Companies /Healthcare

Adc Therapeutics SA

NYSE: ADCT Drug Manufacturers - Specialty & Generic
$1.31
▲ $0.08 (+6.50%) today
Markets closed · 3:42am ET

Q3 2025 Earnings

Reported Nov 10, 2025, 8:17am ET · SEC source
$-0.19
Beat +47.47%
EPS · est. $-0.36
$16.4M
Miss −2.18%
Revenue · est. $16.8M
−1.8%
Trailing market
ADCT vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−9%−6%−3%0Nov 10Nov 11report 8:17am ETearnings+0.9%−6.1%
−9%−6%−3%0Nov 10Nov 11earnings+0.9%−6.1%
ADCT −6.1%S&P 500 +0.9%
−9%−6%−3%0Nov 10Nov 11report 8:17am ETearnings+0.5%−6.1%
−9%−6%−3%0Nov 10Nov 11earnings+0.5%−6.1%
ADCT −6.1%NASDAQ +0.5%
−6%−3%0+3%Nov 10Nov 18report 8:17am ETearnings−2.8%−3.9%
−6%−3%0+3%Nov 10Nov 18earnings−2.8%−3.9%
ADCT −3.9%S&P 500 −2.8%
−6%−3%0+3%Nov 10Nov 18report 8:17am ETearnings−3.9%−3.9%
−6%−3%0+3%Nov 10Nov 18earnings−3.9%−3.9%
ADCT −3.9%NASDAQ −3.9%
+4.21%
Day of report
−5.70%
Next session
−5.70%
One week
−0.71%
30 days

S&P 500 over the same 30 days: +1.13%.

Did ADCT Beat Earnings? Q3 2025 Results

ADC Therapeutics delivered a notably stronger-than-expected bottom line in Q3 2025, posting a non-GAAP loss of $0.19 per share against a consensus estimate of $0.36, a 47.47% beat driven primarily by disciplined cost-cutting rather than top-line momentum. Revenue came in at $16.43 million, a modest 2.18% shortfall versus the $16.79 million consensus and an 11.0% decline from the year-ago period, as net product revenues for ZYNLONTA slipped to $15.75 million from $18.02 million on lower sales volume. The real story was expense management: total operating expenses fell 12% to $47.40 million, with R&D spending dropping to $26.80 million from $32.50 million following program discontinuations tied to the company's June 2025 strategic reprioritization. With $234.74 million in cash at quarter-end, subsequently bolstered by a $60 million PIPE financing that extends the runway into 2028, management is focused on key upcoming catalysts, including updated LOTIS-7 data by year-end and LOTIS-5 Phase 3 topline results in the first half of 2026.

Key Takeaways
  • Lower sales volume drove decline in net product revenues, partially offset by higher sales price and favorable gross-to-net adjustments
  • R&D expense decreased due to reduced spending on discontinued programs and clinical trial timing
  • G&A expense decreased due to lower external professional fees
  • Strategic restructuring plan resulted in $13.5 million year-to-date restructuring, impairment and related costs

“The successful completion of our most recent PIPE financing strengthens our balance sheet and provides the resources to further invest in ZYNLONTA as we anticipate advancing into earlier lines of therapy for DLBCL and into indolent lymphomas.”

ADC Therapeutics CEO, on the earnings call

Forward Guidance & Outlook

ADC Therapeutics expects updated LOTIS-7 data by end of 2025, LOTIS-5 Phase 3 topline data in 1H 2026 with a potential sBLA submission for confirmatory 2L+ DLBCL approval to follow positive results, and publication/compendia inclusion targeted for 1H 2027. IND-enabling activities for the PSMA-targeting ADC are expected to complete by end of 2025. The recent $60 million PIPE financing strengthens the balance sheet, with pro forma cash of approximately $292.3 million and an extended cash runway into 2028.

ADCT YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$-40,000,000$-20,000,000$0$20.0M$18.5M$16.4MRevenue$17.6M$15.2MGross Profit$-27,425,611$-30,969,000Operating Income$-38,346,906$-40,966,000Net Income
$-40,000,000$-20,000,000$0$20.0MRevenueGross ProfitOperating IncomeNet Income

ADCT Revenue by Segment

ZYNLONTA (Product Revenue)
ZYNLONTA Product Revenue
ZYNLONTA
ZYNLONTA (Product Revenues)$15.8M
License Revenues and Royalties$677,000

Figures from SEC filings and company reports. Not investment advice.