NVCR - Earnings call transcript Q2 2021

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Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the NovoCure Second Quarter 2021 Earnings Conference Call. At this time, all participants lines are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. advised conference be be Please Instructions] that may today's recorded. [Operator to I speakers conference would Instructions] hand today now Goldberg. your [Operator of like the one over Ingrid to ahead. go Please

Ingrid Goldberg

can quarter today viewed are to executive I'm the the joined Other CFO, Q&A. the and results Investor for thank Doyle; the Good The our Chairman, our Ashley website also leadership members by on second Danziger; our morning, performance. joining on located Cordova. Relations CEO, on call for www.novocure.com presented on our available phone everyone, link and slides Asaf of us XXXX in be clicking XXXX quarter on page. review Executive you section our the Bill by of Events second NovoCure's our and financial

and would discussions projected risks Before forward-looking include materially involve number SEC by statements. and uncertainties everyone to like from in except any required are time conference a statements, including this we call control, not to time uncertainties from our remind start, these differ our risks forward-looking during beyond and could We to those will that update described do I statements those actual results statements, as intend publicly These some in law. our filings. of of which

SEC non-GAAP measures press six morning. our business. remarks the to ended Where over the Relations our website. and included XX, measures are Doyle. in in months and now evaluate will filed and Financials June be turn Investor appendix I in refer will financial press this With in with today, today. Form the of to X-K open this in we for the are page call our Following presentation These we appropriate three prepared of released release to Reconciliations materials the which of also our accompanying our that, accessed the slides can questions. line non-GAAP will for our measures from XX-Q financial financial your supplemental release Bill XXXX earlier both our also we GAAP to of available our

Bill Doyle

everyone. most Thank are of in the forms our on At the cancer NovoCure, you, of survival our good Treating and some through and to therapy mission focused aggressive of extend platform Fields. commercialization Ingrid, singularly morning Tumor we development

as providing we our This XX% representing to of growth the is point aggressively fuel quarter commercial in to business serves million second the innovation another our generated financial year-over-year. revenues In net GBM strength proof future invest quarter, the in $XXX that growth company.

to treated than more patients have XX,XXX date. We

our clinical pivotal We worldwide planned ensure patents over nearly the readiness to in core of in Operational have trials, we and oncology pending we Phase trials and capabilities the in II four Fields position organization. across GBM the investments growth initiatives as believe for platform. Treating We commercial, the III first of expansion pursue Phase discuss provides the multiple product will and strive today's in established cash issued our on and call, flexibility organizational development In hand. million multiple financial are strength Tumor $XXX levers XXX long-term instrumental NovoCure ongoing business. unlock to value to pilot

commitment designed research chemotherapy. thoracic trial. consistency our our is initiating Fields' versus with power randomized and TRIDENT's explore Treating and We that Treating chemoradiation and financial afforded Tumor in within follow initiated platform. Tumor in then our successful of I one TRIDENT showed chemotherapy to earlier earlier development benefit clinical begin turn will the concomitant the therapy global finally, moving of address Tumor debulking Fields sensitivity the our compares The TRIDENT Fields Treating Tumor in is the IV TRIDENT with Treating paradigm. institutions of initiated treatment the DNA Treating industry in benefit by is evidence research TRIDENT impact Phase objective underlines radiation Tumor Fields increased with newly EF-XX GBM business. surgery journey. Tumor specifically After clinical by to we diagnosed with our is established our Fields studies Tumor application chemoradiation, initiating of engagement extend is the to and damage with therapy to Maximal Treating focus therapy sustainability community, Fields builds optimal and and initiating largest clinical chemoradiation. Fields chemoradiation will provide following protocol the on determination increasing survival trial preclinical of progress, programs. Treating TRIDENT on of to the Today, our typically GBM GBM followed further GBM patient's to inhibited chemoradiation. recent and the our by to the will date, GBM. abdominal of repair. the test patients flexibility increased trial treatment And by our

second end As of across the quarter, and the the had XX EMEA. recruiting actively States we United sites of

update include explore and label trial update also GBM. to data. strengthens EF-XX data The in to the Continuing within EF-XX label profile treatment confirm the opportunities our monotherapy in Optune's recurring clinical the we GBM for a of GBM. the real-world of and as in post-approval announcing an Optune quarter, Optune effectiveness This new are setting, safety GBM to

