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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_CoverAbstract" xml:lang="en-US">Cover [Abstract]</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" />
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="loc_ifrs-full_IncomeStatementAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_IncomeStatementAbstract" xml:lang="en-US">Profit or loss [abstract]</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ProfitLossFromOperatingActivities" xml:lang="en-US">Profit (loss) from operating activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_ProfitLossFromOperatingActivities" xml:lang="en-US">Loss before income tax</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xml:lang="en-US">Tax expense (income)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xml:lang="en-US">Income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xml:lang="en-US">Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xml:lang="en-US">Tax expense (income)</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLoss" xlink:label="loc_ifrs-full_ProfitLoss" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ProfitLoss" xml:lang="en-US">Profit (loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_ProfitLoss" xml:lang="en-US">Loss for the period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_ProfitLoss" xml:lang="en-US">Net loss</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinanceIncomeCost" xlink:label="loc_ifrs-full_FinanceIncomeCost" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_FinanceIncomeCost" xml:lang="en-US">Finance income (cost)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_FinanceIncomeCost" xml:lang="en-US">Finance income/(expense)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_FinanceIncomeCost" xml:lang="en-US">Total finance (expenses)/income</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="loc_ifrs-full_EarningsPerShareAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EarningsPerShareAbstract" xml:lang="en-US">Earnings per share [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_EarningsPerShareAbstract" xml:lang="en-US">Loss per share attributable to the equity holders of the Company during the periods</label>
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<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_BasicAndDilutedEarningsLossPerShare1" xlink:label="loc_phvs_BasicAndDilutedEarningsLossPerShare1" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_BasicAndDilutedEarningsLossPerShare1" xml:lang="en-US">Basic And Diluted Earnings Loss Per Share 1</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_BasicAndDilutedEarningsLossPerShare1" xml:lang="en-US">Basic and diluted loss per share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_phvs_BasicAndDilutedEarningsLossPerShare1" xml:lang="en-US">Basic and diluted loss per share</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_BasicAndDilutedEarningsLossPerShare1" xml:lang="en-US">The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OperatingExpense" xlink:label="loc_ifrs-full_OperatingExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_OperatingExpense" xml:lang="en-US">Operating expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="lab_ifrs-full_OperatingExpense" xml:lang="en-US">Total operating expenses</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeAbstract" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeAbstract" xml:lang="en-US">Other comprehensive income [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeAbstract" xml:lang="en-US">Other comprehensive income/(Loss)</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationNetOfTax" xlink:label="loc_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationNetOfTax" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationNetOfTax" xml:lang="en-US">Reclassification adjustments on exchange differences on translation, net of tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationNetOfTax" xml:lang="en-US">Exchange gains arising on translation of foreign operations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationNetOfTax" xlink:to="lab_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationNetOfTax" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ResearchAndDevelopmentExpense" xlink:label="loc_ifrs-full_ResearchAndDevelopmentExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ResearchAndDevelopmentExpense" xml:lang="en-US">Research and development expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_ResearchAndDevelopmentExpense" xml:lang="en-US">Research and development expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ResearchAndDevelopmentExpense" xlink:to="lab_ifrs-full_ResearchAndDevelopmentExpense" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GeneralAndAdministrativeExpense" xlink:label="loc_ifrs-full_GeneralAndAdministrativeExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_GeneralAndAdministrativeExpense" xml:lang="en-US">General and administrative expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_GeneralAndAdministrativeExpense" xml:lang="en-US">General and administrative expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="lab_ifrs-full_GeneralAndAdministrativeExpense" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GeneralAndAdministrativeExpense" xlink:to="lab_ifrs-full_GeneralAndAdministrativeExpense" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:label="loc_ifrs-full_ComprehensiveIncomeAttributableToAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xml:lang="en-US">Comprehensive income attributable to [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xml:lang="en-US">Total comprehensive loss attributable to:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:to="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:label="loc_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xml:lang="en-US">Comprehensive income, attributable to owners of parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xml:lang="en-US">Equity holders of the Company</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="loc_ifrs-full_StatementOfFinancialPositionAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement of financial position [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_StatementOfFinancialPositionAbstract" xml:lang="en-US">Long term liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="lab_ifrs-full_StatementOfFinancialPositionAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AssetsAbstract" xlink:label="loc_ifrs-full_AssetsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AssetsAbstract" xml:lang="en-US">Assets [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AssetsAbstract" xml:lang="en-US">Assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AssetsAbstract" xlink:to="lab_ifrs-full_AssetsAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="loc_ifrs-full_NoncurrentAssetsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_NoncurrentAssetsAbstract" xml:lang="en-US">Non-current assets [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_NoncurrentAssetsAbstract" xml:lang="en-US">Non-current&#160;assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentAssetsAbstract" xlink:to="lab_ifrs-full_NoncurrentAssetsAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="loc_ifrs-full_PropertyPlantAndEquipment" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xml:lang="en-US">Property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xml:lang="en-US">Property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xml:lang="en-US">Opening balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xml:lang="en-US">Closing balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipment" xlink:to="lab_ifrs-full_PropertyPlantAndEquipment" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RightofuseAssets" xlink:label="loc_ifrs-full_RightofuseAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_RightofuseAssets" xml:lang="en-US">Right-of-use assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_RightofuseAssets" xml:lang="en-US">Right of use assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_ifrs-full_RightofuseAssets" xml:lang="en-US">Balance at June 30, 2021</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_ifrs-full_RightofuseAssets" xml:lang="en-US">Balance at January 1</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RightofuseAssets" xlink:to="lab_ifrs-full_RightofuseAssets" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="loc_ifrs-full_CurrentAssetsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CurrentAssetsAbstract" xml:lang="en-US">Current assets [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CurrentAssetsAbstract" xml:lang="en-US">Current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentAssetsAbstract" xlink:to="lab_ifrs-full_CurrentAssetsAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherCurrentReceivables" xlink:label="loc_ifrs-full_TradeAndOtherCurrentReceivables" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_TradeAndOtherCurrentReceivables" xml:lang="en-US">Trade and other current receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_TradeAndOtherCurrentReceivables" xml:lang="en-US">Receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_TradeAndOtherCurrentReceivables" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherCurrentReceivables" xlink:to="lab_ifrs-full_TradeAndOtherCurrentReceivables" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherCurrentAssets" xlink:label="loc_ifrs-full_OtherCurrentAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_OtherCurrentAssets" xml:lang="en-US">Other current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_OtherCurrentAssets" xml:lang="en-US">Other current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_OtherCurrentAssets" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherCurrentAssets" xlink:to="lab_ifrs-full_OtherCurrentAssets" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="loc_ifrs-full_CashAndCashEquivalents" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xml:lang="en-US">Cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xml:lang="en-US">Cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xml:lang="en-US">Cash and cash equivalents at the beginning of the period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xml:lang="en-US">Cash and cash equivalents at the end of the period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashAndCashEquivalents" xlink:to="lab_ifrs-full_CashAndCashEquivalents" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_CurrentDeferredTaxAssets" xlink:label="loc_phvs_CurrentDeferredTaxAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_CurrentDeferredTaxAssets" xml:lang="en-US">Current Deferred Tax Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_CurrentDeferredTaxAssets" xml:lang="en-US">Deferred tax assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_CurrentDeferredTaxAssets" xlink:to="lab_phvs_CurrentDeferredTaxAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_CurrentDeferredTaxAssets" xml:lang="en-US">Current deferred tax assets.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Assets" xlink:label="loc_ifrs-full_Assets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_Assets" xml:lang="en-US">Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_Assets" xml:lang="en-US">Total assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Assets" xlink:to="lab_ifrs-full_Assets" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAndLiabilities" xlink:label="loc_ifrs-full_EquityAndLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EquityAndLiabilities" xml:lang="en-US">Equity and liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_EquityAndLiabilities" xml:lang="en-US">Total equity and liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="lab_ifrs-full_EquityAndLiabilities" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="loc_ifrs-full_CurrentLiabilitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CurrentLiabilitiesAbstract" xml:lang="en-US">Current liabilities [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CurrentLiabilitiesAbstract" xml:lang="en-US">Current liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentLiabilitiesAbstract" xlink:to="lab_ifrs-full_CurrentLiabilitiesAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="loc_ifrs-full_TradeAndOtherCurrentPayables" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayables" xml:lang="en-US">Trade and other current payables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayables" xml:lang="en-US">Trade and other payables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayables" xml:lang="en-US">Total Trade And Other Payables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherCurrentPayables" xlink:to="lab_ifrs-full_TradeAndOtherCurrentPayables" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:label="loc_ifrs-full_CurrentTaxLiabilitiesCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CurrentTaxLiabilitiesCurrent" xml:lang="en-US">Current tax liabilities, current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CurrentTaxLiabilitiesCurrent" xml:lang="en-US">Current tax liability</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:to="lab_ifrs-full_CurrentTaxLiabilitiesCurrent" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentLeaseLiabilities" xlink:label="loc_ifrs-full_CurrentLeaseLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CurrentLeaseLiabilities" xml:lang="en-US">Current lease liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CurrentLeaseLiabilities" xml:lang="en-US">Current lease liability</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_CurrentLeaseLiabilities" xml:lang="en-US">Current portion</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentLeaseLiabilities" xlink:to="lab_ifrs-full_CurrentLeaseLiabilities" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccrualsClassifiedAsCurrent" xlink:label="loc_ifrs-full_AccrualsClassifiedAsCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AccrualsClassifiedAsCurrent" xml:lang="en-US">Accruals classified as current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AccrualsClassifiedAsCurrent" xml:lang="en-US">Accrued liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccrualsClassifiedAsCurrent" xlink:to="lab_ifrs-full_AccrualsClassifiedAsCurrent" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Liabilities" xlink:label="loc_ifrs-full_Liabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_Liabilities" xml:lang="en-US">Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_Liabilities" xml:lang="en-US">Total liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Liabilities" xlink:to="lab_ifrs-full_Liabilities" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="loc_ifrs-full_NoncurrentLiabilitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_NoncurrentLiabilitiesAbstract" xml:lang="en-US">Non-current liabilities [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_NoncurrentLiabilitiesAbstract" xml:lang="en-US">Long term liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="lab_ifrs-full_NoncurrentLiabilitiesAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncurrentLeaseLiabilities" xlink:label="loc_ifrs-full_NoncurrentLeaseLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_NoncurrentLeaseLiabilities" xml:lang="en-US">Non-current lease liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_NoncurrentLeaseLiabilities" xml:lang="en-US">Non-current lease liability</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_NoncurrentLeaseLiabilities" xml:lang="en-US">Non-current portion</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentLeaseLiabilities" xlink:to="lab_ifrs-full_NoncurrentLeaseLiabilities" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAndLiabilitiesAbstract" xlink:label="loc_ifrs-full_EquityAndLiabilitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EquityAndLiabilitiesAbstract" xml:lang="en-US">Equity and liabilities [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_EquityAndLiabilitiesAbstract" xml:lang="en-US">Equity and liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityAndLiabilitiesAbstract" xlink:to="lab_ifrs-full_EquityAndLiabilitiesAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityAbstract" xlink:label="loc_ifrs-full_EquityAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EquityAbstract" xml:lang="en-US">Equity [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_EquityAbstract" xml:lang="en-US">Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityAbstract" xlink:to="lab_ifrs-full_EquityAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Equity" xlink:label="loc_ifrs-full_Equity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_Equity" xml:lang="en-US">Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_Equity" xml:lang="en-US">Total equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_ifrs-full_Equity" xml:lang="en-US">Ending balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_ifrs-full_Equity" xml:lang="en-US">Beginning balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Equity" xlink:to="lab_ifrs-full_Equity" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetainedEarnings" xlink:label="loc_ifrs-full_RetainedEarnings" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_RetainedEarnings" xml:lang="en-US">Retained earnings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_RetainedEarnings" xml:lang="en-US">Accumulated loss</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RetainedEarnings" xlink:to="lab_ifrs-full_RetainedEarnings" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssuedCapital" xlink:label="loc_ifrs-full_IssuedCapital" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_IssuedCapital" xml:lang="en-US">Issued capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_IssuedCapital" xml:lang="en-US">Share capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IssuedCapital" xlink:to="lab_ifrs-full_IssuedCapital" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:label="loc_ifrs-full_ReserveOfExchangeDifferencesOnTranslation" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xml:lang="en-US">Reserve of exchange differences on translation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xml:lang="en-US">Currency translation reserve</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:to="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslation" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SharePremium" xlink:label="loc_ifrs-full_SharePremium" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_SharePremium" xml:lang="en-US">Share premium</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_SharePremium" xml:lang="en-US">Share premium</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SharePremium" xlink:to="lab_ifrs-full_SharePremium" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherReserves" xlink:label="loc_ifrs-full_OtherReserves" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_OtherReserves" xml:lang="en-US">Other reserves</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_OtherReserves" xml:lang="en-US">Other reserves</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherReserves" xlink:to="lab_ifrs-full_OtherReserves" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="loc_ifrs-full_StatementOfChangesInEquityAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_StatementOfChangesInEquityAbstract" xml:lang="en-US">Statement of changes in equity [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfChangesInEquityAbstract" xlink:to="lab_ifrs-full_StatementOfChangesInEquityAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="loc_ifrs-full_StatementOfChangesInEquityTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_StatementOfChangesInEquityTable" xml:lang="en-US">Statement of changes in equity [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfChangesInEquityTable" xlink:to="lab_ifrs-full_StatementOfChangesInEquityTable" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="loc_ifrs-full_StatementOfChangesInEquityLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_StatementOfChangesInEquityLineItems" xml:lang="en-US">Statement of changes in equity [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="lab_ifrs-full_StatementOfChangesInEquityLineItems" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xml:lang="en-US">Other comprehensive income, net of tax, exchange differences on translation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xml:lang="en-US">Currency translation reserve</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:to="lab_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssueOfEquity" xlink:label="loc_ifrs-full_IssueOfEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_IssueOfEquity" xml:lang="en-US">Issue of equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_IssueOfEquity" xml:lang="en-US">Issue of share capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_IssueOfEquity" xml:lang="en-US">Sale of ordinary share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IssueOfEquity" xlink:to="lab_ifrs-full_IssueOfEquity" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xml:lang="en-US">Increase (decrease) through share-based payment transactions, equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xml:lang="en-US">Share-based payments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ShareIssueRelatedCost" xlink:label="loc_ifrs-full_ShareIssueRelatedCost" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ShareIssueRelatedCost" xml:lang="en-US">Share issue related cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_ShareIssueRelatedCost" xml:lang="en-US">Transaction costs on issue of shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ShareIssueRelatedCost" xlink:to="lab_ifrs-full_ShareIssueRelatedCost" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_SettlementOfShareBasedPayments" xlink:label="loc_phvs_SettlementOfShareBasedPayments" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_SettlementOfShareBasedPayments" xml:lang="en-US">Settlement Of Share Based Payments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_SettlementOfShareBasedPayments" xml:lang="en-US">Settlement of share-based payments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_SettlementOfShareBasedPayments" xlink:to="lab_phvs_SettlementOfShareBasedPayments" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_SettlementOfShareBasedPayments" xml:lang="en-US">Settlement of share-based payments.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_IncreaseDecreaseThroughExerciseOfRestrictedStockUnits" xlink:label="loc_phvs_IncreaseDecreaseThroughExerciseOfRestrictedStockUnits" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_IncreaseDecreaseThroughExerciseOfRestrictedStockUnits" xml:lang="en-US">Increase Decrease Through Exercise Of Restricted Stock Units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_IncreaseDecreaseThroughExerciseOfRestrictedStockUnits" xml:lang="en-US">Shares issued upon exercise of RSUs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_IncreaseDecreaseThroughExerciseOfRestrictedStockUnits" xlink:to="lab_phvs_IncreaseDecreaseThroughExerciseOfRestrictedStockUnits" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_IncreaseDecreaseThroughExerciseOfRestrictedStockUnits" xml:lang="en-US">Increase decrease through exercise of restricted stock units.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xml:lang="en-US">Increase (decrease) through exercise of options, equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xml:lang="en-US">Shares issued upon exercise of options</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_IncreaseInParValue" xlink:label="loc_phvs_IncreaseInParValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_IncreaseInParValue" xml:lang="en-US">Increase In Par Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_IncreaseInParValue" xml:lang="en-US">Increase in par value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_IncreaseInParValue" xlink:to="lab_phvs_IncreaseInParValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_IncreaseInParValue" xml:lang="en-US">Increase in par value.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="loc_ifrs-full_ComponentsOfEquityAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ComponentsOfEquityAxis" xml:lang="en-US">Components of equity [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComponentsOfEquityAxis" xlink:to="lab_ifrs-full_ComponentsOfEquityAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EquityMember" xlink:label="loc_ifrs-full_EquityMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EquityMember" xml:lang="en-US">Equity [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityMember" xlink:to="lab_ifrs-full_EquityMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SharePremiumMember" xlink:label="loc_ifrs-full_SharePremiumMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_SharePremiumMember" xml:lang="en-US">Share premium [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SharePremiumMember" xlink:to="lab_ifrs-full_SharePremiumMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IssuedCapitalMember" xlink:label="loc_ifrs-full_IssuedCapitalMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_IssuedCapitalMember" xml:lang="en-US">Issued capital [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_IssuedCapitalMember" xml:lang="en-US">Share capital [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IssuedCapitalMember" xlink:to="lab_ifrs-full_IssuedCapitalMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xlink:label="loc_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xml:lang="en-US">Reserve of exchange differences on translation [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xml:lang="en-US">Currency translation reserve [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xlink:to="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetainedEarningsMember" xlink:label="loc_ifrs-full_RetainedEarningsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_RetainedEarningsMember" xml:lang="en-US">Retained earnings [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_RetainedEarningsMember" xml:lang="en-US">Accumulated losses [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RetainedEarningsMember" xlink:to="lab_ifrs-full_RetainedEarningsMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherReservesMember" xlink:label="loc_ifrs-full_OtherReservesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_OtherReservesMember" xml:lang="en-US">Other reserves [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherReservesMember" xlink:to="lab_ifrs-full_OtherReservesMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="loc_ifrs-full_StatementOfCashFlowsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement of cash flows [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfCashFlowsAbstract" xlink:to="lab_ifrs-full_StatementOfCashFlowsAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xml:lang="en-US">Cash flows from (used in) operating activities [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xml:lang="en-US">Operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="loc_ifrs-full_ProfitLossBeforeTax" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ProfitLossBeforeTax" xml:lang="en-US">Profit (loss) before tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_ProfitLossBeforeTax" xml:lang="en-US">Loss before tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProfitLossBeforeTax" xlink:to="lab_ifrs-full_ProfitLossBeforeTax" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xml:lang="en-US">Cash flows from (used in) operating activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xml:lang="en-US">Net cash flows used in operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="loc_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xml:lang="en-US">Adjustments to reconcile profit (loss) [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xml:lang="en-US">Non-cash adjustments to reconcile loss before tax to net cash flows from operations:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="lab_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:label="loc_phvs_ChangesInOperatingAssetsAndLiabilitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_ChangesInOperatingAssetsAndLiabilitiesAbstract" xml:lang="en-US">Changes In Operating Assets And Liabilities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_ChangesInOperatingAssetsAndLiabilitiesAbstract" xml:lang="en-US">Changes in working capital:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="lab_phvs_ChangesInOperatingAssetsAndLiabilitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_ChangesInOperatingAssetsAndLiabilitiesAbstract" xml:lang="en-US">Changes in operating assets and liabilities.