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NVCR

NovoCure Limited

NVCR

NovoCure Limited • NASDAQ
$12.81 ▲ 0.39% (+0.05)
Market Cap $1.43 B
52w High $34.13
52w Low $10.70
Dividend Yield 0%
P/E -7.96
Volume 736.14K
Outstanding Shares 111.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $167.204M ▲ $158.496M ▲ $-37.27M ▲ -22.29% ▲ $-0.33 ▲ $-26.359M ▲
Q2-2025 $158.805M ▲ $156.854M ▲ $-40.139M ▼ -25.276% ▼ $-0.36 ▼ $-36.077M ▼
Q1-2025 $154.994M ▼ $154.338M ▼ $-34.319M ▲ -22.142% ▲ $-0.31 ▲ $-34.54M ▼
Q4-2024 $161.266M ▲ $191.104M ▲ $-65.922M ▼ -40.878% ▼ $-0.61 ▼ $-10.523M ▲
Q3-2024 $155.095M $151.815M $-30.57M -19.711% $-0.28 $-29.634M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.036B ▲ $1.361B ▲ $1.02B ▲ $341.333M ▼
Q2-2025 $911.525M ▼ $1.246B ▼ $896.434M ▲ $349.441M ▼
Q1-2025 $931.283M ▼ $1.249B ▲ $886.851M ▲ $361.958M ▲
Q4-2024 $959.873M ▼ $1.241B ▲ $880.605M ▲ $360.179M ▼
Q3-2024 $963.675M $1.222B $861.205M $360.781M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-37.27M ▲ $20.574M ▲ $71.436M ▲ $100.517M ▲ $192.505M ▲ $14.919M ▲
Q2-2025 $-40.139M ▼ $-15.936M ▲ $35.986M ▲ $2.387M ▼ $22.702M ▲ $-21.422M ▲
Q1-2025 $-34.319M ▲ $-35.665M ▼ $-6.472M ▲ $5.247M ▲ $-36.663M ▼ $-46.276M ▼
Q4-2024 $-65.922M ▼ $-3.451M ▼ $-22.211M ▼ $2.685M ▲ $-23.105M ▼ $-12.393M ▼
Q3-2024 $-30.57M $10.376M $10.193M $100K $20.756M $-307K

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the past five years, but only gradually, with a bit of volatility along the way. The core business clearly has healthy gross margins, meaning the basic economics of selling the therapy are attractive. The challenge is further down the income statement: rising operating expenses, especially for R&D and commercialization, have pushed the company from a small profit a few years ago into sizable and persistent losses. Recent results show some improvement versus the worst year, but the business is still firmly in loss‑making territory, and earnings per share remain deeply negative.

Balance Sheet

Balance Sheet The balance sheet shows a company that has built a meaningful asset base, but with a shrinking equity cushion. Cash levels have moved down from earlier peaks, while debt has climbed, so the business is now more leveraged than it was a few years ago. This mix—less cash, more debt, and flat equity—reduces financial flexibility and increases sensitivity to setbacks. The balance sheet is not distressed based on these figures alone, but it is clearly trending toward a more constrained position and leaves less room for prolonged losses.

Cash Flow

Cash Flow Cash generation has weakened noticeably. A few years ago, the company was generating positive cash from operations and modest positive free cash flow; more recently, both have turned negative. The business is now consuming cash rather than producing it, driven by operating losses rather than heavy investment spending. Capital expenditure remains relatively modest, so the cash burn largely reflects the cost of funding R&D, trials, and commercialization. Sustained improvement in either profitability or external financing will be needed to ease this pressure.

Competitive Edge

Competitive Edge NovoCure occupies a very unusual corner of oncology with its Tumor Treating Fields technology, which stands apart from standard surgery, radiation, and drug therapies. It benefits from strong patent protection, years of specialized know‑how, and a first‑mover advantage supported by clinical data and regulatory approvals in hard‑to‑treat cancers like glioblastoma and mesothelioma. These factors create a real moat: replicating the technology, evidence base, and physician familiarity would be difficult and time‑consuming for rivals. That said, overall cancer care is highly competitive and fast‑moving, and NovoCure must continue proving clinical value and securing reimbursement against a backdrop of powerful alternative therapies and combinations.

Innovation and R&D

Innovation and R&D The company is heavily research‑driven, aiming to turn TTFields into a broad treatment platform across multiple solid tumors. It is running late‑stage trials in areas such as pancreatic cancer and brain metastases, and exploring combinations with immunotherapies and other modern cancer drugs. This pipeline is the main reason for today’s high R&D spending and current losses: the business is trading near‑term profitability for potential long‑term expansion. The upside, if pivotal trials and regulatory reviews go well, could be substantial; the downside is that negative or delayed trial results would weigh heavily on growth prospects and financing needs. Overall, the company’s future is tightly linked to the success and timing of its clinical and regulatory milestones.

Summary

NovoCure combines a distinctive, clinically validated technology and a meaningful competitive moat with a financial profile that is currently under strain. Its top line has grown, and the underlying product economics look solid, but rising R&D and commercialization costs have pushed the company into sustained losses and negative cash flow. The balance sheet still supports ongoing development but has become more leveraged and less cushioned than it once was, increasing dependence on either operational improvement or external capital. Strategically, the story hinges on expanding indications, securing more approvals, and integrating TTFields into combination regimens across multiple cancers. The opportunity is significant but comes with elevated execution, clinical, and financing risk, making future results highly sensitive to trial outcomes and adoption trends.

NEWS

November 26, 2025 · 7:00 AM UTC

Novocure to Participate in 37th Annual Piper Sandler Healthcare Conference

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November 12, 2025 · 7:00 AM UTC

Novocure to Participate in 2025 Jefferies Global Healthcare Conference

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October 30, 2025 · 7:00 AM UTC

Novocure Reports Third Quarter 2025 Financial Results

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October 15, 2025 · 7:00 AM UTC

Novocure to Present New Research for Tumor Treating Fields (TTFields) Therapy at European Association of Neuro-Oncology (EANO) Meeting and the European Society for Medical Oncology (ESMO) Congress

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October 1, 2025 · 7:00 AM UTC

Novocure to Report Third Quarter 2025 Financial Results

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