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NovoCure
(NVCR ↗)
novocure.com ↗
NovoCure isn't a drug company — it's a *device* company. *Tumor Treating Fields (TTFields)* deliver low-intensity alternating electric fields to a patient's tumor through skin patches. The technology is approved for four cancers, generating $675M of revenue. Three Phase 3 readouts in the next year will decide whether NovoCure becomes a profitable specialty oncology company — or a one-product story.
Updated · Q1 2026 · April 2026
6
Chapters
~16
Min read
~$675M / yr revenue · ~1,600 employees · public since 2015
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Spice: Ghost (5/5)
More filled = spicier (more aggressive), not "better." Tap a row to see what it means.
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0 of 6
1
Growth
~3 min
12% Growth, Three Products
NovoCure grew revenue *12%*. The bigger news: there are now *three* approved products driving it.
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2
Financial Health
~3 min
Within Sight of Breakeven
Adjusted EBITDA was *negative $300K.* For a company that has burned money for 25 years, that's the closest read yet.
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3
Moat
~3 min
A Device-Therapy Category All Their Own
NovoCure isn't competing with oncology drugs — it's *complementary* to them. That's the moat.
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4
Management
~2 min
A New CEO, Founder Still in the Lab
*Frank Leonard* took over as CEO. The scientist who invented TTFields is still on the team.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
12% revenue growth, a *$43M* G&A charge tied to FDA approval, and a *74% disease control rate* in pancreatic cancer.
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6
Risk
~3 min
Trials, Coverage, and Concentration
NovoCure's risks aren't the cash — it's *what insurers say,* *what trials show,* and *what one product dominates.*
↻ Next update · Jul 30
est. Jul 30, 2026 · Q2 2026 · NovoCure IR ↗
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You're reading the 6 opening chapters. After that, every time NovoCure files a new report, the chapters get updated here.