NovoCure Limited Ordinary Shares Wells Fargo 21st Annual Healthcare Conference

Happy to provide an update. Also just want to start by saying thank you to you and to Wells Fargo for covering us with Larry for so many years, and really being very detailed in your coverage of NovoCure. We are very excited about our launch with Optune Pax. As a reminder, we received approval for the treatment of locally advanced pancreatic cancer. This is Stage III pancreatic cancer. It is an indication that hasn't had a new therapy approved in over a decade, and we were really pleased with the clinical interest shown in our data from our Phase III trial. As Leigh mentioned, we had a really strong launch. Q2 was our first full quarter in market. We finished with about 285 patients who are on therapy.

As we said on our Q2 earnings call, we're well ahead of our expectations in terms of the number of practices prescribing, the numbers of patients on therapy. As we enter into this third quarter, we do have a device. It is a device that's based on clinical data similar to a biotech product, but it is a device-based product. Our effort right now is to ensure that we consolidate the interest that we've seen, and that we take the prescribers who maybe wrote one prescription to wait and see, and we convert them into being multiple prescribers. We're not giving specific top-line guidance of where we think run rates will fall. We are saying we see significant clinical interest in the product.

We believe that our stage of disease, as well as being a first-line therapy, differentiates this against durvalumab, which we can talk about in a little bit. We do think, as a device-based launch, it's not the hockey stick of a pure biotech launch as we go through that process of making sure the initial prescribers have very strong confidence in the product going into the quarters to come.

We're being really careful to not give out specific prescription guidance because I think, as we saw in the initial launch, particularly in the first quarter, the physicians are still being educated, so sometimes there's prescriptions that come in, it might not be the most appropriate patient. We're committed to growing active patients, as you've heard us say in other indications. We really look at active patients as that key metric, and we're continued to having growth in active patients over the year to come and even out into the future because we do think this is a very sizable market, but it's one where we are introducing the product to the physicians for the first time right now.

Yes, the interpretation of how you look at prescriptions turning into active patients typically takes a few quarters to develop, and in the publicly reported numbers, it is probably hard to interpret that metric right now. But when we look at it, looking at the patients that we are treating with pancreatic cancer, we compare them overall to patients with GBM from a health perspective, from an urgency perspective. We would say for right now a good benchmark would to be in that 70% range, that we are expecting about 70% of prescriptions to convert.

That is what we are seeing right now.

Okay. I am conscious to say we do need to see another two quarters Okay to really feel confident saying this is the benchmark.

Based on what we are seeing right now, we think it is reasonable to use the benchmark from GBM, which is approximately 70%.