Medical's is twofold. implementation by recurrent fields. and with to fields of we the II safety study The to in Phase quarter gammatile brachytherapy. of opportunity clinical neoadjuvant with of reception test plan and a Medical tumor Fields effectiveness Treating GT and We and patients combination study here to a pilot conduct launched GBM treating the GT This followed adjuvant GT Tumor Medical's brachytherapy gammatile collaboration Technologies treating tumor

to First, this provide in trial design Fields Tumor solid tumor radio of Treating cancers. sensitizing the opportunity an will further study effect

other opportunity an with regarding together further therapies. of is at Fields oncologists academic cancer centers efficacy the this engage Treating leading Second, to potential Tumor with

the expansion as of expand eligible the driver research GBM. key to patient efforts opportunity population We clinical geographic our ongoing future growth. to addition for through a In view in

We reimbursement target appropriate Optune enhance optimal successfully our to a forward We've the national market enable continue ASA access manner. the continued obtain health This for we of garner pathways negotiate us most ASA invest enables to to France. month, strategically there. of to reimbursement our An successfully the positive Optune ultimate rating reimbursement reimbursement and believe achieving capabilities. French with authorities We markets rating. move X assessment these timely received will process earning to access a negotiation team an in to investments X goal identify national in with in

and be the made available numerous region, more where expand can actively are remains we across use the patients. France, GBM. Optune Pacific Beyond of evaluating additional Asia of believe of multitude there for treatment to to We the Optune opportunities Europe markets a

of to discuss extend forward of expansion We some clinical over survival and in combination, our turn mission collaborations service cancer. most will will evaluate call aggressive continue our new patient opportunities recent forms update. clinical to new I to geographic Asaf label expansion to of the in the now

Asaf Danziger

solid quarter We updates explore clinical applicability Thank broad Bill. you, we Fields second reported TT development of the multiple council. as tumor in and in to continue product the

growth. Our pipeline primed for is

liver cancer, lung in move ongoing to we our non-small our advanced cancer efforts therapy to our a and cell expand As III optimize Phase product continue initiate in footprint clinical innovation. trial through

trial lung Phase pivotal a months the patients accrual XX cancer, the recommendations up. included amendments. recommended adjustment our follow with meaningful of LUNAR of patient prior XXX analysis cell interim in Monitoring non-small April to follow-up with III from trial Committee independent Data These protocol a the XX-month XXX Following

filed investigational we recommendation, May. with an committee's was the Following which exemption device the FDA approved in supplement

forward pushing of and and the in under with now enrollment final patient data XXXX. amendment protocol enrollment XXXX we anticipate are We fourth the in quarter final

is patients our as to in in the actively Phase therapy earlier non-small a study to first-line Merck's of cell lung KEYNOTE-BXX KEYNOTE-BXX II sites of lung have therapy TT three as to study notable KEYTRUDA cancer. lung study non-small with in study early trial lung and cancer with notable field. our is stage immunotherapy Merck's an provides Fields in clinical expand seeking stage for designed with and KEYNOTE-BXX is of is an We our TT with also cell the TT for expansion it pilot trial in non-small KEYTRUDA results. as Fields now as in enroll non-small oncology of study TT important together designed leader first-line cell fields an three NovoCure is laboratory together to opportunity together promise to clinical a study cancer. in Novocure a stage cancer. which a cell opened a has are KEYNOTE-BXX Fields shown it

on clinical global as The continues updating COVID-XX Phase are pandemic. METIS non-small expansion are timing for regions from clinical in the study reliant sites trial materially resources We brain metastases in devote delayed cell our to pivotal also the our to METIS significant be cancer. for enrollment timelines III lung that site anticipated

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control disease suggests the patients XX objective therapy reached liver cancer. weeks XX%. rate at the in For who therapy, has This least extend received survival that of to potential data rate XX% XX TTFields with of advanced response the

are that of TTFields advanced Our designing care, FDA team, X actively Phase use including cancer. therapy regarding TTFields along engaged of contemplates together current a pivotal have trial the standard trial with investigators, and the the immunotherapy, in liver with

