Business Description
ADC Therapeutics SA is a commercial-stage biotechnology company based in Switzerland that develops and commercializes antibody-drug conjugates (ADCs) for the treatment of cancer. The company's lead product, ZYNLONTA, is an FDA-approved targeted therapy for patients with certain types of blood cancer, such as relapsed or refractory diffuse large B-cell lymphoma. ADC Therapeutics focuses on proprietary ADC technology designed to deliver cell-killing payloads directly to tumor cells.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 81,357 | 70,837 | 69,558 | 209,908 |
| Cost of Sales | 5,798 | 5,949 | 2,529 | 3,301 |
| Gross Profit | 75,559 | 64,888 | 67,029 | 206,607 |
| Selling, General & Administrative Expenses | 79,933 | 85,909 | 105,888 | 143,494 |
| Research & Development Expenses | 104,005 | 109,633 | 127,127 | 186,457 |
| Other Operating Expenses | 13,120 | — | — | — |
| Operating Profit | (121,499) | (130,654) | (165,986) | (123,344) |
| Interest and Investment Income | 8,810 | 12,272 | 10,540 | 2,568 |
| Interest Expense | (51,633) | (50,211) | (46,325) | (36,731) |
| Non-Operating Income | 22,714 | 12,457 | 6,352 | 10,690 |
| Total Non-Operating Income | (20,109) | (25,482) | (29,433) | (23,473) |
| Income Before Provision for Income Taxes | (141,608) | (156,136) | (195,419) | (146,817) |
| Provision for Income Taxes | 1,015 | 166 | 39,106 | 227 |
| Consolidated Net Income | (142,623) | (156,302) | (234,525) | (147,044) |
| Net Income Attributable to Minority Interests and Other | — | 1,544 | 5,528 | 10,084 |
| Net Income Attributable to Common Shareholders | (142,623) | (157,846) | (240,053) | (157,128) |
| Basic EPS | -1.12 | -1.62 | -2.94 | -1.95 |
| Diluted EPS | -1.12 | -1.62 | -2.94 | -1.95 |
| Basic Weighted Average Shares Outstanding | 127,068 | 97,160 | 81,712 | 80,643 |
| Diluted Weighted Average Shares Outstanding | 127,068 | 97,160 | 81,712 | 80,643 |
| Shares Outstanding | 125,749 | 98,861 | 82,293 | 80,643 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 261,338 | 250,867 | 278,598 | 326,441 |
| Total Cash and Cash Equivalents | 261,338 | 250,867 | 278,598 | 326,441 |
| Accounts Receivable | 29,117 | 20,316 | 25,182 | 72,971 |
| Total Trade Receivables | 29,117 | 20,316 | 25,182 | 72,971 |
| Inventories | 4,184 | 2,251 | 16,177 | 18,564 |
| Other Current Assets | 11,696 | 17,820 | 16,334 | 28,039 |
| Total Current Assets | 306,335 | 291,254 | 336,291 | 446,015 |
| Net Property, Plant & Equipment | 1,297 | 13,429 | 16,133 | 9,981 |
| Net Intangible Assets | — | — | — | 14,360 |
| Long-Term Investments | — | — | 1,647 | 31,152 |
| Other Long-Term Assets | 15,518 | 17,297 | 711 | 27,660 |
| Total Assets | 323,150 | 321,980 | 354,782 | 529,168 |
| Accounts Payable | 9,175 | 18,029 | 15,569 | 12,351 |
| Accrued Expenses | 57,988 | 62,440 | 52,101 | — |
| Current Portion of Long-Term Debt | 3,000 | — | — | 12,474 |
| Current Portion of Leases | — | — | — | 1,097 |
| Other Current Liabilities | — | — | — | 73,035 |
| Total Current Liabilities | 70,163 | 80,469 | 67,670 | 98,957 |
| Long-Term Debt | 112,452 | 113,632 | 112,730 | 97,240 |
| Leases | 1,034 | 7,995 | 10,180 | 6,564 |
