ADC Therapeutics SA (ADCT) Income Statement
ADCT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsADCT revenue and net income
Where ADCT's revenue goes
2025Each bar shows an amount and its share of revenue. ADCT kept −175.3% of revenue as net income.
ADCT profit margins
ADCT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +14.9% | −27.1% | — | — |
| Gross profit | +13.6% | −29.1% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ADCT quarterly EPS vs estimates
ADC Therapeutics beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 9, 2026 (estimate $-0.21).
ADCT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $81.4M | $70.8M | $69.6M | $209.9M | $33.9M | $0 | $2.3M | $1.1M | $1.8M |
| Cost of revenue | $7.7M | $5.9M | $2.5M | $3.3M | $1.4M | $141.8M | $107.5M | $118.1M | $85.5M |
| Gross profit | $73.7M | $64.9M | $67.0M | $206.6M | $32.5M | −$141.8M | $2.3M | −$116.9M | −$83.7M |
| Research & development | $104.0M | $109.6M | $127.1M | $186.5M | $158.0M | $142.0M | $107.5M | $118.3M | $85.5M |
| Sales, general & admin | $79.9M | $85.9M | $105.9M | $143.5M | $136.2M | $55.1M | $14.2M | $8.6M | $7.8M |
| Total operating expenses | $182.1M | $195.5M | $233.0M | $330.0M | $294.2M | $77.4M | $121.7M | $127.1M | $93.5M |
| Operating income | −$108.4M | −$130.7M | −$166.0M | −$123.3M | −$261.7M | −$219.3M | −$119.4M | −$125.9M | −$91.7M |
| Interest income | $8.8M | $12.3M | $6.6M | $18.0M | $66,000 | $832,000 | $2.3M | $2.9M | $1.0M |
| Interest expense | $51.6M | $50.2M | $46.3M | $36.7M | $18.3M | $4.9M | $156,000 | $3.3M | $2.7M |
| Income before taxes | −$142.8M | −$157.7M | −$200.9M | −$156.9M | −$251.5M | −$246.0M | −$115.9M | −$122.9M | −$89.8M |
| Income taxes | −$157,000 | $166,000 | $39.1M | $227,000 | −$21.5M | $327,000 | $582,000 | $224,000 | $48,000 |
| Net income | −$142.6M | −$157.8M | −$240.1M | −$157.1M | −$230.0M | −$246.3M | −$116.5M | −$123.1M | −$89.9M |
| EBITDA | −$89.3M | −$102.6M | −$145.8M | −$107.7M | −$230.5M | −$217.1M | −$114.1M | −$122.1M | −$91.3M |
| EPS (diluted) | −$1.20 | −$1.65 | −$2.93 | −$0.92 | −$2.66 | −$3.75 | −$1.59 | −$2.29 | — |
| Gross margin | 90.6% | 91.6% | 96.4% | 98.4% | 95.9% | — | 100.0% | −10,258.4% | −4,643.8% |
| Operating margin | −133.2% | −184.4% | −238.6% | −58.8% | −771.6% | — | −5,102.5% | −11,047.5% | −5,084.3% |
| Net margin | −175.3% | −222.8% | −345.1% | −74.9% | −678.2% | — | −4,977.9% | −10,797.9% | −4,984.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.2M | $20.0M | $23.1M | $16.4M | $18.8M | $23.0M | $16.9M | $18.5M | $17.4M | $18.1M | $16.8M | $14.5M |
| Cost of revenue | $2.3M | $3.6M | $1.7M | $1.2M | $836,000 | $2.1M | $1.4M | $851,000 | $1.2M | $2.5M | $125.1M | $366,000 |
| Gross profit | $16.9M | $16.4M | $21.4M | $15.2M | $18.0M | $21.0M | $15.5M | $17.6M | $16.2M | $15.5M | −$108.4M | $14.1M |
| Research & development | $17.4M | $19.9M | $18.2M | $26.8M | $30.1M | $28.9M | $27.1M | $32.5M | $24.3M | $25.7M | $30.3M | $28.4M |
| Sales, general & admin | $22.3M | $22.6M | $21.4M | $19.0M | $19.0M | $20.5M | $20.9M | $20.7M | $20.9M | $23.4M | $11.3M | $23.1M |
| Total operating expenses | $42.3M | $41.7M | $39.5M | $45.6M | $62.1M | $49.4M | $48.0M | $53.2M | $45.2M | $49.2M | −$68.4M | $51.5M |