Looking cancer. study have since INNOVATE-X in recurrent is our XXXX. in patient early platinum third Foundation X in cancer and INNOVATE-X with ahead analysis interest in the Phase anticipate we quarter, with in partners strong pivotal the INNOVATE-X designed failure. a suffering patients investigator to launch seen The nab-paclitaxel following from Together ovarian enrollment GOG together last ovarian we for TTFields trial to interim recurrent its ENGOT

protocol anticipate in XXXX. calls Following from trial the We INNOVATE-X trial the XX-month last enrollment, patient data an follow-up for final the period.

of time to to goals. thank this NovoCure passion the to our for discuss irritation, improve recently you skin also ease opportunity of dedication in step is greater I'm I to Our our call usability listening are as inspired The call for design Array motion product use patients. and patients. a This our and our aim forward I of delivery forward multiple ongoing efforts mission. to study NovoCure opportunity new over skin important thank potentially on hard we therapy while arrays reduce patient to sites update to take the want feasibility Europe. of their study in for Ashley work by is for today, to to launched the paramount more benefit those as systems, and enthusiasm our purpose receive To ongoing colleagues arrays want increased to achieve our benefit designed optimize adhesion improve optimize represent to important will to look TTFields therapeutic your from and development quarter. flexible your you that initiatives second that, pass an patients financial we enabling degree to We for effort. therapy. in the clinical an With new the and our my to

Ashley Cordova

ended you position. XXXX of the Asaf. financial strong NovoCure Thank in quarter second a

in business GBM were quarter, million $XXX The the growth a Our revenue increase. net revenues of representing generated in XX% threefold. drivers year-over-year

the had June, in period we active same an the of First, XX,XXX increase from end patients at XXXX. X% of

Second, than per we more by $XXX improved our per average last the reimbursement same month price versus year. period patient

launch the despite we Lab. challenging our reliance prolonged Notably, Finally, of COVID-XX in Optune China on active we heavy impact our partners engagement. reaped volumes from Zai and customer patients by of successful prescription by key markets driven virtual the benefit grew on patient trends in

from time. in quarter quarter recorded revenues levers reduction expect beneficiaries the active fee-for-service time for contribution market of the does with a optimizing for not in a the Medicare available reimbursement the $XX.X reflects specifically claims. for certain XXXX. growth in from Medicare durable goal second instead patients The growth decrease We duration deliver reflect extended over line We rates appeal million we revenue the or on Medicare impact an ultimate but versus in to decrease million in are $X.X focused and all in therapy penetration beneficiaries of revenue ultimately

million, Our with XXXX second for quarter an the quarter in gross gross of a the of of margin from $XXX XX% the profit second was XXXX XX%. of quarter increase

focus within to chain. our efficiencies We on to continue and opportunities supply scale increase

Year-over-year, the have new seen to of per We per our array. and X% are processes reducing materials, on that costs. is lead evaluating One cost improvement we cost a in example could focus lower array. this manufacturers

spending consistent an reflects were commitment increase to maximize of quarter QX increase as potential capital focus ongoing XX% remain future priorities XXXX. the $XX our initiatives. growth SG&A of therapy. we disciplined investing support Our in allocation on strategically This growth from to our the million, to expenses

other capabilities are readiness actively We new and the in our anticipation and commercial indications. organizational potential approvals building of out efforts future

label expansion We market our are was by research in increases and This order the from our development and a investing evaluate reimbursement affairs, we geographies. preclinical to expenses expansion trials the multifaceted successfully clinical driven heavily III XX% and and a development $XX Additionally, record our invested opportunities, product prior gain access personnel notable in year. and expenses in XXXX, identify optimal increase in of investment in post-marketing QX access million personnel and to new capabilities activities pathways trial research medical for of activities, Phase programs. and pivotal support development in

equating This by Our net share. loss a for the second per our quarter was $X.XX year-over-year loss driven primarily expenses. a million $XX to in operating was million $XX of increase

on in Our near-term investments profitability. future focus growth optimizing remains before

