ADC Therapeutics SA Revenue Disclosure
| Years ended December 31, | ||||||||||||||
| (in thousands) | 2025 | 2024 | ||||||||||||
| Types of goods and services | ||||||||||||||
| Product revenues, net | $ | 73,551 | $ | 69,280 | ||||||||||
| License revenues | 5,000 | — | ||||||||||||
| Royalties | 2,806 | 1,557 | ||||||||||||
| Total revenue | $ | 81,357 | $ | 70,837 | ||||||||||
| Customer Location | ||||||||||||||
| U.S. | $ | 73,551 | $ | 69,280 | ||||||||||
EMEA(1) | 7,806 | 1,557 | ||||||||||||
| Total revenue | $ | 81,357 | $ | 70,837 | ||||||||||
| (in thousands) | Discarded Drug Rebate | Other Adjustments | Total | |||||||||||||||||
| Balance as of December 31, 2023 | $ | 7,391 | $ | 3,946 | $ | 11,337 | ||||||||||||||
| GTN accruals for current period | 7,756 | 16,218 | 23,974 | |||||||||||||||||
| Prior period adjustments | (44) | (1,971) | (2,015) | |||||||||||||||||
| Credits, payments and reclassifications | — | (15,807) | (15,807) | |||||||||||||||||
| Balance as of December 31, 2024 | $ | 15,103 | $ | 2,386 | $ | 17,489 | ||||||||||||||
| GTN accruals for current period | 7,964 | 16,570 | 24,534 | |||||||||||||||||
| Prior period adjustments | (745) | (807) | (1,552) | |||||||||||||||||
| Credits, payments and reclassifications | (14,358) | (15,435) | (29,793) | |||||||||||||||||
| Balance as of December 31, 2025 | $ | 7,964 | $ | 2,714 | $ | 10,678 | ||||||||||||||
| (in thousands) | December 31, 2025 | December 31, 2024 | ||||||||||||
| Accounts receivable, net | $ | 1,658 | $ | 1,792 | ||||||||||
| Other current liabilities | 9,020 | 15,697 | ||||||||||||
| $ | 10,678 | $ | 17,489 | |||||||||||
| Years ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| McKesson | 39 | % | 41 | % | |||||||
AmerisourceBergen Corporation(1) | 39 | % | 35 | % | |||||||
| Cardinal Health | 22 | % | 24 | % | |||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 10, 2026 | Showing above |
| 2024 | Mar 27, 2025 | |
| 2023 | Mar 13, 2024 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.