NovoCure (NASDAQ: NVCR) reported preliminary full‑year 2025 revenue of $655.4 million, an 8% increase over the $605.2 million earned in 2024. The growth was driven by continued uptake of its Tumor Treating Fields (TTFields) therapy in glioblastoma and the expansion of the platform into new indications, which broadened the addressable market and added new revenue streams.
The fourth‑quarter 2025 net revenue rose to $174.4 million from $161.3 million in Q4 2024, a 8% year‑over‑year gain. The increase was largely attributable to higher sales in the United States and growing penetration in European markets, where the company’s TTFields devices have gained traction among oncologists. The quarter’s revenue beat analyst consensus of $168.9 million (or $163.3 million in alternative estimates) by roughly $5.5 million, a 3.2% lift over expectations.
Gross margin for the quarter slipped to 73% from 77% in the same period a year earlier, reflecting the impact of new product rollouts and pre‑reimbursement costs for non‑small cell lung cancer (NSCLC) indications. Despite the margin compression, NovoCure’s net loss widened to $65.9 million, up from $37.3 million in Q3 2025, as the company continues to invest heavily in research and development, sales and marketing, and regulatory activities. EBITDA remained negative at $159.3 million for the twelve months ended December 31 2025, underscoring the company’s current focus on growth over profitability.
Patient adoption accelerated, with active TTFields users reaching 4,620 at year‑end, a 12% increase over the 4,126 patients recorded on December 31 2024. The uptick reflects both the expansion of approved indications and the growing confidence of clinicians in the platform’s efficacy. Revenue contributions from the United States, Germany, France, and Japan remained significant, with the U.S. market continuing to dominate sales while European growth helped offset regional pricing pressures.
CEO Frank Leonard emphasized that the record revenue “provides the financial strength to execute on the exciting growth opportunities we have in 2026.” He added that NovoCure has built the team and capabilities to support multiple product launches in the coming year while ensuring the company is on a clear path to profitability, signaling confidence in the company’s long‑term strategy.
Analysts noted the revenue beat but remained cautious due to the company’s ongoing net losses and margin compression. The mixed investor sentiment reflects the balance between strong commercial execution and the need for continued investment to achieve profitability.
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