NovoCure Ltd. (NASDAQ: NVCR), a global oncology company dedicated to extending survival for those suffering from some of the most aggressive forms of cancer, announced its preliminary unaudited financial results and operational updates for the quarter and full year ended December 31, 2022. Novocure’s revolutionary Tumor Treating Fields (TTFields) therapy has been instrumental in its mission to improve the lives of cancer patients around the world.
2022 was a pivotal year for Novocure’s mission of extending survival in aggressive forms of cancer, marked by meaningful milestones and consistent execution. The successful LUNAR study marks the start of a transformational period where we look forward to final data from multiple pivotal trials. We are excited to see the potential of Tumor Treating Fields, and how it could benefit tens of thousands of people around the world.
Financial updates for the year and quarter ended December 31, 2022:
Total preliminary net revenues for the year ended December 31, 2022 amounted to a healthy $537.8 million, a 1% increase on the prior year. During the fourth quarter of 2022 we saw $128.4 million in net revenues, with contributions from the United States ($98.6 million), EMEA ($17.0 million), Japan ($7.9 million), and Greater China ($4.9 million) through our partnership with Zai Lab. We ended the year with a strong financial position, with $969.4 million in cash, cash equivalents, and short-term investments.
Operational updates for the year and quarter ended December 31, 2022:
At the end of 2022, there were 3,430 patients around the world who were actively receiving therapy. Of those, 2,191 were from North America, 870 from EMEA, and 369 from Japan. During the quarter, 1,373 prescriptions were received with 956 from North America, 312 from EMEA, and 105 from Japan.
Quarterly updates and achievements:
- Novocure announced the groundbreaking results of the LUNAR study in non-small cell lung cancer in January 2023. The study met its primary endpoint, showing a statistically significant and clinically meaningful improvement in overall survival when patients were treated with TTFields and immune checkpoint inhibitors (ICI). Furthermore, the results showed a positive trend in overall survival when TTFields were combined with docetaxel versus docetaxel alone. Best of all, TTFields therapy was well tolerated by patients in the experimental arm. These results offer hope for a more effective treatment for this life-threatening cancer.
- Novocure achieved a major milestone in November 2022 when it received CE Mark approval for its new array, enabling it to begin treating patients in Europe through a limited market release. The thinner, lighter design of the new array allows for more efficient TTFields delivery and greater comfort for GBM patients.
- Health Canada has taken a major step forward in the fight against brain cancer, granting approval for Optune®, a revolutionary treatment for newly diagnosed and recurrent Glioblastoma Multiforme (GBM). With this approval, Novocure is now working to ensure that Optune® is accessible to patients in Canada and the impacts of this technology can be felt without delay.
Fourth quarter and full year 2022 financial results conference call
Novocure invites analysts and investors to join its live conference call and webcast on Thursday, February 23, 2023 at 8:00 a.m. EST to discuss its fourth quarter and full year 2022 financial results. Be part of the conversation and get the latest updates on the company’s performance. To join the call, simply register using the link provided, and dial-in details will be provided.
Novocure invites you to join us for our earnings webcast and presentation! Tune in live from our Investor Relations page to access the webcast, earnings slides, and our corporate presentation. Plus, these materials will be available for fourteen days after the call, so you can review at your leisure. We’ve used our website for disclosure of non-public information and to comply with Regulation FD, and we’ll continue to do so in the future.
Pending completion of the Company’s annual independent audit, the unaudited results reported in this press release are provisional and may be subject to adjustment.
Novocure is revolutionizing cancer treatment with its innovative Tumor Treating Fields therapy. Approved in certain countries to treat glioblastoma and malignant pleural mesothelioma, this therapy is extending survival and bringing renewed hope to patients with some of the most aggressive forms of cancer. In addition, Novocure is actively researching the efficacy of Tumor Treating Fields in treating brain metastases, gastric cancer, liver cancer, non-small cell lung cancer, pancreatic cancer and ovarian cancer.
Headquartered in Root, Switzerland, Novocure is a global leader with innovative technology and treatments for cancer. With regional operating centers in Portsmouth, New Hampshire and Tokyo, as well as a research center in Haifa, Israel, Novocure is revolutionizing the way cancer is treated around the world.
Novocure is pleased to announce a new development that could have a major impact on the medical field. This press release contains forward-looking statements about Novocure’s expected progress, clinical study results, potential products, regulatory approval, market prospects, and more. However, our performance and financial results could be impacted by a wide range of factors, including general economic conditions, the COVID-19 pandemic, and other risks and uncertainties. Although we cannot guarantee the accuracy of these forward-looking statements, we remain committed to providing up-to-date information and are confident that our developments will contribute to a better future for all.