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:label="loc_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xml:lang="en-US">Adjustments for increase (decrease) in trade and other payables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xml:lang="en-US">Increase in trade and other payables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:to="lab_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_AdjustmentForInterestReceivedPaid" xlink:label="loc_phvs_AdjustmentForInterestReceivedPaid" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_AdjustmentForInterestReceivedPaid" xml:lang="en-US">Adjustment For Interest Received Paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_AdjustmentForInterestReceivedPaid" xml:lang="en-US">Paid interest</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_AdjustmentForInterestReceivedPaid" xlink:to="lab_phvs_AdjustmentForInterestReceivedPaid" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_AdjustmentForInterestReceivedPaid" xml:lang="en-US">Adjustment for interest received (paid) to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_AdjustmentsForIncreaseDecreaseInAccruedLiabilities" xlink:label="loc_phvs_AdjustmentsForIncreaseDecreaseInAccruedLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_AdjustmentsForIncreaseDecreaseInAccruedLiabilities" xml:lang="en-US">Adjustments For Increase Decrease In Accrued Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_AdjustmentsForIncreaseDecreaseInAccruedLiabilities" xml:lang="en-US">Increase in accrued liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_AdjustmentsForIncreaseDecreaseInAccruedLiabilities" xlink:to="lab_phvs_AdjustmentsForIncreaseDecreaseInAccruedLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_AdjustmentsForIncreaseDecreaseInAccruedLiabilities" xml:lang="en-US">Adjustments for increase (decrease) in accrued liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:label="loc_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xml:lang="en-US">Adjustments for decrease (increase) in trade accounts receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xml:lang="en-US">Decrease/(Increase) in receivables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets" xlink:label="loc_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets" xml:lang="en-US">Adjustments for decrease (increase) in other current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets" xml:lang="en-US">(Increase)&#160;in other current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets" xlink:to="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:label="loc_ifrs-full_AdjustmentsForIncomeTaxExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AdjustmentsForIncomeTaxExpense" xml:lang="en-US">Adjustments for income tax expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AdjustmentsForIncomeTaxExpense" xml:lang="en-US">Income taxes paid</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:to="lab_ifrs-full_AdjustmentsForIncomeTaxExpense" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:label="loc_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xml:lang="en-US">Adjustments for unrealised foreign exchange losses (gains)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xml:lang="en-US">Net foreign exchange (gain)/loss</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:to="lab_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForFinanceCosts" xlink:label="loc_ifrs-full_AdjustmentsForFinanceCosts" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AdjustmentsForFinanceCosts" xml:lang="en-US">Adjustments for finance costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AdjustmentsForFinanceCosts" xml:lang="en-US">Finance costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForFinanceCosts" xlink:to="lab_ifrs-full_AdjustmentsForFinanceCosts" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustmentsForSharebasedPayments" xlink:label="loc_ifrs-full_AdjustmentsForSharebasedPayments" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AdjustmentsForSharebasedPayments" xml:lang="en-US">Adjustments for share-based payments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AdjustmentsForSharebasedPayments" xml:lang="en-US">Share-based payment expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForSharebasedPayments" xlink:to="lab_ifrs-full_AdjustmentsForSharebasedPayments" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepreciationExpense" xlink:label="loc_ifrs-full_DepreciationExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DepreciationExpense" xml:lang="en-US">Depreciation expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DepreciationExpense" xml:lang="en-US">Depreciation expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DepreciationExpense" xlink:to="lab_ifrs-full_DepreciationExpense" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xml:lang="en-US">Cash flows from (used in) investing activities [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xml:lang="en-US">Investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="lab_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xml:lang="en-US">Purchase of property, plant and equipment, classified as investing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xml:lang="en-US">Purchase of property, plant and equipment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xml:lang="en-US">Cash flows from (used in) investing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xml:lang="en-US">Net cash flows used in investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xml:lang="en-US">Cash flows from (used in) financing activities [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xml:lang="en-US">Financing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="lab_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromIssuingShares" xlink:label="loc_ifrs-full_ProceedsFromIssuingShares" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ProceedsFromIssuingShares" xml:lang="en-US">Proceeds from issuing shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_ProceedsFromIssuingShares" xml:lang="en-US">Proceeds from issue of shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProceedsFromIssuingShares" xlink:to="lab_ifrs-full_ProceedsFromIssuingShares" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PaymentsForShareIssueCosts" xlink:label="loc_ifrs-full_PaymentsForShareIssueCosts" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_PaymentsForShareIssueCosts" xml:lang="en-US">Payments for share issue costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_PaymentsForShareIssueCosts" xml:lang="en-US">Transaction costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_PaymentsForShareIssueCosts" xml:lang="en-US">Payments for share issue costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PaymentsForShareIssueCosts" xlink:to="lab_ifrs-full_PaymentsForShareIssueCosts" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xml:lang="en-US">Cash flows from (used in) financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xml:lang="en-US">Net cash flows provided by financing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="loc_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US">Repayments of borrowings, classified as financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US">Decrease in financial liability</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="lab_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:label="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xml:lang="en-US">Increase (decrease) in cash and cash equivalents before effect of exchange rate changes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xml:lang="en-US">Net increase (decrease) in cash and cash equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:label="loc_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xml:lang="en-US">Effect of exchange rate changes on cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xml:lang="en-US">Effect of exchange rate changes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:to="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_TextBlockAbstract" xlink:label="loc_phvs_TextBlockAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_TextBlockAbstract" xml:lang="en-US">Text Block [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_TextBlockAbstract" xml:lang="en-US">Text Block [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_TextBlockAbstract" xlink:to="lab_phvs_TextBlockAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_TextBlockAbstract" xml:lang="en-US">Text block.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xml:lang="en-US">Disclosure of general information about financial statements [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xml:lang="en-US">Corporate and Group information</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xml:lang="en-US">Disclosure of significant accounting policies [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xml:lang="en-US">Summary of significant accounting policies</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfResearchAndDevelopmentExpenseExplanatory" xlink:label="loc_ifrs-full_DisclosureOfResearchAndDevelopmentExpenseExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfResearchAndDevelopmentExpenseExplanatory" xml:lang="en-US">Disclosure of research and development expense [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfResearchAndDevelopmentExpenseExplanatory" xml:lang="en-US">Research and development expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfResearchAndDevelopmentExpenseExplanatory" xlink:to="lab_ifrs-full_DisclosureOfResearchAndDevelopmentExpenseExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:label="loc_ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xml:lang="en-US">Disclosure of general and administrative expense [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xml:lang="en-US">General and administrative expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:to="lab_ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfPersonnelExpensesExplanatoryTextBlock" xlink:label="loc_phvs_DisclosureOfPersonnelExpensesExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfPersonnelExpensesExplanatoryTextBlock" xml:lang="en-US">Disclosure Of Personnel Expenses Explanatory [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfPersonnelExpensesExplanatoryTextBlock" xml:lang="en-US">Personnel expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfPersonnelExpensesExplanatoryTextBlock" xlink:to="lab_phvs_DisclosureOfPersonnelExpensesExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfPersonnelExpensesExplanatoryTextBlock" xml:lang="en-US">Disclosure of personnel expenses explanatory.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinanceCostExplanatory" xlink:label="loc_ifrs-full_DisclosureOfFinanceCostExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfFinanceCostExplanatory" xml:lang="en-US">Disclosure of finance cost [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfFinanceCostExplanatory" xml:lang="en-US">Finance income/(expense)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinanceCostExplanatory" xlink:to="lab_ifrs-full_DisclosureOfFinanceCostExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:label="loc_ifrs-full_DisclosureOfIncomeTaxExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" xml:lang="en-US">Disclosure of income tax [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" xml:lang="en-US">Income taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:to="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:label="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xml:lang="en-US">Disclosure of property, plant and equipment [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xml:lang="en-US">Property, plant and equipment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:to="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfLeasesAbstract" xlink:label="loc_phvs_DisclosureOfLeasesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfLeasesAbstract" xml:lang="en-US">Disclosure Of Leases [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfLeasesAbstract" xlink:to="lab_phvs_DisclosureOfLeasesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfLeasesAbstract" xml:lang="en-US">Disclosure of lease abstract.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfLeasesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfLeasesExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfLeasesExplanatory" xml:lang="en-US">Disclosure of leases [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfLeasesExplanatory" xml:lang="en-US">Leases</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfLeasesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfLeasesExplanatory" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfReceivablesExplanatoryTextBlock" xlink:label="loc_phvs_DisclosureOfReceivablesExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfReceivablesExplanatoryTextBlock" xml:lang="en-US">Disclosure Of Receivables Explanatory [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfReceivablesExplanatoryTextBlock" xml:lang="en-US">Receivables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfReceivablesExplanatoryTextBlock" xlink:to="lab_phvs_DisclosureOfReceivablesExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfReceivablesExplanatoryTextBlock" xml:lang="en-US">Disclosure of receivables explanatory.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory" xml:lang="en-US">Disclosure of other current assets [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory" xml:lang="en-US">Other current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xml:lang="en-US">Disclosure of cash and cash equivalents [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xml:lang="en-US">Cash and cash equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:label="loc_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xml:lang="en-US">Disclosure of share capital, reserves and other equity interest [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xml:lang="en-US">Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:to="lab_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory" xml:lang="en-US">Disclosure of trade and other payables [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory" xml:lang="en-US">Trade and other payables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory" xml:lang="en-US">Disclosure of accrued expenses and other liabilities [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory" xml:lang="en-US">Accrued liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:label="loc_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xml:lang="en-US">Disclosure of financial risk management [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xml:lang="en-US">Risk management activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:to="lab_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfFinancialAssetsAndLabilitiesFairValueExplanatory" xlink:label="loc_phvs_DisclosureOfFinancialAssetsAndLabilitiesFairValueExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfFinancialAssetsAndLabilitiesFairValueExplanatory" xml:lang="en-US">Disclosure Of Financial Assets And Labilities Fair Value Explanatory</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfFinancialAssetsAndLabilitiesFairValueExplanatory" xml:lang="en-US">Fair values</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfFinancialAssetsAndLabilitiesFairValueExplanatory" xlink:to="lab_phvs_DisclosureOfFinancialAssetsAndLabilitiesFairValueExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfFinancialAssetsAndLabilitiesFairValueExplanatory" xml:lang="en-US">Disclosure of financial assets and liabilities fair value explanatory.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xml:lang="en-US">Disclosure of share-based payment arrangements [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xml:lang="en-US">Share-based payments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfBasisAndDilutedLossPerShare" xlink:label="loc_phvs_DisclosureOfBasisAndDilutedLossPerShare" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfBasisAndDilutedLossPerShare" xml:lang="en-US">Disclosure Of Basis And Diluted Loss Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfBasisAndDilutedLossPerShare" xml:lang="en-US">Basic and diluted loss per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfBasisAndDilutedLossPerShare" xlink:to="lab_phvs_DisclosureOfBasisAndDilutedLossPerShare" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfBasisAndDilutedLossPerShare" xml:lang="en-US">Disclosure of basis and diluted loss per share.