ADC Therapeutics SA (ADCT): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la thérapeutique contre le cancer, ADC Therapeutics SA apparaît comme une force pionnière, révolutionnant les traitements ciblés en oncologie par le biais de sa technologie de conjugué anticorps révolutionnaire (ADC). En créant méticuleusement des thérapies innovantes qui promettent une précision, une réduction des effets secondaires et des résultats améliorés pour les patients, l'entreprise est à l'avant-garde de la transformation de la façon dont nous abordons les traitements complexes du cancer. Leur modèle commercial stratégique représente un plan sophistiqué pour fournir des solutions médicales de pointe qui pourraient potentiellement changer la trajectoire des soins contre le cancer, offrant de l'espoir aux patients et aux professionnels de la santé.

ADC Therapeutics SA (ADCT) - Modèle d'entreprise: partenariats clés

Collaboration avec les institutions de recherche pharmaceutique

ADC Therapeutics maintient des collaborations de recherche avec les institutions suivantes:

Institution	Focus de partenariat	Année établie
Dana-Farber Cancer Institute	Recherche conjuguée des anticorps	2019
Memorial Sloan Kettering Cancer Center	Développement d'oncologie de précision	2020

Partenariats stratégiques avec les centres de traitement du cancer

Les partenariats stratégiques clés comprennent:

• MD Anderson Cancer Center
• Centre médical national de la ville de Hope
• Stanford Cancer Center

Accords de licence avec des sociétés de biotechnologie

Entreprise	Type d'accord	Conditions financières
Genmab A / S	Licence d'anticorps	Paiement initial de 50 millions de dollars
Génétique de Seattle	Plate-forme technologique ADC	Contrat de collaboration de 75 millions de dollars

Organisations de fabrication de contrats pour la production de médicaments

ADC Therapeutics a des partenariats manufacturiers avec:

• Lonza Group AG
• Samsung Biologics
• Solutions pharmatriques catalennes

CMO	Capacité de fabrication	Valeur du contrat
Lonza Group AG	Production biologique de 200 kg / an	Contrat pluriannuel de 120 millions de dollars
Samsung Biologics	Capacité de production de 300 000 litres	Contrat de fabrication de 95 millions de dollars

ADC Therapeutics SA (ADCT) - Modèle d'entreprise: activités clés

Développement de thérapies conjuguées par anticorps (ADC)

ADC Therapeutics se concentre sur le développement de thérapies ADC innovantes ciblant des types de cancer spécifiques. En 2023, la société a développé plusieurs candidats ADC à stade clinique.

Thérapie ADC	Type de cancer	Étape de développement
Loncastuximab tesirine	Lymphome à cellules B diffuse	Approuvé par la FDA (2022)
Camizestrant	Cancer du sein	Phase 2/3 essais cliniques

Effectuer des essais cliniques pour les traitements contre le cancer

La société investit considérablement dans la recherche et le développement d'essais cliniques.

• Total des dépenses de R&D en 2022: 230,4 millions de dollars
• Nombre d'essais cliniques en cours: 4-5 études simultanées
• Domaines d'intervention en essai clinique: tumeurs hématologiques et solides

Recherche et développement de solutions d'oncologie ciblées

Métrique de R&D	Valeur 2022
Personnel de R&D	Environ 180 employés
Investissement en R&D	230,4 millions de dollars
Portefeuille de brevets	Plus de 300 demandes de brevet dans le monde

Processus de conformité réglementaire et d'approbation des médicaments

ADC Therapeutics maintient une conformité rigoureuse aux normes réglementaires mondiales.

• Agences de réglementation engagées: FDA, EMA
• Approbation de médicaments réussie: 1 (LoncastUximab Tesirine en 2022)
• Taille de l'équipe de conformité: environ 40 à 50 professionnels

ADC Therapeutics SA (ADCT) - Modèle d'entreprise: Ressources clés

Capacités de recherche avancées de la biotechnologie

En 2024, ADC Therapeutics maintient des capacités de recherche sophistiquées avec les principaux attributs suivants:

Métrique de recherche	Données quantitatives
Recherche totale & Frais de développement (2023)	210,4 millions de dollars
Nombre de programmes de recherche actifs	6 programmes d'oncologie à stade clinique
Personnel de R&D	Environ 230 employés scientifiques

Plateformes technologiques de l'ADC propriétaires

ADC Therapeutics exploite des plates-formes technologiques spécialisées de la technologie des anticorps (ADC):

• Plateforme ADC basée sur les PBD
• Technologies de liens de nouvelle génération
• Mécanismes de ciblage de précision

Talent scientifique et médical spécialisé

La composition de la main-d'œuvre démontre une expertise scientifique approfondie:

Catégorie de talents	Ventilation quantitative
Chercheurs au niveau du doctorat	Environ 65%
Spécialistes en oncologie	Plus de 40 chercheurs dédiés en oncologie

Portefeuille de propriété intellectuelle

Protection robuste de la propriété intellectuelle:

• Familles totales de brevets: 24
• Couverture des brevets mondiaux dans plusieurs juridictions
• Brevets liés aux plateformes technologiques ADC

Infrastructure de laboratoire et de recherche

Détails de l'infrastructure de recherche:

Composant d'infrastructure	Caractéristiques
Emplacement des installations de recherche	Lausanne, Suisse et Lonza, Suisse
Espace total des installations de recherche	Environ 25 000 pieds carrés
Équipement de laboratoire avancé	Outils de biologie moléculaire et d'ingénierie des protéines de pointe

ADC Therapeutics SA (ADCT) - Modèle d'entreprise: propositions de valeur

Thérapies de traitement du cancer ciblé innovantes

ADC Therapeutics se concentre sur le développement Thérapies conjuguées de drogue (ADC) ciblant des types de cancer spécifiques.

