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

Unaudited IFRS Condensed Consolidated Interim

Financial Statements as of and for the three and nine months ended September 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 Loss

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

For the Three and Nine Months Ended September

For the Three and Nine Months Ended September

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 ("ADCs"), including research, development, human clinical trials, regulatory

approval and commercialization. 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 November 12, 2020.

Initial Public Offering

On May 19, 2020, the Company

completed an IPO on the New York Stock Exchange ("NYSE") in which it issued and sold an aggregate of 14,082,475 common

shares at $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 $267.6 million, and net proceeds

were $244.2 million after deducting underwriting discounts and commissions as well as fees and expenses payable by the Company.

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

associated with the IPO share issuance of $4.7 million and underwriting discounts and commissions of $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".

Follow-On Public Offering

On September 28, 2020, the Company

completed a public offering on the NYSE in which it issued and sold 6,000,000 common shares at $34.00 per share. The gross proceeds

of the public offering were $204.0 million, and net proceeds of $188.9 million after deducting underwriting discounts and commissions

as well as fees and expenses payable by the Company. As of September 30, 2020, transaction costs of $2.7 million remained unpaid.

Such costs are anticipated to be paid during the fourth quarter of 2020. The public offering resulted in a gross increase of $203.5

million in the Company's share premium account prior to transaction costs associated with the public offering share issuance

of $2.9 million and underwriting discounts and commissions of $12.2 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".

ADCT 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, during

the 2020 fiscal year, issuance of the Company's common shares 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 $50

million in cash and cash equivalents at the end of each quarter.

As of September 30, 2020, the

Group's cash and cash equivalents amounted to $494.4 million (December 31, 2019: $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.

The COVID-19 pandemic has negatively

impacted the economies of most countries around the world. The Group's operations, similar to those of other life sciences

companies, have been impacted by the COVID-19 pandemic. As the Group 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 Group 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 Group's clinical trials experienced delays or suspensions in patient

enrollment during the first half of 2020 as a result of the COVID-19 pandemic. However, by the end of the third quarter, the Group

no longer experienced delays in its clinical trials or suspensions in patient enrollments. As the COVID-19 pandemic continues to

evolve, the Group 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 Group's knowledge and control, and as a result,

at this time the ultimate impact on the Group's results of operations, cash flows and financial position in 2020 and thereafter

cannot be reasonably predicted. Furthermore, the impact to the Group'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 Group has concluded that there is no material uncertainty

that may cast a significant doubt upon the Group's ability to continue as a going concern.