COMP <GO>

IVA vs PHAR // EV/EBITDA & P/E VALUATION

Inventiva S.A. American Depository Shares (NASDAQ) VS. Pharming Group N.V. ADS each representing 10 (NASDAQ) • 15-METRIC TALLY: IVA 1 — PHAR 1

■ METRIC PARITY

IVA — Inventiva S.A. American Depository Shares ROARABLE C- • RQD 61/100

LAST: $3.73 (+0.54%) • MKT CAP: $881.3M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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PHAR — Pharming Group N.V. ADS each representing 10 ROARABLE D+ • RQD 58/100

LAST: $12.13 (-1.06%) • MKT CAP: $856.7M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (IVA VS. PHAR) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	IVA	PHAR	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	—	—	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	53.8	70.1	-16.30	PHAR	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$881.3M	$856.7M	$24.6M	IVA	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	IVA REV	PHAR REV	IVA GROSS %	PHAR GROSS %	IVA FCF	PHAR FCF
INSPECT INDIVIDUAL XBRL MODELS AT IVA FA <GO> AND PHAR FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

IVA // BETA —

PHAR // BETA —