Novocure's Q3 2025 results show steady growth in glioblastoma patients, but challenges persist in launching its non-small cell lung cancer therapy, leading to flat U.S. growth.

• Active glioblastoma patient count reached a record 4,277, marking a significant year-over-year increase driven by strong gains in France, Japan, and Germany.
• Novocure's non-small cell lung cancer therapy faced launch challenges, concluding the quarter with only 100 patients on treatment, with lackluster growth expectations.
• A recent positive coverage decision in Spain signals potential revenue growth, although expansion will take time due to the fragmented healthcare environment.
• Upcoming launches for pancreatic cancer and brain metastases therapies are on track, aligning with the company's strategic transition to a multi-indication therapy platform.