ADC Therapeutics : TD Cowen Healthcare Conference

ADC Therapeutics Business Overview

Cowen Conference

March 5, 2024

Forward-Looking Statements

This presentation and any accompanying oral presentation have been prepared by ADC Therapeutics SA ("ADC Therapeutics", "we" or "us") for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or ADC Therapeutics or any officer, director, employee, agent or advisor of ADC Therapeutics. This presentation does not purport to be all-inclusive or to contain all of the information you may desire. Information provided in this presentation and any accompanying oral presentation speak only as of the date hereof.

This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify forward-looking statements by terminology such as "may", "assumes", "will", "should", "would", "expect", "intend", "plan", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "future", "continue", or "appear" or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: the actual Zynlonta revenue for 4Q 2023, the success of the Company's updated corporate strategy; the expected cash runway into the beginning of Q4 2025, the effectiveness of the new commercial go-to-market strategy, competition from new technologies, the Company's ability to grow ZYNLONTA® revenue in the United States; Swedish Orphan Biovitrum AB (Sobi®) ability to successfully commercialize ZYNLONTA® in the European Economic Area and market acceptance, adequate reimbursement coverage, and future revenue from the same; approval by the NMPA of the BLA for ZYNLONTA® in China submitted by Overland ADCT BioPharma and future revenue from the same, our strategic partners', including Mitsubishi Tanabe Pharma Corporation, ability to obtain regulatory approval for ZYNLONTA® in foreign jurisdictions, and the timing and amount of future revenue and payments to us from such partnerships; the timing and results of the Company's or its partners' research and development projects or clinical trials including LOTIS 5 and 7, ADCT 601 and 602 as well as IITs in FL and MZL and early research in certain solid tumors with different targets, linkers and payloads; the timing and outcome of regulatory submissions for the Company's products or product candidates; actions by the FDA or foreign regulatory authorities; projected revenue and expenses; the Company's indebtedness, including Healthcare Royalty Management and Blue Owl and Oaktree facilities, and the restrictions imposed on the Company's activities by such indebtedness, the ability to comply with the terms of the various agreements and repay such indebtedness and the significant cash required to service such indebtedness; and the Company's ability to obtain financial and other resources for its research, development, clinical, and commercial activities. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 20-F and in the Company's other periodic and current reports and filings with the U.S. Securities and Exchange Commission. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document.

Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. No assurance can be given that such future results will be achieved. Such forward- looking statements contained in this presentation speak only as of the date of this presentation. The Company expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this presentation to reflect any change in our expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

Certain information contained in this presentation relates to or is based on studies, publications, surveys, and other data derived from third-party sources and our own internal estimates and research. While we believe these third- party sources to be reliable as of the date of this presentation, we have not independently verified, and we make no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third- party sources. In addition, all of the market data included in this presentation involve a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, although we believe our own internal research is reliable, such research has not been verified by any independent source.

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ADC Therapeutics at a Glance

Platform

Pioneering ADC field with robust technology toolbox and specialized end-to-end capabilities

Hematology

Maximizing ZYNLONTA® in 3L+ DLBCL and seeking to expand into earlier lines of DLBCL and indolent lymphomas; advancing ADCT-602 targeting CD22

Solid Tumors

Advancing ADCT-601 targeting AXL in the clinic and multiple investigational ADCs

Corporate

Cash runway into 4Q 2025 with multiple catalysts in 2024

• ADC: Antibody Drug Conjugate; DLBCL: Diffuse Large B-Cell Lymphoma

Key Business Updates

ZYNLONTA

(loncastuximab

tesirine-lpyl)

Pipeline

Corporate

• 4Q 2023 revenues expected to be ~$16.5M, a double-digit percentage increase compared to 3Q 2023
• • LOTIS-7(ZYNLONTA with bispecifics): Cleared first two dosing cohort with no DLT and early signs of antitumor activity
  • LOTIS-5(ZYNLONTA with rituximab): Accelerated enrollment in 2023, over 2/3rd enrollment completed
  • ADCT-601(Targeting AXL): Reached MTD and currently in dose optimization; early signs of anti-tumor activity in both monotherapy and in combination in sarcoma
  • ADCT-901(Targeting KAAG1): Discontinuing due to limited signs of efficacy in dose escalation, reallocating capital to prioritized programs
• Balance sheet with ~$278.5M cash at end of FY 2023
• Cash runway expected to extend into 4Q 2025; double-digit Opex reduction in 2023 compared to 2022

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DLT: Dose-Limiting Toxicity; MTD: Maximum Tolerated Dose. Note: Financials are unaudited.

