olivLaw · European equity research
DBV Technologies DBV.PA
France · Euronext Paris · ISIN FR0010417345 · Vertical: Listed companies from France
DBV Technologies develops Viaskin, an epicutaneous immunotherapy platform for food allergies, based on a patch that delivers proteins through intact skin. The company has no product on the market yet, and its research and development spending in fiscal 2025 was 116.537 million USD, while the competitive landscape is changing significantly.
At the close of 05 Nov 2026, DBV Technologies (DBV.PA) stock was 1.73 EUR (−1.76% on the day), with beta 0.54, 52-week range 1.57–4.27 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.3
- neutral
- Bollinger (20, 2)
- 1.54 – 1.89
- in the upper half of the band · %B 0.55 · band width 20.7%
- SMA 50 / 200
- 1.96 / 2.88
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.1% | −0.6% | −1.5 pp | — |
| 3 months | −28.8% | −4.2% | −24.6 pp | — |
| 6 months | −48.4% | +4.3% | −52.8 pp | — |
| Year to date | −48.7% | +7.5% | −56.2 pp | — |
| 1 year | −33.1% | +9.9% | −43.0 pp | −6.8% |
| 3 years | −11.6% | +49.8% | −61.4 pp | −15.9% |
| 5 years | −67.3% | +42.8% | −110.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 0 | 0 | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -72.7 m | -114.1 m | -147.2 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.76 | -1.18 | -1.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 194.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 168.8 m USD
- Total assets
- 233.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.67x
- ROE
- -150.0%
- ROA
- -98.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 0 | — | esef· 15 Apr 2025verified |
| Research & development | 60.1 m | 89.2 m | 116.5 m | esef· 07 Apr 2026verified |
| Operating income | -76.3 m | -116.5 m | -146.9 m | esef· 07 Apr 2026verified |
| Interest expense | 1.4 m | 1.5 m | 2.6 m | esef· 07 Apr 2026verified |
| Income tax | 7.0 k | 55.0 k | 491.0 k | esef· 07 Apr 2026verified |
| Net income | -72.7 m | -114.1 m | -147.2 m | esef· 07 Apr 2026verified |
| Diluted EPS | -0.76 | -1.18 | -1.05 | esef· 07 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 141.4 m | 32.5 m | 194.2 m | esef· 07 Apr 2026verified |
| Current assets | 158.9 m | 44.4 m | 212.9 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 12.6 m | 11.3 m | 10.4 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 57.0 k | 40.0 k | 22.0 k | esef· 07 Apr 2026verified |
| Total assets | 183.0 m | 65.5 m | 233.4 m | esef· 07 Apr 2026verified |
| Long-term debt | 0 | 0 | — | esef· 15 Apr 2025verified |
| Current liabilities | 37.3 m | 31.1 m | 58.0 m | esef· 07 Apr 2026verified |
| Equity | 140.3 m | 27.4 m | 168.8 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 95.7 m | 96.7 m | 140.1 m | esef· 07 Apr 2026derived |
Cash flow · USD
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -57.3x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 3.7x | 100 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DBV TECHNOLOGIES (DBV.PA). Latest full fiscal year: 2024; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 USD in 2024; ROE -150.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.7x
What contradicts it
- Interest coverage: -57.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
| ABNX.PAAbionyx Pharma | 53.5 m | — | -92.3% | -136.6% | −10.7% | −62% / +19% |
1- and 3-year price returns: for DBV.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
DBV Technologies develops Viaskin, an epicutaneous immunotherapy platform for food allergies, based on a patch that delivers proteins through intact skin. The company has no product on the market yet, and its research and development spending in fiscal 2025 was 116.537 million USD 1, while the competitive landscape is changing significantly.
SWOT
Strengths
- The proprietary technology platform, with an electrospray process that allows precise deposition of proteins without adjuvants, offers a technical advantage that is hard to replicate.
- The patent portfolio is extensive and covers the device, manufacturing methods and therapeutic methods in the main markets.
- The clinical database is substantial, with studies that enrolled a large number of patients in the US and outside the US.
Weaknesses
- The company has no marketed product and therefore no revenue, which depends on clinical success and regulatory approvals.
- Some programmes have been ended or scaled back, such as the cow's milk allergy collaboration, which limits parallel development.
- Reliance on external suppliers for essential raw materials, such as peanuts and patch components, exposes the company to supply risks.
Opportunities
- If the treatment obtained regulatory approval, it could unlock large markets in North America, where most of the demand for peanut allergy treatment lies.
- Extending the technology to other allergies or indications could open new market segments.
- Selective partnerships with entities that have clinical and commercial expertise in other geographies could accelerate development.
Threats
- Competition from large pharmaceutical groups with greater resources could reduce the product's appeal.
- Price pressure and restrictive reimbursement policies could limit the margins of a new product.
- Safety risks, including severe allergic reactions observed in trials, could delay or halt development.
Risks
- Competition in food allergieshigh
The market is competitive and changing quickly, and new treatments or consolidations could reduce the company's position.
