Novocure Announces Preliminary Full Year and Fourth Quarter 2023 Net Revenues and Provides Company Update
January 08 2024 - 7:00AM
Business Wire
Preliminary full year 2023 net revenues of $509 million and
fourth quarter net revenues of $134 million
PMA application for TTFields in NSCLC submitted for review to
U.S. Food and Drug Administration
Nicholas Leupin M.D., Ph.D. appointed as Novocure Chief Medical
Officer, effective January 1, 2024
Novocure to present at the 42nd Annual J.P. Morgan Healthcare
Conference at 7:30 a.m. PST on Wednesday, January 10, 2024
Novocure (NASDAQ: NVCR) today reported preliminary unaudited
financial results and operational updates for the quarter and full
year ended December 31, 2023. Novocure is a global oncology company
working to extend survival in some of the most aggressive forms of
cancer by developing and commercializing its innovative therapy,
Tumor Treating Fields (TTFields).
“2023 was a year of sound execution with our successful launch
in France, the presentation, publication, and FDA submission of the
LUNAR phase 3 data, and the completed enrollment of two phase 3
trials – METIS and PANOVA-3,” said William Doyle, Novocure’s
Executive Chairman. “As we turn to 2024, we are energized by the
material milestones ahead with an anticipated FDA approval in
non-small cell lung cancer and two additional phase 3 trial
readouts, all supported by our established business in
glioblastoma. We are confident in our ability to execute and driven
by our mission to extend patient survival in some of the most
aggressive forms of cancer.”
Financial updates for the year and quarter ended December 31,
2023:
- Total preliminary net revenues for the year ended December 31,
2023, were $509.3 million, a decrease of 5% compared to the prior
year, primarily driven by reduced collections from denied or
appealed claims in the U.S.
- Total preliminary net revenues for the fourth quarter 2023 were
$133.8 million, an increase of 4% from the same period in 2022.
- The United States, Germany and Japan contributed $91.3 million,
$14.7 million and $7.5 million, respectively, with our other active
markets contributing $15.9 million.
- Revenue in Greater China from Novocure’s partnership with Zai
Lab totaled $4.4 million.
- Cash, cash equivalents and short-term investments were $910.6
million as of December 31, 2023.
Operational updates for the year and quarter ended December
31, 2023:
- 1,564 prescriptions were received in the fourth quarter, an
increase of 14% compared to the same period in 2022. Prescriptions
from the United States, Germany and Japan contributed 960, 217 and
105, respectively, with the remaining 282 prescriptions received in
our other active markets.
- As of December 31, 2023, there were 3,755 active patients on
therapy, an increase of 9% compared to year-end 2022. Active
patients from the United States, Germany and Japan contributed
2,162, 525 and 375, respectively, with the remaining 693 active
patients contributed by our other active markets.
Quarterly updates and achievements:
- In December 2023, Novocure submitted a Premarket Approval (PMA)
application to the U.S. FDA, seeking approval for the use of
TTFields therapy together with standard systemic therapies for the
treatment of non-small cell lung cancer, following progression on
or after platinum-based therapy, based on the LUNAR study. Novocure
also submitted a PMA application to the Japanese Pharmaceuticals
and Medical Devices Agency (PMDA).
- In December 2023, Novocure submitted a PMA supplement to the
U.S. FDA for Optune Gio® next generation arrays for newly diagnosed
glioblastoma.
- In January, Novocure announced the appointment of Dr. Nicolas
Leupin to the role of Chief Medical Officer. Dr. Leupin joins
Novocure with an established track record of leadership and
innovation in the biopharmaceutical sector, built upon extensive
experience as a practicing medical oncologist and educator.
Fourth quarter and full year 2023 financial results
conference call
Novocure will host a conference call and webcast to discuss
fourth quarter and full year 2023 financial results at 8:00 a.m.
EST on Thursday, February 22, 2024. To access the conference call
by phone, use the following conference call registration link and
dial-in details will be provided. To access the webcast, use the
following webcast registration link.
The webcast, earnings slides presented during the webcast and
the corporate presentation can be accessed live from the Investor
Relations page of Novocure’s website,
www.novocure.com/investor-relations, and will be available for at
least 14 days following the call. Novocure has used, and intends to
continue to use, its investor relations website, as a means of
disclosing material non-public information and for complying with
its disclosure obligations under Regulation FD.
The unaudited results in this press release are preliminary and
subject to the completion of the Company’s annual independent audit
and, therefore, are subject to adjustment.
About Novocure
Novocure is a global oncology company working to extend survival
in some of the most aggressive forms of cancer through the
development and commercialization of its innovative therapy, Tumor
Treating Fields. Novocure’s commercialized products are approved in
certain countries for the treatment of adult patients with
glioblastoma, malignant pleural mesothelioma and pleural
mesothelioma. Novocure has ongoing or completed clinical studies
investigating Tumor Treating Fields in brain metastases, gastric
cancer, glioblastoma, liver cancer, non-small cell lung cancer,
pancreatic cancer and ovarian cancer.
Headquartered in Root, Switzerland and with a growing global
footprint, Novocure has regional operating centers in Portsmouth,
New Hampshire and Tokyo, as well as a research center in Haifa,
Israel. For additional information about the company, please visit
Novocure.com and follow @Novocure on LinkedIn and Twitter.
Forward-Looking Statements
In addition to historical facts or statements of current
condition, this press release may contain forward-looking
statements. Forward-looking statements provide Novocure’s current
expectations or forecasts of future events. These may include
statements regarding anticipated scientific progress on its
research programs, clinical study progress, development of
potential products, interpretation of clinical results, prospects
for regulatory approval, manufacturing development and
capabilities, market prospects for its products, coverage,
collections from third-party payers and other statements regarding
matters that are not historical facts. You may identify some of
these forward-looking statements by the use of words in the
statements such as “anticipate,” “estimate,” “expect,” “project,”
“intend,” “plan,” “believe” or other words and terms of similar
meaning. Novocure’s performance and financial results could differ
materially from those reflected in these forward-looking statements
due to general financial, economic, environmental, regulatory and
political conditions as well as issues arising from the COVID-19
pandemic and other more specific risks and uncertainties facing
Novocure such as those set forth in its Annual Report on Form 10-K
filed on February 23, 2023, and subsequent filings with the U.S.
Securities and Exchange Commission. Given these risks and
uncertainties, any or all of these forward-looking statements may
prove to be incorrect. Therefore, you should not rely on any such
factors or forward-looking statements. Furthermore, Novocure does
not intend to update publicly any forward-looking statement, except
as required by law. Any forward-looking statements herein speak
only as of the date hereof. The Private Securities Litigation
Reform Act of 1995 permits this discussion.
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version on businesswire.com: https://www.businesswire.com/news/home/20240108937202/en/
Ingrid Goldberg investorinfo@novocure.com media@novocure.com
610-723-7427
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