10-Q · May 4, 2026
ADC Therapeutics reported Q1 2026 results with total revenue of $20.9 million, a decline from $23.0 million in Q1 2025, while EPS improved to -$0.13 from -$0.36 year-over-year. The company saw significant growth in…
Earnings analysis · 10-Q
ADCT earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
ADC Therapeutics reported Q2 revenue of $19.248 million and diluted EPS of $(0.11), with revenue modestly above the approximately $19 million prior-year level and the EPS loss narrowing from $(0.50). The filing does not…
Read full summary
ADC Therapeutics reported Q2 revenue of $19.248 million and diluted EPS of $(0.11), with revenue modestly above the approximately $19 million prior-year level and the EPS loss narrowing from $(0.50). The filing does not provide sufficient data to assess Q2 gross margin, operating margin, free cash flow, balance-sheet changes, segment trends, or capex intensity. The key negative development is the FDA’s concern over LOTIS-5, including increased Grade 5 adverse events and potential implications for ZYNLONTA’s 3L+ approval.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.11
What stood out
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Revenue grew modestly year over year
Q2 revenue was $19.248 million, down from $21 million in Q1 2026 but up from approximately $19 million in Q2 2025, indicating sequential contraction but modest year-over-year growth.
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EPS loss narrowed materially
Diluted EPS was $(0.11), improving from $(0.21) in Q1 2026 and $(0.50) in Q2 2025, a $0.39 year-over-year improvement in loss per share.
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No material control deficiencies reported
Management stated that disclosure controls and procedures were effective as of June 30, 2026, and that there were no changes in internal controls that materially affected, or were reasonably likely to materially affect, reporting.
What to watch
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LOTIS-5 creates major regulatory risk
The FDA cited increased Grade 5 adverse events in the LOTIS-5 treatment arm relative to the control arm and stated that the results were not supportive of a favorable benefit-risk assessment. Continued commercialization of ZYNLONTA in the 3L+ setting remains contingent on verification of clinical benefit, and current approvals could be withdrawn.
Management's outlook
The 10-Q does not provide updated quantitative revenue or EPS guidance. The previously disclosed annual revenue outlook was $70 million-$80 million, but no update was provided in this filing.
Earlier filings 4
10-K · March 10, 2026
ADC Therapeutics is focused on maximizing and expanding ZYNLONTA (CD19-directed ADC) into earlier lines of DLBCL and indolent lymphomas (LOTIS-5 and LOTIS-7) while pursuing global commercialization and partnership…
10-Q · November 10, 2025
ADC Therapeutics reported Q3 2025 revenue of $16,427,000 (down from $18,464,000 in Q3 2024) and a net loss per share of $(0.30) (improved from $(0.42) in Q3 2024). Gross margins on product sales remain very high (~92%),…
10-K · March 27, 2025
ADC Therapeutics positions itself as a commercial-stage ADC specialist with a two-pillar strategy: (1) maximize the commercial and label expansion opportunity for ZYNLONTA in hematology (3L+ DLBCL today; LOTIS-5 and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.