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xml:lang="en-US">Disclosure of commitments and contingent liabilities [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xml:lang="en-US">Commitments and Contingencies</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:label="loc_ifrs-full_DisclosureOfRelatedPartyExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory" xml:lang="en-US">Disclosure of related party [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory" xml:lang="en-US">Related parties</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:to="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:label="loc_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xml:lang="en-US">Disclosure of events after reporting period [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xml:lang="en-US">Events after the reporting period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:to="lab_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DescriptionOfAccountingPolicyForChangeInSignificantAccountingPolicyTextBlock" xlink:label="loc_phvs_DescriptionOfAccountingPolicyForChangeInSignificantAccountingPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DescriptionOfAccountingPolicyForChangeInSignificantAccountingPolicyTextBlock" xml:lang="en-US">Description Of Accounting Policy For Change In Significant Accounting [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DescriptionOfAccountingPolicyForChangeInSignificantAccountingPolicyTextBlock" xml:lang="en-US">Change in significant accounting policies</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DescriptionOfAccountingPolicyForChangeInSignificantAccountingPolicyTextBlock" xlink:to="lab_phvs_DescriptionOfAccountingPolicyForChangeInSignificantAccountingPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DescriptionOfAccountingPolicyForChangeInSignificantAccountingPolicyTextBlock" xml:lang="en-US">Description of accounting policy for change in significant accounting.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DescriptionOfAccountingPolicyForBasisOfPreparationPolicyTextBlock" xlink:label="loc_phvs_DescriptionOfAccountingPolicyForBasisOfPreparationPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DescriptionOfAccountingPolicyForBasisOfPreparationPolicyTextBlock" xml:lang="en-US">Description Of Accounting Policy For Basis Of Preparation [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DescriptionOfAccountingPolicyForBasisOfPreparationPolicyTextBlock" xml:lang="en-US">Basis of preparation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DescriptionOfAccountingPolicyForBasisOfPreparationPolicyTextBlock" xlink:to="lab_phvs_DescriptionOfAccountingPolicyForBasisOfPreparationPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DescriptionOfAccountingPolicyForBasisOfPreparationPolicyTextBlock" xml:lang="en-US">Description of accounting policy for Basis of preparation.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" xlink:label="loc_phvs_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" xml:lang="en-US">Description Of Accounting Policy For Going Concern [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" xml:lang="en-US">Going concern</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" xlink:to="lab_phvs_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" xml:lang="en-US">Description of accounting policy for Going concern.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DescriptionOfAccountingPolicyForUseOfJudgementsAndEstimatesPolicyTextBlock" xlink:label="loc_phvs_DescriptionOfAccountingPolicyForUseOfJudgementsAndEstimatesPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DescriptionOfAccountingPolicyForUseOfJudgementsAndEstimatesPolicyTextBlock" xml:lang="en-US">Description Of Accounting Policy For Use Of Judgements And Estimates [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DescriptionOfAccountingPolicyForUseOfJudgementsAndEstimatesPolicyTextBlock" xml:lang="en-US">Use of judgements and estimates</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DescriptionOfAccountingPolicyForUseOfJudgementsAndEstimatesPolicyTextBlock" xml:lang="en-US">Description of accounting policy for use Of judgements and estimates.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xml:lang="en-US">Disclosure of subsidiaries [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xml:lang="en-US">Summary of Subsidiaries</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfDetailedInformationOfErrorCorrectionAndPriorPeriodAdjustmentOfEarningsPerShareTableTextBlock" xlink:label="loc_phvs_DisclosureOfDetailedInformationOfErrorCorrectionAndPriorPeriodAdjustmentOfEarningsPerShareTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfDetailedInformationOfErrorCorrectionAndPriorPeriodAdjustmentOfEarningsPerShareTableTextBlock" xml:lang="en-US">Disclosure Of Detailed Information Of Error Correction And Prior Period Adjustment Of Earnings Per Share [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfDetailedInformationOfErrorCorrectionAndPriorPeriodAdjustmentOfEarningsPerShareTableTextBlock" xml:lang="en-US">Summary of prior period adjustment of earnings per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfDetailedInformationOfErrorCorrectionAndPriorPeriodAdjustmentOfEarningsPerShareTableTextBlock" xlink:to="lab_phvs_DisclosureOfDetailedInformationOfErrorCorrectionAndPriorPeriodAdjustmentOfEarningsPerShareTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfDetailedInformationOfErrorCorrectionAndPriorPeriodAdjustmentOfEarningsPerShareTableTextBlock" xml:lang="en-US">Disclosure of detailed information of error correction and prior period adjustment of earnings per share.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EarningsPerShareExplanatory" xlink:label="loc_ifrs-full_EarningsPerShareExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EarningsPerShareExplanatory" xml:lang="en-US">Earnings per share [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_EarningsPerShareExplanatory" xml:lang="en-US">Summary of detailed information of net loss and average weighted number of shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EarningsPerShareExplanatory" xlink:to="lab_ifrs-full_EarningsPerShareExplanatory" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfBreakdownOfResearchAndDevelopmentExpenses" xlink:label="loc_phvs_DisclosureOfBreakdownOfResearchAndDevelopmentExpenses" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfBreakdownOfResearchAndDevelopmentExpenses" xml:lang="en-US">Disclosure Of Breakdown Of Research And Development Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfBreakdownOfResearchAndDevelopmentExpenses" xml:lang="en-US">Schedule of Breakdown of Research and Development Expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfBreakdownOfResearchAndDevelopmentExpenses" xlink:to="lab_phvs_DisclosureOfBreakdownOfResearchAndDevelopmentExpenses" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfBreakdownOfResearchAndDevelopmentExpenses" xml:lang="en-US">Disclosure Of Breakdown Of Research And Development expenses.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfBreakDownOfGeneralAndAdministrativeExpensesTextBlock" xlink:label="loc_phvs_DisclosureOfBreakDownOfGeneralAndAdministrativeExpensesTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfBreakDownOfGeneralAndAdministrativeExpensesTextBlock" xml:lang="en-US">Disclosure Of Break down Of General And Administrative Expenses [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfBreakDownOfGeneralAndAdministrativeExpensesTextBlock" xml:lang="en-US">Breakdown of General and Administrative Expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfBreakDownOfGeneralAndAdministrativeExpensesTextBlock" xlink:to="lab_phvs_DisclosureOfBreakDownOfGeneralAndAdministrativeExpensesTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfBreakDownOfGeneralAndAdministrativeExpensesTextBlock" xml:lang="en-US">Disclosure of breakdown of general and administrative expenses.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfBreakdownPersonnelExpensesTextBlock" xlink:label="loc_phvs_DisclosureOfBreakdownPersonnelExpensesTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfBreakdownPersonnelExpensesTextBlock" xml:lang="en-US">Disclosure Of Breakdown Personnel Expenses [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfBreakdownPersonnelExpensesTextBlock" xml:lang="en-US">Summary of Personnel Expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfBreakdownPersonnelExpensesTextBlock" xlink:to="lab_phvs_DisclosureOfBreakdownPersonnelExpensesTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfBreakdownPersonnelExpensesTextBlock" xml:lang="en-US">Disclosure of breakdown personnel expenses.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfFinancialExpensesExplanatoryTextBlock" xlink:label="loc_phvs_DisclosureOfFinancialExpensesExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfFinancialExpensesExplanatoryTextBlock" xml:lang="en-US">Disclosure Of Financial Expenses Explanatory [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfFinancialExpensesExplanatoryTextBlock" xml:lang="en-US">Summary of Financial Expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfFinancialExpensesExplanatoryTextBlock" xlink:to="lab_phvs_DisclosureOfFinancialExpensesExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfFinancialExpensesExplanatoryTextBlock" xml:lang="en-US">Disclosure of financial expenses explanatory.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfComponentsOfIncomeTaxExpenseBenefitTextBlock" xlink:label="loc_phvs_DisclosureOfComponentsOfIncomeTaxExpenseBenefitTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfComponentsOfIncomeTaxExpenseBenefitTextBlock" xml:lang="en-US">Disclosure Of Components Of Income Tax Expense Benefit [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfComponentsOfIncomeTaxExpenseBenefitTextBlock" xml:lang="en-US">Summary of Income Tax Expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfComponentsOfIncomeTaxExpenseBenefitTextBlock" xlink:to="lab_phvs_DisclosureOfComponentsOfIncomeTaxExpenseBenefitTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfComponentsOfIncomeTaxExpenseBenefitTextBlock" xml:lang="en-US">Disclosure of components of income tax expense benefit.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfEffectiveIncomeTaxRateReconciliationTextBlock" xlink:label="loc_phvs_DisclosureOfEffectiveIncomeTaxRateReconciliationTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfEffectiveIncomeTaxRateReconciliationTextBlock" xml:lang="en-US">Disclosure Of Effective Income Tax Rate Reconciliation [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfEffectiveIncomeTaxRateReconciliationTextBlock" xml:lang="en-US">Summary of Reconciliation of Income Tax Benefit And The Accounting Loss</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfEffectiveIncomeTaxRateReconciliationTextBlock" xlink:to="lab_phvs_DisclosureOfEffectiveIncomeTaxRateReconciliationTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfEffectiveIncomeTaxRateReconciliationTextBlock" xml:lang="en-US">Disclosure of effective income tax rate reconciliation.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xml:lang="en-US">Summary of Property, Plant and Equipment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xml:lang="en-US">Disclosure of quantitative information about right-of-use assets [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xml:lang="en-US">Summary of information about right of use assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfDetailedInformationAboutLeaseLiabilitiesExplanatory" xlink:label="loc_phvs_DisclosureOfDetailedInformationAboutLeaseLiabilitiesExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfDetailedInformationAboutLeaseLiabilitiesExplanatory" xml:lang="en-US">Disclosure Of Detailed Information About Lease Liabilities Explanatory</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfDetailedInformationAboutLeaseLiabilitiesExplanatory" xml:lang="en-US">Summary of information about lease lease liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfDetailedInformationAboutLeaseLiabilitiesExplanatory" xlink:to="lab_phvs_DisclosureOfDetailedInformationAboutLeaseLiabilitiesExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfDetailedInformationAboutLeaseLiabilitiesExplanatory" xml:lang="en-US">Disclosure Of Detailed Information About Lease Liabilities Explanatory.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfDetailedInformationAboutReceivablesExplanatoryTextBlock" xlink:label="loc_phvs_DisclosureOfDetailedInformationAboutReceivablesExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfDetailedInformationAboutReceivablesExplanatoryTextBlock" xml:lang="en-US">Disclosure Of Detailed Information About Receivables Explanatory [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfDetailedInformationAboutReceivablesExplanatoryTextBlock" xml:lang="en-US">Summary of Receivables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfDetailedInformationAboutReceivablesExplanatoryTextBlock" xlink:to="lab_phvs_DisclosureOfDetailedInformationAboutReceivablesExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfDetailedInformationAboutReceivablesExplanatoryTextBlock" xml:lang="en-US">Disclosure of detailed information about receivables explanatory.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfDetailedInformationAboutOtherCurrentAssetsExplanatoryTextBlock" xlink:label="loc_phvs_DisclosureOfDetailedInformationAboutOtherCurrentAssetsExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfDetailedInformationAboutOtherCurrentAssetsExplanatoryTextBlock" xml:lang="en-US">Disclosure Of Detailed Information About Other Current Assets Explanatory [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfDetailedInformationAboutOtherCurrentAssetsExplanatoryTextBlock" xml:lang="en-US">Summary of Other Current Assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfDetailedInformationAboutOtherCurrentAssetsExplanatoryTextBlock" xlink:to="lab_phvs_DisclosureOfDetailedInformationAboutOtherCurrentAssetsExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfDetailedInformationAboutOtherCurrentAssetsExplanatoryTextBlock" xml:lang="en-US">Disclosure of detailed information about other current assets explanatory.