Antibody–drug conjugates (ADCs) have become a key therapeutic modality in oncology, spurred by superior clinical profiles compared to standard-of-care chemotherapy across multiple indications. Consequently, revenue from approved ADCs and those in phase III development is forecasted to reach $26 billion in 2028 (Supplementary Fig. 1).

The authors are employees of The Boston Consulting Group (BCG), a management consultancy that works with the world's leading biopharmaceutical companies. The research for this specific article was funded by BCG's healthcare practice.