Novocure Q4 revenue slightly beats expectations, margins drop

NovoCure

26/02/2026 12:21

Overview

Oncology company's Q4 revenue slightly beat analyst expectations

Adjusted EBITDA for Q4 was negative, reflecting investments in clinical trials

Company received FDA approval for Optune Pax for pancreatic cancer

Outlook

Novocure projects 2026 net revenues between $675 mln and $705 mln

Company expects adjusted EBITDA for 2026 between $(20) mln and $0 mln

Novocure anticipates mid-70's percent gross margin for 2026

Result Drivers

REVENUE GROWTH - Q4 revenue rose 8% year-over-year, driven by increased active patients on therapy

FDA APPROVAL - Optune Pax approved by FDA for pancreatic cancer, marking a significant milestone

GROSS MARGIN DECLINE - Gross margin fell to 76% due to costs from new product rollouts and tariffs

Company press release: ID:nBw2pJXQZa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
Slight Beat*
$174.35 mln
$173.35 mln (7 Analysts)
Q4 Net Income
-$24.50 mln
Q4 Gross Profit
$132.19 mln
Q4 Operating Income
-$40.39 mln
Q4 Pretax Profit
-$40.95 mln


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the medical equipment, supplies & distribution peer group is "buy"

Wall Street's median 12-month price target for Novocure Ltd is $24.00, about 60.1% above its February 25 closing price of $14.99

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)