ADC Therapeutics S.A.
- Open
- 1.02
- Day high
- 1.06
- Day low
- 1.00
- Prev close
- 1.02
- Volume
- 1.0M
- Mkt cap
- $144M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -0.7
- P/S
- 1.8
- Yield
- —
- Per share
- —
ADC Therapeutics S.A. (ADCT) is a Healthcare company listed on NYSE. The stock is down 60% over the past year.
ADC Therapeutics S.A. (ADCT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ADCT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 4, 2026 | $-0.19 | $-0.21 | -10.5% | $21M | +4.3% |
| Mar 10, 2026 | $-0.27 | $-0.04 | +85.1% | $23M | +17.9% |
| Aug 12, 2025 | $-0.36 | $-0.50 | -38.9% | $19M | +3.5% |
| May 14, 2025 | $-0.38 | $-0.36 | +5.3% | $23M | +31.3% |
| Mar 27, 2025 | $-0.35 | $-0.29 | +17.1% | $17M | -11.0% |
| Nov 7, 2024 | $-0.36 | $-0.42 | -16.7% | $18M | -2.0% |
| Mar 13, 2024 | $-0.47 | $-1.03 | -119.1% | $17M | +9.5% |
| Feb 28, 2023 | $-0.49 | $-0.30 | +38.8% | $70M | +247.4% |
| Mar 3, 2022 | $-0.87 | $-0.39 | +55.2% | $17M | +3.3% |
| Nov 2, 2021 | $-0.97 | $-0.59 | +39.2% | $13M | +81.6% |
| May 6, 2021 | $-1.00 | $-0.74 | +26.0% | — | — |
| Mar 18, 2021 | $-0.68 | $-0.82 | -20.6% | $52M | — |
ADCT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 2, 2026 | Redmile Group, LLC10 percent owner | Sell | 162,517 | $3.80 |
| Apr 2, 2026 | Redmile Group, LLC10 percent owner | Sell | 2,634,506 | $3.28 |
| Apr 2, 2026 | Redmile Group, LLC10 percent owner | Sell | 2,529,491 | $3.28 |
| Apr 2, 2026 | Redmile Group, LLC10 percent owner | Sell | 196,229 | $3.75 |
| Apr 2, 2026 | Redmile Group, LLC10 percent owner | Sell | 188,407 | $3.75 |
| Apr 2, 2026 | Redmile Group, LLC10 percent owner | Sell | 169,265 | $3.80 |
| Feb 18, 2026 | GRAHAM PETER Jofficer: Chief Legal Officer | Tax | 33,294 | $3.99 |
| Feb 18, 2026 | Carmona Joseofficer: Chief Financial Officer | Grant | 271,600 | $3.99 |
| Feb 18, 2026 | Carmona Joseofficer: Chief Financial Officer | Tax | 25,880 | $3.99 |
| Feb 18, 2026 | MALLIK AMEETdirector, officer: Chief Executive Officer | Tax | 103,231 | $3.99 |
| Feb 18, 2026 | MALLIK AMEETdirector, officer: Chief Executive Officer | Grant | 900,000 | $3.99 |
| Feb 18, 2026 | Kallebo Lisa Michelleofficer: Chief Accounting Officer | Grant | 62,900 | $3.99 |
| Feb 18, 2026 | GRAHAM PETER Jofficer: Chief Legal Officer | Grant | 294,800 | $3.99 |
| Feb 18, 2026 | Zaki Mohamedofficer: Chief Medical Officer | Tax | 24,603 | $3.99 |
| Feb 18, 2026 | Zaki Mohamedofficer: Chief Medical Officer | Grant | 285,200 | $3.99 |
Source: ADCT SEC Form 4 filings, latest Apr 2, 2026. For informational purposes only — not investment advice.
See the full ADCT insider & 13F page →ADC Therapeutics S.A. company profile
Overview
ADC Therapeutics SA (NASDAQ:ADCT) is a commercial-stage biotechnology company founded in 2011 and headquartered in Epalinges, Switzerland. The company went public in May 2020 and specializes in developing antibody drug conjugates (ADCs) for treating blood cancers and solid tumors. ADC Therapeutics has successfully commercialized its flagship product ZYNLONTA and is advancing multiple clinical-stage programs targeting various cancer indications. The company operates with a focused strategy on hematological malignancies while maintaining a selective solid tumor pipeline.
