• A Vertex Pharmaceuticals for cancer, but instead of breakthrough drugs, it's pioneering a unique electric field therapy.
• Like an early Moderna, but developing a revolutionary electric field therapy for cancer rather than mRNA vaccines.
• Like an Abiomed, but instead of heart pumps, it's pioneering a novel device-based electric field therapy for cancer.

• Optune: A portable, non-invasive medical device utilizing Tumor Treating Fields (TTFields) for the treatment of glioblastoma multiforme (GBM).
• Optune Lua: A next-generation, wearable device applying Tumor Treating Fields (TTFields) for the treatment of malignant pleural mesothelioma (MPM).

NovoCure (NVCR) primarily sells its Tumor Treating Fields (TTFields) therapy devices and associated services to individuals, specifically patients who have been prescribed the treatment by their healthcare providers. While reimbursement is largely handled by third-party payers (insurance companies and government programs), the direct provision of the device and ongoing support is to the individual patient.

NovoCure serves the following categories of individual customers:

• Patients with Glioblastoma (GBM): This category includes individuals diagnosed with glioblastoma, an aggressive form of brain cancer. NovoCure's flagship product, Optune, is approved for both newly diagnosed and recurrent GBM patients, who utilize the device as part of their prescribed treatment regimen.
• Patients with Malignant Pleural Mesothelioma (MPM): This category comprises individuals diagnosed with malignant pleural mesothelioma, a rare and aggressive cancer affecting the lining of the lungs. NovoCure's Optune Lua device is approved for use in MPM patients.

Ashley Cordova, Chief Executive Officer

Ashley Cordova has served as NovoCure's Chief Executive Officer since January 2025. Prior to this role, she was the company's Chief Financial Officer from 2020 through 2024. Ms. Cordova joined NovoCure in 2014, and throughout her tenure, she has been integral to building NovoCure's global organization. Before joining NovoCure, Ms. Cordova held various financial roles at Zoetis Inc. from 2012 to 2014 and Pfizer Inc. from 2005 to 2012.

Christoph Brackmann, Chief Financial Officer

Christoph Brackmann has served as NovoCure's Chief Financial Officer since January 2025. He joined NovoCure in October 2024 as a Senior Financial Advisor. Before NovoCure, Mr. Brackmann was the Senior Vice President of Finance at Moderna since 2019, where he established and built the finance team and oversaw the rapid expansion of the organization during the COVID-19 pandemic. Previously, he served as the Vice President of Investor Relations and Head of International Finance at Shire plc (which was acquired by Takeda) and held various financial roles at Eli Lilly and Company and Novartis.

William F. Doyle, Executive Chairman

William F. Doyle has served as NovoCure's Executive Chairman since 2016 and has been a member of the Board of Directors since 2004. Mr. Doyle is also the Managing Director of WFD Ventures LLC, a private venture capital firm he co-founded in 2002. Before 2002, he was a member of Johnson & Johnson's Medical Devices and Diagnostics Group Operating Committee, Vice President of Licensing and Acquisitions, and Chairman of the Medical Devices Research and Development Council. He also served as Worldwide President of Biosense-Webster, Inc. and was a member of the board of directors of Cordis Corporation and Johnson & Johnson Development Corporation, J&J's venture capital subsidiary.

Frank Leonard, President

Frank Leonard has served as President of NovoCure since June 2025, overseeing the global business units, a role he has held since January 2024. He served as Chief Development Officer from September 2020 to September 2022. Mr. Leonard joined NovoCure in 2010 to prepare the company for a commercial launch and established its finance, reimbursement, and business development functions. Prior to joining NovoCure, Mr. Leonard was a venture capital investor focusing on high-impact medical technology companies, including NovoCure.

Pritesh Shah, Chief Commercial Officer

Pritesh Shah was appointed Chief Commercial Officer of NovoCure in July 2018. He joined NovoCure in 2012 as the Senior Director of Global Marketing and progressed through various commercial roles, including Senior Vice President of the Americas. Before NovoCure, Mr. Shah gained extensive experience in the oncology field through roles at Roche, Genentech, Bristol-Myers Squibb, OSI Oncology, and AVEO Oncology.

