On this page of StockholderLetter.com we present the latest annual shareholder letter from DBV Technologies S.A. — ticker symbol DBVT. Reading current and past DBVT letters to shareholders can bring important insights into the investment thesis.
01234567898 4 77 9 4 8 8 45 689 4
012345637346 64809232467154 8 71 48 2662 1 5 8 9 ! "# ) 71107*94+ 93+09607133 64832 1!, 9! $-( 3 464809232464 8 71 4783 ! , % '. / 01' %' -'-5'/'23'%,! 439716 9 232 194+ 93+09607133 64832 1!, 9! $-( 3 464809232464 8 71 4783 % ' % 5'% -.% 2666666666666666 66666666666666 8 22 . 0' 723'% !",88 9 5:;348 1 * 2466 7 $4< / 2' .%' % 5'/ . '- / % '%( 6 ' % '%=7% - / . / %5 % % % > ! 97? -'0 9@5730 A7' , 8 B 00 1 550 / 30' $2 9 6 4250 1'%2-' . / 1 ( $7--%' .5% / 5 0'<'/7 ?' .. /' ( $C 58 -'( 9' % D '0'5 ' 723'% /07- %' / -'E,,! 9F9F 6'/7% ' %' '%'-57% 7 6'/ ! $3( . '7/ G 3 0' .' / /0 3% - 6123 0$ ( 1 2' .' / '</ ' H / %' '%'72'% / 5'5 %16 %' ' / %'5%' ' . ?' %- %1 %' 2 0? 07'I ! 5'% 5:;3 3 '1 - A6 /& %&' **8 %- %1 %' 2 0? 07'I ! 5'% %'J K 3 '1 - A6 /& %&' **8 L MNOPNQOQRSTUVWXYONUZ[TU\NUU]\OTNU^TO_O_]Q]VT OQROTNUNPO_]ab]QT\RUc]dN`TORQ[e_RQ]`f e]\YQTOT]`Q]VT O]Q]SdYQ`YRUOON`]\OTNUghiVjNPO_]a\OkMNU]f lUST\RO]X[\_]\mbRQmTPO_]Q]VT OQRUOT R^]ZZnmUN^U`]R`NU]ST `Y]QWR`S]PTU]STUoYZ]pqrNPO_]e]\YQTOT]`a\Of st]`) MN lUST\RO]X[\_]\mbRQmTPO_]Q]VT OQRUOT UNOQ]uYTQ]SONPPTZ]Q]dNQO dYQ`YRUOONe]\OTNUgvNQe]\OTNUgriSjNPO_]a\Of st]`) MN lUST\RO]X[\_]\mbRQm^_]O_]QO_]Q]VT OQRUOigj_R`PTZ]SRZZQ]dNQO Q]uYTQ]SONX]P PTZ]SX[e]\OTNUgvNQgriSjNPO_]e]\YQTOT]`wx\_RUV]a\ONP gyvpSYQTUVO_]dQ]\]STUVghbNUO_`iNQPNQ`Y\_`_NQO]Qd]QTNSO_ROO_]Q]VT OQRUO^R`Q]uYTQ]SONPPTZ]`Y\_Q]dNQO jWRUSihj_R`X]]U`YXz]\OON`Y\_ PTZTUVQ]uYTQ]b]UO PPNQO_]dR`OyqSR[`f ) t]`sMN lUST\RO]X[\_]\mbRQm^_]O_]QO_]Q]VT OQRUO_R``YXbTOO]S]Z]\OQNUT\RZZ[]{]Q[lUO]QR\OT{]cROR|TZ]Q]uYTQ]SONX]`YXbTOO]SdYQ`YRUOONoY o Z]pqr NPo]VYZROTNUen}i~hvhfpqrNPO_T \_RdO]QjSYQTUVO_]dQ]\]STUVghbNUO_`iNQPNQ`Y\_`_NQO]Qd]QTNSO_ROO_]Q]VT OQRUO^R`Q]uYTQ]SON`YXbTO`Y\_ PTZ]`jf ) t]`sMN lUST\RO]X[\_]\mbRQm^_]O_]QO_]Q]VT OQRUOT RZRQV]R\\]Z]QRO]SPTZ]QWRUR\\]Z]QRO]SPTZ]QWRUNUnR\\]Z]QRO]SPTZ]QWR`bRZZ]QQ]dNQOTUV\NbdRU[WNQ RU]b]QVTUVVQN^O_\NbdRU[fe]]O_]S]PTUTOTNU`NP ZRQV]R\\]Z]QRO]SPTZ]QW R\\]Z]QRO]SPTZ]QW `bRZZ]QQ]dNQOTUV\NbdRU[W RUS ]b]QVTUVVQN^O_ \NbdRU[ TUoYZ]ghXnhNPO_]wx\_RUV]a\Of
