Despite maintaining gross margins consistently above 90%, the company's operating leverage remains deeply negative, evidenced by an operating margin of -121.1% in 2026Q1.
| Sales/Revenue | 79.17M | 81.36M | 70.84M | 69.56M | 209.91M | 33.92M | 0 | 2.34M | 1.14M | 1.8M |
| Revenue Growth % | 4.43% | 14.85% | 1.84% | -66.86% | 518.89% | - | -100% | 105.26% | -36.77% | - |
| Cost of Goods Sold | 7.35M | 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 | 71.82M | 73.68M | 64.89M | 67.03M | 206.61M | 32.52M | -141.82M | 2.34M | -116.95M | -83.73M |
| Gross Margin % | 90.71% | 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 | 190.31M | 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 | 82.03M | -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 | 94.95M | 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 | 1.23M | 84.87M | 0 | 0 | 0 | 0 | -141.82M | 0 | 166K | 137K |
| Operating Income | -118.48M | -108.38M | -130.65M | -165.99M | -123.34M | -261.72M | -219.26M | -119.4M | -125.94M | -91.67M |
| Operating Margin % | -149.65% | -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 | -117.3M | -106.5M | -127.38M | -162.72M | -120.96M | -259.09M | -218.44M | -117.75M | -125.43M | -91.33M |
| EBITDA Margin % | -148.15% | -130.91% | -179.82% | -233.93% | -57.62% | -763.89% | - | -5032.18% | -11002.46% | -5065.39% |
| EBITDA Growth % | 4.07% | 16.39% | 21.72% | -34.53% | 53.32% | -18.61% | -85.51% | 6.12% | -37.34% | - |
| D&A (Non-Cash Add-back) | 1.19M | 1.88M | 3.28M | 3.27M | 2.39M | 2.63M | 821K | 1.65M | 513K | 341K |
| EBIT | -89.01M | -108.38M | -105.92M | -149.09M | -110.09M | -233.16M | -219.05M | -115.75M | -122.87M | -91.67M |
| Net Interest Income | -43M | -42.82M | -37.94M | -35.78M | -34.16M | -18.27M | -4.09M | 2.1M | 2.86M | 1.03M |
| Interest Income | 8.75M | 8.81M | 12.27M | 10.54M | 2.57M | 66K | 832K | 2.25M | 2.86M | 1.03M |
| Interest Expense | 51.75M | 51.63M | 50.21M | 46.33M | 36.73M | 18.34M | 4.93M | 156K | 0 | 0 |
| Other Income/Expense | -17.66M | -34.4M | -27.03M | -34.96M | -33.56M | 10.21M | -26.7M | 3.5M | 3.07M | 1.86M |
| Pretax Income | -136.14M | -142.78M | -157.68M | -200.95M | -156.9M | -251.5M | -245.96M | -115.9M | -122.87M | -89.81M |
| Pretax Margin % | -171.95% | -175.5% | -222.6% | -288.89% | -74.75% | -741.53% | - | -4953.08% | -10778.25% | -4981.36% |
| Income Tax | 850K | -157K | 166K | 39.11M | 227K | -21.48M | 327K | 582K | 224K | 48K |
| Effective Tax Rate % | -0.62% | 0.11% | -0.11% | -19.46% | -0.14% | 8.54% | -0.13% | -0.5% | -0.18% | -0.05% |
| Net Income | -136.99M | -142.62M | -157.85M | -240.05M | -157.13M | -230.03M | -246.29M | -116.48M | -123.1M | -89.86M |
| Net Margin % | -173.02% | -175.31% | -222.83% | -345.11% | -74.86% | -678.2% | - | -4977.95% | -10797.89% | -4984.03% |
| Net Income Growth % | 8.58% | 9.64% | 34.25% | -52.78% | 31.69% | 6.6% | -111.44% | 5.37% | -36.98% | - |
| Net Income (Continuing) | -136.99M | -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) | -0.89 | -1.12 | -1.62 | -2.94 | -1.99 | -3.00 | -3.77 | -1.74 | -2.29 | -1.53 |
| EPS Growth % | 27.41% | 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 | 154.14M | 127.07M | 97.16M | 81.71M | 78.15M | 76.75M | 65.41M | 66.87M | 53.83M | 58.85M |
| Basic Shares Outstanding | 154.14M | 127.07M | 97.16M | 81.71M | 78.15M | 76.75M | 65.41M | 66.87M | 53.83M | 58.85M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Commercial adoption and cash runway
As reported in recent financial filings, ADCT's revenue trajectory remains inconsistent, with quarterly figures fluctuating between $16.4M and $23.1M over the last ten quarters, reflecting a lack of predictable commercial momentum for ZYNLONTA in the competitive relapsed/refractory DLBCL market segment.
The erratic revenue growth suggests that the company is struggling to establish a consistent patient acquisition funnel. Investors should monitor whether the current reliance on lumpy collaboration milestones masks underlying weakness in core product demand.
According to the company's income statement data, ADCT maintains impressive gross margins typically exceeding 90%, yet this high-margin profile is insufficient to offset the substantial operating expenses required to support the firm's specialized oncology sales force and ongoing clinical development programs.
While the 90% gross margin demonstrates the inherent pricing power of the PBD platform, it highlights a structural disconnect between product economics and corporate overhead. The inability to leverage these margins into positive operating income suggests that the current commercial scale is fundamentally inadequate.
Based on reported figures, ADCT's operating leverage is severely constrained, with operating margins consistently deep in negative territory, reaching as low as -192.6% in 2024Q3, indicating that revenue growth is not currently scaling at a rate sufficient to cover fixed R&D and SG&A costs.
The persistent gap between gross profit and operating expenses suggests that the company is trapped in a high-burn cycle. Without a significant inflection in patient volume or a reduction in fixed costs, the firm appears unlikely to achieve operational break-even in the near term.
As detailed in the income statement, R&D spending remains the primary driver of the company's cash burn, frequently exceeding total quarterly revenue, which underscores the firm's heavy reliance on external capital to sustain its pipeline development and post-marketing clinical requirements.
The management's decision to prioritize combination trials over early-stage assets appears to be a defensive move to preserve capital. However, the high cost of maintaining this commercial infrastructure suggests that the company remains highly vulnerable to any further delays in its clinical trial readouts.
Based on recent market context, the emergence of CD20xCD3 bispecific antibodies presents a significant threat to ZYNLONTA's market share, potentially capping the product's revenue ceiling and forcing a re-evaluation of the company's long-term commercial viability in the 3L+ DLBCL treatment landscape.
Short-sellers may focus on the risk that ZYNLONTA is being relegated to a niche salvage therapy rather than a standard of care. This competitive pressure warrants further investigation into whether the company's current valuation adequately accounts for the potential loss of market share to more convenient, off-the-shelf alternatives.
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.