DBV Technologies

Reports First Half 2018 Financial Results

Montrouge, France, September 7, 2018

DBV Technologies Reports First Half 2018 Financial Results

DBV Technologies (Euronext: DBV - ISIN: FR0010417345 - Nasdaq Stock Market: DBVT), a clinical-stage biopharmaceutical company, today reported first half 2018 financial results. The interim financial report is available on the Investor Relations section of the Company's website, https://www.dbv-technologies.com/investor-relations/. First half 2018 financial statements were subject to a limited review by the Company's external auditors.

Cash Position: cash and cash equivalents as of June 30, 2018, were €202.2 million, compared to €137.9 million as of December 31, 2017, an increase of €64.4 million. The increase in the cash position is attributable to the increase in the net cash from financing activities pursuant to the Company's March 2018 public offering.

Operating Income: operating income was €7.3 million for the first half 2018 compared to €7.6 million for the prior-year period. In the first half 2018, as well as in the first half 2017, income was primarily generated from the Company's Research Tax Credit (Crédit Impôt Recherche) and by income recognized under the collaboration agreement with Nestlé Health Science.

Research & Development Expenses: research and development expenses decreased by €2.6 million, or 4.9%, to €49.9 million in the first half 2018, compared to €52.5 million in the first half 2017, reflecting the decrease in expenses following the completion of the Phase III and Phase II clinical trials of Viaskin Peanut and Viaskin Milk, respectively, as well as a decrease in manufacturing expenses due to the completion of a new manufacturing machine in the first half 2017. During the first half 2018, the Company continued to increase its R&D activity for both pre-clinical research and clinical development, as well as reinforcing the teams dedicated to R&D.

Sales & Marketing Expenses: sales and marketing expenses were €9.7 million for the first half 2018 compared to €8.5 million for the first half 2017, reflecting an increase of €1.2 million, or 14.1%, compared to the prior-year period. The increase in sales and marketing expenses resulted from an increase in expenses related to the potential commercialization of Viaskin Peanut in North America, if approved, as well as an increase in share-based compensation.