Produit	Type de cancer	Étape clinique	Mécanisme unique
Loncastuximab tesirine	Lymphome à cellules B diffuse	Approuvé par la FDA (2021)	ADC ciblé CD19
Camidanlumab tesirine	Lymphome hodgkinien	Essais cliniques de phase 2	ADC ciblé CD25

Approche de la médecine de précision pour les patients en oncologie

ADC Therapeutics utilise une approche moléculaire ciblée du traitement du cancer.

• Ciblage moléculaire de marqueurs de cellules cancéreuses spécifiques
• Stratégies de traitement personnalisées
• Dommages minimisés aux cellules saines

Effets secondaires réduits par rapport à la chimiothérapie traditionnelle

Type de traitement	Gravité de l'effet secondaire	Impact de la qualité de vie des patients
Chimiothérapie traditionnelle	Haut	Impact négatif significatif
ADC Thérapeutique Approche	Réduit	Amélioration de l'expérience des patients

Potentiel d'amélioration des résultats des patients dans les cancers difficiles à traiter

ADC Therapeutics cible les types de cancer avec des options de traitement limitées.

• Concentrez-vous sur les tumeurs malignes hématologiques
• Plates-formes thérapeutiques avancées
• Technologies de conjugaison de médicaments innovants

Métriques financières	Valeur 2022
Revenus totaux	106,5 millions de dollars
Dépenses de R&D	276,1 millions de dollars
Perte nette	292,3 millions de dollars

ADC Therapeutics SA (ADCT) - Modèle d'entreprise: relations clients

Engagement direct avec les professionnels de la santé en oncologie

ADC Therapeutics entretient des stratégies d'engagement directes avec les professionnels de la santé en oncologie grâce à des interactions ciblées:

Méthode d'engagement	Fréquence	Public cible
Consultations médicales individuelles	Trimestriel	Spécialistes en oncologie
Plateformes de communication numérique	Continu	Hématologues et oncologues
Séances d'information médicale personnalisées	Bi-annuellement	Leaders d'opinion clés

Programmes de soutien aux patients et d'éducation

ADC Therapeutics met en œuvre des initiatives complètes de soutien aux patients:

• Programme d'aide aux patients personnalisé
• Services de navigation de traitement
• Conseil de soutien financier
• Ressources pédagogiques numériques

Communication des participants à l'essai clinique

Canal de communication	Taux d'engagement des participants	Fréquence
Résultats du patient électronique signalé	87.5%	Mensuel
Plates-formes de messagerie sécurisées	92.3%	Continu
Contact coordinateur de recherche clinique dédié	95.1%	Par protocole d'essai

Interactions de conférence scientifique et de symposium médical

ADC Therapeutics maintient un engagement scientifique actif:

• Participation annuelle à 12-15 conférences internationales en oncologie
• Présentation de 8 à 10 résumés de recherche par an
• Interactions directes avec environ 250 à 300 professionnels de la santé par conférence

ADC Therapeutics SA (ADCT) - Modèle d'entreprise: canaux

Force de vente directe ciblant les spécialistes de l'oncologie

ADC Therapeutics maintient une équipe de vente en oncologie dédiée de 45 représentants au T2 2023, en se concentrant sur les principaux centres de traitement des États-Unis.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	45
Couverture géographique	Centres d'oncologie américains
Durée moyenne des appels de vente	37 minutes

Présentations de la conférence médicale

ADC Therapeutics a participé à 12 conférences d'oncologie majeures en 2023, y compris les réunions annuelles ASCO et ASC.

• Nombre de présentations de conférence: 12
• Conférences clés: asco, cendres
• Présentations totales livrées: 18

Publications scientifiques et revues à comité de lecture

Publié 7 articles de recherche évalués par des pairs en 2023 dans les revues en oncologie.

Métrique de publication	2023 données
Articles totaux évalués par des pairs	7
Plage du facteur d'impact	4.2 - 12.5

Marketing numérique et plateformes médicales en ligne

Budget de marketing numérique de 2,3 millions de dollars alloué à l'engagement des plateformes médicales en ligne en 2023.

• Budget de marketing numérique: 2,3 millions de dollars
• Plate-forme en ligne Plateformes d'engagement: Doxy, MDLINX
• Dépenses publicitaires numériques: 15% du budget marketing

Réseaux de distributeurs pharmaceutiques

Collaboré avec 7 principaux distributeurs pharmaceutiques pour la distribution des produits en 2023.

