Adc Therapeutics Ltd

adctherapeutics.com

What Do They Do?

Sells ZYNLONTA, a targeted cancer medicine for people with relapsed or refractory large B-cell lymphoma, through wholesale distributors to healthcare providers and hospitals, and develops other cancer medicines.

How Do They Make Money?

In the U.S., it sells ZYNLONTA and is paid through product sales; outside the U.S., partners pay upfront and milestone amounts and royalties under commercialization agreements.

revenue

Segment	Share	How money arrives
Product revenues, net Sold outright	90% FY2022: 36%	Sold outright
License revenues Licensed	6.2% FY2022: 64%	Licensed
Royalties Licensed	3.5% FY2022: 0.0%	Licensed

Who Are Their Customers?

In the U.S., wholesale distributors buy ZYNLONTA and resell it to healthcare providers and hospitals; outside the U.S., licensing and joint-venture partners handle commercialization.

Do Revenues Turn Into Profits?

No. It lost $142.6M in FY2025.

Operating income, FY2025

−149% of revenue

▼ −7% (Loss) vs FY2024 (−$130.7M, −184%)

Net income, FY2025

−175% of revenue

▼ −10% (Loss) vs FY2024 (−$157.8M, −223%)

Free cash flow, FY2025

−174% of revenue

▲ +13% (Loss) vs FY2024 (−$124.7M, −176%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +2%; vs $18.8M in Q2 FY2025
Net income: ▼ −71% (Loss); vs −$56.6M in Q2 FY2025

Product revenues, net share of revenue vs 96.0% in Q2 FY2025

Aug 13, 2026 FDA feedback prompts review of LOTIS-5 regulatory strategy The FDA cited concerns about benefit-risk amid Grade 5 event imbalance and marginal treatment benefit.
Jun 3, 2026 LOTIS-5 met its primary endpoint ZYNLONTA plus rituximab improved progression-free survival versus the comparison treatment, with more Grade 5 events in the treatment arm.

Pipeline focus The earlier report described a wider pipeline of clinical and preclinical candidates and plans to broaden its ADC platform; the latest centers on expanding ZYNLONTA and seeking a partner for a prostate-targeting candidate.

Revenue over time

Product revenues, net License revenues Royalties

$250M$125M$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with AbbVie, Daiichi Sankyo, Genmab, GlaxoSmithKline, Gilead Sciences, Johnson & Johnson, Mersana Therapeutics, Sanofi, Roche Holding, Pfizer, and Zymeworks

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