ADC Therapeutics reported preliminary unaudited net product revenue of $22 million for the fourth quarter of 2025, up 34% from $16.4 million in the same period a year earlier. Full‑year 2025 net product revenue totaled $73 million, a 5% increase over the $69.3 million recorded in 2024. Cash and cash equivalents stood at $261 million as of December 31 2025, giving the company a runway that management projects will extend to at least 2028.
Revenue growth was driven primarily by a rebound in customer ordering patterns for the company’s flagship antibody‑drug conjugate, ZYNLONTA, while underlying demand for the drug remained broadly stable. The company noted that variability in ordering, rather than a shift in market share, accounted for the quarterly increase, suggesting that sales momentum is being maintained even as the company navigates a competitive landscape dominated by other ADCs such as Enhertu, Kadcyla, and Polivy.
In June 2025, ADC Therapeutics announced a restructuring that closed its UK facility and cut 30% of its workforce. The company said the restructuring would reduce operating expenses and improve margin discipline. While the announcement did not disclose specific cost‑saving figures, management indicated that the measures would help offset the impact of the UK exit and support the company’s long‑term profitability goals.
The company highlighted two key clinical milestones that could accelerate future revenue. Completion of enrollment for the LOTIS‑7 Phase 1b trial is expected in the first half of 2026, and topline data from the LOTIS‑5 Phase 3 trial are anticipated in the second quarter of 2026. Positive results could lead to label expansions for ZYNLONTA, potentially opening earlier‑line indications and expanding the addressable market for the drug.
Chief Executive Officer Ameet Mallik said the company had made “meaningful progress across our ZYNLONTA clinical program and extended our expected cash runway at least to 2028.” He added that the company anticipates an acceleration in net product revenue growth beginning in 2027, contingent on the success of the LOTIS‑5 and LOTIS‑7 trials.
Investors welcomed the extended cash runway and the upcoming clinical milestones, reflecting confidence in ADC Therapeutics’ financial stability and growth prospects. The company’s ability to maintain revenue momentum while executing a significant restructuring underscores its operational discipline and positions it well for the next phase of its development pipeline.
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