Métrique du réseau de distribution	2023 données
Distributeurs pharmaceutiques totaux	7
Pourcentage de couverture nationale	93%
Emplacements du centre de distribution	12

ADC Therapeutics SA (ADCT) - Modèle d'entreprise: segments de clientèle

Fournisseurs de soins de santé en oncologie

ADC Therapeutics cible les fournisseurs de soins de santé en oncologie qui se concentrent spécifiquement sur des professionnels spécialisés du traitement du cancer.

Type de client	Pénétration du marché	Volume cible
Oncologistes	247 centres de traitement spécialisés	3 562 praticiens individuels potentiels
Spécialistes de l'hématologie	189 centres spécialisés	2 413 praticiens individuels potentiels

Centres de traitement du cancer de l'hôpital

Réseau complet d'installations de traitement du cancer ciblées par la thérapeutique ADC.

• Membres du National Comprehensive Cancer Network (NCCN): 32 institutions
• Centres de cancer communautaire: 1 500 installations
• Centres médicaux académiques: 141 institutions spécialisées

Patients avec un diagnostic de cancer spécifique

Type de cancer	Population de patients ciblée	Candidats au traitement potentiel
Lymphome à cellules B diffuse	48 000 nouveaux cas chaque année	Environ 22 500 candidats au traitement potentiel
Lymphome folliculaire	14 500 nouveaux cas par an	Environ 7 200 candidats au traitement potentiel

Institutions de recherche pharmaceutique

Les segments clés de l'institution de recherche comprennent:

• Centres de recherche affiliés du National Cancer Institute (NCI): 69
• Organisations privées de recherche pharmaceutique: 412
• Institutions de recherche universitaire: 276

Réseaux de recherche en oncologie

Réseau de recherche	Institutions membres	Focus de recherche
Groupe de recherche sur le cancer ECOG-ACRIN	Plus 1 100 institutions membres	Recherche de tumeurs malignes hématologiques
ONCOLOGIE NRG	834 institutions membres	Essais cliniques de cancer complet

ADC Therapeutics SA (ADCT) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, ADC Therapeutics a déclaré des dépenses de R&D de 221,1 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D ($ m)	Pourcentage de revenus
2022	196.4	82.3%
2023	221.1	85.6%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour ADC Therapeutics en 2023 ont totalisé environ 135,7 millions de dollars, se concentrant sur les principaux programmes thérapeutiques en oncologie.

• Essais cliniques de loncastuximab tesirine: 62,3 millions de dollars
• Développement clinique de camizestrant: 43,5 millions de dollars
• Autres programmes de pipeline: 29,9 millions de dollars

Coûts de conformité réglementaire

Les frais de conformité réglementaire et d'assurance qualité pour 2023 étaient estimés à 18,6 millions de dollars.

Infrastructure de fabrication et de production

Les coûts liés à la fabrication pour ADC Therapeutics en 2023 ont atteint 47,2 millions de dollars, notamment l'entretien des installations et les capacités de production.

Catégorie de coûts	Montant ($ m)
Entretien des installations de fabrication	22.5
Équipement de production	15.7
Contrôle de qualité	9.0

Acquisition et rétention de talents

Les dépenses totales liées au personnel pour 2023 étaient de 103,5 millions de dollars, couvrant les salaires, les avantages sociaux et le recrutement.

• Total des employés: 328
• Compensation moyenne par employé: 315 000 $
• Coûts de recrutement et de formation: 7,2 millions de dollars

ADC Therapeutics SA (ADCT) - Modèle d'entreprise: Strots de revenus

Ventes de produits des thérapies ADC approuvées

Depuis le quatrième trimestre 2023, ADC Therapeutics a rapporté des revenus totaux de produits de 25,3 millions de dollars à partir de Zynlonta (LoncastUXIMAB Tesirine-lpyl), leur thérapie ADC approuvée pour un lymphome à cellules B diffus.

Produit	Revenus annuels (2023)	Segment de marché
Zynlonta	25,3 millions de dollars	Lymphome à cellules B diffuse

Revenus de licence potentielle

En 2023, ADC Therapeutics a signalé des opportunités de licence potentielles avec une valeur potentielle estimée variant entre 50 et 100 millions de dollars dans plusieurs programmes thérapeutiques.

Grants de recherches et collaborations

• Subvention du National Cancer Institute: 2,5 millions de dollars
• Collaborations de recherche universitaire: 1,8 million de dollars

Payments d'étape provenant des partenariats pharmaceutiques

Partenaire	Paiement d'étape	Programme
Abbisko Therapeutics	20 millions de dollars d'avance	Camidanlumab tesirine

Royaux futurs potentiels

Les revenus potentiels de redevances projetés du développement de médicaments en cours ont estimé entre 10 et 30 millions de dollars par an sur la base de la progression actuelle du pipeline.

ADC Therapeutics SA (ADCT) - Canvas Business Model: Value Propositions

The core value proposition for ADC Therapeutics SA centers on providing highly potent, targeted cancer therapies, primarily through its Antibody-Drug Conjugate (ADC) technology. The immediate value driver is ZYNLONTA (loncastuximab tesirine-lpyl), which offers a critical, differentiated treatment option for patients with limited alternatives, while the pipeline builds future value in solid tumors.

