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Jun 30, 2021
Novocure Q2 2021 Earnings Report
Reported financial results with commercial strength and strategic investment.
Key Takeaways
Novocure reported a strong second quarter with net revenues of $133.5 million, a 15% increase compared to Q2 2020, and a gross margin of 79%. The company invested a record $50 million in research and development initiatives. However, the company's net loss was $14.6 million compared to a net income of $1.7 million for the same period in 2020.
Net revenues reached $133.5 million, a 15% increase year-over-year.
Gross margin was 79%.
Invested a record $50 million in research and development.
FDA approved IDE supplement for the phase 3 pivotal LUNAR trial in non-small cell lung cancer (NSCLC).
Novocure
Novocure
Forward Guidance
Novocure anticipates several clinical milestones in the coming quarters and years, including interim analyses and data releases from ongoing phase 2 and phase 3 trials in various cancer types. Enrollment timelines for the METIS trial have been delayed by two quarters, with final data now expected in 2023.
Positive Outlook
- Interim analysis of phase 3 pivotal INNOVATE-3 trial in recurrent ovarian cancer (Q3 2021)
- Data from phase 2 pilot EF-31 trial in gastric cancer (2022)
- Interim analysis of phase 3 pivotal PANOVA-3 trial in locally advanced pancreatic cancer (2022)
- Data from phase 2 pilot EF-33 trial with high-intensity arrays in recurrent glioblastoma (2022)
- Final data from phase 3 pivotal LUNAR trial in NSCLC (2022)
Challenges Ahead
- Data from phase 3 pivotal METIS trial in brain metastases (2023)
- Final data from phase 3 pivotal INNOVATE-3 trial in recurrent ovarian cancer (2023)
- Final data from phase 3 pivotal PANOVA-3 trial in locally advanced pancreatic cancer (2023)
- Enrollment timelines for our METIS trial are reliant on clinical site expansion in regions that continue to be materially delayed as clinical sites devote significant resources to the COVID-19 global pandemic.
- Anticipate a two-quarter delay in last patient enrollment for METIS, with final data in 2023.