ADCT

MKT CAP:$503M

ADC Therapeutics S.A.

Market Cap

$503M

Healthcare·Biotechnology·🇨🇭 Switzerland·NYSE

Healthcare·Biotechnology·🇨🇭·NYSE

Stock Price

$4.08+$0.56 (+15.77%)

Apr 22, 2026

Company Details

ADC Therapeutics SA, a commercial-stage biotechnology company, develops antibody drug conjugates (ADC) for patients suffering from hematological malignancies and solid tumors. Its flagship product ZYNLONTA that is in Phase II clinical trial...

CEO

Ameet Mallik

IPO Date

May 18, 2020

Website

www.adctherapeutics.com

Key Metrics TTM

Revenue

$81M

+14.9% YoY

Net Income

-$143M

EPS (Diluted)

-$1.20

Free Cash Flow

-$141M

Revenue / Share

$0.54

Gross Margin

90.6%

Operating Margin

-133.2%

Net Margin

-175.3%

FCF Margin

-173.9%

P/S

6.2x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 10, 2026

$81M+14.9%EPS -$1.12

Q4 2025

Mar 10, 2026

$23M+36.4%EPS -$0.04

Q3 2025

Nov 10, 2025

$16M-11.0%EPS -$0.30

Q2 2025

Aug 12, 2025

$19M+8.2%EPS -$0.50

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$17M	$16M	-$63M
Q1 22	$46M	$46M	-$40M
Q2 22	$17M	$15M	-$69M
Q3 22	$76M	$75M	-$3M
Q4 22	$70M	$69M	-$11M
Q1 23	$19M	$19M	-$50M
Q2 23	$19M	$18M	-$40M
Q4 23	$17M	-$108M	-$40M
Q1 24	$18M	$16M	-$34M
Q2 24	$17M	$16M	-$29M
Q3 24	$18M	$18M	-$36M
Q4 24	$17M	$16M	-$32M
Q1 25	$23M	$21M	-$28M
Q2 25	$19M	$18M	-$44M
Q3 25	$16M	$15M	-$31M
Q4 25	$23M	$19M	-$5M

Valuation

Quarter	P/S	P/E
Q4 21	44.6x	—
Q1 22	13.6x	—
Q2 22	6.6x	—
Q3 22	2.5x	—
Q4 22	1.4x	—
Q1 23	0.9x	—
Q2 23	1.0x	—
Q4 23	1.3x	—
Q1 24	5.8x	—
Q2 24	5.4x	—
Q3 24	4.7x	—
Q4 24	2.8x	—
Q1 25	2.0x	—
Q2 25	3.7x	—
Q3 25	6.1x	—
Q4 25	5.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$62M	-$62M
Q1 22	-$34M	-$35M
Q2 22	-$53M	-$54M
Q3 22	$2M	$2M
Q4 22	-$52M	-$52M
Q1 23	-$15M	-$16M
Q2 23	-$35M	-$36M
Q4 23	-$32M	-$32M
Q1 24	-$44M	-$45M
Q2 24	-$33M	-$33M
Q3 24	-$25M	-$25M
Q4 24	-$22M	-$22M
Q1 25	-$56M	-$57M
Q2 25	-$24M	-$24M
Q3 25	-$30M	-$30M
Q4 25	-$31M	-$31M

