Quarterly revenue has oscillated between $16.4M and $23.1M with only 2.2% year-over-year growth in 2026Q2, while gross margin swings of 82.0% to 95.6% appear tied to COGS timing rather than structural pricing, and operating margin improvement to -132.0% reflects a 42% R&D reduction rather than revenue-driven leverage.
ADC Therapeutics S.A. (ADCT) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 78.77M | 81.36M | 70.84M | 69.56M | 209.91M | 33.92M | 0 | 2.34M | 1.14M | 1.8M |
| Revenue Growth % | 1.97% | 14.85% | 1.84% | -66.86% | 518.89% | - | -100% | 105.26% | -36.77% | - |
| Cost of Goods Sold | 8.87M | 7.67M | 5.95M | 2.53M | 3.3M | 1.39M | 141.82M | 0 | 118.09M | 85.53M |
| COGS % of Revenue | - | 9.43% | 8.4% | 3.64% | 1.57% | 4.11% | - | - | 10358.42% | 4743.76% |
| Gross Profit | 69.9M | 73.68M | 64.89M | 67.03M | 206.61M | 32.52M | -141.82M | 2.34M | -116.95M | -83.73M |
| Gross Margin % | 88.75% | 90.57% | 91.6% | 96.36% | 98.43% | 95.89% | - | 100% | -10258.42% | -4643.76% |
| Gross Profit Growth % | - | 13.55% | -3.19% | -67.56% | 535.24% | 122.93% | -6160.51% | 102% | -39.68% | - |
| Operating Expenses | 169.01M | 182.06M | 195.54M | 233.01M | 329.95M | 294.24M | 77.45M | 121.74M | 127.08M | 93.47M |
| OpEx % of Revenue | - | 223.78% | 276.05% | 334.99% | 157.19% | 867.54% | - | 5202.52% | 11147.46% | 5184.3% |
| Selling, General & Admin | 85.33M | -6.82M | 85.91M | 105.89M | 143.49M | 136.24M | 77.23M | 14.2M | 8.6M | 7.81M |
| SG&A % of Revenue | - | -8.38% | 121.28% | 152.23% | 68.36% | 401.69% | - | 606.92% | 754.56% | 432.95% |
| Research & Development | 82.23M | 104M | 109.63M | 127.13M | 186.46M | 158M | 142.03M | 107.54M | 118.31M | 85.53M |
| R&D % of Revenue | - | 127.84% | 154.77% | 182.76% | 88.83% | 465.85% | - | 4595.6% | 10378.33% | 4743.76% |
| Other Operating Expenses | -228K | 84.87M | 0 | 0 | 0 | 0 | -141.82M | 0 | 166K | 137K |
| Operating Income | -99.11M | -108.38M | -130.65M | -165.99M | -123.34M | -261.72M | -219.26M | -119.4M | -125.94M | -91.67M |
| Operating Margin % | -125.83% | -133.21% | -184.44% | -238.63% | -58.76% | -771.65% | - | -5102.52% | -11047.46% | -5084.3% |
| Operating Income Growth % | - | 17.05% | 21.29% | -34.57% | 52.87% | -19.36% | -83.64% | 5.19% | -37.39% | - |
| EBITDA | -119.3M | -106.5M | -127.38M | -162.72M | -120.96M | -259.09M | -217.29M | -117.75M | -125.2M | -91.33M |
| EBITDA Margin % | -151.46% | -130.91% | -179.82% | -233.93% | -57.62% | -763.89% | - | -5032.18% | -10982.54% | -5065.39% |
| EBITDA Growth % | 12.94% | 16.39% | 21.72% | -34.53% | 53.32% | -19.24% | -84.53% | 5.95% | -37.09% | - |
| D&A (Non-Cash Add-back) | 349K | 1.88M | 3.28M | 3.27M | 2.39M | 2.63M | 1.97M | 1.65M | 740K | 341K |
| EBIT | -87.94M | -91.15M | -105.92M | -149.09M | -110.09M | -233.16M | -219.05M | -115.75M | -122.87M | -91.67M |
| Net Interest Income | -43.63M | -42.82M | -37.94M | -35.78M | -34.16M | -18.27M | -4.09M | 2.1M | 2.86M | 1.03M |
| Interest Income | 8.63M | 8.81M | 12.27M | 10.54M | 2.57M | 66K | 832K | 2.25M | 2.86M | 1.03M |
| Interest Expense | 52.26M | 51.63M | 50.21M | 46.33M | 36.73M | 18.34M | 4.93M | 156K | 0 | 0 |
| Other Income/Expense | 1.8M | -34.4M | -27.03M | -34.96M | -33.56M | 10.21M | -26.7M | 3.5M | 3.07M | 1.86M |
| Pretax Income | -97.31M | -142.78M | -157.68M | -200.95M | -156.9M | -251.5M | -245.96M | -115.9M | -122.87M | -89.81M |
| Pretax Margin % | -123.55% | -175.5% | -222.6% | -288.89% | -74.75% | -741.53% | - | -4953.08% | -10778.25% | -4981.36% |
| Income Tax | -404K | -157K | 166K | 39.11M | 227K | -21.48M | 327K | 582K | 224K | 48K |
| Effective Tax Rate % | 0.42% | 0.11% | -0.11% | -19.46% | -0.14% | 8.54% | -0.13% | -0.5% | -0.18% | -0.05% |
| Net Income | -96.91M | -142.62M | -157.85M | -240.05M | -157.13M | -230.03M | -246.29M | -116.48M | -123.1M | -89.86M |
| Net Margin % | -123.03% | -175.31% | -222.83% | -345.11% | -74.86% | -678.2% | - | -4977.95% | -10797.89% | -4984.03% |
| Net Income Growth % | 42.98% | 9.64% | 34.25% | -52.78% | 31.69% | 6.6% | -111.44% | 5.37% | -36.98% | - |
| Net Income (Continuing) | -96.91M | -142.62M | -157.85M | -240.05M | -157.13M | -230.03M | -246.29M | -116.48M | -123.1M | -89.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.63 | -1.12 | -1.62 | -2.94 | -1.99 | -3.00 | -3.77 | -1.74 | -2.29 | -1.53 |
| EPS Growth % | 57.8% | 30.86% | 44.9% | -47.74% | 33.67% | 20.42% | -116.67% | 24.02% | -49.67% | - |
| EPS (Basic) | - | -1.12 | -1.62 | -2.94 | -1.99 | -3.00 | -3.77 | -1.74 | -2.29 | -1.53 |
| Diluted Shares Outstanding | 155.02M | 127.07M | 97.16M | 81.71M | 78.15M | 76.75M | 65.41M | 66.87M | 53.83M | 58.85M |
| Basic Shares Outstanding | 155.02M | 127.07M | 97.16M | 81.71M | 78.15M | 76.75M | 65.41M | 66.87M | 53.83M | 58.85M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ADCT stock.
