ADC Therapeutics SA (ADCT) financial statements
ADC Therapeutics SA reported revenue of $81M in fiscal 2025, up 84.0% a year over 7 years.
Net income was -$143M and the operating margin -149.3%, against -11047.5% in 2018.
Free cash flow was -$141M.
The diluted share count rose 173% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from ADC Therapeutics SA's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1M | $2M | $0 | $34M | $75M | $69M | $71M | $81M |
| Cost of revenue | — | $0 | $0 | $1M | $3M | $3M | $6M | $6M |
| Gross profit | — | — | — | — | $72M | $67M | $65M | $76M |
| Research and development | $118M | $108M | $142M | $158M | $186M | $127M | $110M | $104M |
| Selling, general and admin | $9M | $14M | $55M | $71M | $143M | $106M | $86M | $80M |
| Operating income | -$126M | -$119M | -$219M | -$262M | -$123M | -$166M | -$131M | -$121M |
| Interest expense | $0 | $156,000 | $5M | $18M | $37M | $46M | $50M | $52M |
| Pre-tax income | -$123M | -$116M | -$246M | -$252M | -$147M | -$195M | -$156M | -$142M |
| Income tax | $224,000 | $582,000 | $327,000 | -$21M | $227,000 | $39M | $166,000 | $1M |
| Net income | -$123M | -$116M | -$246M | -$230M | -$157M | -$240M | -$158M | -$143M |
| EPS (diluted) | — | -$2.36 | -$3.77 | -$3.00 | -$2.01 | -$2.94 | -$1.62 | -$1.12 |
| Diluted shares | 47M | 49M | 65M | 77M | 78M | 82M | 97M | 127M |
| Gross margin | — | — | — | — | 95.6% | 96.3% | 91.6% | 92.9% |
| Operating margin | -11047.5% | -5102.5% | — | -771.6% | -164.7% | -240.4% | -184.4% | -149.3% |
| Net margin | -10797.9% | -4977.9% | — | -678.2% | -209.8% | -347.6% | -222.8% | -175.3% |
Balance sheet
Fiscal years, from ADC Therapeutics SA's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $139M | $116M | $439M | $467M | $326M | $279M | $251M | $261M |
| Receivables | — | — | $0 | $30M | $73M | — | — | — |
| Inventory | — | — | $0 | $11M | $12M | $16M | $2M | $4M |
| Total current assets | — | $123M | $450M | $525M | $435M | $336M | $291M | $306M |
| Property, plant and equipment | — | $1M | $2M | $4M | $3M | $6M | $5M | $0 |
| Total assets | — | $138M | $514M | $618M | $491M | $355M | $322M | $323M |
| Total current liabilities | — | $20M | $40M | $74M | $82M | $68M | $80M | $70M |
| Long-term debt | — | $0 | $35M | $87M | — | — | — | — |
| Total liabilities | — | $27M | $178M | $452M | $411M | $503M | $525M | $509M |
| Shareholders' equity | $126M | $111M | $336M | $166M | $79M | -$148M | -$203M | -$186M |
| Net debt | -$139M | -$116M | -$401M | -$373M | -$326M | -$279M | -$251M | -$258M |
Cash flow
Fiscal years, from ADC Therapeutics SA's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$121M | -$122M | -$169M | -$233M | -$138M | -$119M | -$124M | -$141M |
| Capital spending | $2M | $2M | $3M | $6M | $687,000 | $3M | $867,000 | $264,000 |
| Free cash flow | -$124M | -$124M | -$172M | -$240M | -$139M | -$122M | -$125M | -$141M |
| Stock-based compensation | $469,000 | $1M | $38M | $60M | $49M | $13M | $7M | $7M |
| Share buybacks (net) | $0 | -$141,000 | $0 | $0 | — | — | — | — |
| Net borrowing | $0 | $0 | $63M | $50M | $0 | — | — | — |
| Free cash flow margin | -10862.5% | -5287.6% | — | -706.9% | -185.6% | -176.5% | -176.0% | -173.8% |
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Open ADCT in InvestinglyQuestions
What was ADC Therapeutics SA's revenue in 2025?
$81M in fiscal 2025, from its 10-K filing.
How much free cash flow does ADC Therapeutics SA generate?
-$141M in fiscal 2025 (operating cash flow minus capital spending).
From ADC Therapeutics SA's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.