Earnings Release • Jul 28, 2017
Earnings Release
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Press Release Montrouge, France, July 28, 2017
DBV Technologies (Euronext: DBV – ISIN: FR0010417345 - Nasdaq Stock Market: DBVT) today reported first half 2017 financial results. The interim financial report is available on the Investor Relations section of the Company's website, http://www.dbv-technologies.com/en/investorrelations. First half 2017 financial statements were subject to a limited review by the Company's external auditors.
Cash Position: cash and cash equivalents as of June 30, 2017, were €198.7 million, compared to €256.5 million as of December 31, 2016, a decrease of €57.8 million.
Operating Income: operating income was €7.6 million for the first half 2017 compared to €4.8 million for the prior-year period, an increase of 60%. In the first half 2017, income was primarily generated by the Company's Research Tax Credit (Crédit Impôt Recherche) and by income recognized under the May 2016 collaboration agreement with Nestlé Health Science.
Research & Development Expenses: research and development expenses increased by €19.6 million, or 60%, to €52.5 million in the first half 2017, compared to €32.9 million in the first half 2016, reflecting costs associated with the ongoing Phase III and Phase II clinical trials of Viaskin Peanut and Viaskin Milk, respectively, as well as a substantial increase in the number of research and development personnel employed by the Company.
Sales & Marketing Expenses: sales and marketing expenses were €8.5 million for the first half 2017 compared to €5.5 million for the first half 2016, reflecting an increase of €3.0 million, or 56%, compared to the prior-year period. The increase in sales and marketing expenses resulted from an increase in U.S. employee headcount and expenses related to the potential launch and commercialization of Viaskin Peanut in North America.
General & Administrative Expenses: general and administrative expenses increased by €1.9 million, or 12%, to €17.7 million for the first half 2017, compared to €15.8 million for the first half 2016. The increase in general and administrative expenses was primarily attributable to an increase in global employee headcount, costs associated with legal and professional services, NASDAQ-listing expenses, as well as compensation and other personnel expenses. This increase was partially offset by a decrease in insurance expenses following the termination of the 12-month Public Offering of Security Insurance (POSI) policy related to the Company's July 2015 follow-on offering.
Net Loss: net loss was €72.5 million for the first half 2017, compared to €49.4 million for the first half 2016. Loss per share (based on the weighted average number of shares outstanding over the period) was €(2.94) and €(2.03) for the first half 2017 and 2016, respectively.
DBV Technologies is developing Viaskin®, a proprietary technology platform with broad potential applications in immunotherapy. Viaskin is based on epicutaneous immunotherapy, or EPIT®, DBV's method of delivering biologically active compounds to the immune system through intact skin. With this new class of selfadministered and non-invasive product candidates, the company is dedicated to safely transforming the care of food allergic patients, for whom there are no approved treatments. DBV's food allergies programs include ongoing clinical trials of Viaskin Peanut and Viaskin Milk, and preclinical development of Viaskin Egg. DBV is also pursuing a human proof-of-concept clinical study of Viaskin Milk for the treatment of Eosinophilic Esophagitis, and exploring potential applications of its platform in vaccines and other immune diseases.
DBV Technologies has global headquarters in Montrouge, France and New York, NY. Company shares are traded on segment A of Euronext Paris (Ticker: DBV, ISIN code: FR0010417345), part of the SBF120 index, and traded on the Nasdaq Global Select Market in the form of American Depositary Shares (each representing onehalf of one ordinary share) (Ticker: DBVT). For more information on DBV Technologies, please visit our website: www.dbv-technologies.com
Sara Blum Sherman Director, Investor Relations +1 212-271-0740 [email protected]
Andrea Fassacesia, Weber Shandwick +1 212-445-8144 [email protected]
Caroline Carmagnol, Alize RP, Relations Presse +33 (0)6 64 18 99 59 [email protected]
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