NovoCure (NVCR) reported building momentum across its oncology product portfolio during a presentation at the Wells Fargo 21st Annual Healthcare Conference on Wednesday, highlighting its first positive cash flow in years and progress on key regulatory approvals for its Optune cancer therapies.
Chief Executive Officer Frank Leonard told moderator Leigh Huang of Wells Fargo's MedTech Research team that the second quarter of 2026 marked the first time in several years the company generated positive cash flow. NovoCure shares had risen 30.5% over the preceding six months, closing at $15.51 on Wednesday.
Optune Pax, the company's therapy for pancreatic cancer, has generated approximately 600 prescriptions in roughly four months since launch, representing an average run rate of about 150 per month. About 285 patients were on active therapy by the end of Q2, with a prescription-to-active-patient conversion rate of roughly 70%—a figure Leonard noted aligns with the company's experience in glioblastoma.
Optune Pax holds FDA approval for Stage III locally advanced pancreatic cancer in the U.S. In Europe, the therapy received CE marking with a modified label, and an official launch is planned for the European Society for Medical Oncology (ESMO) conference in October 2026. Regulatory approval in Japan is expected by year-end, with national reimbursement anticipated in the first half of 2027. Japan's pancreatic cancer incidence is approximately three times higher than in the U.S., against a population of about 120 million.
In the glioblastoma franchise, Optune Gio saw active-patient growth of 11% in Q2, including 8% growth in the U.S., with management expecting mid-single-digit expansion to continue. The Japan lung cancer market for Optune Lua had 64 patients on therapy by end of Q2.
NovoCure is also pursuing a combination trial of Optune Pax with adagrasib (KRAZATI), approved for second-line metastatic pancreatic cancer, in the second-line metastatic setting. The company targets an Investigational New Drug filing soon, with a potential launch in early 2027. Leonard noted that some clinical practices were managing more than 2,000 patients in early access programs for adagrasib, which could affect the timing available for NovoCure sales calls.
For brain metastases, Optune Maia, based on the METIS trial, is expected to receive approval by year-end 2026.
On costs, annual R&D spending is committed at about $200 million, roughly flat year-over-year, while a resized clinical trial generated approximately $90 million in savings.
Regarding a recent cybersecurity incident, NovoCure disclosed unauthorized access to its information system. Management confirmed no material financial impact, no loss of control over systems, no implicated devices, and fewer than 50 patients affected regarding identifiable personal health information.
Street estimates for 2027 model about 12% top-line growth and roughly a 5% EBITDA margin. Management declined to comment on those specific figures. Analyst consensus rates the stock a Buy, with five analysts having revised earnings estimates upward for the upcoming period.