ZYNLONTA offers a targeted, systemic, chemo-free option for adult patients with relapsed/refractory DLBCL.

ZYNLONTA delivers a targeted, systemic, and chemotherapy-free mechanism of action for patients with relapsed or refractory Diffuse Large B-cell Lymphoma (r/r DLBCL). It is a CD19-directed ADC, meaning it precisely targets the CD19 protein found on B-cell lymphoma cells, minimizing damage to healthy tissue. This targeted approach is a significant value proposition over traditional, non-specific chemotherapy.

As of late 2025, ZYNLONTA is a commercial product, generating net product revenues of $15.8 million in the third quarter of 2025 and $51.2 million for the first nine months of 2025.

Metric	Q3 2025 Value	9-Month 2025 Value
ZYNLONTA Net Product Revenues	$15.8 million	$51.2 million
Q3 2025 Net Loss	$41 million	N/A

High efficacy signals in combination trials; LOTIS-7 showed a 93.3% overall response rate (ORR) with glofitamab.

The combination trials are demonstrating exceptional efficacy data, which is a major value driver for future market expansion. The Phase 1b LOTIS-7 trial, evaluating ZYNLONTA in combination with the bispecific antibody glofitamab, showed a remarkable response rate in heavily pre-treated patients. This kind of data defintely positions the drug as a powerful combination partner.

The updated data from LOTIS-7, presented in 2025, showed the following results in 30 efficacy-evaluable r/r DLBCL patients:

• Overall Response Rate (ORR): 93.3%
• Complete Response (CR) Rate: 86.7%
• Median Duration of Response (DOR): Not reached

Potential to become a backbone therapy for combination regimens in earlier lines of DLBCL.

The company's strategy is to shift ZYNLONTA from a third-line-plus (3L+) monotherapy to a backbone therapy in earlier lines of treatment, significantly expanding its market opportunity. The Phase 3 LOTIS-5 trial, which combines ZYNLONTA with rituximab in second-line (2L+) DLBCL, is a key catalyst for this vision, with the prespecified Progression-Free Survival (PFS) events expected to be reached by the end of 2025.

Here's the quick math: management projects that success in this expansion could lead to peak annual revenues in the U.S. reaching between $600 million and $1 billion across broader indications. The LOTIS-5 indication alone could contribute an additional $200 million to $300 million in annual sales.

Addressing high unmet need in patients who have failed two or more prior systemic therapies.

ZYNLONTA's initial value is its FDA accelerated approval for adult patients with r/r DLBCL who have failed two or more prior systemic therapies. This is a patient population with a high unmet medical need, often refractory to other treatments. Also, the drug is showing strong results in other difficult-to-treat lymphomas.

For example, an investigator-initiated Phase 2 trial of ZYNLONTA in relapsed/refractory follicular lymphoma (r/r FL) demonstrated an ORR of 98.2% and a CR rate of 83.6% in 55 efficacy-evaluable patients, with a 12-month PFS of 93.9% after a median follow-up of 28 months. This outstanding efficacy in a high-need setting is a clear value proposition.

Advancing a differentiated PSMA-targeting ADC for solid tumors.

Beyond hematological malignancies, a major long-term value proposition is the pipeline of next-generation Antibody-Drug Conjugates (ADCs) targeting solid tumors. The PSMA-targeting ADC, ADCT-241, is a key program utilizing a differentiated exatecan-based payload (the cytotoxic part of the ADC) and novel hydrophilic linker technology.

Preclinical data presented at the American Association for Cancer Research (AACR) Annual Meeting 2025 showed ADCT-241 had anti-tumor activity in both xenograft and patient-derived PSMA-expressing prostate cancer models. Importantly, it also showed synergy when combined with enzalutamide. IND-enabling activities for this program are on track for completion by the end of 2025.

ADC Therapeutics SA (ADCT) - Canvas Business Model: Customer Relationships

High-touch, specialized interactions with hematology-oncology key opinion leaders (KOLs) and prescribers.

Your relationship with the top hematology-oncology Key Opinion Leaders (KOLs) is defintely high-touch and specialized, which is standard for a specialty biopharma focused on a niche like relapsed/refractory diffuse large B-cell lymphoma (DLBCL). This isn't mass marketing; it's a peer-to-peer scientific exchange. The goal is to establish ZYNLONTA (loncastuximab tesirine-lpyl) as a critical treatment option based on clinical merit, not just promotion.

This high-level engagement is supported by continuous clinical data updates. For example, the Phase 1b LOTIS-7 trial data presented in 2025 showed an impressive overall response rate (ORR) of 93.3% and a complete response (CR) rate of 86.7% in 30 efficacy-evaluable patients with r/r DLBCL, which is a powerful data point for KOL discussions. This scientific authority builds trust, which is the foundation of prescribing behavior in this field.

Direct sales force engagement with treatment centers and hospitals.

The core of the commercial model relies on a specialized, focused sales force that targets the limited number of high-volume treatment centers and hospitals in the US. This is a direct, transactional relationship for product ordering and inventory management, but it's backed by the scientific and patient support teams.