01234 16647421849 742 16647421849 742 6647421849 742 17742 24 28 3 6 1 423 3 32 8 6 1 1 4 423 3 32 8 6 1 96184 6 46 12 8 4 243 821 8 1 4746849 8 8 4 8 4 484 949 821 8 42 9 2 6 7 3 8 1 4 2 24! 49 1 617 166 8 3 81 9129 2 !949 2 1 8 8 468 "#$1% 8 4 6 1 34 68& 96184 6 46 12 48 42 8 4 243 821 8 1 749 1 24 28 1 9 1884 818 8 8 1 134 4 8' 1 4 4 8 8 4 4 468!4 4 8 842 17 6 82 7 !42 1 617 24 28 3 942 468 ()($ % 8 4 12 1 4 * 74 68 $"+ ,& &-& ./0/$ %% 8 4 243 84249 76 166 8 3 2 8 18 24 1249 2 49 8 1 98 24 28& 46 284 124 243 84249 2 1 8 8 468 "/$ % 8 4 68 96184 6 46 12 48 42 8 4 1 617 8184 4 8 8 4 243 821 8 67 949 8 4 7 3 247468 8 4 6 22468 1 422 2 8 24! 7 49 1 617 8184 4 8 & 96184 6 46 12 48 42 1 8 4 422 2 6 22468 124 24 8184 4 8 8 18 241 249 1 246 !42 1 17 64 8!4 1 49 6 4 18 2464!49 1 8 4 243 821 8' 446 8!4 642 9 2 3 8 4 2474!1 8 246 !42 42 9 2 1 8 8 2 /()&")3 "$ %& 96184 6 46 12 48 42 8 4 243 821 8 1 477 6 1 $1 94 49 4 74 "/ / 8 4 68%& 54 6 4 133243184 12 48 !17 4 8 4 ! 8 3 1 9 ! 8 3 6 41 8 479 1 7184 1 49 8 4 67 3 264 42 4261 34 812 124 2 3 8 4 243 821 8' 3 6 4 1 911 -1 817 712 48 8 4 #) /)/( $8 4 71 8 4 91 8 4 243 821 8' 8 2464 87 6 74849 46 9 617 1 12842% 1 9:(&/ 77 & 27 ") /)/+ 8 4 243 821 8 19 "#0 ;(: :./ 29 12 124 17 !17 4 <)&") 42 124 8 81 9 3& =>?@ABCDE GC?>HI>HJDB= KL HBMBHBC?B N 28 8 4 243 821 8' 94 8!4 2 8184 4 8 2 N2 8184 4 8 2 8 /)/+ - 49 *29 12 1 9 821 29 12 O4 4217 124 7942 ' 7448 3 6 8 4 243 821 8 84 9 8 74 2 1 8 8 443 718 "( 8 8 4 46 284 1 9 6 1 34 - 8 71842 8 1 "/) 91 1842 8 4 243 821 8' 617 412 4 949 3464 42 #" /)/( 124 6 2 21849 24424 64 8 N128 8 17 44 28 P 2 ") Q& EIB?GJR C>DB HBSJH=GCS M>HTJH= R>>UGCS EDJDBABCDE 6 17 44 28 P 2 ") Q 6 81 2 129 7 3 8184 4 8 6 124 194 2 1 8 8 8 4 14 12 2 2 ! 468 /. 8 4 46 284 68 ";## 1 1 4 949 $8 4 V 46 284 68W% 1 9 468 /" 8 4 46 284 6 1 34 68 ";#( 1 1 4 949 $8 4 V 6 1 34 68W%& 6 4 4 8184 4 8 1 4 94 8 49 6 2 129 7 3 842 7 3 1 V 1 W V 79 W V4 468 W V 84 9 W V 71 W V1 86 184 W V 474!4 W V4 8 184 W V 24968 W V 84 817 W V6 8 4W 2 !1218 8 4 4 29 2 712 4 24 8 18 124 84 949 8 94 8 2 129 7 3 8184 4 8 178 3 8 177 2 129 7 3 8184 4 8 6 81 8 4 4 29 & 2 129 7 3 8184 4 8 ! 