For fiscal year 2025, ADC Therapeutics S.A. (ADCT) reported total revenue of $81.4M. This represents a 4412.3% increase compared to $1.8M in 2017.
ADC Therapeutics S.A. (ADCT) reported a net loss of $142.6M for the fiscal year ending 2025.
ADC Therapeutics S.A. (ADCT) reported an operating income of $-108.4M, resulting in an operating profit margin of -133.2%. This margin reflects the operational efficiency of the business before interest and taxes.
ADC Therapeutics S.A. (ADCT) generated $73.7M in gross profit for the year, representing a gross profit margin of 90.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Oscillation Without Clear Trend
According to ADCT's reported income statements, quarterly revenue has swung between $16.4M and $23.1M over the last ten quarters, closing at $19.2M in 2026Q2 with only 2.2% year-over-year growth, suggesting the commercial base is plateauing rather than compounding meaningfully.
Sequential growth has alternated sharply, from 36.4% in 2025Q4 to -13.0% in 2026Q1 and back to 2.2% in 2026Q2, a pattern that appears more consistent with lumpy, event-driven recognition than a smooth adoption curve. Because operating losses still run near $25M per quarter, the absence of a discernible top line trend implies any path to breakeven currently rests on cost reduction rather than revenue scaling.
Gross Margin Swings on COGS Timing
In ADCT's reported results, gross margin has fluctuated between 82.0% and 95.6% across ten quarters, driven largely by COGS swings from $836.0K to $3.6M rather than evident pricing shifts, indicating measurement and timing volatility more than structural margin erosion.
The 82.0%-95.6% band sits well above MacroGenics' 71.1% and near Arcus' 96.0%, which for a commercial-stage biotech may reflect royalty-weighted or high-margin product economics rather than manufacturing scale. The volatility appears concentrated in COGS timing, with the 82.0% print in 2026Q1 following a 92.6% in 2025Q4, so investors should treat single-quarter gross margin readings as noisy rather than as evidence of a pricing-power shift.
Loss Narrowing Driven by R&D Cuts
Based on ADCT's quarterly filings, R&D expense fell from $30.1M in 2025Q2 to $17.4M in 2026Q2, a 42% reduction, while operating losses narrowed from $44.1M to $25.4M even as year-over-year revenue growth of 2.2% stayed negligible, implying cost discipline rather than operating leverage is driving the improvement.
Because gross profit was essentially flat over that span, the loss narrowing appears attributable to spending contraction rather than incremental margins on incremental revenue, which is a different quality of improvement than classic operating leverage. The -598.0K SG&A figure in 2025Q1 looks like a one-off credit, so underlying SG&A run-rate is nearer $20-23M per quarter, and investors should monitor whether R&D cuts persist or revert once pressure eases.
Non-Operating Items Distort Net Losses
According to ADCT's income statement disclosures, the net loss of $6.4M in 2025Q4 diverged sharply from the $18.1M operating loss in the same period, while stock-based compensation reached $6.1M that quarter, suggesting non-operating items and equity charges are materially shaping reported earnings quality.
Net loss has been more volatile than operating loss, ranging from $6.4M in 2025Q4 to $56.6M in 2025Q2, which implies interest, partnership or other non-operating lines are swinging period-to-period results and making trailing net income a poor proxy for underlying performance. SBC is also meaningful and uneven, at $4.5M in 2026Q2 versus $158.0K in 2024Q1, so per-share deterioration may overstate cash economics while dilution nonetheless compounds.
Expense Cuts Mask Revenue Stagnation
Per peer benchmarking data, ADCT's -132.0% operating margin in 2026Q2 compares favorably with RCUS's -156.3%, yet gross profit of $16.9M still falls short of $39.7M in combined R&D and SG&A, suggesting loss narrowing rests on expense cuts rather than self-sustaining economics.
A skeptical reading would note that R&D has been trimmed from $32.5M in 2024Q3 to $17.4M in 2026Q2 while revenue has gone nowhere, raising the question of whether the cuts reflect genuine efficiency or deferred investment that could weaken the pipeline underpinning the ~$19M revenue base. With operating margins still deeply negative and quarterly losses near $25M, continued reliance on external funding warrants further investigation, particularly if revenue fails to break out of its $16-23M range.