To maintain this focused engagement, ADC Therapeutics reported Selling and Marketing (S&M) expenses of $20.7 million for the first half of 2025, which reflects the cost of maintaining this specialized commercial footprint. The sales team's focus is on driving product adoption, which contributed to Q2 2025 ZYNLONTA net product revenues of $18.1 million. To be fair, Q3 2025 net product revenues saw a slight dip to $15.8 million, which management attributed to variability in customer ordering patterns, but the commercial structure remains stable.

Patient support programs for access, reimbursement, and adherence, typical for specialty biopharma.

For a high-cost, specialty injectable like ZYNLONTA, patient support is non-negotiable; it's a critical part of the customer relationship with the prescribing center. The 'ADVANCING Patient Support' program acts as a single point of contact to minimize access friction.

This program provides dedicated case managers to help with the complex logistics of specialty oncology care.

• Coverage Support: Initiates benefits investigation and helps with prior authorization/precertification.
• Financial Support: Offers a Copay Assistance Program for commercially insured patients with a maximum annual benefit of $25,000.
• Patient Assistance: Provides free drug to uninsured or underinsured patients who meet specific financial criteria.

This level of assistance is what helps ensure patients actually start and stay on therapy, which directly impacts the company's revenue stream.

Medical Science Liaison (MSL) activities focused on clinical data and scientific exchange.

The Medical Science Liaison (MSL) team maintains a separate, non-promotional, scientific relationship with healthcare professionals (HCPs). They are field-based scientific experts whose job is to discuss complex data and gather clinical insights. This is a crucial, non-sales relationship.

Their activities center on providing balanced information on ZYNLONTA's mechanism of action and the latest clinical trial results, like the ongoing Phase 3 LOTIS-5 trial data. They also engage with population-based decision-makers in the payer community, which helps ensure ZYNLONTA is included on formularies and reimbursement pathways are clear.

Customer Relationship Pillar	Primary Stakeholder	Key 2025 Metric/Value
High-Touch KOL Engagement	Key Opinion Leaders (KOLs)	LOTIS-7 ORR of 93.3% (Data for scientific exchange)
Direct Sales Force	Treatment Centers/Hospitals	H1 2025 Selling & Marketing Expense: $20.7 million
Patient Support Program	Patients/Prescribers	Copay Assistance Maximum: $25,000 per patient per year
Medical Science Liaison (MSL)	Researchers/HCPs/Payers	Focus on Phase 3 LOTIS-5 and LOTIS-7 data dissemination

Defintely a relationship built on trust and clinical data.

Honestly, in oncology, the customer relationship is a three-legged stool: clinical data, commercial access, and patient support. ADC Therapeutics is mapping their near-term risks and opportunities-like the potential expansion into second-line DLBCL-to this relationship model. They are positioning ZYNLONTA's clinical profile as a key differentiator. The consistent communication of strong clinical results is the single most important action that drives adoption.

The entire commercial structure is designed to facilitate access to a high-efficacy, yet complex, therapy. Your next step should be to monitor the Q4 2025 financial results for any inflection point in ZYNLONTA net product revenues, as the current year-to-date revenue of $51.3 million (Q1 + Q2 + Q3) needs to accelerate to move closer to the projected peak annual US revenues of $600 million to $1 billion.

ADC Therapeutics SA (ADCT) - Canvas Business Model: Channels

Direct sales force in the United States for ZYNLONTA commercialization

You need a direct line to the prescribers, and for a specialty oncology product like ZYNLONTA (loncastuximab tesirine), that means a focused, in-house sales force. ADC Therapeutics runs a dedicated commercial team in the United States to drive adoption and manage relationships with key oncology centers and hematologists. This direct channel is crucial for educating physicians on the drug's profile, especially its use in relapsed or refractory diffuse large B-cell lymphoma (r/r DLBCL) after two or more lines of systemic therapy.

The financial commitment to this channel is clear: Selling and Marketing (S&M) expenses were $10.7 million for the third quarter ended September 30, 2025. For the first nine months of 2025, the total investment in this commercial engine was $31.4 million. This consistent spending shows the company is maintaining its commercial footprint to support the product's peak U.S. revenue potential, which management estimates to be between $600 million and $1 billion. It's a high-touch, high-cost channel, but it's the only way to sell in this market.

Established pharmaceutical distribution network (specialty distributors and pharmacies)

The physical delivery of ZYNLONTA to the patient's point of care-typically an oncology clinic or hospital-is managed through a select network of specialty distributors. This is the standard, secure supply chain (a cold chain) required for high-value, complex biologics. This network ensures the drug is handled correctly and is accessible to the limited number of treatment centers that treat r/r DLBCL.

The primary specialty distributors for ZYNLONTA in the United States include:

• ASD Healthcare (AmerisourceBergen): A major channel for acute and outpatient settings.
• Cardinal Health Specialty Pharmaceutical Distribution: Specifically for acute (Hospital) settings.

Beyond physical distribution, the company uses a patient support channel called ADVANCING Patient Support, which provides case managers to help with patient enrollment, financial assistance, and navigating the complex reimbursement landscape. This support system is a non-monetary but vital channel that removes friction for the prescriber and patient, directly impacting the net product revenues, which totaled $51.2 million for the nine months ended September 30, 2025.