on our We value the and rate share, earnings noncash share-based structure, before metric generated evaluate and reflects earnings million. EBITDA XXXX, our earnings of financial interest, we a best by measure the second quarter specifically an was adjusted is operating $XX Beyond of this capital performance our compensation. attributable it EBITDA of depreciation, and In share-based business. based per also believe adjusted amortization removes tax compensation to it taxes, material non-GAAP as items, important impact the

light We initiatives performance effects stable are especially, the COVID our investments financial of in of our and the growth encouraged by prolonged pandemic. aggressive in

and growth marketing While development, in an operational the and our hand. opportunities. first XXXX, maximize $X ended on million we nearly research million approximately half $XX activities year-to-date cash sales the in than quarter adjusted lower invested to incremental EBITDA have and is of other $XXX with future million We

readiness in and investment strength of cash approval and across includes potential unpursued. be would needed initiatives that development, potential of otherwise multiple sacrificing institutional without investment This flexibility for expansion. areas left future and anticipation in new position geographic Our research consistent indications the functional continued opportunities provides

time call I I in operator to back Before continued hand would the thank to like your you the for questions interest NovoCure. for all and

year. of We and half of are strategy, track we Fields platform solid execute prospects in value for performance our continue record second quarter I the cancer. to remain this most our turn and of fundamental Q&A. the shareholder long-term business strong extend that of proud our to potential the we to of in the the ability team's team's to aggressive are confident look as execution tumor Treating our of our maximize to in will survival forms some the call back operator Tumor the of and over strive The With

Operator

[Operator Instructions] Our of line Piper first Sandler. question the Bednar comes from Jason with

Your line is ahead. go open. Please

Jason Bednar

Thanks. on update start Good I wanted the morning, with everyone. to METIS.

in the patient in other to impacting for environment. can or patients study any understand that's unique us hoping you enrollment leading not brain two-quarter tied the isn't METIS you're meta other studies? current the delays that's You're challenges to And delay line help changing your what's appreciate studies. referencing I the maybe time recruitment METIS that But but about a to

Bill Doyle

and things initiate Hi, estimate have Bill. recruitment another. final and other center we by of everyone can Jason competition in a from I'll different of it's we that we be remind that lot one when you a patient movement trials, trial affected project to from -- pace a a clinicians recruitment

that time. something hit in initial from restrict And we didn't anticipated adjustments particularly understand was protocol make there's design. we But Sometimes centers the in enrolling quite that more during of the to number targets. the may than over patients the

and trials progress, estimates firmer, into As much those able pace estimates the we right? to turn become see We are the projections.

end. the nearing is METIS So

LUNAR these different. that trials, we place. we've the trials patients INNOXVATE. We because in are estimates change we a the expand and can footprint, quarter one projections and expect. also with as patients quite again on two end project that don't and of trial rates to our month current we Each reason The We clinical footprint can end. the have however ovarian the unable and the trials nearing were that And trial our two the for those expect -- to end based in projections those discussed delay. any and nearing the the now trial other current footprint are see our understand are footprint current therefore We is or per cancer the the

So hope of provides bit it's clarity as almost that Jason? a I simple as that and little

Jason Bednar

design the about A investors here received if studies over HEPANOVA. on shift and Yeah. that out does. Maybe Yeah, your it came talk or of after I data that during quarter why these this the results question were I your trial run common some from II in avoidable have it why know made you but And Phase studies, feels part the available that's was I patients? such an included been could sick like issue.

So to the when able protocol that in Thanks. XX that relatedly, there question weeks the to potentially expect original see I III why can preparing? patients receive inclusion or the trial Phase the on would therapy? guess is, the And therapy full we be then not of you're full of study

Bill Doyle

Yeah.

it Let In over detail. some an plus me do foremost, then do I'm Tumor the for safety target the trials? remember, plus. Uri we combination Phase regard, do establish whatever start in to turn course of why that Treating was to to we region. and II therapy more HEPANOVA A going and Fields But them First of

in are based the label remember or with for the of We The we're their investigators moving do for second whether paid therapy. at signals remember -- determine we disease exposure discuss small at we and the can open-label durability -- forward. excitement look trials we about on control. can and they're the to trials great disease these there's results numbers, Because to And small then those look we look open control. they're not response, of our patient can to And efficacy. detail look that because are reason to look is each

us, You give inside move our little care. you underlying forward standard that HEPANOVA to as on the There there a said forward. understand We error is III is to sentiment a investigators. maybe and I absolutely color an that of as Phase that financial not in and with more the greenlight NovoCure or this Uri with and the path can disappointment with sentiment. current for Maybe unavoidable community view