7!4 1 9 2 64281 84 1 9 8 42 168 2 8 18 1 61 4 2 168 17 24 78 74!47 168!8 42 2 1 64 2 16 4!4 4 8 8 9 42 1842177 2 1 8 24 24 78 74!47 168!8 42 2 1 64 2 16 4!4 4 8 4 24 49 2 749 6 2 129 7 3 8184 4 8& P 2 129 7 3 8184 4 8 67 94 8184 4 8 8 42 8 1 8184 4 8 8 2617 168 1 8 1 3 8 42 8 3 X Y 2 4 46818 243129 3 8 4 8 3 2 7 47 9 243 718 2 7 3 1 9 1 2 !17 67 9 3 8 24 468 8 2 1 86 1849 24 1 Z 7 36 064 4 7618 2 1 Z0 2 [1 N41 8 8 8 4 ,& & P 9 1 9 32 3 9 8218 2 8 4 P3 \ Y 2 4 46818 8 24 468 8 1 168 1 74 243 718 2 18 1 67 9 3 1 6647421849 2 !17 18 1 2 8 99742 134 " # 412 79 2 [1 N41 8 186 \ Y 8 4 8 3 1 9 1 86 1849 24 78 842168 8 243 718 2 134 64 \ Y 8 4 94 3 818 8 3 2 324 24 78 1 9 664 2 24 67 617 8 94 1 9 67 617 8217 1 9 2 24 4126 1 9 94!47 4 8 2 321 \ Y 8 4 64 6 4 8 3 61 817 24 264 \ Y 2 4 947 1 9 2 8 42 8218436 71 2 2 4 2 9 68 61 99184 1 9 846 7 3 \ Y 2 1 78 8 1 168 24 67 617 1 9 6 42617 74 2 2 9 68 61 99184 1 9 6 7 8 243 718 2 241 24 4 8 2471849 8 8 4 1 168 2 3 2 2 9 68 61 99184 \ Y 2 1 78 8 79 2 174 1 9 12 48 3 61 1 784 2 44 6 771 218!4 128 42 8 6 42617]4 [1 N41 8 1 9^ 2 2 8 42 2 9 68 61 99184 1 2 !49\ Y 8 4 6 42617]18 2 2 9 68 61 99184 1 2 !49\ Y 2 4 46818 243129 3 8 4 84 817 12 48 ]4 1 9 8 4 ]4 8 4 184 8 718 2 [1 N41 8 1 9^ 2 2 8 42 2 9 68 61 99184 1 2 !49 1 9 2 1 78 8 42!4 6 12 48 \ Y 8 4 26 3 1 9 24 2 4 4 8 2 2 9 68 61 99184 1 2 !49\ Y 8 4 2184 1 9 943244 12 48 1664 81 64 [1 N41 8 1 9^ 2 2 8 42 2 9 68 61 99184 1 2 !49 61 184 8 8 29 128 1 2 1 9 8 42 8 4 49617 6 8 \ Y 2 1 78 8 19!1 64 2 9 68 61 99184 8 1 9 664 77 6 7484 67 617 8217 \ Y 8 4 6 4 2 8468 4 124 1 74 8 4 81 7 1 9 1 81 2 8477468 17 2 428 23 8 6 !42 3 2 2 9 68 61 99184 1 9 846 7 3 \ Y 4 8 184 2 4 4 4 8 24 24!4 4 61 817 241 24 4 8 1 9 2 449 2 1998 17 1 6 3\
 • shareholder letter icon 5/15/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/24/2023 DBVT Stockholder Letter
 • stockholder letter icon 4/26/2024 DBVT Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters
 • Benford's Law Stocks icon DBVT Benford's Law Stock Score = 72