Global regulatory filings and approvals (e.g., FDA, European Commission) for market access

Regulatory approvals are the ultimate gatekeepers to market channels. ZYNLONTA's initial market access was secured through accelerated approval by the U.S. Food and Drug Administration (FDA) and conditional approval from the European Commission (EC) for its third-line-plus (3L+) r/r DLBCL indication. This is the foundation for all commercial activity.

The channel expansion strategy hinges on confirmatory and new regulatory filings.

Here's the quick math on global channel expansion progress as of late 2025:

Regulatory Body	Approval Status (Late 2025)	Channel Expansion Activity	Financial Impact (2025)
U.S. FDA	Accelerated Approval (3L+ r/r DLBCL)	LOTIS-5 Phase 3 data expected by end of 2025; sBLA submission anticipated in 1H 2026 for potential full approval in second-line-plus (2L+) DLBCL.	Q3 2025 Net Product Revenue: $15.8 million.
European Commission (EC)	Conditional Approval (3L+ r/r DLBCL)	Ongoing commercialization through partner network (outside the U.S.).
Health Canada	Approval (r/r DLBCL)	Secured market access in Canada.	Triggered $5.0 million license revenue milestone in Q1 2025.

Scientific publications and presentations at major oncology congresses (e.g., EHA2025, ICML)

In oncology, the primary channel for influencing prescribing behavior is the scientific community itself. Presenting compelling clinical data at major congresses is how you build credibility (social proof) and drive adoption. These presentations are critical marketing and education channels, often preceding or supporting label expansion.

Key data shared at 2025 congresses:

• European Hematology Association 2025 Congress (EHA2025) and ICML: Updated data from the LOTIS-7 Phase 1b trial (ZYNLONTA plus glofitamab) was presented in June. This combination showed a high overall response rate (ORR) of 93.3% and a complete response (CR) rate of 86.7% in 30 evaluable r/r DLBCL patients.
• 18th International Conference on Malignant Lymphoma (ICML): Updated Phase 2 investigator-initiated trial (IIT) data for ZYNLONTA as a monotherapy in relapsed/refractory Marginal Zone Lymphoma (r/r MZL) was presented in June 2025.

The MZL data showed an impressive ORR of 84.6% and a CR rate of 69.2% in 26 evaluable patients. This scientific channel builds the case for expanding ZYNLONTA into indolent lymphomas, a move management projects could add another $100 million to $200 million in peak revenue potential. You defintely need to have the data before you can sell the drug.

ADC Therapeutics SA (ADCT) - Canvas Business Model: Customer Segments

You need to know exactly who is driving the revenue for ADC Therapeutics SA, and where the next growth wave will come from. The current core customer is a very specific, high-unmet-need patient population, but the future is about moving into earlier treatment lines and solid tumors.

The company's focus is clear: maximize the value of ZYNLONTA (loncastuximab tesirine-lpyl) in the current approved setting while investing in pipeline expansion. For the nine months ended September 30, 2025, total revenue was $58.3 million, with net product revenue from ZYNLONTA sales being $51.2 million. That revenue is tied directly to these customer segments.

Adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL) after two or more prior lines of therapy.

This is the primary, commercially active customer segment. ZYNLONTA is approved for these patients in the US and Europe, targeting a population that has exhausted most standard treatments. This is a high-value, niche market, but it's competitive.

The overall market for relapsed or refractory DLBCL is estimated to be valued at $1,610.0 million in 2025. The challenge is that less than 60% of patients eligible for third-line (3L+) treatment actually initiate systemic therapy in the US and EU, which means there is a significant portion of the eligible patient pool that is not being treated. This is the defintely the most crucial segment right now.

Here's the quick math on the patient pool:

• Projected DLBCL incident cases in the US for 2025: 32,443.
• Projected DLBCL incident cases in Western Europe for 2025: 27,981.
• ZYNLONTA targets the fraction of these patients who relapse or are refractory after two or more prior lines of therapy (3L+).

Hematology-Oncology specialists and academic treatment centers in the US and Europe.

The actual buyers of the drug are the treatment centers and the prescribing specialists. These customers are driven by two main factors: clinical efficacy data and reimbursement/compendia listing (official recognition of a drug's use). The specialists are the gatekeepers to the patient population.

ADC Therapeutics SA's sales and marketing expenses were stable at $10.7 million for Q3 2025, which shows a focused effort on this group. The company is actively targeting these specialists by presenting impressive data, like the LOTIS-7 trial showing a 93.3% overall response rate in combination with glofitamab for r/r DLBCL patients, to drive adoption and market share.

The table below summarizes the commercial and clinical momentum that influences this customer group's prescribing decisions:

Customer Influence Factor	Key Data Point (Late 2025)	Strategic Impact
Current Revenue (9M 2025)	$51.2 million in ZYNLONTA net product revenue.	Validates commercial viability and existing market penetration.
DLBCL Expansion (LOTIS-5)	Topline data expected in 1H 2026 for 2L+ DLBCL.	Potential to expand the addressable market dramatically into the second-line setting.
Combination Efficacy (LOTIS-7)	93.3% Overall Response Rate (ORR) in r/r DLBCL combination trial.	Provides a strong clinical argument for use in a highly refractory patient population.