Uri Weinberg

purpose will get which to the cancer. of results an start the in and I HEPANOVA and what reiterating was study of efficacy randomized say very as Thank by large Bill future study mentioned And clear. you, that for let's a serve liver be could Bill. signal the design

a unmet example small study are the feel patients we very be possible a area. the with therefore as registrational patients this very our We investigators XX-patient about low and which demonstrate pivotal of numerical will standard always to in study. unmet for B Child-Pugh are to It's a of what And small are results was to design with with certainly study including these teams talking When difficult be. naturally to certainly of prognosis signal efficacy as in and with such predict, will current provides very actual carcinoma a to given in needed of cohorts the we proportion the those that our single-arm we inclusive poor design prepared therapy, with encouraged. hepatocellular clear it to with study, work Class very care. and need study be preliminary patients Phase safety exposure we that and continue Not us our III try But HEPANOVA need. course. for And enrolled unfortunately. actually have many what how this we We

Bill Doyle

you about timing. Jason, asked

Just with actively FDA engaged a note, the investigators we are are now. and our

of about with concluded the progressed discussions to the to as we've III have FDA. protocol. are And the then as discussions Phase protocol we'll those say soon So more

Jason Bednar

venture put willing early of, maybe to guess around you a Are as windows or that? can Any, before year? year-end Okay. kind next you

Bill Doyle

actually will that I trial dealing the be immunotherapy the trial a One Tumor The which of standard standard Fields the further moved when has care. the of care, of that it's engaged plus Fields we will think not will project. with believe underline the our corner. thing a hard -- the the plus sense again plus current of of Treating be will some current I includes I we're bevacizumab Treating Again progression. in that fact But with gives trial the Tumor FDA, thing here, one to FDA, trial I'll sorafenib. And mention

a kinase working we're Tumor Treating seeing this Treating immunotherapy. We Sorafenib data Tumor all sorafenib now promising Fields see is Fields but in inhibitor. additively with

So headed the the to direction that's clearly that Phase we're III.

Jason Bednar

you. helpful. All Thank Very right.

Operator

our from comes of Thank JPMorgan. question line you. And next Kasimov Cory the with

Your line is open. Please go ahead.

Cory Kasimov

guys. question. taking two as the well. for is this follow-up you morning. METIS for I Thanks morning have One on a the Good Great. update

the that accrual prompted than routine the took interim look during DMC safety LUNAR For efficacy expected check. delay earlier the that just

it just like takes So is early did prolonged possible the they somewhat an that DMC time lines? curious look with at well METIS as the given LUNAR

Bill Doyle

Thanks that trials these Cory. are the trials morning. are Good one differences. the commonalities not interim one in certainly Again one of is of an analysis. fact each clinical there there have [indiscernible] does also only and

DMC safety looks and meetings on while the was the trial no at pre-specified periodic meet interim So the in does that. their there for

not it's happen. going to So

Cory Kasimov

But provide the sufficient sufficient the overall And announced Okay. into power, subgroups. points. well providing this. power around efficacy might important saying said the you then I for will information have language provide and be will both when too is you regarding overall as the way within primary treatment it I secondary it much now protocol first really LUNAR interim as end potentially study And and other changes, question and around proposed

investors launches words study is around the in is if this interest fact asked actual in too given language I there the I'm wondering if from new in an change and or from just I much So or am that this I reading into physicians. expectations, obvious guess way

Bill Doyle

but Yeah. latter. no expectations I it's interest company. the within appreciate change -- There's the in and the

message to view DMC company. as not a -- Now, is would the of we're course, blinded data on but the that and of that relying the the in I change we're from interpretation

Cory Kasimov

lot. a Thanks the it. I’ll appreciate taking got Okay, questions.

