Novocure LTD Model Update & Thoughts Post 2Q

Research evidence excerpt

Novocure LTD Model Update & Thoughts Post 2Q

J P M O R G A N North America Equity Research

29 July 2026

Novocure LTD Neutral

NVCR, NVCR US

Model Update & Thoughts Post 2Q Price (28 Jul 26):$16.31

Price Target (Dec-27):$17.00

Coming off a better than expected 2Q performance, which included Pax tracking Biotechnology - Large Cap

ACahead of our expectations (418 Rx / 285 active pts at the end of 2Q vs 169 Rx / 83 Jessica Fye

active pts at the end of 1Q), and the core GBM franchise delivering healthy YoY (1-212) 622-4165

growth, we are updating our estimates and maintaining our December 2027 price jessica.m.fye@jpmorgan.com

target of $17. With growth from its new launches, our current model has NVCR Silvia Luo

reaching profitability in 2028 with margin expansion thereafter. If these launches (1-212) 622-0000

do not deliver, however, it could meaningfully prolong this transition. Along these silvia.luo@jpmorgan.com

lines, with what we see as healthy credit in our model for Pax, in addition to credit Adam Ferrari, Ph.D.

for sales growth from brain mets, which together support just under half of our (1-212) 622-1717

adam.ferrari@jpmorgan.com

valuation, we would need to see evidence of these launches going better than we

Jose Lora, Ph.D.model to become more constructive. Maintain Neutral.

(1-212) 270-4831

• Our 2026 total revs estimate of $737mm is unchanged and now stands ~ jose.n.lora@jpmorgan.com

$20mm/3% above the midpoint of NVCR’s updated ‘26 guidance of $710- Abdul Tahlil

725mm (BBG cons: $726mm), reflecting solid near-term performance for the (1-212) 270-9644

abdul.tahlil@jpmorgan.com

core GBM business as well as Pax and Lua contributing more than current J.P. Morgan Securities LLC

guidance suggests. With Pax+Lua revs of ~$10mm in 1H26 so far, NVCR has