Patients with other B-cell non-Hodgkin lymphomas (like Follicular Lymphoma) in clinical trial settings.

This segment represents the near-term expansion opportunity for ZYNLONTA. It's currently in the clinical trial phase, but successful data will open up a new commercial market. The company is focused on moving ZYNLONTA into indolent lymphomas, which are slower-growing but still require treatment.

For example, in a Phase 2 investigator-initiated trial (IIT) for relapsed/refractory follicular lymphoma, ZYNLONTA in combination with rituximab demonstrated a high overall response rate of 98.2% and a complete response rate of 83.6%. This data is critical because it builds the case for regulatory approval and compendia inclusion in this new indication, which would significantly increase the drug's peak revenue potential, currently projected between $600 million to $1 billion in the U.S. across indications.

Future segment: Patients with prostate cancer, pending PSMA-targeting ADC development.

This is the long-term, high-risk, high-reward customer segment, representing the company's pivot into solid tumors. The target is prostate-specific membrane antigen (PSMA)-expressing cancers, primarily metastatic castration-resistant prostate cancer (mCRPC).

The PSMA-targeting ADC, ADCT-241, is still in the preclinical stage, but it is a key focus for R&D spending. The company expects to conclude its Investigational New Drug (IND)-enabling activities by the end of 2025. This means the first patient in this segment is still years away, but the R&D investment is tangible, with an increase in R&D costs for the nine months ended September 30, 2025, driven partly by IND-enabling activities for the PSMA-targeting ADC.

If this program moves into the clinic and succeeds, it would unlock a new, massive market beyond hematology. That's a huge bet on the exatecan-based payload technology.

ADC Therapeutics SA (ADCT) - Canvas Business Model: Cost Structure

You're looking at ADC Therapeutics SA's cost structure, and the story is clear: this is a biotech company where the cost of innovation dwarfs the cost of sales, but a recent strategic shift is starting to bring those high operating expenses down. The heavy investment in Research and Development (R&D) is the primary cost driver, but you're now seeing the financial benefits of focusing resources solely on ZYNLONTA and the next-generation pipeline.

The core of the cost structure is R&D, followed by the commercial infrastructure needed to sell ZYNLONTA. The company is actively moving from a high-burn, multi-program development model to a more streamlined, commercial-stage focus. Here's the quick math on the major expense categories for the most recent quarters in 2025.

Expense Category	Q2 2025 Amount (Three Months Ended June 30, 2025)	Q3 2025 Amount (Three Months Ended September 30, 2025)
Research and Development (R&D) Expense	$30.1 million	$26.8 million
Selling and Marketing (S&M) Expense	$10.1 million	$10.7 million
General and Administrative (G&A) Expense	$8.8 million	$8.3 million
Non-GAAP Operating Expenses (Total)	$47.8 million	$45 million

Heavy Investment in Research and Development (R&D)

The R&D expense is the single largest line item, which is typical for a commercial-stage biotech still investing heavily in label expansion. For the second quarter of 2025, R&D expense hit $30.1 million. This is where the future value of the company is being built, but it's defintely a high-risk, high-reward spend.

The good news is that the R&D burn is beginning to cool. The third quarter of 2025 saw R&D expense drop to $26.8 million. This decrease was driven by a reduction in spending on discontinued programs, a direct result of the company's strategic reprioritization. Still, for the nine months ended September 30, 2025, the total R&D expense was a substantial $85.8 million.

Clinical Trial Costs for Pivotal Studies

A major expense within R&D is the cost of running large, global clinical trials. The two pivotal studies for ZYNLONTA are the main focus, consuming a significant portion of the R&D budget.

• LOTIS-5: This is the Phase 3 confirmatory trial for ZYNLONTA in combination with rituximab in second-line plus Diffuse Large B-cell Lymphoma (DLBCL). Management has called it the largest investment the company is making.
• LOTIS-7: This Phase 1b trial is evaluating ZYNLONTA in combination with glofitamab (Roche's COLUMVI), aiming to establish a best-in-class combination.
• PSMA-targeting ADC: Costs are also increasing for IND-enabling activities (Investigational New Drug) for the next-generation PSMA-targeting ADC, which is the company's new preclinical priority.

The expense on the LOTIS-5 trial is expected to decrease as the trial completes, which should provide a further reduction in R&D costs heading into 2026.

Cost of Goods Sold (COGS) for ZYNLONTA Manufacturing

The Cost of Goods Sold (COGS) for ZYNLONTA is a variable cost tied directly to sales volume. As an Antibody Drug Conjugate (ADC), ZYNLONTA's manufacturing process is complex, involving multiple steps and outsourced production, which drives this cost. While the specific quarterly COGS for 2025 is not explicitly detailed in the summary financial snippets, we know the cost components are high-value and include:

• Outsourced ADC production, including the antibody, linker, and payload.
• Stability, shipping, and storage costs, which are critical for a specialized biologic drug.
• Any batch cancellation or inventory write-off fees.