Operator

Thank of you. with line Mizuho from Securities. comes the question our And next Difei Yang

ahead. open. Your line Please is go

Difei Yang

Hi. and our questions. for taking thanks Good morning

to have a TTF which should disease So in a in think measured is potentially this [indiscernible] to tumor, should reverse when better cancer job liver that far of [Indiscernible]? think seen relative cell because lung control array how of how we cancer disease we does ORR non-small by about so [indiscernible] And the have we data base and regards we question with control. TTF about light the

Bill Doyle

Thanks going the around Difei. can discussion continue morning. I'm and other Good provide control parameters. start Uri, then disease and let the you some to commentary? we'll Uri

Uri Weinberg

you. course. Thank Of

also that and which agent are disease promising in comparing we role when time. enthusiasm to prolonged everybody a the single-arm of maintain in our of across as a XX% I this historical remind -- exploring and XX% the a to case over response device disease such in of the Fields control to of months of single better. compare patients both was to disease. reported So efficacy start a seen includes about because very mentioning of the evidence or response outcomes a control encouraging also that study addition and time of support has it signal disease the [indiscernible] very XX%, the Fields And with period to of definitely was who disease different therapeutic as patients, very months, correlation partial of Treating in control or by disease historical but But progression excitement we in progression-free I rate proportion important only a that outcome, served that the experienced able that signal. X.X controls. TT Tumor malignancy. is not towards of our also study that the stable the median This have objective its survival the the control the And rate reported multiple expansion HEPANOVA X.X results every rate an But median ability a the would continuation to control the rates previous we investigators' clinical controls, demonstrates nevertheless, it's

hypothesize overall So in to with seen upcoming Phase study. will of the and we and other we be of also we we survival the will that as where anticipate we have the glioblastoma, this subject that expansion survival, correlating III such carcinoma malignancies, progression-free see similar expect hepatocellular that

Bill Doyle

we perspective, From add. just I'll business therapy. model, business our month-to-month recall And that charge a per

it of think we're disease can you perspective, by business a essentially from again, control. So paid

we disappointment, the and HEPANOVA quarters it's of an in And metric, investigators self-inflicted. to one than And ago times. investments and in our those all the that, at at consider was while want discussed well. we we point GBM. are that in again we side, have as data some is make, was so of because think encouraging as IIs years there the various data But community, thing I actually are in that least, HEPANOVA And Phase the in financial these the some couple acknowledge we important very excited I a looked more that

So just commitment III And it's huge Phase our to in as a reference underlines it unmet this this again, need. -- point. with program cancer a recent

Difei Yang

Bill, side. you, for financial looks in I'll higher that. penetration EU follow-up than the just question like business market U.S. for a is It the Thank GBM on have

if Just the perspective help might case, would us to to you factors? the of contributing that's the see wanted from be understand your And some case? if that's

Bill Doyle

Sure.

I'm to ask and to ramifications. talk going penetration the So Pritesh Ashley financial the and about market

Pritesh Shah

you, Thank Bill.

start pick and up. I Ashley you can can then

for you question. thank the So,

is allowing towards a well investments we're that think one as of and with that flow specifically Optune as sustainable as singular a you've community GBM, what about our we the when know engagement we've can we opening effort many our collaborations some strength able initiatives, all that how eligible to centers. to that now business, we about global GBM ability And further our community. Optune such more specific proud is our of expand on ensure have focused our profile. the heard go to are I we academic about do been you patients make the working now that to stable as of that our GBM. and us and clinical partners, remarks, today, with to with we lot one there focus can questions these upon work acceptance are benefits together heard in that that build then look of think in at the globe. things our the many these of business think know closer When the that's that of is that financial in we we're centers in. that we academic come build U.S. here, academic product increasing receive where the and about We working increasing both of across And and And increase the across in patients the

U.S., market -- XX%. our at we’re in penetration, look we the we're when around So

yield, Japan at education the goal you Europe, going the it's rest this space. If is physician base still doing In continue on partner And still getting Optune. the us We're right? get the many should think patients allowing with mark. We're treated these help come of changing is in together academic up, will to educating. be with more that to believe our clinical we to profile us we where the we're which still we're catching minds and and that and world, opportunities be We're look closer our closer to XX% modality. and that new closer eligible to in

to that, with our end addition footprint. on I will In that doing work expanding the we're

now work potential in France we year. efforts our to be marketplace is active the sometime number TT a next we're of and bring and tangibly, markets positive more Fields today, So specifically into markets to here opportunities doing the in yielding Optune in and the to expand allow and other more expect and us we're

Ashley, turn for any over you I'll further comments. to it

Ashley Cordova

you No, it summarized I well. think

Difei Yang

for you taking Thank my questions.