- Clinical safety riskshigh
Local reactions and one case of mild to moderate anaphylaxis have been reported, and systemic reactions could occur in the future.
- Supplier dependencemedium
The company relies on third parties for peanuts, patch components and cold storage, and disruptions could affect production.
- Product liabilitymedium
Claims related to products could arise during trials or after a possible approval, and insurance coverage may prove insufficient.
- Dependence on skilled stafflow
Success depends on attracting and retaining scientific and clinical specialists, which can be difficult for a company without a product on the market.
Investment thesis
What would need to be true (bull case)
- If Viaskin Peanut obtained approval, it could open a significant market in North America, where demand for treatments is high.
- The proprietary manufacturing technology and extensive patent portfolio could provide a durable defensive position.
- Palforzia's withdrawal from the market could leave room for a new treatment if the clinical data are favourable.
What would break the thesis
- The company has no product revenue, and clinical development could require additional resources and delays.
- Competition from large groups such as GSK could reduce the appeal of the Viaskin treatment.
- Safety risks and price pressure could limit adoption and the margins of a new product.
What to watch
- Results and timing of Viaskin Peanut clinical programmes2027
- Results of GSK's Phase IIb study of ozureprubart2027
- Withdrawal of Palforzia from the market and effects on the segmentQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
DBV Technologies is a company combining medtech and biotech elements, with the Viaskin patch as its core product, an electrostatic device that delivers allergens through the skin for desensitisation. Its main clinical programmes target peanut and milk allergy, and the main market for peanut allergy is largely in North America 1. The company has no product on the market yet and therefore no product sales revenue, which makes clinical development and any eventual approvals the decisive factors.
Manufacturing technology is central to the model: the electrospray process deposits dry proteins without adjuvant onto the patch backing, and the equipment is designed in-house and qualified to GMP standards 1. Active ingredient production is outsourced, while deposition remains under the company's control, providing command over a process that is hard to replicate.
The patent portfolio covers the device, manufacturing methods and therapeutic methods, some families held jointly with AP-HP and Université Paris Cité and others owned entirely by the company 1. Protection extends over several years, with some families that could expire in the coming years, making the patent extension strategy important for the exclusivity period.
Segments
Viaskin Peanut (peanut allergy)
The company's reference product, with a market largely in North America, sits at the centre of clinical programmes and patent strategy, including a possible patent term extension in the US after a possible FDA approval 1.
Viaskin Milk (milk allergy)
The cow's milk protein allergy programme was developed with Nestlé Health Science, but the collaboration was ended in October 2023, leaving the programme in internal development or awaiting a new partner 1.
Market context
The food allergy treatment market remains competitive and evolving, with no curative treatment and a limited number of approved options for peanut allergy 1. For this reason, any new approval could have significant commercial reach, but also pressure on pricing and reimbursement.
Sector dynamics are shaped by consolidation: Palforzia was transferred to Stallergenes Greer, and RAPT Therapeutics was acquired by GSK, so the market could rearrange depending on the clinical results of the new owners' programmes 1.
Trends
- Lack of a curative treatmenttailwind
The absence of a curative therapy keeps unmet demand high in food allergies, which could support adoption of a new treatment if it demonstrates safety and efficacy.
- Consolidation of competitionheadwind
Acquisitions by large pharmaceutical groups change the competitive balance and could increase the resources available for developing competing treatments.
- Pressure on prices and reimbursementheadwind
Restrictive reimbursement policies and price pressure in healthcare could limit favourable pricing and margins for a new product.
- New treatment classes in allergymixed
The emergence of alternative approaches, such as monoclonal antibodies or immunotherapies with simpler administration, could influence the appeal of the Viaskin solution, but could also expand the market overall.
Competitive position
The main therapeutic option available to a broad allergic population is an antibody treatment that reduces reactions in case of accidental exposure, approved by the FDA in February 2024 1. Competition also includes oral, sublingual and subcutaneous immunotherapy, as well as intranasal approaches or monoclonal antibodies, some of which may offer a more favourable safety profile or simpler administration 1.
The landscape has shifted after the exit of some players and consolidations: Palforzia is due to be withdrawn from the market from July 2026, and GSK's ozureprubart programme, an IgE pathway inhibitor, has a Phase IIb study with results expected in 2027 1. These signals could materially change the company's competitive positioning.
- Stallergenes Greer
Holds Palforzia, an oral immunotherapy for peanut, and has announced its intention to stop marketing it from July 2026, which could shift the balance in the oral desensitisation segment.
- GSKGSK
Through the acquisition of RAPT Therapeutics, holds the ozureprubart programme, an IgE pathway inhibitor with potential impact on food allergy treatments.
- Novartis
Maker of the omalizumab Xolair, approved to reduce reactions to accidental exposure to food allergens, currently the main therapeutic option available.
- Nestlé Health Science
Former partner of the Viaskin Milk programme, which ended the collaboration in 2023, and previous owner of Aimmune Therapeutics.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / DBV Technologies · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.