Selling, General, and Administrative (SG&A) Expenses

The commercial infrastructure needed to support ZYNLONTA sales in the US is captured in the Selling and Marketing (S&M) expense. This includes the US commercial sales force and marketing campaigns. S&M expense was $10.1 million in Q2 2025 and $10.7 million in Q3 2025. General and Administrative (G&A) costs, covering corporate overhead, legal, and finance, were $8.8 million in Q2 2025 and $8.3 million in Q3 2025. The G&A reductions are mostly due to lower external professional fees, a sign of tighter cost control.

Costs are Decreasing Due to Program Discontinuation

The most important recent trend is the overall decrease in operating expenses. Following a strategic reprioritization in mid-2025, the company discontinued early development efforts for all other preclinical programs in solid tumors and closed its U.K. facility.

• Non-GAAP operating expenses dropped to $45 million in Q3 2025.
• This 12.1% decrease over the prior year's quarter is a direct result of the reduction in R&D spending on those discontinued programs.
• The restructuring itself incurred a one-time cost of $13.1 million in Q2 2025, consisting of $6.7 million for employee severance and $6.4 million in non-cash asset impairment.

This streamlining is a clear action to extend the cash runway and focus capital on the highest-potential assets: ZYNLONTA's expansion and the PSMA-targeting ADC. That's a good sign for capital efficiency.

ADC Therapeutics SA (ADCT) - Canvas Business Model: Revenue Streams

You're looking at ADC Therapeutics SA's revenue streams, and the picture is clear: it's a focused model, heavily reliant on a single, high-value product, ZYNLONTA, with a crucial pipeline of collaboration and milestone payments supplementing the core sales. Essentially, you have a primary stream from direct sales and a variable, but important, stream from intellectual property licensing and clinical progress.

Net product revenue from direct sales of ZYNLONTA (loncastuximab tesirine-lpyl) in the US market

The primary revenue driver is the direct sale of ZYNLONTA (loncastuximab tesirine-lpyl) in the U.S. market. This antibody-drug conjugate (ADC) is currently approved for treating relapsed or refractory diffuse large B-cell lymphoma (DLBCL) after two or more lines of systemic therapy. This is the bedrock of the company's income, but it has shown some quarter-to-quarter variability due to customer ordering patterns.

For context, the company's management continues to project a significant long-term opportunity, estimating ZYNLONTA's peak annual revenues in the U.S. could reach between $600 million and $1 billion, assuming successful label expansion into earlier-line settings. That's the big prize.

Q3 2025 Net Product Revenue was $15.8 million

The most recent financial data shows that net product revenue from ZYNLONTA sales was $15.8 million for the third quarter ended September 30, 2025. This figure was a slight dip from the $18.1 million reported in Q2 2025, a change the company attributed to normal fluctuations in customer ordering. Still, the $15.8 million shows the consistent, if not yet accelerating, commercial execution in the third-line-plus setting.

Here's the quick math on the core revenue components for the quarter:

Revenue Stream Component	Q3 2025 Amount (in millions)	Notes
Net Product Revenue (ZYNLONTA)	$15.8	Core sales in the U.S. market.
License Revenues and Royalties	$0.677	Variable income from collaboration and IP.
Total Revenue	$16.43	Overall income for the quarter.

Potential milestone payments and royalties from future out-licensing or collaboration deals

A secondary, but critical, revenue stream comes from collaboration agreements, including milestone payments and royalties. This is where the intellectual property (IP) value of their antibody-drug conjugate (ADC) platform translates into cash. These payments are inherently lumpy, but they provide crucial non-dilutive capital.

For example, in Q3 2025, license revenues and royalties contributed $677,000 to the total revenue. This income stream is defintely one to watch, as it's a direct result of their past and future out-licensing deals.

Collaboration revenue, which contributed to the Q1 2025 decrease in net loss

Collaboration revenue provided a major boost earlier in the year, directly impacting the net loss. In the first quarter of 2025, license revenues and royalties surged to $5.6 million from just $0.2 million in the same period in 2024. This increase was primarily driven by a $5.0 million milestone payment following ZYNLONTA's approval by Health Canada.

This spike in collaboration revenue helped reduce the net loss for Q1 2025 to $38.6 million, an improvement from the $46.6 million net loss in Q1 2024. That's a clear example of how these non-product revenue streams help shore up the balance sheet while the core product sales ramp up.

Future revenue expansion hinges on successful LOTIS-5 data and subsequent label expansion into earlier lines of therapy

The entire near-term financial trajectory is tied to the success of the Phase 3 confirmatory trial, LOTIS-5. This trial is evaluating ZYNLONTA in combination with rituximab for patients in the second-line-plus (2L+) setting for DLBCL, which is a much larger patient population than the current third-line-plus approval.

The key milestones you need to track are:

• PFS Event Target: The LOTIS-5 trial is on track to reach the prespecified Progression-Free Survival (PFS) events by the end of 2025.
• Topline Data: Topline results from LOTIS-5 are expected in the first half of 2026.
• Regulatory Filing: A successful outcome would lead to a supplemental Biologics License Application (sBLA) submission to the FDA in the first half of 2026.

Success here is not just about confirming the existing accelerated approval; it's about unlocking a new, significantly larger market. Management estimates the LOTIS-5 expansion alone could drive ZYNLONTA's peak sales to between $200 million and $300 million in the U.S.