Business
ADC Therapeutics operates in the oncology biotechnology sector, specifically focusing on antibody drug conjugates (ADCs). An ADC is a sophisticated cancer treatment that combines three components: a monoclonal antibody that targets specific proteins on cancer cells, a potent cytotoxic drug (payload), and a chemical linker that connects them. This design allows the ADC to deliver chemotherapy directly to cancer cells while minimizing damage to healthy tissue, representing a more precise approach than traditional chemotherapy. The company's primary commercial product is ZYNLONTA (loncastuximab tesirine), which targets CD19-positive B-cell lymphomas. ZYNLONTA is currently approved for treating relapsed or refractory diffuse large B-cell lymphoma (DLBCL) in patients who have received at least two prior therapies. DLBCL is the most common form of non-Hodgkin lymphoma, affecting approximately 30,000 patients annually in the United States. The company's pipeline includes several development-stage ADCs. Camidanlumab tesirine targets CD25-positive cancers and is being studied in Hodgkin lymphoma and solid tumors. ADCT-602 targets CD22 for acute lymphoblastic leukemia treatment, though this program was recently discontinued. The company is also developing next-generation ADCs using an exatecan-based payload platform, targeting proteins like Claudin-6, PSMA, and NaPi2b for various solid tumor applications. Revenue is primarily generated from ZYNLONTA sales, which accounted for approximately $69 million in 2024. The company also receives milestone payments and royalties from licensing agreements with partners including Genmab, Sobi, and other pharmaceutical companies for regional development and commercialization rights.
Revenue model
ADC Therapeutics generates revenue through multiple channels, with product sales being the primary driver. ZYNLONTA generates revenue through direct sales to hospitals, cancer treatment centers, and specialty pharmacies, primarily in the United States. The company sells to both academic medical centers and community oncology practices, with pricing reflecting the specialized nature of the treatment and its position as a later-line therapy option. The company also earns revenue from licensing agreements and partnerships. These include milestone payments triggered by regulatory approvals, sales thresholds, and development achievements, as well as royalty payments based on partner sales in licensed territories. For example, the company has agreements with Sobi for European commercialization and receives milestone and royalty payments from this partnership. Several factors influence the company's margins and profitability. On the positive side, ZYNLONTA has achieved commercial brand profitability, meaning the product's gross margins exceed its direct commercial expenses. The company has also demonstrated pricing power in the specialty oncology market, where efficacy and differentiation can support premium pricing. Additionally, the company has successfully reduced operating expenses by approximately 13-23% year-over-year through disciplined cost management. However, margin pressures exist from increasing gross-to-net deductions as the company expands into community markets through group purchasing organization contracts, which typically involve higher rebates and discounts. Competition from bispecific antibodies and other novel therapies in the lymphoma space could pressure market share and pricing. The company also faces the typical biotech challenge of high research and development costs relative to current revenue, though this gap is narrowing as ZYNLONTA sales grow and the company focuses its pipeline on the most promising programs. Manufacturing and supply chain costs for ADCs are generally higher than traditional drugs due to their complex structure and specialized production requirements, though the company benefits from economies of scale as volumes increase.
Competitive moat
ADC Therapeutics possesses a moderate competitive moat built primarily around its specialized expertise in ADC development and its established commercial presence in B-cell lymphomas. The company's core strength lies in its deep understanding of ADC technology, including antibody selection, linker chemistry, and payload optimization. This expertise has enabled the successful development and commercialization of ZYNLONTA, demonstrating the company's ability to navigate the complex regulatory and manufacturing challenges inherent in ADC development. The company's commercial infrastructure and relationships with hematology-oncology specialists provide some defensive positioning. ZYNLONTA has established itself as a recognized treatment option in third-line and beyond DLBCL, with strong adoption in academic medical centers and growing penetration in community practices. The company's clinical data package and real-world evidence continue to support its differentiated safety and efficacy profile. However, the moat faces significant challenges from rapidly evolving competition. Bispecific antibodies, particularly CD20xCD3 bispecifics, have captured approximately one-third of the third-line plus DLBCL market since their introduction. These therapies offer the advantage of being off-the-shelf treatments that don't require the complex manufacturing of ADCs. Additionally, CAR-T cell therapies continue to advance into earlier treatment lines, potentially reducing the patient population available for later-line treatments like ZYNLONTA. The company's pipeline expansion into earlier treatment lines through combination studies (LOTIS-5 and LOTIS-7) represents an attempt to strengthen its competitive position, but success is not guaranteed. The ADC field itself is becoming increasingly crowded, with multiple large pharmaceutical companies developing competing ADC platforms and targeting similar cancer indications. Overall, while ADC Therapeutics has demonstrated execution capability and established a commercial foothold, its moat is relatively narrow and faces ongoing pressure from innovative competing modalities in oncology.
