NovoCure (NVCR)

NovoCure’s best-known product is Optune Gio, used in glioblastoma, an aggressive brain cancer with limited treatment options. The company also markets Optune Lua in certain thoracic oncology indications, and it continues to study TTFields across additional tumour types. Its clinical pipeline includes programmes such as TRIDENT in glioblastoma, LUNAR in non-small cell lung cancer, PANOVA-3 in pancreatic cancer, and METIS in brain metastases, reflecting a strategy of expanding the platform beyond its original brain cancer market.

The business model combines medical device operations with oncology-focused clinical development. NovoCure must support patients and physicians with device training, ongoing use, reimbursement processes, and evidence generation, making adoption different from a conventional drug launch. Revenue is concentrated in the United States, with additional contributions from markets such as Germany, Japan, and other countries where the therapy is approved and reimbursed.

NovoCure’s investment profile is tied to whether TTFields can become a broader standard of care in solid tumours. The company’s distinctive feature is its proprietary therapeutic modality: it is not a chemotherapy, immunotherapy, or targeted drug, but a physical treatment approach that aims to improve outcomes when integrated into cancer care.