Note: update as of March 4th, 2024

Unlocking Value of Robust ADC Portfolio in Hematology and Solid Tumors

Hematology Portfolio

Short-Mid Term

ZYNLONTA

• Maximize ZYNLONTA in 3L+ DLBCL
• Seek to expand ZYNLONTA to earlier lines of DLBCL and other indolent lymphomas (e.g., FL, MZL) as single agent and combination agent of choice
• • ZYNLONTA
  • ZYNLONTA + rituximab (LOTIS-5)
  • ZYNLONTA + bispecifics (LOTIS-7)

ADCT-602 (CD22)

• Escalating and expanding Phase 1 dose in r/r ALL

Solid Tumor Portfolio long Term

ADCT-601 (AXL)

• Optimizing dose for expansion as single agent and / or in combination in sarcoma, pancreatic, and NSCLC

Next-generation ADCs

• Advancing a portfolio of investigational ADCs
• • Differentiated exatecan-based payload with novel hydrophilic linker
  • Targeting Claudin-6, NaPi2b, PSMA
• Continuing research with a range of payloads, linkers, and conjugation technologies against undisclosed targets

• DLBCL: Diffuse Large B-Cell Lymphoma; FL: Follicular Lymphoma; MZL: Marginal Zone Lymphoma; NSCLC: Non Small-Cell Lung Cancer; ALL: Acute Lymphoblastic Leukemia.

Advancing ZYNLONTA Development in B-Cell Lymphomas

2023 U.S. Market Value2, 5-year prevalence3

DLBCL

$3.1b2, ~109 K patients

1L (~70%)

	FL		MZL
	$2.6b2, ~61 K patients	$1.4b2, ~38 K patients
	2L (~24%)		2L (~27%)	Proportion ofpatientsbyline-
	1L (~65%)		1L (~61%)
				of
	3L+ (~11%)	(~12%)	-therapy*
			3L+

Current Development Areas

 LOTIS-5 and LOTIS-7 potential to move ZYNLONTA into 2L+ DLBCL

‒ LOTIS-5: 20 patient safety run-in data showed ORR of 80%, CR of

50% with no new safety signals; accelerating patient

enrollment/completion expected in 2024

‒ LOTIS-7:Dose-limiting toxicity period cleared for first two dosing

levels of ZYNLONTA (90 µg/kg, 120 µg/kg) in both arms; currently

enrolling patients at 150 µg/kg

 IIT suggests ZYNLONTA regimen could provide benefit in 2L+ high-

risk FL (96% ORR, 85% CR, N=27); IIT studying ZYNLONTA in 2L+

MZL

‒ Unmet need is significant in these populations

‒ Assessing regulatory path and compendial strategy

DLBCL, FL & MZL account for ~60% of mature B-cell lymphomas1*

Key:

Current Approval

Current Development Areas

 ZYNLONTA combination with bispecifics (LOTIS-7) is currently

being studied in r/r FL and r/r MZL

• 1. As per Leukemia & Lymphoma Society data; 2. Clarivate & Global Data used to size US market value; 3. Cerner Enviza CancerMPact database, 2023. Note: Distribution by line of therapy is based on the incident, drug-treated population.

Significant opportunity remains for Zynlonta combinations in 2L+, despite a highly evolving market

ILLUSTRATIVE

MARKET EVOLUTION

3L+

(~6 K

patients)

	~40%	Monjuvi
CAR-T	✓ BsAbs1
+ Len
Clinical	Zynlonta	Polivy +
Trials	BR

	~60%
Zynlonta	Monjuvi +
Len
R-Based	Polivy + BR
Chemo

 Despite recent advancements, a true SoC only exists in 1L and in the

academic setting in 2L with CAR-T

 Aside from CAR-T, the market is evolving towards combinations with

off-the-shelf agents as a cornerstone

 With polatuzumab moving into 1L, retreatment with pola-based

combos in 2L+ may be less likely

 Need for novel combinations in the 2L and 3L+ in community centers

~35%

~65%

and 3L+ in academic settings with better efficacy and tolerability

2L

CAR-T

Salvage

ZYNLONTA OPPORTUNITY

(~11 K

patients)

+/- ASCT

Clinical

Trials

Pola-BR	R-Based	Monjuvi +
Chemo	Len

Zynlonta + R has the potential to:

LOTIS-5

Provide competitive efficacy with a familiar safety profile

1L

~30%

R-CHOP

~70%

✓ Polivy + R-

• Be a SoC in the 2L+ setting in community centers and 3L+ in academic settings

Zynlonta + Bispecifics combinations may:

(~30 K

patients)

• Polivy + R-CHP

CHP

R-CHOP

LOTIS-7

academic settings

• Improve CRS rates and enable broader accessibility to community centers in 2L+

Academic

Community

• 1.Epcoritamab or Glofitamab. Source: Putnam Associates Primary Research.