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:label="loc_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xml:lang="en-US">Disclosure of classes of share capital [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xml:lang="en-US">Summary of Share Capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:to="lab_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfTradeAndOtherLiabilitiesExplanatoryTextBlock" xlink:label="loc_phvs_DisclosureOfTradeAndOtherLiabilitiesExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfTradeAndOtherLiabilitiesExplanatoryTextBlock" xml:lang="en-US">Disclosure Of Trade And Other Liabilities Explanatory [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfTradeAndOtherLiabilitiesExplanatoryTextBlock" xml:lang="en-US">Summary of Trade and Other Liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfTradeAndOtherLiabilitiesExplanatoryTextBlock" xlink:to="lab_phvs_DisclosureOfTradeAndOtherLiabilitiesExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfTradeAndOtherLiabilitiesExplanatoryTextBlock" xml:lang="en-US">Disclosure of trade and other liabilities explanatory.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfAccruedLiabilitiesExplanatoryTextBlock" xlink:label="loc_phvs_DisclosureOfAccruedLiabilitiesExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfAccruedLiabilitiesExplanatoryTextBlock" xml:lang="en-US">Disclosure Of Accrued Liabilities Explanatory [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_DisclosureOfAccruedLiabilitiesExplanatoryTextBlock" xml:lang="en-US">Summary of Accrued Liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfAccruedLiabilitiesExplanatoryTextBlock" xlink:to="lab_phvs_DisclosureOfAccruedLiabilitiesExplanatoryTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfAccruedLiabilitiesExplanatoryTextBlock" xml:lang="en-US">Disclosure of accrued liabilities explanatory.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xml:lang="en-US">Disclosure of number and weighted average exercise prices of share options [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xml:lang="en-US">Summary of the Number and Weighted Average Exercise Prices Movements in Stock Options</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodExplanatory" xlink:label="loc_ifrs-full_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodExplanatory" xml:lang="en-US">Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodExplanatory" xml:lang="en-US">Summary of Fair Value Per Option at Each Grant/Measurements Date Using the Black-Scholes Formula</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodExplanatory" xlink:to="lab_ifrs-full_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:label="loc_ifrs-full_DisclosureOfEarningsPerShareExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xml:lang="en-US">Disclosure of earnings per share [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xml:lang="en-US">Summary of Earnings Per Share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:to="lab_ifrs-full_DisclosureOfEarningsPerShareExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:label="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xml:lang="en-US">Disclosure of transactions between related parties [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:to="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" xlink:label="loc_ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" xml:lang="en-US">Disclosure of information about key management personnel [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" xml:lang="en-US">Summary of Compensation to Key Management Personnel</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" xlink:to="lab_ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xml:lang="en-US">Disclosure of subsidiaries [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:to="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xml:lang="en-US">Disclosure of subsidiaries [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:to="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xml:lang="en-US">Disclosure of subsidiaries [line items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xml:lang="en-US">Disclosure Of Significant Investments In Subsidiaries Line Items</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:to="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PrincipalPlaceOfBusinessOfSubsidiary" xlink:label="loc_ifrs-full_PrincipalPlaceOfBusinessOfSubsidiary" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_PrincipalPlaceOfBusinessOfSubsidiary" xml:lang="en-US">Principal place of business of subsidiary</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_PrincipalPlaceOfBusinessOfSubsidiary" xml:lang="en-US">Legal seat</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PrincipalPlaceOfBusinessOfSubsidiary" xlink:to="lab_ifrs-full_PrincipalPlaceOfBusinessOfSubsidiary" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NameOfSubsidiary" xlink:label="loc_ifrs-full_NameOfSubsidiary" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_NameOfSubsidiary" xml:lang="en-US">Name of subsidiary</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_NameOfSubsidiary" xml:lang="en-US">Name</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NameOfSubsidiary" xlink:to="lab_ifrs-full_NameOfSubsidiary" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary" xlink:label="loc_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary" xml:lang="en-US">Country of incorporation of subsidiary</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary" xml:lang="en-US">Country&#160;of&#160;incorporation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary" xlink:to="lab_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:label="loc_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xml:lang="en-US">Proportion of ownership interest in subsidiary</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xml:lang="en-US">%&#160;of&#160;equity&#160;interest</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:to="lab_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="loc_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xml:lang="en-US">Subsidiaries [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:to="lab_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForSubsidiariesMember" xlink:label="loc_ifrs-full_EntitysTotalForSubsidiariesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EntitysTotalForSubsidiariesMember" xml:lang="en-US">Entity's total for subsidiaries [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EntitysTotalForSubsidiariesMember" xlink:to="lab_ifrs-full_EntitysTotalForSubsidiariesMember" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_PharvarisGmbhMember" xlink:label="loc_phvs_PharvarisGmbhMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_PharvarisGmbhMember" xml:lang="en-US">Pharvaris GmbH [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_PharvarisGmbhMember" xml:lang="en-US">Pharvaris GmbH Member</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_PharvarisGmbhMember" xlink:to="lab_phvs_PharvarisGmbhMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_PharvarisGmbhMember" xml:lang="en-US">Pharvaris GmbH.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_PharvarisNetherlandsBvMember" xlink:label="loc_phvs_PharvarisNetherlandsBvMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_PharvarisNetherlandsBvMember" xml:lang="en-US">Pharvaris Netherlands BV [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_PharvarisNetherlandsBvMember" xml:lang="en-US">Pharvaris Netherlands Bv Member</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_PharvarisNetherlandsBvMember" xlink:to="lab_phvs_PharvarisNetherlandsBvMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_PharvarisNetherlandsBvMember" xml:lang="en-US">Pharvaris Netherlands B.V.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_PharvarisIncMember" xlink:label="loc_phvs_PharvarisIncMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_PharvarisIncMember" xml:lang="en-US">Pharvaris Inc [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_PharvarisIncMember" xml:lang="en-US">Pharvaris Inc Member</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_PharvarisIncMember" xlink:to="lab_phvs_PharvarisIncMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_PharvarisIncMember" xml:lang="en-US">Pharvaris, Inc.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_PharvarisHoldingsBvMember" xlink:label="loc_phvs_PharvarisHoldingsBvMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_PharvarisHoldingsBvMember" xml:lang="en-US">Pharvaris Holdings BV [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_PharvarisHoldingsBvMember" xml:lang="en-US">Pharvaris Holdings Bv Member</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_PharvarisHoldingsBvMember" xlink:to="lab_phvs_PharvarisHoldingsBvMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_PharvarisHoldingsBvMember" xml:lang="en-US">Pharvaris Holdings B.V.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_CorporateAndGroupInformationTable" xlink:label="loc_phvs_CorporateAndGroupInformationTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_CorporateAndGroupInformationTable" xml:lang="en-US">Corporate And Group Information [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_CorporateAndGroupInformationTable" xml:lang="en-US">Corporate and Group information [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_CorporateAndGroupInformationTable" xlink:to="lab_phvs_CorporateAndGroupInformationTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_CorporateAndGroupInformationTable" xml:lang="en-US">Corporate and group information.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_CorporateAndGroupInformationLineItems" xlink:label="loc_phvs_CorporateAndGroupInformationLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_CorporateAndGroupInformationLineItems" xml:lang="en-US">Corporate And Group Information [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_CorporateAndGroupInformationLineItems" xml:lang="en-US">Corporate And Group Information Line Items</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_CorporateAndGroupInformationLineItems" xlink:to="lab_phvs_CorporateAndGroupInformationLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_CorporateAndGroupInformationLineItems" xml:lang="en-US">Corporate and group information.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationDateOfIncorporation" xlink:label="loc_dei_EntityIncorporationDateOfIncorporation" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityIncorporationDateOfIncorporation" xml:lang="en-US">Entity Incorporation, Date of Incorporation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityIncorporationDateOfIncorporation" xml:lang="en-US">Entity incorporation, date of incorporation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationDateOfIncorporation" xlink:to="lab_dei_EntityIncorporationDateOfIncorporation" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:label="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="loc_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xml:lang="en-US">Classes of property, plant and equipment [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentMember" xlink:label="loc_ifrs-full_PropertyPlantAndEquipmentMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentMember" xml:lang="en-US">Property, plant and equipment [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="lab_ifrs-full_PropertyPlantAndEquipmentMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangeAxis" xlink:label="loc_ifrs-full_RangeAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_RangeAxis" xml:lang="en-US">Range [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RangeAxis" xlink:to="lab_ifrs-full_RangeAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RangesMember" xlink:label="loc_ifrs-full_RangesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_RangesMember" xml:lang="en-US">Ranges [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RangesMember" xlink:to="lab_ifrs-full_RangesMember" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfSignificantAccountingPoliciesLineItems" xlink:label="loc_phvs_DisclosureOfSignificantAccountingPoliciesLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfSignificantAccountingPoliciesLineItems" xml:lang="en-US">Disclosure Of Significant Accounting Policies [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_phvs_DisclosureOfSignificantAccountingPoliciesLineItems" xml:lang="en-US">Disclosure Of Significant Accounting Policies Line Items</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfSignificantAccountingPoliciesLineItems" xlink:to="lab_phvs_DisclosureOfSignificantAccountingPoliciesLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfSignificantAccountingPoliciesLineItems" xml:lang="en-US">Disclosure of significant accounting policies.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_Cash" xlink:label="loc_ifrs-full_Cash" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_Cash" xml:lang="en-US">Cash</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_Cash" xml:lang="en-US">Cash</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Cash" xlink:to="lab_ifrs-full_Cash" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperations" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperations" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperations" xml:lang="en-US">Cash flows from (used in) operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperations" xml:lang="en-US">Cash flows from (used in) operations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperations" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperations" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EarningsPerShareTable" xlink:label="loc_ifrs-full_EarningsPerShareTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EarningsPerShareTable" xml:lang="en-US">Earnings per share [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EarningsPerShareTable" xlink:to="lab_ifrs-full_EarningsPerShareTable" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_QuarterPeriodAxis" xlink:label="loc_phvs_QuarterPeriodAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_QuarterPeriodAxis" xml:lang="en-US">Quarter Period [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_QuarterPeriodAxis" xlink:to="lab_phvs_QuarterPeriodAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_QuarterPeriodAxis" xml:lang="en-US">Quarter period.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_QuarterPeriodMember" xlink:label="loc_phvs_QuarterPeriodMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_QuarterPeriodMember" xml:lang="en-US">Quarter Period [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_QuarterPeriodMember" xlink:to="lab_phvs_QuarterPeriodMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_QuarterPeriodMember" xml:lang="en-US">Quarter period.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_QuarterOneTwoThousandTwentyTwoMember" xlink:label="loc_phvs_QuarterOneTwoThousandTwentyTwoMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_QuarterOneTwoThousandTwentyTwoMember" xml:lang="en-US">Quarter One Two Thousand Twenty Two [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_QuarterOneTwoThousandTwentyTwoMember" xml:lang="en-US">Q1 2022 [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_QuarterOneTwoThousandTwentyTwoMember" xlink:to="lab_phvs_QuarterOneTwoThousandTwentyTwoMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_QuarterOneTwoThousandTwentyTwoMember" xml:lang="en-US">Quarter one two thousand twenty two.