SCHEDULE: Janus Henderson Discloses 8.8% Stake in DBV Technologies

Janus Henderson Group plc has reported an 8.8% beneficial ownership stake in DBV Technologies S.A., holding 20,469,392 shares as of December 31, 2025.

Summary

• Janus Henderson Group plc, an investment adviser and parent holding company, beneficially owns 20,469,392 shares of DBV Technologies S.A. Common Stock.
• This ownership represents 8.8% of the total class of securities.
• The shares are held with shared voting power and shared dispositive power.
• The acquisition and holding of these securities are stated to be in the ordinary course of business, not for the purpose of changing or influencing control of DBV Technologies S.A.
• This filing is an Amendment No. 2 to a previous Schedule 13G, with the event date requiring the filing being December 31, 2025, and the filing date being January 8, 2026.
• No single underlying Managed Portfolio advised by Janus Henderson Group plc holds more than 5% of the class of securities.

Sentiment

Score: 6

Explanation: The filing indicates a significant, passive institutional investment, which is generally a positive signal of confidence in the company's long-term prospects, though it provides no new operational or financial information about DBV Technologies S.A. itself.

Positives

• Significant institutional investment by Janus Henderson Group plc, a major asset manager, indicates a degree of confidence in DBV Technologies S.A.'s long-term prospects.
• The investment is explicitly stated to be for ordinary course of business, suggesting a passive, long-term holding rather than an activist or control-seeking stance.

Risks

• No specific risks related to DBV Technologies S.A. are detailed in this filing, as it primarily concerns an investor's ownership stake rather than the issuer's operational or financial status.

Future Outlook

This filing does not contain forward-looking statements or guidance from DBV Technologies S.A. It solely reports the beneficial ownership stake of Janus Henderson Group plc.

Management Comments

• "The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."

Industry Context

The disclosure of a significant stake by a major investment manager like Janus Henderson Group plc in a biotechnology company such as DBV Technologies S.A. is a common occurrence in the financial industry. It reflects institutional portfolio allocation decisions, often based on long-term growth prospects or specific sector strategies. This type of passive investment is typical for large asset managers who hold diversified portfolios.

Stakeholder Impact

• Shareholders: May view the significant institutional ownership as a vote of confidence, potentially stabilizing or positively influencing share price perception.
• Management: Could see this as validation of their strategy, though the filing explicitly states the investment is not for influencing control.

Key Dates

Recommendation

The filing indicates a substantial passive investment by a reputable institutional investor, Janus Henderson Group plc, in DBV Technologies S.A. This suggests a degree of confidence in the company's long-term value proposition. However, as a Schedule 13G, it provides no new operational, financial, or strategic information about DBV Technologies S.A. itself that would warrant a change in investment thesis. For existing investors, maintaining a 'hold' position is reasonable given the institutional backing, while new investors would need to conduct further due diligence beyond this ownership disclosure.

Keywords

DBV Technologies S.A., Janus Henderson Group plc, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, F2927N109, Investment Adviser, Parent Holding Company