Key ✓ Recently approved

Shifting to 1L use

No standard of care

ADCT-601: A Novel, Potent Approach to Targeting AXL

ADCT-601 Structure
	Gal		Sp	PBD
	Nac
Antibody		Linker + payload
Anti-human AXL antibody			HydraSpace
	cleavable linker and
			SG3199 (PBD dimer
				cytotoxin)

ADCT-601 MOA

ADCT-601

Warhead released

after internalization, and binds in minor groove of DNA

• PBD dimer creates interstrand cross-links
• No DNA distortion
• Avoids DNA repair mechanism

Anticipated Differentiation

• Potential best-in-class ADC against a target expressed across multiple solid tumor types with unmet medical needs
• First AXL-targeted ADC conjugated to a PBD dimer cytotoxin
• Glycoconnect ,1 and Hydraspace ,1 technology enhance the TI of ADCT-601three-fold in preclinical models compared to ADCs manufactured by random stochastic conjugation

Note: 1. GlycoConnect and HydraSpace are technologies licensed from Synaffix; TI: therapeutic index; MTD: maximal tolerated dose; GlcNax: N-acetyl-glucosamine; GalNac: N-acetylgalactosamine; SP: Spacer; PBD: Pyrrolobenzodiazepine.

• Source: Zammarchi et al., Mol Cancer Ther (2022)

ADCT-601 targeting AXL: Rationale and Differentiation

TARGET RELEVANCE

• AXL is expressed in multiple tumor types - including NSCLC, pancreatic, and sarcoma
• High expression of AXL is correlated to worse patient overall survival across these cancer types

AXL EXPRESSION1	% of cases with high	% of cases with any
	AXL expression2	AXL Expression
Sarcoma (STS)	~30%	~90%
Pancreatic adenocarcinoma	~35%	60 - 70%
Non-small cell lung3	20 - 25%	50 - 60%

CLINICAL STUDY STATUS & NEXT STEPS

• A Phase 1b study is ongoing including a monotherapy arm enrolling patients with sarcoma, pancreatic cancer and AXL-expressing NSCLC and a combination arm with gemcitabine in patients with sarcoma and pancreatic cancer
• Reached recommended dose of 13mg; dose optimization is ongoing

1. In sarcoma, early signs of anti-tumor activity have been seen in monotherapy and combination with a tolerable safety profile in the dose range tested

• In pancreatic cancer, screening was recently initiated in the monotherapy arm

Note: 1 Data as of 02/09/2024. 2Based on scoring algorithm and cut-off used in trial 601-102 to determine high expressing/positive patients: STS = AXL+ tumor cells 2+/ 3+ intensity ≥ 75% , PAAD = AXL+ tumor cells 2+/ 3+ intensity ≥ 10% ,

• NSCLC = Membrane AXL+ Tumor cells (any intensity) ≥ 1% . 3Membrane expression in general correlates with 2+/3+ tumor cells expression.

A Growing Toolbox with a Range of Payloads, Linkers and Conjugation Technologies

Antibody

PayloadLinker

Conjugation Technology

• Extensive experience identifying and advancing compelling targets with high unmet need
• Focus on masking binding, conditional binding moieties, bispecifics and biparatropics

• Forged next-gen PBDs as novel warheads; first to bring PBD ADC from conception to market
• Advancing next-gen payloads to improve selectivity, potency, therapeutic index
• • Camptothecin derivatives
  • DNA damaging agents
  • Immunomodulators
  • Dual payloads

• Proprietary linkers that enable increased plasma stability and controlled payload release with tunable DAR1
• • Cleavable linkers
  • Reducible linkers
  • Non-cleavablelinkers

• Technologies enabling precise site-specificattachment of diverse payloads
• • Orthogonal conjugation approaches

10 Note: 1 DAR: Drug antibody ratio