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_QuarterOneTwoThousandTwentyOneMember" xlink:label="loc_phvs_QuarterOneTwoThousandTwentyOneMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_QuarterOneTwoThousandTwentyOneMember" xml:lang="en-US">Quarter One Two Thousand Twenty One [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_QuarterOneTwoThousandTwentyOneMember" xml:lang="en-US">Q1 2021 [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_QuarterOneTwoThousandTwentyOneMember" xlink:to="lab_phvs_QuarterOneTwoThousandTwentyOneMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_QuarterOneTwoThousandTwentyOneMember" xml:lang="en-US">Quarter one two thousand twenty one.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_QuarterTwoTwoThousandTwentyOneMember" xlink:label="loc_phvs_QuarterTwoTwoThousandTwentyOneMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_QuarterTwoTwoThousandTwentyOneMember" xml:lang="en-US">Quarter Two Two Thousand Twenty One [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_QuarterTwoTwoThousandTwentyOneMember" xml:lang="en-US">Q2 2021 [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_QuarterTwoTwoThousandTwentyOneMember" xlink:to="lab_phvs_QuarterTwoTwoThousandTwentyOneMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_QuarterTwoTwoThousandTwentyOneMember" xml:lang="en-US">Quarter two two thousand twenty one.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_QuarterThreeTwoThousandTwentyOneMember" xlink:label="loc_phvs_QuarterThreeTwoThousandTwentyOneMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_QuarterThreeTwoThousandTwentyOneMember" xml:lang="en-US">Quarter Three Two Thousand Twenty One [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_QuarterThreeTwoThousandTwentyOneMember" xml:lang="en-US">Q3 2021 [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_QuarterThreeTwoThousandTwentyOneMember" xlink:to="lab_phvs_QuarterThreeTwoThousandTwentyOneMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_QuarterThreeTwoThousandTwentyOneMember" xml:lang="en-US">Quarter three two thousand twenty one.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EarningsPerShareLineItems" xlink:label="loc_ifrs-full_EarningsPerShareLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EarningsPerShareLineItems" xml:lang="en-US">Earnings per share [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EarningsPerShareLineItems" xlink:to="lab_ifrs-full_EarningsPerShareLineItems" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageShares" xlink:label="loc_ifrs-full_WeightedAverageShares" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_WeightedAverageShares" xml:lang="en-US">Weighted average number of ordinary shares outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_WeightedAverageShares" xml:lang="en-US">Weighted average number of shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageShares" xlink:to="lab_ifrs-full_WeightedAverageShares" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:label="loc_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xml:lang="en-US">Retrospective application and retrospective restatement [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:to="lab_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RestatedMember" xlink:label="loc_ifrs-full_RestatedMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_RestatedMember" xml:lang="en-US">Currently stated [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_RestatedMember" xml:lang="en-US">Revision [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RestatedMember" xlink:to="lab_ifrs-full_RestatedMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PreviouslyStatedMember" xlink:label="loc_ifrs-full_PreviouslyStatedMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_PreviouslyStatedMember" xml:lang="en-US">Previously stated [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PreviouslyStatedMember" xlink:to="lab_ifrs-full_PreviouslyStatedMember" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_RevisionMember" xlink:label="loc_phvs_RevisionMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_RevisionMember" xml:lang="en-US">Revision [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_RevisionMember" xml:lang="en-US">Revision [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_RevisionMember" xlink:to="lab_phvs_RevisionMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_RevisionMember" xml:lang="en-US">Revision.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfDetailedInformationResearchAndDevelopmentExpensesAbstract" xlink:label="loc_phvs_DisclosureOfDetailedInformationResearchAndDevelopmentExpensesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfDetailedInformationResearchAndDevelopmentExpensesAbstract" xml:lang="en-US">Disclosure Of Detailed Information Research And Development Expenses [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfDetailedInformationResearchAndDevelopmentExpensesAbstract" xlink:to="lab_phvs_DisclosureOfDetailedInformationResearchAndDevelopmentExpensesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfDetailedInformationResearchAndDevelopmentExpensesAbstract" xml:lang="en-US">Disclosure of detailed information research and development expenses.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:label="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:to="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProductsAndServicesAxis" xlink:label="loc_ifrs-full_ProductsAndServicesAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ProductsAndServicesAxis" xml:lang="en-US">Products and services [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProductsAndServicesAxis" xlink:to="lab_ifrs-full_ProductsAndServicesAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProductsAndServicesMember" xlink:label="loc_ifrs-full_ProductsAndServicesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ProductsAndServicesMember" xml:lang="en-US">Products and services [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProductsAndServicesMember" xlink:to="lab_ifrs-full_ProductsAndServicesMember" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_PersonnelExpensesMember" xlink:label="loc_phvs_PersonnelExpensesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_PersonnelExpensesMember" xml:lang="en-US">Personnel Expenses [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_PersonnelExpensesMember" xml:lang="en-US">Personnel expenses Member</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_PersonnelExpensesMember" xlink:to="lab_phvs_PersonnelExpensesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_PersonnelExpensesMember" xml:lang="en-US">Personnel expenses.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_ClinicalExpensesMember" xlink:label="loc_phvs_ClinicalExpensesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_ClinicalExpensesMember" xml:lang="en-US">Clinical Expenses [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_ClinicalExpensesMember" xml:lang="en-US">Clinical expenses Member</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_ClinicalExpensesMember" xlink:to="lab_phvs_ClinicalExpensesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_ClinicalExpensesMember" xml:lang="en-US">Clinical expenses.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_ManufacturingCostsMember" xlink:label="loc_phvs_ManufacturingCostsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_ManufacturingCostsMember" xml:lang="en-US">Manufacturing Costs [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_ManufacturingCostsMember" xml:lang="en-US">Manufacturing costs Member</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_ManufacturingCostsMember" xlink:to="lab_phvs_ManufacturingCostsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_ManufacturingCostsMember" xml:lang="en-US">Manufacturing costs.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_LicenseCostsMember" xlink:label="loc_phvs_LicenseCostsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_LicenseCostsMember" xml:lang="en-US">License Costs [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_LicenseCostsMember" xml:lang="en-US">License costs Member</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_LicenseCostsMember" xlink:to="lab_phvs_LicenseCostsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_LicenseCostsMember" xml:lang="en-US">License costs.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_IntellectualPropertyCostsMember" xlink:label="loc_phvs_IntellectualPropertyCostsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_IntellectualPropertyCostsMember" xml:lang="en-US">Intellectual Property Costs [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_IntellectualPropertyCostsMember" xml:lang="en-US">Intellectual Property costs Member</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_IntellectualPropertyCostsMember" xlink:to="lab_phvs_IntellectualPropertyCostsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_IntellectualPropertyCostsMember" xml:lang="en-US">Intellectual property costs.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_NonclinicalExpensesMember" xlink:label="loc_phvs_NonclinicalExpensesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_NonclinicalExpensesMember" xml:lang="en-US">Nonclinical expenses Member</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_NonclinicalExpensesMember" xlink:to="lab_phvs_NonclinicalExpensesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_NonclinicalExpensesMember" xml:lang="en-US">Nonclinical expenses.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:label="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:to="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_StatementTable" xlink:label="loc_phvs_StatementTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_StatementTable" xml:lang="en-US">Statement [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_StatementTable" xlink:to="lab_phvs_StatementTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_StatementTable" xml:lang="en-US">Statement [Table]</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfContractsAxis" xlink:label="loc_ifrs-full_TypesOfContractsAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_TypesOfContractsAxis" xml:lang="en-US">Types of contracts [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfContractsAxis" xlink:to="lab_ifrs-full_TypesOfContractsAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfContractsMember" xlink:label="loc_ifrs-full_TypesOfContractsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_TypesOfContractsMember" xml:lang="en-US">Types of contracts [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfContractsMember" xlink:to="lab_ifrs-full_TypesOfContractsMember" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_Phase2DevelopmentMember" xlink:label="loc_phvs_Phase2DevelopmentMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_Phase2DevelopmentMember" xml:lang="en-US">Phase2 Development [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_Phase2DevelopmentMember" xlink:to="lab_phvs_Phase2DevelopmentMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_Phase2DevelopmentMember" xml:lang="en-US">Phase2 Development.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_StatementLineItems" xlink:label="loc_phvs_StatementLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_StatementLineItems" xlink:to="lab_phvs_StatementLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_StatementLineItems" xml:lang="en-US">Statement [Line item]</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_LicenseCostsConsistMilestonePayment" xlink:label="loc_phvs_LicenseCostsConsistMilestonePayment" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_LicenseCostsConsistMilestonePayment" xml:lang="en-US">License Costs Consist Milestone Payment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_LicenseCostsConsistMilestonePayment" xml:lang="en-US">License costs consist milestone payment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_LicenseCostsConsistMilestonePayment" xlink:to="lab_phvs_LicenseCostsConsistMilestonePayment" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_LicenseCostsConsistMilestonePayment" xml:lang="en-US">License costs consist milestone payment.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CounterpartiesAxis" xlink:label="loc_ifrs-full_CounterpartiesAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CounterpartiesAxis" xml:lang="en-US">Counterparties [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CounterpartiesAxis" xlink:to="lab_ifrs-full_CounterpartiesAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CounterpartiesMember" xlink:label="loc_ifrs-full_CounterpartiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CounterpartiesMember" xml:lang="en-US">Counterparties [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CounterpartiesMember" xlink:to="lab_ifrs-full_CounterpartiesMember" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_AnalytiConMember" xlink:label="loc_phvs_AnalytiConMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_AnalytiConMember" xml:lang="en-US">Analyti Con [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_AnalytiConMember" xlink:to="lab_phvs_AnalytiConMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_AnalytiConMember" xml:lang="en-US">Analyti con.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfDetailedInformationGeneralAndAdministrativeExpensesAbstract" xlink:label="loc_phvs_DisclosureOfDetailedInformationGeneralAndAdministrativeExpensesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfDetailedInformationGeneralAndAdministrativeExpensesAbstract" xml:lang="en-US">Disclosure Of Detailed Information General And Administrative Expenses [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfDetailedInformationGeneralAndAdministrativeExpensesAbstract" xlink:to="lab_phvs_DisclosureOfDetailedInformationGeneralAndAdministrativeExpensesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfDetailedInformationGeneralAndAdministrativeExpensesAbstract" xml:lang="en-US">Disclosure of detailed information general and administrative expenses.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_FacilitiesCommunicationandOfficeExpense" xlink:label="loc_phvs_FacilitiesCommunicationandOfficeExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_FacilitiesCommunicationandOfficeExpense" xml:lang="en-US">Facilities CommunicationAnd Office Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_phvs_FacilitiesCommunicationandOfficeExpense" xml:lang="en-US">Facilities, communication&#160;&amp; office expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_FacilitiesCommunicationandOfficeExpense" xlink:to="lab_phvs_FacilitiesCommunicationandOfficeExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_FacilitiesCommunicationandOfficeExpense" xml:lang="en-US">Facilities, communication&#160;and office expense.