Novocure Jumps on Record Revenue and Bright 2026 Outlook
The oncology-focused company beat Q4 revenue estimates by nearly 10% and laid out a series of major clinical and regulatory milestones expected in the coming year.
Shares of Novocure (NASDAQ: NVCR) climbed in early trading Monday after the oncology company announced record preliminary revenue for 2025 and a fourth-quarter performance that significantly outpaced analyst expectations. The company also detailed a catalyst-rich roadmap for 2026, boosting investor confidence in its growth trajectory.
Novocure reported preliminary fourth-quarter revenue of $174.4 million, a figure that not only represents an 8% increase year-over-year but also sails past the consensus estimate of $158.9 million by a wide margin of 9.7%. This strong finish pushed the company to a record full-year 2025 revenue of $655.4 million.
The positive financial results were underpinned by growing adoption of Novocure’s novel cancer treatment, Tumor Treating Fields (TTFields). The company noted that the number of active patients using its therapy grew to 4,620 by the end of the year, a 12% increase from the prior year, signaling broader acceptance in the medical community.
"Our strong preliminary fourth quarter and full-year 2025 performance is a testament to our steadfast commitment to patients and the success of our commercial and clinical execution," the company stated in its update to investors. Novocure, headquartered in Switzerland, is the developer of Optune, a non-invasive device that uses electric fields to disrupt cancer cell division, primarily for treating glioblastoma, the most aggressive form of brain cancer.
Perhaps more crucial to the market's reaction was the company's forward-looking commentary. Novocure outlined several key milestones anticipated in 2026 that could significantly expand the application of its TTFields therapy. The company expects to deliver topline data from its TRIDENT trial in glioblastoma and the KEYNOTE D58 trial in brain metastases. Furthermore, the firm is preparing for two potential U.S. Food and Drug Administration (FDA) decisions on approvals for treating pancreatic cancer and brain metastases.
This clinical pipeline is central to Novocure's strategy to become a multi-indication platform therapy company. The company has publicly stated a goal of expanding its treatment to four distinct cancer types by the end of 2026 and achieving sustainable profitability by 2027. This strategy is supported by a portfolio prioritization and restructuring plan announced in late 2023, which is expected to reduce annual operating expenses by approximately $60 million.
Analysts are watching the execution of this strategy closely. The consensus rating on Wall Street leans positive, with five of seven analysts covering the stock holding a 'Buy' or 'Strong Buy' rating. The average analyst price target sits at $24.50, suggesting a considerable upside from its current trading levels. However, the company is not yet profitable, reporting a negative earnings per share (-$1.61) over the last twelve months, a metric investors will be monitoring as the company moves toward its 2027 profitability goal.
With approximately $448 million in cash and short-term investments on its balance sheet, Novocure appears well-funded to pursue its ambitious clinical and commercial goals for the year ahead. The combination of accelerating revenue growth, expanding patient reach, and a clear path to multiple value-inflecting catalysts has repositioned Novocure in the eyes of investors as a key biotech to watch in 2026.