VIASKIN BLA Submission Delayed by a Quarter for Minor Formatting; We Maintain Our Bullish Outlook

Research evidence excerpt

VIASKIN BLA Submission Delayed by a Quarter for Minor Formatting; We Maintain Our Bullish Outlook

June 29, 2026

Valuation

We use a probability-adjusted discounted cash flow analysis to value DBVT shares. We

model cash flows out to 2035 and assume a discount rate of 12% with 0% terminal value.

The estimated equity value is $4.1B, which includes cash. This leads us to a 12-month price

target of $48/share. Our calculation includes estimated cash and shares outstanding at

1Q27.

Risks

DBV Technologies is a clinical-stage company, and investment is subject to risk. These risks

include, but are not limited to:

Clinical trial risk: Clinical development is a risky enterprise that could result in a negative

outcome. Failure to demonstrate statistical and clinical significance or a compelling drug

efficacy/safety profile could lead to rejection of regulatory approval in new or expanded

indications.

Regulatory risk: As with any company the main business of which is drug development

and commercialization, DBV Technologies is subject to the very stringent regulatory

requirements of the FDA and other international regulatory agencies to have its new drugs

or new indications for them, approved. Promotion of its approved drug products is also

stringently regulated by the FDA and related agencies throughout the world. There have

also been several changes at the FDA and leadership views may change.

Commercial/Competitive risk: There are multiple programs commercialized or in

development for food allergies. This could limit adoption of DBV’s products if approved.

In addition, clinicians may be reluctant to change prescribing practices due to personal

clinical experience with other therapies. Also, failure to execute commercially could dilute

DBV’s market potential.