Index to Financial Statements Page Annual Financial Statements for the Years Ended

Index to Financial Statements

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of DBV Technologies SA

Opinion on the Financial Statements

accompanying consolidated statements of financial position of DBV Technologies S.A. and subsidiaries (the Company ) as of December 31, 2018 and 2017, and the related consolidated statements of (loss), comprehensive (loss), cash flows

and shareholders equity, for each of the three years in the period ended December 31, 2018, and the related notes (collectively referred to as the financial statements ). In our opinion, the financial statements present fairly,

in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2018, in conformity with

International Financial Reporting Standards as issued by the International Accounting Standards Board.

We have also audited, in accordance with the

standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company s internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control Integrated

Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated April 1, 2019, expressed an unqualified opinion on the Company s internal control over financial reporting.

The accompanying financial statements have

been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has incurred operating losses and negative cash flows from operations since inception and current cash and cash

equivalents on hand are not projected to be sufficient to support the Company s current operating plan. These matters raise substantial doubt about the ability of the Company to continue as a going concern. Management s plans in regard to

these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

These financial statements are the

responsibility of the Company s management. Our responsibility is to express an opinion on the Company s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent

with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to

error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the

accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Company s auditor since 2011.

Report of Independent Registered Public Accounting Firm

Internal Control Over Financial Reporting

To the Shareholders and Board of Directors of DBV Technologies SA

Opinion on Internal Control over Financial Reporting

have audited the internal control over financial reporting of DBV Technologies S.A. and subsidiaries (the Company ) as of December 31, 2018, based on criteria established in Internal Control Integrated Framework

(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31,

2018, based on criteria established in Internal Control Integrated Framework (2013) issued by COSO.

We have also audited, in accordance

with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2018 of the Company and our report dated April 1, 2019, expressed an

unqualified opinion on those financial statements and included an explanatory paragraph regarding the Company s ability to continue as a going concern.

The Company s management is

responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management s Annual Report on Internal

Control over Financial Reporting. Our responsibility is to express an opinion on the Company s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be

independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material

weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a

reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company s internal control over financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as

necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors

of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of

effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Amounts in thousands of Euros)

The accompanying notes form an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF (LOSS)

(Amounts in thousands of Euros except share and per share data)

The accompanying notes form an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)

(Amounts in thousands of Euros)

In accordance with IAS 1 Presentation of Financial Statements, the Group, as defined in Note 2, presents a combined

statement of other elements of comprehensive (loss).

The accompanying notes form an integral part of these consolidated financial

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands of Euros)

The accompanying notes form an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY

(Amounts in thousands of Euros except for the number of shares)

The accompanying notes form an integral part of these consolidated financial statements.

NOTES TO THE FINANCIAL STATEMENTS

Incorporated in 2002 under the laws

of France, DBV Technologies S.A. ( DBV Technologies, or the Company ) is a clinical-stage specialty biopharmaceutical company focused on changing the field of immunotherapy by developing a novel technology platform called

Viaskin . The Company s therapeutic approach is based on epicutaneous immunotherapy, or EPIT , a proprietary method of delivering

biologically active compounds to the immune system through intact skin using Viaskin .

The Company s lead product candidate, Viaskin Peanut, has completed a global Phase III program

for the treatment of peanut-allergic patients 4 to 11 years of age. In October 2018, the Company announced its submission of a Biologics License Application ( BLA ) to the U.S. Food and Drug Administration ( FDA ) for Viaskin Peanut for the treatment of peanut allergy in children 4 to 11 years of age. On December 19, 2018, the Company announced that, after discussions with the U.S. FDA, the Company voluntarily

withdrew its Biologics License Application ( BLA ) for Viaskin Peanut in children 4 to 11 years of age.. On February 13, 2019, the Company announced that it expects to resubmit

its BLA to the FDA for Viaskin Peanut for the treatment of peanut-allergic children 4 to 11 years of age in the third quarter of 2019.

In August 2017, the Company initiated Part A of the EPITOPE (EPIT in Toddlers with Peanut Allergy)

trial, a Phase III trial of Viaskin Peanut in peanut-allergic toddlers ages one to three. EPITOPE is a two-part, pivotal Phase III clinical trial

assessing the safety and efficacy of Viaskin Peanut 250 g for the treatment of peanut-allergic toddlers one to three years of age. In September 2018, the Company announced that the

independent data safety and monitoring board ( DSMB ) completed its review of Part A of EPITOPE and recommended that the dose of Viaskin Peanut 250 g be evaluated in Part B.

On October 26, 2018, the Company announced that the first patient was enrolled in Part B of EPITOPE. This trial is the second Phase III clinical program currently investigating the use of

Viaskin Peanut for the treatment of patients with peanut allergy.

The Company is developing its second product candidate, Viaskin Milk, for the treatment of cow s milk protein allergy, or CMPA, in children two to 17 years of age, which received fast track designation from the FDA in September 2016. In November 2014,

the Company initiated a multi-center, double-blind, placebo-controlled, randomized Phase I/II trial to study the safety and efficacy of Viaskin Milk in 198 patients with Immunoglobulin E, or

IgE, mediated CMPA, which the Company refers to as the Milk Efficacy and Safety, or MILES, trial. In June 2015, we announced completion of Part A of the MILES study, or Phase I, and we launched Part B, or Phase II, in October 2015. In February 2018,

the Company announced preliminary results from Part B of the MILES study. Following analyses of the data, the 300 g dose was identified as the dose with the greatest observed clinical activity for children (intent-to-treat, p=0.042). The Company believes these preliminary results support further advancement of the Viaskin Milk program and intends to

discuss findings with regulatory authorities to determine the design of future studies. All patients in the open-label extension trial are being switched to the 300 g dose for treatment of up to 24 months.

In February 2015, the Company announced the development of a third product candidate, Viaskin Egg,

for the treatment of patients suffering from hen s egg allergy. Preclinical development for Viaskin Egg commenced in the first half of 2015 and is currently ongoing.

Other Viaskin application

In addition to our development programs in food allergies, we are exploring the use of our Viaskin

technology for the treatment of inflammatory and autoimmune diseases with high unmet medical need. Human proof-of-concept trials are ongoing with Viaskin in Eosinophilic Esophagitis (EoE) and as a booster vaccination against Bordetella pertussis (whooping cough) in healthy adults. The Company s other earlier stage research programs include

vaccination for respiratory syncytial virus, as well as potential treatments for celiac disease and type I diabetes.