New York, July 23, 2026, 13:31 EDT. NovoCure shares leapt 29% after the company posted stronger-than-expected second quarter results and upgraded its full-year 2026 outlook.
- The share price increased by 29.3% to $20.13 in early Nasdaq trading.
- Second-quarter revenue exceeded FactSet consensus by 6.5%. The company also reported positive adjusted EBITDA.
- The midpoint of the guidance requires average sales of $179.9 million per quarter in the second half.
NovoCure Limited NASDAQ:NVCR climbed 29.3% on Thursday following record quarterly sales and an improved outlook for 2026. Shares stood at $20.13 as of 1:15 p.m. EDT and reached $20.53, a fresh 52-week high. The Nasdaq regular session continued.
The action stood in contrast to medical-device shares. The iShares U.S. Medical Devices ETF (NYSEARCA:IHI) slipped 0.5% around the same period.
The report surpassed both key Wall Street benchmarks. Revenue totaled $183.6 million, exceeding the FactSet consensus by 6.5%. The loss per share of 13 cents was narrower than the anticipated 33-cent loss.
The key indicator lies within the company’s updated forecast. Revenue for the first half totaled $357.6 million. To meet its midpoint guidance of $717.5 million, management now targets $359.9 million for the latter half, representing just a 0.6% increase over the first six months.
The midpoint requires $179.9 million each quarter. Second quarter results featured $2.8 million in non-recurring revenue gains. Excluding these, the underlying figure is $180.8 million, which is nearly the same run rate.
| Metric | Q2 2026 | Comparison | Investor read-through |
|---|---|---|---|
| Revenue | $183.6 million | $172.4 million consensus | 6.5% above expectations |
| Revenue growth | 15.6% | $158.8 million in Q2 2025 | Growth remains double-digits |
| Loss per share | $0.13 | $0.33 consensus loss | $0.20 narrower |
| Adjusted EBITDA | $10.8 million | Negative $9.9 million | $20.7 million improvement |
| Active patients | 5,128 | Up 18% year over year | Highest recorded patient count |
| 2026 revenue guidance | $710 million-$725 million | $690 million-$710 million previously | Midpoint increased by 2.5% |
| Required H2 revenue | $352.4 million-$367.4 million | $357.6 million in H1 | Range from 1.5% lower to 2.7% higher |
Company data provides reported figures and forecasts. FactSet supplies consensus numbers. Second-half needs are derived from reported data.
Total active patients climbed 18% to 5,128, reflecting broader patient demand. Optune Gio continued to be the primary product, used by 4,636 patients, up 11%.
Optune Lua reported 207 active patients, marking a 51% increase. The recently launched Optune Pax therapy reached 285 patients. NovoCure recorded 418 prescriptions for Pax in the quarter.
Revenue from the newer therapies remained modest. Lua and Pax together generated $7 million. Pax, though serving more patients, provided $1.6 million. Reimbursement and billing remain critical evaluation points.
Profits rose at a quicker pace than revenue. Adjusted EBITDA reversed to a gain of $10.8 million after recording a $9.9 million loss. Overall operating expenses were reduced to $153 million, down from $156.9 million. Outlays on sales and marketing climbed 8% to back product rollouts.
Non-recurring factors contributed. Gross profit reflected a $4.9 million boost from a tariff refund. Revenue also included a distinct $2.8 million benefit. A preliminary estimate that excludes both amounts equally puts adjusted EBITDA at about $3.1 million.
With this adjustment, gross margin stands close to 75%, down from the reported 77.6%. This aligns with management’s guidance for gross margins in the mid-70% range over the next few quarters.
Chief Executive Frank Leonard said the company reported its highest net revenues and the most active patients on therapy so far. “This was our strongest quarter to date,” Leonard commented. SEC
Chief Financial Officer Christoph Brackmann struck a more cautious tone, describing the second quarter as “exceptional” and noting that “the stars aligned in Q2.” Despite this, management remains committed to delivering results at the upper range of guidance. Investing.com
Vijay Kumar, analyst at Evercore ISI, noted that the revenue outperformance was seen broadly across geographic areas. He described the Pax launch as the standout of the quarter. Kumar maintained his outperform rating and $20 price target. The stock was trading just above that target.
The next significant catalyst is anticipated in the fourth quarter. The U.S. Food and Drug Administration is currently assessing TTFields therapy for brain metastases stemming from lung cancer. NovoCure also plans to finish enrollment for its KEYNOTE D58 glioblastoma study.
Risks: Two significant one-off gains were included in Q2. Comprehensive Pax reimbursement has not been secured, and prescription conversion is still in its initial stages. Management anticipates that margins will reduce as additional patients start therapy without reimbursement.
NovoCure’s valuation stood at roughly $2.3 billion at $20.13 per share, translating to about 3.2 times the midpoint of forecast 2026 revenue. Cash and short-term investments came to $440.6 million. Following Thursday’s revaluation, the shares rely on maintaining the normalized pace seen in Q2.
