Companies /Healthcare
Adc Therapeutics SA
NYSE: ADCT Drug Manufacturers - Specialty & Generic
$1.43
▼ $0.28 (−16.18%) today
Markets open · 3:06pm ET

ADC Therapeutics (ADCT) Q4 2025 Earnings

Reported Mar 10, 2026, 7:58am ET · SEC source
$-0.09
Beat +66.46%
EPS · est. $-0.27
$23.1M
Beat +3.43%
Revenue · est. $22.3M
−22.4%
Trailing market
ADCT vs S&P since report
4 quarters
Consecutive EPS beats

How Did ADCT Stock React to Q4 2025 Earnings?

% change · around the report
−4%0+4%+8%Mar 10Mar 11report 7:58am ETearnings−0.3%+7.9%
−4%0+4%+8%Mar 10Mar 11earnings−0.3%+7.9%
ADCT +7.9%S&P 500 −0.3%
−4%0+4%+8%Mar 10Mar 11report 7:58am ETearnings−0.1%+7.9%
−4%0+4%+8%Mar 10Mar 11earnings−0.1%+7.9%
ADCT +7.9%NASDAQ −0.1%
−12%−6%0+6%Mar 9Mar 18report 7:58am ETearnings−1.4%−6.5%
−12%−6%0+6%Mar 9Mar 18earnings−1.4%−6.5%
ADCT −6.5%S&P 500 −1.4%
−12%−6%0+6%Mar 9Mar 18report 7:58am ETearnings−1.1%−6.5%
−12%−6%0+6%Mar 9Mar 18earnings−1.1%−6.5%
ADCT −6.5%NASDAQ −1.1%
+13.48%
Day of report
+1.67%
Next session
−14.37%
One week
−22.08%
30 days

S&P 500 over the same 30 days: +0.34%.

Did ADCT Beat Earnings? Q4 2025 Results

Yes. ADC Therapeutics reported Q4 2025 earnings of $-0.09 a share on Mar 10, 2026, beating the $-0.27 consensus estimate by 66.5%. Revenue was $23.1M against a $22.3M estimate.

ADC Therapeutics delivered a sharply better-than-expected fourth quarter, posting a loss of just $0.09 per share against a consensus estimate of $0.27, a beat of 66.46%, while revenue of $23.06 million edged ahead of the $22.29 million estimate and climbed 36.4% year over year. The dramatic narrowing of the net loss, to $6.41 million from $30.73 million in Q4 2024, was primarily driven by a sizable cumulative catch-up adjustment gain on the company's deferred royalty obligation alongside meaningfully lower R&D spending, which fell to $18.18 million from $27.10 million a year earlier. ZYNLONTA net product revenue reached $22.31 million in the quarter, though management cautioned the sequential gain reflected ordering variability rather than a fundamental demand shift. Looking ahead, the company is targeting topline LOTIS-5 progression-free survival data in Q2 2026, a result that could underpin a supplemental BLA filing and potential confirmatory approval in second-line DLBCL by mid-2027, with management citing peak U.S. revenue potential of $600 million to $1 billion for ZYNLONTA. Cash of $261.34 million provides runway at least into 2028.

Key Takeaways
  • Variability in customer ordering drove Q4 revenue increase over Q4 2024, with underlying demand broadly stable
  • Full-year revenue increase driven by higher selling price with relatively flat volume year-over-year
  • Higher cumulative catch-up adjustment gain on deferred royalty obligation reduced net loss
  • Reduced R&D expense from discontinued programs and completion of IND-enabling PSMA activities
  • Two PIPE financings in 2025 raised $150.8 million, strengthening cash position

“Building off the meaningful progress achieved across our ZYNLONTA clinical program in DLBCL and through investigator-initiated trials in indolent lymphomas this past year, we believe we have laid the foundation for multiple anticipated value-creating catalysts.”

ADC Therapeutics CEO, on the earnings call

What Was ADC Therapeutics's Outlook in Q4 2025?

ADC Therapeutics expects topline LOTIS-5 Phase 3 results in Q2 2026, with full LOTIS-5 and LOTIS-7 results anticipated by year-end 2026. Assuming positive LOTIS-5 results, the company plans to file a supplemental BLA with the FDA, targeting potential compendia inclusion in H1 2027 and confirmatory approval in 2L+ DLBCL in mid-2027. IIT data for follicular lymphoma and marginal zone lymphoma are expected between end of 2026 and mid-2027. The company's cash position of $261.3 million as of December 31, 2025, provides expected cash runway at least into 2028.

ADCT YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$-20,000,000$0$20.0M$16.9M$23.1MRevenue$15.5M$21.4MGross Profit$-12,378,419$-17,919,000Operating Income$-3,577,649$-6,409,000Net Income
$-20,000,000$0$20.0MRevenueGross ProfitOperating IncomeNet Income
ADCT income statement, Q4 2025 versus Q4 2024
Metric Q4 2025 Q4 2024 Year over year
Revenue $23.1M $16.9M +36.4%
Gross Profit $21.4M $15.5M +37.5%
Operating Income −$17.9M −$12.4M +44.8%
Net Income −$6.4M −$3.6M +79.1%

ADCT Revenue by Segment

ZYNLONTA (Product Revenue)$22.3M
ZYNLONTA Product Revenue
ZYNLONTA
ZYNLONTA (Product Revenues)
License Revenues and Royalties$746,000

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