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Mar 31, 2024
Novocure Q1 2024 Earnings Report
Novocure reported strong execution with revenue growth and clinical trial progress.
Key Takeaways
Novocure reported a 13% year-over-year increase in net revenues to $139 million for Q1 2024. The company highlighted the growth in GBM active patients, positive results from the METIS Phase 3 clinical trial, and a productive Day-100 meeting with the FDA for the LUNAR PMA application.
Net revenues for the quarter were $138.5 million, a 13% increase compared to the same period in 2023, driven by successful launch in France and improved U.S. approval rates.
The METIS Phase 3 clinical trial met its primary endpoint, demonstrating a statistically significant extension in time to intracranial progression for patients with brain metastases from NSCLC.
1,643 prescriptions were received in the quarter, a 10% increase compared to the same period in 2023.
As of March 31, 2024, there were 3,845 active patients on therapy.
Forward Guidance
Novocure anticipates multiple milestones in 2024, including the PMA decision for Optune Lua in non-small cell lung cancer in the second half of 2024 and top-line data from the phase 3 PANOVA-3 clinical trial in locally advanced pancreatic cancer in H2 2024.
Positive Outlook
- Anticipate PMA decision for Optune Lua in non-small cell lung cancer in the second half of 2024.
- Top-line data from phase 3 PANOVA-3 clinical trial in locally advanced pancreatic cancer in H2 2024.
- New five-year senior secured credit facility agreement with affiliates of Pharmakon Advisors for up to $400 million.
- FDA approved the Investigational New Drug (IND) application for the randomized, Phase 3 KEYNOTE D58 trial.
- The meeting with FDA was productive with no indication that the PMA will be referred to an advisory panel.
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