to invest, where are we not going to invest, and moreover, for our existing business treating glioblastoma, how are we going to return that franchise to growth?" he said.
Novocure was founded a little over 25 years ago in Israel and has invested more than $1 billion and roughly 25 years of research and development to reach its current commercial footprint.
