Novocure CEO Says RVMD’s Daraxonrasib Slowed Optune Pax Adoption – Wedbush Sees Disruption Rather Than Direct Competition

• Wedbush has a ‘Neutral’ rating on Novocure.
• Novocure reported a 16% increase in Q3 revenue to $193.4 million, beating Wall Street’s estimates of $182.2 million, according to Fiscal.ai
• The company raised its full-year 2026 revenue guidance to $736 million to $743 million from $710 million to $725 million.

Novocure’s (NVCR) CEO Frank Leonard said the launch of Revolution Medicines’ (RVMD) Daraxonrasib slowed adoption of its Optune Pax device, but Wedbush believes the change is due more to disruption at medical practices than a “direct displacement.”

NVCR shares were down about 4% at the time of writing, having fallen to six-month lows earlier in the session.

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Optune Pax Momentum Affected By Daraxonrasib Launch

On a call with analysts on Thursday, Leonard said the introduction of Daraxonrasib has “significantly” impacted the company’s ability to access practices to detail Optune Pax. The number of patients actively using Optune Pax in the U.S. declined to 266 at the end of the third quarter (Q3), from 285 in the second quarter (Q2).

“We acknowledge the challenges in the Optune Pax launch, and we will continue to evolve our tactics to ensure we maintain our share of voice in our approved indication, which is different than the approved indication for Daraxonrasib,” Leonard said.

Optune Pax is a wearable medical device that uses electrical fields to disrupt cancer cell growth. It received approval by the U.S. Food and Drug Administration (FDA) in February this year to treat adults with locally advanced pancreatic cancer.

Meanwhile, Revolution Medicines’ oral drug Daraxonrasib, marketed as Rasonque, received FDA approval on August 26 for certain patients with metastatic pancreatic cancer.

Wedbush, which maintains a ‘Neutral’ rating on Novocure, noted that the company has not seen widespread Optune Pax discontinuations or significant use of Daraxonrasib.

Novocure Raises FY 2026 Outlook

Novocure reported a 16% increase in Q3 revenue to $193.4 million, comfortably beating Wall Street’s estimates of $182.2 million, according to Fiscal.ai. Loss came down to $0.09 per share from $0.33 a year earlier and was narrower than the consensus estimated loss of $0.23 per share.

The company also raised its full-year 2026 revenue guidance to $736 million to $743 million from $710 million to $725 million and hiked its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) outlook significantly to $24 million to $34 million from $0 million to $15 million.

The company had $463.5 million in cash and short-term investments at September-end.

Retail Turns Bullish On NVCR

Retail sentiment surrounding NVCR on Stocktwits turned ‘bullish’ from ‘neutral’ over the past 24 hours, amid ‘high’ message volumes.

The stock has gained more than 5% so far in 2026.

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