ADC Therapeutics SA
ADC Therapeutics SA is a commercial-stage oncology biotechnology company focused on antibody drug conjugates (ADCs). Its marketed product, ZYNLONTA (loncastuximab tesirine-lpyl), is a CD19-directed ADC approved for relapsed or refractory diffuse large B-cell lymphoma (DLBCL) after two or more prior systemic therapies, with approvals spanning the U.S. and conditional approvals in Europe, Canada and China. The company combines in-house R&D capabilities with outsourced manufacturing and third-party commercialization infrastructure, while building a pipeline that extends ADC technology into additional hematologic malignancies and solid tumors. Operations are headquartered in Lausanne, Switzerland, with a U.S. presence in New Jersey supporting development and commercialization.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueNet product revenue from U.S. sales of ZYNLONTA to wholesalers for use in r/r DLBCL.
Licensed development and commercialization in China, Hong Kong, Macau, Taiwan and Singapore via Overland ADCT BioPharma, supplied by ADCT at manufacturing cost.
Company-sponsored trials such as LOTIS-5 and LOTIS-7 aimed at moving ZYNLONTA into earlier lines and combinations.
Discovery/IND-enabling and early clinical work leveraging the ADC platform, including solid-tumor programs such as ADCT-241 (PSMA-targeting).
Products
Reported · share of revenue- Products90.4 %
- License Revenues6.1 %
- Royalty Revenue3.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
In the United States, ADC Therapeutics sells ZYNLONTA through wholesale distributors that resell to hospitals, infusion centers and oncology practices, where the drug is administered to patients with relapsed or refractory DLBCL. Demand is driven by hematologists/oncologists in both academic and community settings, and by payer coverage and treatment pathway placement versus alternatives such as CAR-T, bispecific antibodies and other regimens. The company also engages group purchasing organizations affiliated with community oncology practices, which can influence access and net pricing. Outside the U.S., commercialization in greater China and Singapore is primarily executed by Overland ADCT BioPharma under an exclusive license, with ADCT supplying product and retaining certain global clinical control rights.
Use ZYNLONTA for r/r DLBCL patients; adoption depends on clinical profile, pathway placement and reimbursement.
Purchase and distribute ZYNLONTA to provider sites; terms drive inventory levels, fees and gross-to-net adjustments.
Determine net realized price through rebates, chargebacks, fees and policies such as discarded drug rebates.
Develops, seeks regulatory approvals and commercializes in greater China and Singapore; ADCT supplies product at cost and may co-promote via option.
Strategy
The company’s near-term strategy centers on maximizing ZYNLONTA by expanding use beyond third-line DLBCL into earlier lines and combination regimens, with LOTIS-5 (rituximab combination) as a confirmatory Phase 3 program and LOTIS-7 exploring bispecific combinations. In parallel, ADC Therapeutics aims to broaden ZYNLONTA’s hematology footprint into indolent lymphomas such as marginal zone lymphoma and follicular lymphoma through investigator-initiated trials at major institutions. For international markets, it is pursuing expansion through direct efforts where feasible and through partnerships such as the Overland ADCT BioPharma arrangement in greater China and Singapore. Longer term, the company is advancing its ADC platform into solid tumors and evaluating partnering options for programs such as ADCT-241 (PSMA-targeting, exatecan-based), balancing capital needs with pipeline optionality.
Earlier-line and combination use increases addressable patients and supports durable approvals.
Indolent lymphoma expansion can diversify demand while leveraging the same commercial channel.
Solid tumors expand long-term optionality but may require partnerships to fund development and commercialization.
Geography
Q2/2026ADC Therapeutics is headquartered in Lausanne (Biopôle), Switzerland, with U.S. operations in New Jersey supporting commercialization and development. Commercial product revenue is generated from ZYNLONTA sales in the United States, where the company directly commercializes through its own field organization and third-party logistics/distribution vendors. In greater China and Singapore, the company operates through a joint venture and license/collaboration with Overland ADCT BioPharma, which is responsible for local development, regulatory approvals and commercialization while ADCT supplies product at manufacturing cost. The geographic footprint matters because regulatory pathways differ across regions (accelerated/conditional approvals), and trade policy changes (tariffs) can affect cost of sales and operating expenses. No authoritative revenue-by-geography percentages were provided in the excerpts, so a quantified regional revenue split is not presented.
Share of the revenue the company reports by geography.
Risks
ADC Therapeutics’ business is highly dependent on ZYNLONTA, so any slowdown in adoption, competitive displacement (e.g., CAR-T, bispecific antibodies, other ADCs) or safety/tolerability issues could materially affect revenue and cash runway. Clinical and regulatory execution risk is significant: confirmatory and expansion trials may not read out as expected or on planned timelines, and accelerated/conditional approvals can be vulnerable if confirmatory evidence is insufficient. The company also faces financing and balance-sheet risks, including the need for additional capital, restrictive debt covenants, and the HCR royalty purchase agreement that reduces cash retained from ZYNLONTA sales and can change based on sales performance and milestones. Operationally, reliance on third parties for logistics, distribution and manufacturing/supply to partners introduces supply continuity and compliance risk, while changes in tariffs and trade policies can raise costs. Like other biopharma companies, it is exposed to cybersecurity, intellectual property disputes, and rapid technological change in the ADC field.
- Need for additional capital and continued lossesImpact: HighLikelihood: High
The company expects to continue incurring losses and may need to raise capital to fund operations and execute its plan.
- HCR royalty purchase agreement reduces cash generation from ZYNLONTAImpact: HighLikelihood: High
Cash retained from ZYNLONTA sales/licensing is reduced and the obligation can vary with sales milestones and change-of-control timing.
- Clinical trial timing and outcome uncertaintyImpact: HighLikelihood: High
Ongoing/planned trials may not complete on expected timelines or produce sufficient results to support approvals/label expansion.
- Product safety and adverse eventsImpact: HighLikelihood: Medium
Undesirable side effects could reduce physician adoption, lead to warnings/restrictions, or increase post-marketing obligations.
- Tariffs and trade policy changesImpact: MediumLikelihood: Medium
Changes in tariffs/trade policies could increase cost of sales and operating expenses, impacting margins and cash burn.
Accounting
Judgemental itemsNet sales are reduced by estimated rebates, chargebacks, fees, discounts and returns; small assumption changes can materially move revenue.
Impact: Revenue, accounts receivable/contra-revenue reserves, period-to-period volatility
Requires substantial judgment and can lead to significant accruals and cash payments when settled.
Impact: Contra-revenue reserves and operating cash flow timing
Repayment timing/amount varies with projected ZYNLONTA net sales, milestones and potential change-of-control, affecting interest expense and liability.
Impact: Interest expense and carrying value of the royalty obligation
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Last updated: 24/09/2026