Operator

Evercore our comes Kumar And ISI. you. with question the Thank line from Vijay next of

open. line ahead. Please go Your is

Vijay Kumar

my Thanks taking Hey, first had my I for trials. on guys. cancer one lung question.

I was I interim events. did LUNAR guess, why the when the curious around cut the was trial any enroll complete? cancer to expected period sample pace the from lung is that to and when first of also language XX reasoning is base or was makes number follow-up on on XX think the of is On KEYNOTE why And I given months? sense. trial? on to trial give guess in line DMC the to accrual the the expected time the size shortened sticking Any on the I

Bill Doyle

to over protocol. Vijay. about turn Hey, again we give you with to it some LUNAR? talked to Uri I'm Uri, about going quite good the – of shortening the color a morning, I'm going and stand the can on we've DMC talk more specifically to this. where bit

Uri Weinberg

Gladly.

it and very we study they the recommendation rationale unnecessary point randomized the XX to XXX recommended Naturally, be time. to patients and to clearly. design data lowering their give is the will don't DMC a results. the shorten a as control likely number visibility They for the to accrual and for to the said that the of follow this that DMC until it original unethical the patient that enrollment months. the keep the the stated possibly last in arm in a So follow-up period has to as patient have and reminder, been it And overall to did

simply comment you statement. and share sense to blinded of it. cannot because this we we But naturally, I'm by great sure this on encouragement are So this all

simply cannot discussed no debt we because have multiple the results. to have the this we more Beyond we visibility times, say study and

Bill Doyle

respect to... with And

Uri Weinberg

[indiscernible]

Bill Doyle

program course, line just along KEYNOTE – going which non-small our cornerstone line. KEYNOTE is undertake – was lung in important on BXX. in that another of I partnering jump a in BXX LUNAR, of And to to is study. we're cell course, with KEYNOTE cancer therapy second with of Merck is first second-line

respect asked to timing. with You the

that the world. best respected for mentioned participating the using Treating the are successful. and in again in first theme screening KEYTRUDA. the Tumor with a enthusiasm soon with we'll that The are announce the in is patient as we is when centers first screening as community [indiscernible] we'll centers the Fields cancer announce back are we're But among enrolled. And the to and the delighted So academic – patient

Vijay Kumar

Ashley grown – XX% have guys one trends here you in Got revenues recent just you're XX%. in that for the you. Thanks. revenues with QX. actually And If maybe contrast I

[indiscernible] that NovoCure, the XX% a on could line volumes with possible given is of top look right Given I'm it pandemic top you for trajectory further the grower half revenue back and active company how what's curious grower? the XX% opportunity? trends here? patients at script seeing we're line revenues? the the Is and a slowing trends see going we What down is

Ashley Cordova

the Vijay. appreciate question I No Yes.

[indiscernible]. us you've at those I his underpenetration elements of But centers I that's – on see heard earlier levers academic market think whether many stable will message And this those or new growth. take clearly in think consistent time. important. growth it's the multiple [indiscernible] comments and of expansion. sustainable We for those and

have to years active acknowledge a And patients improving we in our think launch. therapy more revenues we're there highlight many maturing five think are would still post I it seeing right? net that patients. what is I growth plus remains active core I fundamentally is that can per now curve, markets we that benefit from but our

on the as around to But do focused in driving our growth now markets globe. still moderation to bring of are the on I penetration the active and some in in work we – engage to expect fair market it's academic centers We think that core additional continue medium-term. our

Vijay Kumar

just a Ashley. follow-up that sorry, to And

we of the we modeling year here? a so that migrating look half start your at where leaving the are look in when pipeline big Given this comp like back the when at back I just contributor evolution harder. we're GBM Should now business half now the get Is aside. base the a business market, comps obviously, comps last CMS should was right factor

