ADC Therapeutics (ADCT) Q1 2026 earnings summary

Executive summary

• Net product revenues for Q1 2026 reached $20.0 million, up from $17.4 million in Q1 2025, driven by higher volume, price, and stable demand for ZYNLONTA in third-line plus DLBCL.

• Maintained strong cost discipline, reducing non-GAAP operating expenses by 13% year-over-year, with a 30% workforce reduction in 2025 and discontinued early-stage solid tumor programs.

• Cash and cash equivalents stood at $231 million as of March 31, 2026, supporting operations into at least 2028.

• Focused on commercial execution, advancing ZYNLONTA lifecycle, and expanding into new indications and geographies.

• Multiple clinical milestones expected in 2026, including LOTIS-5 topline data in Q2 and full LOTIS-5 and LOTIS-7 data by year-end.

Financial highlights

• Net product revenues for Q1 2026 were $20.0 million, a 15.1% increase year-over-year.

• Total revenue was $20.9 million, down 9.5% due to a prior-year $5 million milestone in license revenue.

• Cost of product sales rose to $3.6 million, mainly from increased personnel and shipping costs.

• GAAP net loss narrowed to $33.0 million ($0.21/share) from $38.6 million ($0.36/share) year-over-year; adjusted net loss was $19.7 million ($0.13/share), down from $24.0 million ($0.22/share).

• Total operating expenses decreased to $46.1 million from $51.5 million; adjusted total operating expenses were $42.9 million, down from $49.1 million.

Outlook and guidance

• LOTIS-5 topline results expected in Q2 2026, with full LOTIS-5 and LOTIS-7 data by year-end and potential compendia inclusion in H1 2027.

• Anticipates submitting a supplemental BLA to the FDA by year-end, with confirmatory approval targeted for 2027.

• Revenue growth acceleration expected in 2027, with peak annual U.S. revenues for ZYNLONTA projected at $600 million–$1 billion, pending regulatory milestones.

• Cash runway projected at least into 2028, assuming minimum liquidity requirements under loan agreements.

• No significant revenue impact expected in 2026 from upcoming clinical readouts.