DBVT // DBV Technologies S.A.

Health Care • Biotechnology: Biological Products (No Diagnostic Substances)

$9.05 ▼ -0.44 (-4.64%)

MKT CAP: $596.7M • VOL: 207.4K

52W L $9 52W H $26

ALTMAN Z

2.37 GREY

PIOTROSKI

3 / 9

DBVT // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

DBVT // DBV Technologies S.A.

GROSS MARGIN

—

OP MARGIN

-60.0%

ROIC %

-35.0%

MKT CAP

$596.7M

UPSTREAM INPUTS ──► DBVT OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
DBVT ★	DBV Technologies S.A.	$9.05	$596.7M	—	-60.0%	-35.0%	—	+35.8%	SUBJECT ISSUER
LLY	Eli Lilly and Company	$1,417.54	$1.33T	83.6%	40.2%	32.4%	36.4x	+45.5%	DBVT VS LLY <GO>
JNJ	Johnson & Johnson	$273.20	$657.68B	67.9%	34.7%	25.5%	18.5x	+6.0%	DBVT VS JNJ <GO>
ABBV	AbbVie Inc.	$294.89	$521.11B	70.2%	24.6%	29.0%	33.3x	+8.6%	DBVT VS ABBV <GO>
MRK	Merck & Company Inc.	$149.52	$368.89B	74.8%	34.3%	20.7%	15.3x	+1.3%	DBVT VS MRK <GO>
UNH	UnitedHealth Group Incorporated	$406.97	$365.29B	88.6%	4.8%	11.5%	16.5x	+6.5%	DBVT VS UNH <GO>