| Other Long-Term Liabilities | 325,335 | 322,526 | 312,451 | 212,353 |
| Total Long-Term Liabilities | 438,821 | 444,153 | 435,361 | 316,157 |
| Total Liabilities | 508,984 | 524,622 | 503,031 | 440,441 |
| Common Stock | 11,080 | 8,425 | 7,312 | 7,312 |
| Treasury Stock | (205) | (220) | (541) | (679) |
| Additional Paid-in Capital | 1,439,749 | 1,283,892 | 1,180,545 | 1,163,135 |
| Accumulated Other Comprehensive Income | (517) | (1,421) | (93) | (356) |
| Retained Earnings | (1,635,941) | (1,493,318) | (1,335,472) | (1,080,685) |
| Total Common Shareholders' Equity | (185,834) | (202,642) | (148,249) | 88,727 |
| Total Shareholders' Equity | (185,834) | (202,642) | (148,249) | 88,727 |
| Total Liabilities and Shareholders' Equity | 323,150 | 321,980 | 354,782 | 529,168 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (142,623) | (157,846) | (240,053) | (157,128) |
| Depreciation & Amortization | 1,876 | 3,276 | 3,267 | 2,388 |
| Share-Based Compensation Expense | 6,905 | 6,568 | 13,495 | 49,322 |
| Other Adjustments | 18,023 | 20,341 | 60,334 | 15,832 |
| Changes in Trade Receivables | (8,789) | 4,771 | 47,789 | (42,753) |
| Changes in Inventories | (2,381) | (3,728) | (5,712) | (9,651) |
| Changes in Accounts Payable | (9,038) | 2,462 | 3,173 | 310 |
| Changes in Accrued Expenses | (7,420) | 11,140 | (14,143) | 16,246 |
| Changes in Other Operating Activities | 2,273 | (10,819) | 13,164 | (12,877) |
| Cash from Operating Activities | (141,174) | (123,835) | (118,686) | (138,311) |
| Capital Expenditure | (264) | (867) | (3,216) | (687) |
| Proceeds from Sale of Property, Plant & Equipment | 659 | — | — | — |
| Cash from Investing Activities | 395 | (867) | (3,216) | (687) |
| Issuance of Long-Term Debt | — | — | 73,102 | 115,597 |
| Repayments of Long-Term Debt | — | — | — | (118,304) |
| Net Issuance / (Repayments) of Long-Term Debt | — | — | 73,102 | (2,707) |
| Issuance of Common Shares | 152,459 | 98,217 | 773 | 6,130 |
| Net Issuance / (Repurchases) of Common Shares | 152,459 | 98,217 | 773 | 6,130 |
| Other Financing Activities | (1,514) | (1,163) | — | (4,320) |
| Cash from Financing Activities | 150,945 | 97,054 | 73,875 | (897) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 305 | (83) | 184 | (208) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 10,166 | (27,648) | (48,027) | (139,895) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $444M |
| P/E | -3.15x |
| P/S | 5.46x |
| EV/EBITDA | -2.50x |
| Return on Equity | 73.4% |
| Return on Invested Capital | -484.2% |
| Current Ratio | 4.37x |
| Free Cash Flow Margin | -173.8% |
Margins
Gross margin
92.9%
Operating margin
-149.3%
Net margin
-175.3%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $21M | -9.5% | -121.1% | $-25M |
| Q4 2025 | $23M | +36.4% | -77.7% | $-18M |
| Q3 2025 | $16M | -11.0% | -188.5% | $-31M |
| Q2 2025 | $19M | +8.2% | -234.3% | $-44M |
| Q1 2025 | $23M | — | -123.6% | $-28M |
| Q4 2024 | $17M | — | -191.8% | $-32M |
| Q3 2024 | $18M | — | -192.6% | $-36M |
| Q2 2024 | $17M | — | -166.8% | $-29M |
More on ADC Therapeutics SA
Figures compiled from public company filings.
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