Capital Expenditures

Quarter	CapEx
Q4 21	$533.0K
Q1 22	$1M
Q2 22	$809.0K
Q3 22	$254.0K
Q4 22	$117.0K
Q1 23	$1M
Q2 23	$1M
Q4 23	$327.0K
Q1 24	$531.0K
Q2 24	$30.0K
Q3 24	$216.0K
Q4 24	$90.0K
Q1 25	$264.0K
Q2 25	$0
Q3 25	$2.2K
Q4 25	$11.6K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+2.3%
Q1 22	—	+22.9%
Q2 22	+359.9%	+16.8%
Q3 22	+480.5%	+12.0%
Q4 22	+310.3%	+0.9%
Q1 23	-59.2%	-20.3%
Q2 23	+11.5%	-32.0%
Q4 23	-78.0%	-28.5%
Q1 24	-74.1%	-35.8%
Q2 24	-8.3%	-32.9%
Q3 24	-4.2%	-8.3%
Q4 24	+0.7%	-13.1%
Q1 25	+27.6%	-0.3%
Q2 25	+8.2%	+35.6%
Q3 25	-11.0%	-12.3%
Q4 25	+36.4%	-43.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$13M	79.2%
Q1 22	$13M	28.8%
Q2 22	$14M	79.9%
Q3 22	$15M	19.1%
Q4 22	$8M	10.8%
Q1 23	$8M	42.5%
Q2 23	$1M	5.8%
Q4 23	$2M	13.2%
Q1 24	$158.0K	0.9%
Q2 24	$2M	11.4%
Q3 24	$3M	15.2%
Q4 24	$3M	16.4%
Q1 25	$2M	10.5%
Q2 25	$2M	10.9%
Q3 25	$2M	12.2%
Q4 25	$6M	26.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$42M	—	$65M
Q1 22	$49M	$37M	—
Q2 22	$49M	$21M	$9M
Q3 22	$42M	$28M	$8M
Q4 22	$49M	$31M	—
Q1 23	$38M	$24M	$7M
Q2 23	$31M	$18M	$8M
Q4 23	$30M	$11M	$14M
Q1 24	$26M	$18M	$6M
Q2 24	$24M	$16M	$5M
Q3 24	$33M	$16M	$5M
Q4 24	$27M	$15M	$6M
Q1 25	$29M	$10M	—
Q2 25	$30M	$15M	$4M
Q3 25	$27M	$14M	$5M
Q4 25	$18M	—	—

Revenue Segments

Quarter	License Revenue	Product Revenue, Net	Royalty Revenue	Product	License Revenues
Q1 22	$30M	$16M	—	—	—
Q2 22	—	$17M	—	—	—
Q3 22	$55M	$21M	—	—	—
Q1 23	—	$19M	$39.0K	—	—
Q2 23	—	$19M	$86.0K	—	—
Q1 24	—	—	$205.0K	$18M	—
Q2 24	—	—	$380.0K	$17M	—
Q3 24	—	—	$448.0K	$18M	—
Q1 25	—	—	$629.0K	$17M	$5M
Q2 25	—	—	$754.0K	$18M	—
Q3 25	—	—	$677.0K	$16M	—
Q4 25	—	—	$746.0K	$22M	—

Revenue by Geography

Quarter	Emea	United States
Q1 23	$39.0K	$19M
Q2 23	$86.0K	$19M
Q1 24	$205.0K	$18M
Q2 24	$380.0K	$17M
Q3 24	$448.0K	$18M
Q1 25	$6M	$17M
Q2 25	$754.0K	$18M
Q3 25	$677.0K	$16M
Q4 25	$746.0K	$22M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$431M	$0	$431M
Q2 22	$377M	$0	$377M
Q3 22	$381M	$0	$381M
Q4 22	$326M	$0	$326M
Q1 23	$311M	$0	$311M
Q2 23	$348M	$0	$348M
Q3 23	$310M	$0	$310M
Q4 23	$279M	$0	$279M
Q1 24	$234M	$0	$234M
Q2 24	$300M	$0	$300M
Q3 24	$274M	$0	$274M
Q4 24	$251M	$0	$251M
Q1 25	$195M	$0	$195M
Q2 25	$265M	$0	$265M
Q3 25	$235M	$0	$235M
Q4 25	$261M	$0	$261M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	76M	-0.4%	-0.4%
Q1 22	77M	+0.5%	+0.1%
Q2 22	77M	+0.1%	+0.2%
Q3 22	78M	+1.9%	+2.1%
Q4 22	81M	+2.9%	+5.5%
Q1 23	81M	+0.2%	+5.2%
Q2 23	81M	+0.8%	+5.9%
Q4 23	82M	+1.0%	+5.0%
Q1 24	83M	+0.3%	+2.4%
Q2 24	96M	+15.9%	+18.4%
Q3 24	105M	+9.5%	+28.7%
Q4 24	105M	+0.5%	+28.1%
Q1 25	107M	+1.7%	+29.9%
Q2 25	114M	+6.1%	+18.9%
Q3 25	136M	+20.0%	+30.2%
Q4 25	150M	+10.2%	+42.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$54.5K	312
Q1 22	$149.0K	312
Q2 22	$55.4K	312
Q3 22	$244.6K	312
Q4 22	$220.2K	317
Q1 23	$59.9K	317
Q2 23	$60.8K	317
Q4 23	$61.5K	273
Q1 24	$66.1K	273
Q2 24	$63.8K	273
Q3 24	$67.6K	273
Q4 24	$64.3K	263
Q1 25	$87.6K	263
Q2 25	$71.6K	263
Q3 25	$62.5K	263
Q4 25	$721	32K

Revenue / Employee