Risks & safety
ADC Therapeutics presents a moderate margin of safety profile with both strengths and concerns for investors. **Liquidity and Solvency:** - Strong cash position of $194.7 million as of Q1 2025 - Current ratio of 4.46x indicates solid short-term liquidity - Cash runway extending into second half of 2026 based on current burn rate - Quarterly cash burn averaging $25-56 million, showing some variability but manageable levels **Debt and Capital Structure:** - Negative shareholders' equity of approximately -$238 million due to accumulated losses - Total liabilities of $511 million exceed total assets of $273 million - Debt-to-equity ratio of -1.40x reflects the negative equity situation - However, most liabilities appear operational rather than traditional debt **Valuation Considerations:** - Trading at significant discount to book value (P/B ratio of -0.63x) - Negative earnings make traditional P/E ratios less meaningful - Enterprise value reflects the cash-rich balance sheet - Market cap of approximately $364 million versus $195 million cash provides some downside protection **Operational Risks:** - Continued quarterly losses of $30-40 million despite commercial revenues - Revenue growth has stagnated around $69 million annually - Competitive pressures in core DLBCL market from bispecifics - Clinical trial execution risk for pipeline expansion programs The margin of safety is primarily derived from the substantial cash position relative to market capitalization, but this is offset by ongoing losses and competitive market dynamics.
Recent development
Over the past few years, ADC Therapeutics has undergone a strategic transformation focused on maximizing the value of its ZYNLONTA franchise while streamlining its broader pipeline. The company achieved a significant milestone by reaching commercial brand profitability with ZYNLONTA in 2024, demonstrating the product's economic viability despite competitive pressures from bispecific antibodies that captured approximately one-third of the third-line plus DLBCL market. The company's most important strategic pivot has been expanding ZYNLONTA into earlier lines of therapy through combination studies. The LOTIS-5 trial is evaluating ZYNLONTA plus rituximab in second-line transplant-ineligible DLBCL patients, with enrollment completed and data expected by end of 2025. Early safety data showed promising 80% overall response rates and 50% complete response rates. The LOTIS-7 trial represents an even more ambitious approach, combining ZYNLONTA with the bispecific antibody glofitamab, showing remarkable early results with 95.5% overall response rates and 90.9% complete response rates in 22 evaluable patients. ADC Therapeutics has also pursued expansion into indolent lymphomas, with investigator-initiated trials showing strong efficacy signals in follicular lymphoma (97% overall response rate, 77% complete response rate) and marginal zone lymphoma (91% overall response rate, 70% complete response rate). These indications represent potential new revenue streams with estimated peak sales of $100-200 million. The company has demonstrated disciplined capital allocation by discontinuing underperforming programs. It terminated the ADCT-602 program in B-cell acute lymphoblastic leukemia and discontinued the ADCT-601 AXL-targeting program in solid tumors after failing to demonstrate favorable benefit-risk profiles. This portfolio rationalization has allowed the company to reduce operating expenses by 13-23% year-over-year while focusing resources on the most promising opportunities. In solid tumors, the company has pivoted to next-generation ADC platforms using exatecan-based payloads, targeting proteins like Claudin-6, PSMA, and NaPi2b. The company plans to advance one target toward IND filing in 2025, representing a more focused approach to solid tumor development.
ADCT company profile · for informational purposes only — not investment advice.
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