DBVT Shareholder/Stockholder Letter Transcript:

01234567898 4    
     77  9 4 8   8 45    689 4 

012345637346
64809232467154 8 71 48   2662 1
           5 8      

9 ! "#


) 71107*94+ 93+09607133 64832 1!, 9! $-( 3 464809232464 8 71 4783 ! , 
 %  '.  / 01' %' -'-5'/'23'%,!     

439716
9 232 194+ 93+09607133 64832 1!, 9! $-( 3 464809232464 8 71 4783
 %  ' %        5'%  -.% 2666666666666666  66666666666666
8 22      . 0' 723'%  !",88 9
5:;348 1 * 2466 7 

$4< /   2' .%'    %      5'/ . '-     /  % '%(

6   ' %   '%=7%  - /     .  / %5 %      % %    >     
! 97? -'0 9@5730 A7'
  ,  8 B  00  
1   550 / 30'
$2 9 6 4250 1'%2-'   . /     1  (
$7--%'   .5%  / 5 0'<'/7  ?' .. /' (
$C 58 -'(
9'    %   D  '0'5   ' 723'%   /07-    %' / -'E,,!    9F9F
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1 2' .' / '?@ABCDE  GC?>HI>HJDB=  KL  HBMBHBC?B
N 28        8 4  243 821 8'   94 8!4   2     8184 4 8    2  N2     8184 4 8    2  8   /)/+  -    49  *29 12   1 9    821 29 12   O4 4217    124  7942 '  
7448 3     6   8 4  243 821 8   84 9   8   74    2  1 8  8   443 718    "(    8   8 4   46 284   1 9    6 1 34  -           8  71842  8 1   "/)  91    1842  8 4  
243 821 8'    617   412  4 949  3464  42  #"   /)/(   124   6 2  21849      24424 64   8   N128          8       17  44  28      P 2   ") Q&
EIB?GJR  C>DB  HBSJH=GCS  M>HTJH=  R>>UGCS  EDJDBABCDE
6       17  44  28      P 2   ") Q  6  81     2 129 7    3   8184 4 8     6   124   194    2  1 8  8   8 4   14   12  2   2 !          468    /.      8 4  
 46 284   68     ";##   1   1 4 949  $8 4  V 46 284   68W%   1 9   468    /"      8 4   46 284     6 1 34  68     ";#(   1   1 4 949  $8 4  V  6 1 34  68W%&  
6 4 4   8184 4 8    1    4  94 8 49        6    2 129 7    3  842   7 3   1   V 1  W  V    79 W  V4 468  W  V 84 9  W  V 71   W  V1 86 184  W  V 474!4  W  
V4 8 184  W  V 24968  W  V  84 817 W  V6  8  4W   2  !1218        8 4 4    29    2    712  4 24       8 18  124   84 949  8   94 8    2 129 7    3  
 8184 4 8    178   3     8  177   2 129 7    3   8184 4 8   6  81   8 4 4    29 &       2 129 7    3   8184 4 8   ! 7!4          1 9           2      
  64281 84   1 9   8 42  168 2   8 18   1   61  4    2  168 17  24  78    74!47      168!8     42 2 1 64   2  16 4!4 4 8   8   9 42   1842177   2    1     8 24  
24  78    74!47      168!8     42 2 1 64   2  16 4!4 4 8   4 24  49   2    749        6    2 129 7    3   8184 4 8&  P 2 129 7    3   8184 4 8    67 94  
 8184 4 8     8 42  8 1    8184 4 8        8 2617  168   1   8   1   3   8 42  8  3 X
Y   2  4 46818     243129 3  8 4  8  3   2  7 47   9     243 718 2   7 3   1 9  1  2 !17     67 9 3   8   24  468  8     2  1 86 1849  24              1  
Z 7 36   064  4    7618      2  1  Z0     2  [1     N41  8  8   8 4  ,& &  P  9  1 9  32 3  9   8218      2  8 4  P3 \
Y   2  4 46818      8   24  468  8   1   168  1 74  243 718 2    18  1     67 9 3  1   6647421849    2 !17   18  1     2  8 99742   134   " #   412   79   2  
[1     N41  8   186 \
Y 8 4  8  3  1 9  1 86 1849  24  78       842168      8   243 718 2   134 64 \
Y 8 4  94 3     818     8  3    2 324     24  78   1 9    664         2   24 67 617   8 94   1 9  67 617  8217    1 9    2  24 4126   1 9  94!47   4 8   2 321  \
Y 8 4     64 6      4  8 3  61 817  24   264 \
Y   2      4      947  1 9    2   8 42   8218436   71     2    2      4      2 9 68  61 99184   1 9  846   7 3 \
Y   2  1 78   8    1  168 24  67 617  1 9  6   42617      74        2   2 9 68  61 99184   1 9  6   7    8   243 718 2   241 24 4 8   2471849  8   8 4  
 1  168 2 3       2   2 9 68  61 99184 \
Y   2  1 78   8     79    2        174   1 9   12 48 3  61 1 784     2   44   6 771  218!4   128 42    8   6   42617]4  [1     N41  8  1 9^ 2    2   8 42   2 9 68  
61 99184      1  2 !49\
Y 8 4  6   42617]18         2   2 9 68  61 99184      1  2 !49\
Y   2  4 46818     243129 3  8 4    84 817   12 48   ]4  1 9  8 4   ]4     8 4   184 8      718      2  [1     N41  8  1 9^ 2    2   8 42   2 9 68  61 99184      
1  2 !49   1 9    2  1 78   8    42!4    6    12 48 \
Y 8 4   26 3  1 9  24   2 4 4 8       2   2 9 68  61 99184      1  2 !49\
Y 8 4  2184  1 9  943244      12 48  1664 81 64     [1     N41  8  1 9^ 2    2   8 42   2 9 68  61 99184      1  2 !49           61      184 8    8 29  128   
 1  2   1 9   8 42      8 4   49617  6     8 \
Y   2  1 78   8   19!1 64   2 9 68  61 99184    8    1 9    664   77   6   7484   67 617  8217 \
Y 8 4   6  4      2 8468     4  124  1 74  8   4 81 7    1 9   1 81    2   8477468 17   2  428   23 8   6 !42 3    2   2 9 68  61 99184   1 9  846   7 3 \
Y 4 8 184        2  4 4  4     8 24  24!4  4    61 817  241 24 4 8   1 9    2   449    2  1998  17   1 6 3\



shareholder letter icon 5/15/2025 Letter Continued (Full PDF)
 

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