Ashley Cordova

for we mean in there multiple do that believe levers growth certainly this I say remains still here. will business. growth there's I

to remains the remains But we've [indiscernible]. think that you business durable, I remove talked think consistent, do there I So, about that reasons still and in past. the for impact think sustainable, of CMS base the have much I

Vijay Kumar

guys. Got it. Thanks

Operator

with from the our line next Truist of Securities. And you. Thank comes Greg question Fraser

ahead. Your line go please open, is

Greg Fraser

Good Thanks morning for taking questions. folks. the

the trending US, you have how data on relative levels if volumes to that? in surgical pre-COVID GBM now are For

Bill Doyle

Pritesh take want one? do you to this

Pritesh Shah

Yes, this. Bill take I can

answer fluctuate patient the I think in the institutions. that flow short they So, on that depending to is

to seeing institutions. not were So, major patients ebb can quantifiable for on. GBM. flow. not impact We're patients not But early we see of are as We at getting patient and we're that now larger least that that did seeing to very flow to a that materially get a care impact of point that's the able to say

the nature is treated in an Given emergency the deadly the the community. procedure academic and GBM it of as of such the is in centers nature rare and and it disease,

Greg Fraser

pathway a That's larger and plan the how high-intensity question high-intensity study regulatory is Got and GBM? on like newly you arrays Will to investigate diagnosed you how do III And conduct helpful. the it. clinical the to do A that EF-XX about think EF-XX? Phase for assuming we positive? arrays, have

Bill Doyle

Yes.

expansion that this Fields deliver for the the we is topic that And real one we thanks that call. on it addition efficacy all clinical fact we Treating sources the geographic treating on patients discussed, much about beginning enthusiasm underlines of our have that platform. to really excitement to ability But haven't that the question. only So, believe based we're in the of spoken too Tumor and for

underway the is the amount further a That's that we -- and think issue is are we're we engineering Phase trial. those beyond who an and first The tremendous have -- with recruiting will intensity, that see exposure. much II higher it's our we But in do in improve of doing an we using that results. And intensity of the high the Specifically, preclinical high-intensity work that arrays clinical also better. and not that think parallel have this intensity patients report particular in work low English to our who in far issue, data, analysis science. than not patients good more of is we and arrays better

efficacy and randomized clinical regulatory the make would require early think You then it claims. And there's that they opportunity data allow we But may without would to that it bring us pathway. data clinical to further safety intensity the to approvals specifically discuss asked by perhaps to It's arrays markets efficacy and claims. specific but based laboratory region. get on the too data an and into claims about be vary would generally,

can in Of of too there trials investigator that ISTs published. tricks bag our also course be other and are

two and lot get There's approach shorter different a but claims, So, longer specific efficacy markets path without fundamentally of arrays approaches. there's get specific there's there But we then a levers. to description is intensity to with the the efficacy claims. think in

Greg Fraser

Got it. helpful. for the very Thank taking questions. you That’s

Operator

remarks. would And for to you. the our further concludes this Thank conference Mr. Bill turn any Doyle session. like question-and-answer back to I over And

Bill Doyle

participation. for time throughout everybody like thank this for to team to the and want today the dedication First, their and call on quarter also I'd and I the your thank Asaf Ashley join and pandemic. NovoCure

months we survival future during generated of and million consistency QX last we've some XX continues the enable remained the aggressive our We're in treated NovoCure more extending $XXX focused net R&D in investment now during ebbs with now cancer. and in of in of The of many activities that GBM in has than us quarter. our flows patients and most record patient have All million on a aggressive Optune. the business $XX revenue XX,XXX invested We and to we've know experienced forms time strong. the the mission clear. was

that pipeline ahead primed and in abdominal just growth. which for programs we're so Our the forging we're And our development well product excited. and programs is thoracic I as described brain and as in

to look remains we the future, more cancer do. driving the patients we that As of helping everything possibility force the for

you again. a in few thanks look to forward with So months' speaking And time. we

Operator

you Thank call. for concludes This today's conference participating.

now disconnect. may You

NovoCure Limited (NVCR) 29 Jul 212021 Q2 Earnings call transcript