Unaudited IFRS Condensed Consolidated Interim Financial Statements as of and for the three and six months ended

Unaudited IFRS Condensed

Consolidated Interim Financial Statements as of and for the three and six months ended June 30, 2020

Condensed Consolidated Interim Statement

(in KUSD except for share and per share

The accompanying notes form an integral part of these condensed

consolidated interim financial statements (Unaudited)

Condensed Consolidated Interim Statement

of Comprehensive Income

The accompanying notes form an integral part of these condensed

consolidated interim financial statements (Unaudited)

Condensed Consolidated Interim Balance

The accompanying notes form an integral part of these condensed

consolidated interim financial statements (Unaudited)

Condensed Consolidated Interim Statement

of Changes in Equity

The accompanying notes form an integral part of these condensed

consolidated interim financial statements (Unaudited)

Condensed Consolidated Interim Statement

of Changes in Equity

The accompanying notes form an integral part of these condensed

consolidated interim financial statements (Unaudited)

Condensed Consolidated Interim Statement

The accompanying notes form an integral part of these condensed

consolidated interim financial statements (Unaudited)

Notes to the Condensed Consolidated Interim Financial Statements

(Unaudited) - in KUSD except for share and per share data

ADC Therapeutics SA (the "Company"

or "ADCT") was incorporated on June 6, 2011 under the laws of Switzerland. The registered office of the Company is

located at Route de la Corniche 3B, 1066 Epalinges, Switzerland. The Company controls two wholly-owned subsidiaries: ADC Therapeutics

America, Inc. ("ADCT America"), which was incorporated in Delaware, USA on December 10, 2014, and ADC Therapeutics

(UK) Ltd ("ADCT UK"), which was incorporated in England on December 12, 2014. The Company and its two subsidiaries

form the ADCT Group (the "Group").

The Group is focused on the

development of antibody drug conjugates, including research, development, human clinical trials, regulatory approval and commercialization.

Antibody drug conjugates ("ADCs") are drug constructs which combine monoclonal antibodies specific to particular types

of cells with cytotoxic molecules or warheads which seek to kill any cancer cell to which the ADC attaches. ADCs have extensive

potential therapeutic applications in cancer.

These unaudited condensed consolidated

interim financial statements were authorized for issue by the Board of Directors on August 12, 2020.

Initial Public Offering

On May 19, 2020, the Company

completed an IPO on the New York Stock Exchange in which it issued and sold an aggregate of 14,082,475 common shares at USD 19.00

per share, which included 1,836,844 common shares issued and sold pursuant to the underwriters' exercise in full of their

option to purchase additional common shares. The gross proceeds from the IPO were USD 267.6 million, and net proceeds were USD

248.9 million after deducting underwriting discounts and commissions and before deducting fees and expenses payable by the Company.

The IPO resulted in a gross increase of USD 255.3 million in the Company's share premium account prior to transaction costs

associated with the IPO share issuance of USD 4.7 million and underwriting discounts and commissions of USD 18.7 million, both

of which were charged directly against the Company's share premium account. Further details are contained in note 13, "Share

capital, share premium and treasury shares".

ADC Therapeutics SA is a late-clinical-stage

company developing innovative therapeutics. The Group is exposed to all risks inherent in establishing and developing its business,

including the substantial uncertainty that current projects will succeed. The Group's success may also depend on its ability

Since its incorporation, the

Group has primarily funded its growth through capital increases and additional funds provided by research collaborations and, in

the most recent quarter, by a public offering and the issuance of convertible loans (see note 11, "Convertible loans").

The Group does not have recourse to bank loans. As a result, the Group is not exposed to liquidity risk through requests for early

repayment of loans, other than, pursuant to the convertible loans, it must maintain a balance of at least USD 50 million in cash

and cash equivalents at the end of each quarter.

As at June 30, 2020, the Group's

cash and cash equivalents amounted to USD 348.6 million (December 31, 2019: USD 115.6 million).

The Board of Directors believes

that the Group has sufficient financial resources to cover its operating costs for at least the next 12 months from the date of

issuance of these unaudited condensed consolidated interim financial statements and, as a result, is presenting these unaudited

condensed consolidated interim financial statements of the Group on a going concern basis.

On March 11, 2020, the World

Health Organization declared the outbreak of the coronavirus disease ("COVID-19") caused by a novel strain of coronavirus

as a pandemic, which continues to spread throughout the United States, the European Union, Switzerland, the United Kingdom and

around the world. Since then, COVID-19 has continued to spread, impacting the economies of most countries around the world. The

Company's operations, similar to those of other life sciences companies, have been impacted by the COVID-19 pandemic. As

the Company advances its clinical programs, it is in close contact with its principal investigators and clinical sites, which are

located in jurisdictions affected by the COVID-19 pandemic, and is assessing the impact of the COVID-19 pandemic on its clinical

trials, expected timelines and costs on an ongoing basis. In light of recent developments relating to the COVID-19 pandemic, the

primary focus of healthcare providers and hospitals is currently on fighting the novel coronavirus. In addition, in response to

the spread of COVID-19, the Company has modified its business practices, including restricting employee travel, developing social

distancing plans for its employees and cancelling physical participation in meetings, events and conferences. In addition, certain

of the Company's clinical trials have experienced delays or suspensions in patient enrollment as a result of the COVID-19

pandemic. This partial disruption, even temporary, may severely impact the Company's operations and overall business by delaying

the progress of its clinical trials and preclinical studies. As the COVID-19 pandemic continues to evolve, the Company believes

the extent of the impact to its operations, operating results, cash flows, liquidity and financial condition will be primarily

driven by the severity and duration of the pandemic, the pandemic's impact on the U.S. and global economies and the timing,

scope and effectiveness of national and local governmental responses to the pandemic, especially in areas where the conditions

have recently worsened. Those primary drivers are beyond the Company's knowledge and control, and as a result, at this time

the ultimate impact on the Company's results of operations, cash-flows and financial position in 2020 and thereafter cannot be

reasonably predicted. Furthermore, the impact to the Company's businesses, operating results, cash flows, liquidity and financial

condition may be further impacted if the current circumstances continue to exist for a prolonged period of time. However, on the

basis of the risk mitigation measures undertaken, the Company has concluded that there is no material uncertainty that may cast

a significant doubt upon the Company's ability to continue as a going concern.

Statement of Compliance

These unaudited condensed consolidated

interim financial statements as of June 30, 2020 and December 31, 2019 and for the three and six months ended June 30, 2020 have

been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting ("IAS 34")

and should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31,

Functional and reporting