Pharnext : Auditors’ report on IFRS Financial statement 2020

KPMG Audit	Lison Chouraki Audit
Tour EQHO	3, rue Anatole de la Forge
2 Avenue Gambetta	75017 Paris
CS 60055	France
92066 Paris la Défense Cedex
France

Pharnext S.A.

Statutory Auditors' report on the Financial Statements Prepared in Accordance with International Financial Reporting Standards as Adopted by the European Union

Year ended 31 December 2020

Pharnext S.A.

46 rue Saint-Lazare - 75009 Paris

This report contains 42 pages

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KPMG Audit	Lison Chouraki Audit
Tour EQHO	3, rue Anatole de la Forge
2 Avenue Gambetta	75017 Paris
CS 60055	France
92066 Paris la Défense Cedex
France

This is a free translation into English of a report issued in French and is provided solely for the convenience of English-speaking readers. This report should be read in conjunction with, and is construed in accordance with, professional auditing standards applicable in France.

Pharnext S.A.

Registered office: 46 rue Saint-Lazare - 75009 Paris

Statutory Auditors' report on the Financial Statements Prepared in Accordance with International Financial Reporting Standards as Adopted by the European Union

Year ended 31 December 2020

To the Chief Executive Officer,

In our capacity as Statutory Auditors of Pharnext S.A. and in compliance with your request, we have audited the accompanying "financial statements", of Pharnext S.A. prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted in the European Union for the year ended 31 December 20éà, as attached to this report.

The board of Directors is responsible for the preparation and fair presentation of these "financial statements". Our responsibility is to express an opinion on these "financial statements" based on our audit.

We conducted our audit in accordance with professional standards applicable in France and the professional doctrine of the French national auditing body (Compagnie Nationale des Commissaires aux Comptes) related to this engagement; these standards require that we plan and perform the audit to obtain reasonable assurance whether the "financial statements" are free from material misstatement. An audit involves performing procedures, on a test basis or by other means of selection, to obtain audit evidence about the amounts and disclosures in the "financial statements". An audit also includes assessing the accounting policies used and significant estimates made by management, as well as evaluating the overall presentation of the "financial statements". We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

In our opinion, the "financial statements" present fairly, in all material respects the financial position and assets and liabilities of Pharnext S.A. as of 31 December 2020 and of the results of its operations for the year then ended in accordance with the IFRS standards as adopted in the European Union.

Pharnext S.A. Statutory Auditors' report on the Financial Statements Prepared in Accordance with International Financial Reporting Standards as Adopted by the European Union

We draw attention to "Note 4 Accounting rules and methods" to the financial statements which describes the material uncertainty resulting from events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Paris La Défense, on the 30 April 2021	Paris, on the 30 April 2021
French original signed by :	French original signed by :
Cédric Adens	Lison Dahan Chouraki

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Year ended 31 December 2020

IFRS financial statements

December 31, 2020

Disclaimer

This English version of IFRS financial statements as of December 31, 2020 has been prepared to help foreign readers of the French version, incorporated to auditors' report and filed to the stock market. This version in French remains the only valid reference for IFRS accounts.

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