NovoCure's primary product is its Tumor Treating Fields (TTFields) therapy.

• For non-small cell lung cancer (NSCLC), the recent CE Mark approval for Optune Lua has opened a **30,000-patient annual addressable market in the U.S.**.
• The global Tumor Treating Fields Market, in which NovoCure is a major player, is estimated to be valued at **USD 445.6 million in 2025** and is projected to reach **USD 1,221.9 million by 2032**. This market is expected to grow at a compound annual growth rate (CAGR) of 15.5% from 2025 to 2032. North America is anticipated to be the leading region in this market. This global market includes indications such as Glioblastoma Multiforme, Non-small Cell Lung Cancer, Pancreatic Cancer, Ovarian Cancer, Mesothelioma, and Brain Metastasis.

NovoCure (NVCR) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Expansion into New Oncology Indications: A primary driver of future revenue growth for NovoCure is the anticipated launch and commercialization of its Tumor Treating Fields (TTFields) therapy in new cancer indications. The company has submitted a Pre-Market Approval (PMA) application for pancreatic cancer and plans to file another for brain metastases from non-small cell lung cancer (NSCLC) by late 2025 or early 2026. NovoCure aims to have four marketed indications by the end of 2026, which is expected to significantly expand its addressable market. Key upcoming data readouts for metastatic pancreatic cancer (PANOVA-4) and newly diagnosed glioblastoma (TRIDENT) in early 2026 are critical catalysts for this expansion.

2. Continued Growth in Existing Glioblastoma (GBM) Market and Patient Base: NovoCure has demonstrated consistent commercial success in treating glioblastoma, with its active patient base growing to 4,416. The company's GBM active patient count has seen year-over-year growth of 5% to 12% for nine consecutive quarters, particularly driven by strong performance in international markets such as France, Germany, and Japan. Efforts to increase prescription conversion and patient persistence within its core GBM business will continue to contribute to revenue.

3. Geographic Expansion and Reimbursement Gains: NovoCure is actively expanding its geographic footprint and securing broader reimbursement for its therapies. The European CE Mark approval for Optune Lua in metastatic non-small cell lung cancer allows for marketing across Europe, representing a significant international expansion opportunity. Furthermore, improved U.S. approval rates and new national coverage decisions, such as in Spain for GBM, are expected to enhance market access and drive revenue growth from a wider patient population.

4. Launch of Next-Generation Devices and Combination Therapies: Product innovation and the development of combination therapies are anticipated to fuel future revenue. The global rollout of next-generation arrays and the planned FDA submission of a next-gen torso array are expected to improve patient compliance and potentially expand the utility of TTFields therapy. Additionally, ongoing clinical trials exploring TTFields therapy in combination with other treatments, such as pembrolizumab in newly diagnosed GBM (KEYNOTE D58 trial) and chemotherapy for pancreatic cancer, could redefine standard-of-care protocols and open new revenue streams.

Share Issuance

• In November 2020, NovoCure closed a private offering of $575 million aggregate principal amount of 0% Convertible Senior Notes due 2025.
• The net proceeds from this offering were approximately $558.4 million.
• As of September 30, 2025, these Convertible Senior Notes due 2025 were recorded as a current liability of $560.62 million.

Inbound Investments

• In November 2020, NovoCure completed a private placement of $575 million in 0% Convertible Senior Notes due 2025 to qualified institutional buyers, resulting in net proceeds of approximately $558.4 million.

Outbound Investments

• NovoCure has not made any investments in or acquisitions of other companies.

Capital Expenditures

• Capital expenditures amounted to $15 million in 2020, $24 million in 2021, $21 million in 2022, $27 million in 2023, and $43 million in 2024.
• These capital expenditures are primarily focused on purchasing property, equipment, and field equipment.