ADC Therapeutics S.A. (ADCT) Earnings
ADC Therapeutics S.A. is expected to report next earnings on November 10, 2026 (in NaN days), with a consensus EPS estimate of $-0.21. ADCT has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +21.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $-0.22 | $-0.11 | +49.1% | $19M | +1.9% |
| 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% | — | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 13, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Commercial Update * Zynlanta (Zinlanza) monotherapy commercial performance in Q2 2026 was consistent with recent quarters, with slight year-over-year revenue growth. Since 2021 FDA accelerated approval, approximately 5,000 U.S. patients have been treated with Zynlanta for third-line plus DLBCL. * Management remains confident in Zynlanta's position as a differentiated monotherapy option for this patient population. - Pipeline and Clinical Progress * LOTUS 5 (Phase III confirmatory trial of Zynlanta + rituximab vs. comparator in second-line DLBCL): Top-line results released in June 2026 meeting the primary endpoint of progression-free survival. Full data submitted for ASH presentation, with publication and compendia submission to follow. A pre-SBLA meeting was held with the FDA, which raised substantial concerns about the trial's benefit-risk profile; management is currently assessing the best regulatory path forward. * LOTUS 7 (Phase 1b trial of Zynlanta + clofidimab in second-line plus DLBCL): Enrollment of 100 patients at the selected dose level completed. The study protocol includes infection prophylaxis (vaccination for viral, fungal, and bacterial infections) that was not required in the LOTUS 5 protocol. Data has been submitted for ASH presentation, with publication and compendia submission planned for 2027. Management calls this the most compelling combination data generated to date in second-line plus DLBCL, with a favorable safety profile consistent with prior disclosures. A breakthrough designation submission is planned for 2026, and a Phase III trial for the combination is being assessed. * Indolent lymphoma trials: Updated marginal zone lymphoma data submitted to ASH, with publication and compendia submission to follow. Updated follicular lymphoma data presentation is expected in Q2 2027, with breakthrough designation submission planned for this indication. - Corporate and Financial Updates * A strategic reorganization announced in June 2026 included a ~17% workforce reduction and additional operational efficiency measures, expected to generate $10 million in annualized cost savings. * Cash and cash equivalents totaled $219.1 million at the end of Q2 2026, providing an expected cash runway into at least 2028 to fund current strategy execution. * GAAP net loss for Q2 2026 was $16.6 million, compared to a $56.6 million net loss in Q2 2025. Non-GAAP adjusted net loss was $16.3 million in Q2 2026, down from $28.7 million in Q2 2025, driven by lower operating expenses.
Guidance
- The company maintains that its current cash balance of $219.1 million provides sufficient runway to fund operations and strategy execution into at least 2028, with no changes to this outlook from prior guidance. - Annualized cost savings of $10 million from the June 2026 strategic reorganization are reaffirmed. - Management confirms that LOTUS 5, LOTUS 7, and marginal zone lymphoma data will be presented before the end of 2026, with publication and compendia inclusion to follow. Updated follicular lymphoma data presentation is expected in Q2 2027, consistent with prior timelines. - Breakthrough designation submissions for the LOTUS 7 Zynlanta + clofidimab combination and for indolent lymphoma indications are planned in 2026, maintained from prior guidance. - Compendia inclusion for both LOTUS 5 and LOTUS 7 data is targeted to start in 2027.
Segment performance
ADC Therapeutics has only one commercial product segment: Zynlanta (Zinlanza) for third-line plus DLBCL. Q2 2026 product revenue for Zynlanta was $18.6 million, compared to $18.1 million in Q2 2025, representing a slight year-over-year increase. Zynlanta contributes 100% of the company's current product revenue. Cost of product sales for Q2 2026 was $2.3 million, and $6 million for the first half of 2026, up from $0.8 million (Q2 2025) and $2.9 million (first half 2025) respectively, due to a shift in personnel focus from R&D/clinical supply to commercial manufacturing.
Risks & headwinds
- The FDA raised substantial concerns about the benefit-risk profile of the LOTUS 5 combination regimen for second-line DLBCL, creating uncertainty around the regulatory approval path for this indication. It is unclear whether additional data, risk management strategies, or label modifications will be sufficient to address FDA concerns, which could delay or prevent approval of this expanded indication. - The strategic reorganization in June 2026 required a one-time restructuring expense, and while it generates annual cost savings, workforce reductions could create operational risk for pipeline execution. - There are infection safety signals observed in the LOTUS 5 trial, predominantly grade 5 bacterial infections, which could impact regulatory review of the LOTUS 5 regimen. - The company is dependent on the commercial performance of a single approved product (Zynlanta), and any changes to its accelerated approval status or commercial uptake would materially impact financial performance.
Analyst Q&A
Q: Given FDA concerns about the LOTUS 5 trial benefit-risk profile, did the FDA raise any issues about Zynlanta's existing accelerated approval as a monotherapy for third-line plus DLBCL? /
A: All FDA feedback was specific to the LOTUS 5 combination regimen (Zynlanta plus rituximab), with no comments on Zynlanta monotherapy. Management remains confident the monotherapy will retain its accelerated approval, and is committed to working with the FDA to satisfy full approval requirements, either via the LOTUS 5 trial or an alternative study.
Q: Is your characterization of compelling, consistent safety and efficacy for the LOTUS 7 combination reflected in the finalized ASH abstract data that has already been submitted? /
A: The submitted ASH abstract includes data from all 100 enrolled LOTUS 7 patients, and management's positive characterization of the data is based on this submitted dataset. While full details cannot be disclosed ahead of the ASH presentation, management confirms the data shows compelling efficacy (both PFS and overall response) and acceptable safety consistent with prior disclosures.
Q: What are the main types of grade 5 infections seen in LOTUS 5, and could these events have been mitigated with the prophylaxis strategy used in LOTUS 7? Is there any expected read-through of the LOTUS 5 safety signal to LOTUS 7 or compendia inclusion for the LOTUS 7 combination? /
A: The majority of grade 5 infections in LOTUS 5 were bacterial, which management believes could be mitigated by the prophylactic vaccination strategy required in the LOTUS 7 protocol. LOTUS 5 and LOTUS 7 are distinct regimens with different protocols, so management does not expect any safety read-through to LOTUS 7. Prior disclosures show LOTUS 7 has a low ~4% rate of grade 5 events, and management does not expect the LOTUS 5 signal to impact potential compendia inclusion for the LOTUS 7 combination.
Q: What commercial trends has Zynlanta seen in Q2 2026, and did FDA feedback on LOTUS 5 focus on safety in patients over 75, with any potential impact on future trial eligibility or labeling? /
A: Q2 2026 Zynlanta sales volume and prescribing behavior have been consistent with prior quarters, with no impact from the LOTUS 5 FDA feedback, as Zynlanta has an established position in its current approved indication. While older patients did experience more infection events in LOTUS 5, management notes the prophylaxis protocol for LOTUS 7 already addresses this risk, so there is no expected read-through to current indications or future combination trials.