| Operating income | −$25.4M | −$25.2M | −$18.1M | −$30.3M | −$44.1M | −$28.5M | −$32.4M | −$35.6M | −$29.0M | −$33.6M | −$40.0M | −$37.4M |
| Interest income | $1.8M | $2.0M | $2.4M | $2.5M | $1.9M | $2.1M | $2.6M | $3.4M | $3.3M | $2.9M | $3.3M | $3.1M |
| Interest expense | $13.5M | $12.3M | $13.0M | $13.4M | $13.0M | $12.2M | $11.9M | $13.1M | $12.7M | $12.5M | $7.7M | $12.9M |
| Income before taxes | −$16.6M | −$33.0M | −$6.8M | −$41.0M | −$55.4M | −$38.4M | −$31.0M | −$43.9M | −$36.3M | −$46.4M | −$41.9M | −$47.9M |
| Income taxes | — | — | −$404,000 | −$266,000 | $1.3M | $165,000 | −$321,000 | $90,000 | $234,000 | $163,000 | $43.2M | −$86,000 |
| Net income | −$16.6M | −$33.0M | −$6.4M | −$41.0M | −$56.6M | −$38.6M | −$30.7M | −$44.0M | −$36.5M | −$46.6M | −$85.0M | −$47.8M |
| EBITDA | −$46.0M | −$20.5M | $6.3M | −$27.5M | −$41.2M | −$25.7M | −$18.8M | −$29.7M | −$22.2M | −$32.4M | −$33.2M | −$32.9M |
| EPS (diluted) | −$0.11 | −$0.21 | −$0.04 | −$0.30 | −$0.50 | −$0.36 | −$0.29 | −$0.42 | −$0.38 | −$0.56 | −$1.03 | −$0.58 |
| Gross margin | 87.8% | 82.0% | 92.6% | 92.7% | 95.6% | 91.1% | 91.9% | 95.4% | 93.0% | 86.1% | −645.4% | 97.5% |
| Operating margin | −132.0% | −126.0% | −78.6% | −184.6% | −234.3% | −123.6% | −191.8% | −192.6% | −166.8% | −186.2% | −238.1% | −258.1% |
| Net margin | −86.1% | −164.6% | −27.8% | −249.4% | −300.7% | −167.6% | −181.7% | −238.1% | −209.9% | −258.2% | −506.4% | −329.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ADCT's financial statements (latest annual report filed March 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ADCT financial results
In fiscal year 2025 (ended December 31, 2025), ADC Therapeutics reported revenue of $81.4 million, up 14.9% from the year before. It had a net loss of $142.6 million, a net profit margin of −175.3%. Diluted earnings per share came to −$1.20.
See the ADCT stock overview for the latest quote and news, or the ADCT chart for price history and technical indicators.
ADCT income statement FAQ
What is ADC Therapeutics's annual revenue?
ADC Therapeutics reported total revenue of $81.4 million for fiscal year 2025, which ended on December 31, 2025. That was up 14.9% from $70.8 million the previous year.
Is ADC Therapeutics profitable?
No. ADC Therapeutics reported a net loss of $142.6 million in fiscal 2025, a net profit margin of −175.3%; its operating margin was −133.2%.
What is ADC Therapeutics's gross margin?
ADC Therapeutics's gross margin was 90.6% in fiscal 2025: for every $100 of revenue, ADC Therapeutics kept $91 after the direct cost of its products and services.
How much does ADC Therapeutics spend on research and development?
ADC Therapeutics spent $104.0 million on research and development in fiscal 2025, 127.8% of revenue.
What are ADC Therapeutics's earnings per share?
ADC Therapeutics earned $-1.20 per diluted share in fiscal 2025, compared with $-1.65 a year earlier.
When will ADC Therapeutics report its next earnings?
ADC Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 9, 2026.
When does ADC Therapeutics's fiscal year end?
ADC Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 10, 2026.