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TravelExpense" xlink:label="loc_ifrs-full_TravelExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_TravelExpense" xml:lang="en-US">Travel expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_TravelExpense" xml:lang="en-US">Travel expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TravelExpense" xlink:to="lab_ifrs-full_TravelExpense" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherExpenseByNature" xlink:label="loc_ifrs-full_OtherExpenseByNature" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_OtherExpenseByNature" xml:lang="en-US">Other expenses, by nature</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_OtherExpenseByNature" xml:lang="en-US">Other expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherExpenseByNature" xlink:to="lab_ifrs-full_OtherExpenseByNature" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_PersonnelExpense" xlink:label="loc_phvs_PersonnelExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_PersonnelExpense" xml:lang="en-US">Personnel Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_phvs_PersonnelExpense" xml:lang="en-US">Personnel expenses (Note 5)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_PersonnelExpense" xlink:to="lab_phvs_PersonnelExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_PersonnelExpense" xml:lang="en-US">Personnel expense.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_ConsultingFees" xlink:label="loc_phvs_ConsultingFees" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_ConsultingFees" xml:lang="en-US">Consulting Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_phvs_ConsultingFees" xml:lang="en-US">Consulting fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_ConsultingFees" xlink:to="lab_phvs_ConsultingFees" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_ConsultingFees" xml:lang="en-US">Consulting fees.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfessionalFeesExpense" xlink:label="loc_ifrs-full_ProfessionalFeesExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ProfessionalFeesExpense" xml:lang="en-US">Professional fees expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_ProfessionalFeesExpense" xml:lang="en-US">Professional fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProfessionalFeesExpense" xlink:to="lab_ifrs-full_ProfessionalFeesExpense" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AuditorsRemunerationForAuditServices" xlink:label="loc_ifrs-full_AuditorsRemunerationForAuditServices" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AuditorsRemunerationForAuditServices" xml:lang="en-US">Auditor's remuneration for audit services</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_AuditorsRemunerationForAuditServices" xml:lang="en-US">Accounting, tax and auditing fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AuditorsRemunerationForAuditServices" xlink:to="lab_ifrs-full_AuditorsRemunerationForAuditServices" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfExpensesByNatureAbstract" xlink:label="loc_phvs_DisclosureOfExpensesByNatureAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfExpensesByNatureAbstract" xml:lang="en-US">Disclosure Of Expenses By Nature [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfExpensesByNatureAbstract" xlink:to="lab_phvs_DisclosureOfExpensesByNatureAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfExpensesByNatureAbstract" xml:lang="en-US">Disclosure of expenses by nature.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EmployeeBenefitsExpense" xlink:label="loc_ifrs-full_EmployeeBenefitsExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EmployeeBenefitsExpense" xml:lang="en-US">Employee benefits expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="lab_ifrs-full_EmployeeBenefitsExpense" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EmployeeBenefitsExpense" xlink:to="lab_ifrs-full_EmployeeBenefitsExpense" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WagesAndSalaries" xlink:label="loc_ifrs-full_WagesAndSalaries" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_WagesAndSalaries" xml:lang="en-US">Wages and salaries</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_WagesAndSalaries" xml:lang="en-US">Wages and salaries</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WagesAndSalaries" xlink:to="lab_ifrs-full_WagesAndSalaries" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_PensionCharges" xlink:label="loc_phvs_PensionCharges" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_PensionCharges" xml:lang="en-US">Pension Charges</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_phvs_PensionCharges" xml:lang="en-US">Pension charges</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_PensionCharges" xlink:to="lab_phvs_PensionCharges" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_PensionCharges" xml:lang="en-US">Pension charges.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_OtherSocialSecurityCharges" xlink:label="loc_phvs_OtherSocialSecurityCharges" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_OtherSocialSecurityCharges" xml:lang="en-US">Other Social Security Charges</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_phvs_OtherSocialSecurityCharges" xml:lang="en-US">Other social security charges</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_OtherSocialSecurityCharges" xlink:to="lab_phvs_OtherSocialSecurityCharges" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_OtherSocialSecurityCharges" xml:lang="en-US">Other social security charges.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_ShareBasedPayments" xlink:label="loc_phvs_ShareBasedPayments" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_ShareBasedPayments" xml:lang="en-US">Share Based Payments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_phvs_ShareBasedPayments" xml:lang="en-US">Share-based payments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_ShareBasedPayments" xlink:to="lab_phvs_ShareBasedPayments" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_ShareBasedPayments" xml:lang="en-US">Share-based payments.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfEmployees" xlink:label="loc_ifrs-full_NumberOfEmployees" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_NumberOfEmployees" xml:lang="en-US">Number of employees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfEmployees" xlink:to="lab_ifrs-full_NumberOfEmployees" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfFinancialExpensesAbstract" xlink:label="loc_phvs_DisclosureOfFinancialExpensesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfFinancialExpensesAbstract" xml:lang="en-US">Disclosure Of Financial Expenses [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfFinancialExpensesAbstract" xlink:to="lab_phvs_DisclosureOfFinancialExpensesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfFinancialExpensesAbstract" xml:lang="en-US">Disclosure of financial expenses.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:label="loc_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xml:lang="en-US">Foreign exchange gain (loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xml:lang="en-US">Foreign exchange differences</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:to="lab_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" xlink:label="loc_ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" xml:lang="en-US">Interest expense on bank loans and overdrafts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" xml:lang="en-US">Interest expenses over bank balances</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" xlink:to="lab_ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherFinanceCost" xlink:label="loc_ifrs-full_OtherFinanceCost" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_OtherFinanceCost" xml:lang="en-US">Other finance cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_OtherFinanceCost" xml:lang="en-US">Other finance expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherFinanceCost" xlink:to="lab_ifrs-full_OtherFinanceCost" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:label="loc_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xml:lang="en-US">Major components of tax expense (income) [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:to="lab_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="loc_ifrs-full_CurrentTaxExpenseIncome" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CurrentTaxExpenseIncome" xml:lang="en-US">Current tax expense (income)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_CurrentTaxExpenseIncome" xml:lang="en-US">Income tax expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentTaxExpenseIncome" xlink:to="lab_ifrs-full_CurrentTaxExpenseIncome" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract" xlink:label="loc_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract" xml:lang="en-US">Reconciliation of accounting profit multiplied by applicable tax rates [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract" xlink:to="lab_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_TaxEffectOfTemporaryDifferencesForWhichNoDeferredTaxAssetAndLabilitiesIsRecognised" xlink:label="loc_phvs_TaxEffectOfTemporaryDifferencesForWhichNoDeferredTaxAssetAndLabilitiesIsRecognised" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_TaxEffectOfTemporaryDifferencesForWhichNoDeferredTaxAssetAndLabilitiesIsRecognised" xml:lang="en-US">Tax Effect Of Temporary Differences For Which No Deferred Tax Asset And Labilities Is Recognised</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_TaxEffectOfTemporaryDifferencesForWhichNoDeferredTaxAssetAndLabilitiesIsRecognised" xml:lang="en-US">Temporary differences for which no deferred tax assets/liabilities have been recognized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_TaxEffectOfTemporaryDifferencesForWhichNoDeferredTaxAssetAndLabilitiesIsRecognised" xlink:to="lab_phvs_TaxEffectOfTemporaryDifferencesForWhichNoDeferredTaxAssetAndLabilitiesIsRecognised" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_TaxEffectOfTemporaryDifferencesForWhichNoDeferredTaxAssetAndLabilitiesIsRecognised" xml:lang="en-US">Tax Effect Of&#160;Temporary differences for which no deferred tax asset and labilities is recognised.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_TaxEffectiveOfIncomeTaxRate" xlink:label="loc_phvs_TaxEffectiveOfIncomeTaxRate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_TaxEffectiveOfIncomeTaxRate" xml:lang="en-US">Tax Effective Of Income Tax Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_TaxEffectiveOfIncomeTaxRate" xml:lang="en-US">Income tax benefit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_TaxEffectiveOfIncomeTaxRate" xlink:to="lab_phvs_TaxEffectiveOfIncomeTaxRate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_TaxEffectiveOfIncomeTaxRate" xml:lang="en-US">Tax effective of income tax rate.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccountingProfit" xlink:label="loc_ifrs-full_AccountingProfit" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AccountingProfit" xml:lang="en-US">Accounting profit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AccountingProfit" xml:lang="en-US">Income/(loss) before tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_AccountingProfit" xml:lang="en-US">Accounting profit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccountingProfit" xlink:to="lab_ifrs-full_AccountingProfit" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:label="loc_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xml:lang="en-US">Tax expense (income) at applicable tax rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xml:lang="en-US">Income tax at statutory income tax rate in The Netherlands (25.8%)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:to="lab_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_TaxEffectOfExpensesNotDeductibleInDeterminingTaxableProfittaxLoss" xlink:label="loc_phvs_TaxEffectOfExpensesNotDeductibleInDeterminingTaxableProfittaxLoss" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_TaxEffectOfExpensesNotDeductibleInDeterminingTaxableProfittaxLoss" xml:lang="en-US">Tax effect of expenses not deductible in determining taxable profit tax loss</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_TaxEffectOfExpensesNotDeductibleInDeterminingTaxableProfittaxLoss" xml:lang="en-US">Nondeductible expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_TaxEffectOfExpensesNotDeductibleInDeterminingTaxableProfittaxLoss" xlink:to="lab_phvs_TaxEffectOfExpensesNotDeductibleInDeterminingTaxableProfittaxLoss" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_TaxEffectOfExpensesNotDeductibleInDeterminingTaxableProfittaxLoss" xml:lang="en-US">Tax effect of expenses not deductible in determining taxable profit (tax loss).</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_RecognisedLossesOfDeferredTaxAsset" xlink:label="loc_phvs_RecognisedLossesOfDeferredTaxAsset" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_RecognisedLossesOfDeferredTaxAsset" xml:lang="en-US">Recognised Losses Of Deferred Tax Asset</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_phvs_RecognisedLossesOfDeferredTaxAsset" xml:lang="en-US">Current period losses for which no deferred tax asset has been recognized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_RecognisedLossesOfDeferredTaxAsset" xlink:to="lab_phvs_RecognisedLossesOfDeferredTaxAsset" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_RecognisedLossesOfDeferredTaxAsset" xml:lang="en-US">Recognised losses of deferred tax asset.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_TaxEffectOfOtherCountries" xlink:label="loc_phvs_TaxEffectOfOtherCountries" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_TaxEffectOfOtherCountries" xml:lang="en-US">Tax Effect of Other Countries</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_TaxEffectOfOtherCountries" xml:lang="en-US">Effect of tax rates in other countries</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_TaxEffectOfOtherCountries" xlink:to="lab_phvs_TaxEffectOfOtherCountries" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_TaxEffectOfOtherCountries" xml:lang="en-US">Tax effect of other countries.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateAbstract" xlink:label="loc_ifrs-full_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateAbstract" xml:lang="en-US">Reconciliation of average effective tax rate and applicable tax rate [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateAbstract" xlink:to="lab_ifrs-full_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateAbstract" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateTable" xlink:label="loc_phvs_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateTable" xml:lang="en-US">Reconciliation Of Average Effective Tax Rate And Applicable Tax Rate [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateTable" xlink:to="lab_phvs_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateTable" xml:lang="en-US">Reconciliation of average effective tax rate and applicable tax rate [Table]</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateLineItems" xlink:label="loc_phvs_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateLineItems" xml:lang="en-US">Reconciliation Of Average Effective Tax Rate And Applicable Tax Rate [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateLineItems" xlink:to="lab_phvs_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_ReconciliationOfAverageEffectiveTaxRateAndApplicableTaxRateLineItems" xml:lang="en-US">Reconciliation Of Average Effective Tax Rate And Applicable Tax Rate [line Item]</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ApplicableTaxRate" xlink:label="loc_ifrs-full_ApplicableTaxRate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ApplicableTaxRate" xml:lang="en-US">Applicable tax rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_ApplicableTaxRate" xml:lang="en-US">Applicable tax rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ApplicableTaxRate" xlink:to="lab_ifrs-full_ApplicableTaxRate" />
<loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_StatementGeographicalAxis" xlink:label="loc_srt_StatementGeographicalAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_srt_StatementGeographicalAxis" xml:lang="en-US">Geographical [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StatementGeographicalAxis" xlink:to="lab_srt_StatementGeographicalAxis" />
<loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_SegmentGeographicalDomain" xlink:label="loc_srt_SegmentGeographicalDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_srt_SegmentGeographicalDomain" xml:lang="en-US">Geographical [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SegmentGeographicalDomain" xlink:to="lab_srt_SegmentGeographicalDomain" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2021/country-2021.xsd#country_NL" xlink:label="loc_country_NL" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_country_NL" xml:lang="en-US">NETHERLANDS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_NL" xlink:to="lab_country_NL" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_IncomeTaxAuthorityAxis" xlink:label="loc_phvs_IncomeTaxAuthorityAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_IncomeTaxAuthorityAxis" xml:lang="en-US">Income Tax Authority [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_IncomeTaxAuthorityAxis" xlink:to="lab_phvs_IncomeTaxAuthorityAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_IncomeTaxAuthorityAxis" xml:lang="en-US">Income Tax Authority [Axis]</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_IncomeTaxAuthorityMember" xlink:label="loc_phvs_IncomeTaxAuthorityMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_IncomeTaxAuthorityMember" xml:lang="en-US">Income Tax Authority [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_IncomeTaxAuthorityMember" xlink:to="lab_phvs_IncomeTaxAuthorityMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_IncomeTaxAuthorityMember" xml:lang="en-US">Income Tax Authority [Member]</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DutchTaxLawMember" xlink:label="loc_phvs_DutchTaxLawMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DutchTaxLawMember" xml:lang="en-US">Dutch tax law [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DutchTaxLawMember" xlink:to="lab_phvs_DutchTaxLawMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DutchTaxLawMember" xml:lang="en-US">Dutch tax law [Member]</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AverageEffectiveTaxRate" xlink:label="loc_ifrs-full_AverageEffectiveTaxRate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AverageEffectiveTaxRate" xml:lang="en-US">Average effective tax rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AverageEffectiveTaxRate" xml:lang="en-US">Effective tax rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AverageEffectiveTaxRate" xlink:to="lab_ifrs-full_AverageEffectiveTaxRate" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_TaxableIncomeSetOffByUtilizationOfAccumulatedLossesCarryForward" xlink:label="loc_phvs_TaxableIncomeSetOffByUtilizationOfAccumulatedLossesCarryForward" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_TaxableIncomeSetOffByUtilizationOfAccumulatedLossesCarryForward" xml:lang="en-US">Taxable Income Set Off By Utilization Of Accumulated Losses Carry Forward</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_TaxableIncomeSetOffByUtilizationOfAccumulatedLossesCarryForward" xml:lang="en-US">Taxable income set off by utilization of accumulated losses carry forward</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_TaxableIncomeSetOffByUtilizationOfAccumulatedLossesCarryForward" xlink:to="lab_phvs_TaxableIncomeSetOffByUtilizationOfAccumulatedLossesCarryForward" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_TaxableIncomeSetOffByUtilizationOfAccumulatedLossesCarryForward" xml:lang="en-US">Taxable income set off by utilization of accumulated losses carry forward.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:label="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xml:lang="en-US">Disclosure Of Property Plant And Equipment [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:to="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:label="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [line items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xml:lang="en-US">Disclosure Of Property Plant And Equipment [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="loc_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US">Additions other than through business combinations, property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US">Additions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US">Acquired assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="loc_ifrs-full_DepreciationPropertyPlantAndEquipment" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DepreciationPropertyPlantAndEquipment" xml:lang="en-US">Depreciation, property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_DepreciationPropertyPlantAndEquipment" xml:lang="en-US">Depreciation expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_DepreciationPropertyPlantAndEquipment" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OfficeEquipmentMember" xlink:label="loc_ifrs-full_OfficeEquipmentMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_OfficeEquipmentMember" xml:lang="en-US">Office equipment [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OfficeEquipmentMember" xlink:to="lab_ifrs-full_OfficeEquipmentMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="loc_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xml:lang="en-US">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="lab_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CarryingAmountMember" xlink:label="loc_ifrs-full_CarryingAmountMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CarryingAmountMember" xml:lang="en-US">Carrying amount [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CarryingAmountMember" xlink:to="lab_ifrs-full_CarryingAmountMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:label="loc_ifrs-full_AccumulatedDepreciationAndAmortisationMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xml:lang="en-US">Accumulated depreciation and amortisation [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xml:lang="en-US">Cumulative depreciation [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:to="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_GrossCarryingAmountMember" xlink:label="loc_ifrs-full_GrossCarryingAmountMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_GrossCarryingAmountMember" xml:lang="en-US">Gross carrying amount [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_GrossCarryingAmountMember" xml:lang="en-US">Cumulative Costs [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GrossCarryingAmountMember" xlink:to="lab_ifrs-full_GrossCarryingAmountMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DepreciationRightofuseAssets" xlink:label="loc_ifrs-full_DepreciationRightofuseAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DepreciationRightofuseAssets" xml:lang="en-US">Depreciation, right-of-use assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_DepreciationRightofuseAssets" xml:lang="en-US">Depreciation charges</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DepreciationRightofuseAssets" xlink:to="lab_ifrs-full_DepreciationRightofuseAssets" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_RightOfUseAssetsImpactOfTransactionOfForeignCurrency" xlink:label="loc_phvs_RightOfUseAssetsImpactOfTransactionOfForeignCurrency" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_RightOfUseAssetsImpactOfTransactionOfForeignCurrency" xml:lang="en-US">Right Of Use Assets Impact of Transaction Of Foreign Currency</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_RightOfUseAssetsImpactOfTransactionOfForeignCurrency" xml:lang="en-US">Impact of transaction of foreign currency</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_RightOfUseAssetsImpactOfTransactionOfForeignCurrency" xlink:to="lab_phvs_RightOfUseAssetsImpactOfTransactionOfForeignCurrency" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_RightOfUseAssetsImpactOfTransactionOfForeignCurrency" xml:lang="en-US">Right of use assets impact of transaction of foreign currency.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdditionsToRightofuseAssets" xlink:label="loc_ifrs-full_AdditionsToRightofuseAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AdditionsToRightofuseAssets" xml:lang="en-US">Additions to right-of-use assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AdditionsToRightofuseAssets" xml:lang="en-US">Addition</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdditionsToRightofuseAssets" xlink:to="lab_ifrs-full_AdditionsToRightofuseAssets" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LeaseLiabilitiesAbstract" xlink:label="loc_ifrs-full_LeaseLiabilitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_LeaseLiabilitiesAbstract" xml:lang="en-US">Lease liabilities [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LeaseLiabilitiesAbstract" xlink:to="lab_ifrs-full_LeaseLiabilitiesAbstract" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfLeaseLiabilitiesTable" xlink:label="loc_phvs_DisclosureOfLeaseLiabilitiesTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfLeaseLiabilitiesTable" xml:lang="en-US">Disclosure Of Lease Liabilities [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfLeaseLiabilitiesTable" xlink:to="lab_phvs_DisclosureOfLeaseLiabilitiesTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfLeaseLiabilitiesTable" xml:lang="en-US">Disclosure Of lease liabilities.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" xlink:label="loc_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" xml:lang="en-US">Liabilities arising from financing activities [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" xlink:to="lab_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:label="loc_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xml:lang="en-US">Liabilities arising from financing activities [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:to="lab_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_OfficeLeaseMember" xlink:label="loc_phvs_OfficeLeaseMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_OfficeLeaseMember" xml:lang="en-US">Office Lease [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_OfficeLeaseMember" xlink:to="lab_phvs_OfficeLeaseMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_OfficeLeaseMember" xml:lang="en-US">Office lease.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfLeaseLiabilitiesLineItems" xlink:label="loc_phvs_DisclosureOfLeaseLiabilitiesLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfLeaseLiabilitiesLineItems" xml:lang="en-US">Disclosure Of Lease Liabilities [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfLeaseLiabilitiesLineItems" xlink:to="lab_phvs_DisclosureOfLeaseLiabilitiesLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfLeaseLiabilitiesLineItems" xml:lang="en-US">Disclosure of lease liabilities line items.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_LeaseLiabilities" xlink:label="loc_ifrs-full_LeaseLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_LeaseLiabilities" xml:lang="en-US">Lease liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_LeaseLiabilities" xml:lang="en-US">Lease liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LeaseLiabilities" xlink:to="lab_ifrs-full_LeaseLiabilities" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:label="loc_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xml:lang="en-US">Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xml:lang="en-US">Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:to="lab_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashOutflowForLeases" xlink:label="loc_ifrs-full_CashOutflowForLeases" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CashOutflowForLeases" xml:lang="en-US">Cash outflow for leases</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CashOutflowForLeases" xml:lang="en-US">Cash outflow for leases</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashOutflowForLeases" xlink:to="lab_ifrs-full_CashOutflowForLeases" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_LeaseAgreementTerm" xlink:label="loc_phvs_LeaseAgreementTerm" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_LeaseAgreementTerm" xml:lang="en-US">Lease Agreement Term</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_LeaseAgreementTerm" xml:lang="en-US">Lease Agreement Term</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_LeaseAgreementTerm" xlink:to="lab_phvs_LeaseAgreementTerm" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_LeaseAgreementTerm" xml:lang="en-US">Lease agreement term.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ValueAddedTaxReceivables" xlink:label="loc_ifrs-full_ValueAddedTaxReceivables" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ValueAddedTaxReceivables" xml:lang="en-US">Value added tax receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_ValueAddedTaxReceivables" xml:lang="en-US">VAT receivables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ValueAddedTaxReceivables" xlink:to="lab_ifrs-full_ValueAddedTaxReceivables" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="loc_ifrs-full_CurrentTradeReceivables" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CurrentTradeReceivables" xml:lang="en-US">Current trade receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CurrentTradeReceivables" xml:lang="en-US">Trade Receivables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentTradeReceivables" xlink:to="lab_ifrs-full_CurrentTradeReceivables" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentPrepayments" xlink:label="loc_ifrs-full_CurrentPrepayments" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CurrentPrepayments" xml:lang="en-US">Current prepayments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CurrentPrepayments" xml:lang="en-US">Prepayments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentPrepayments" xlink:to="lab_ifrs-full_CurrentPrepayments" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherAssets" xlink:label="loc_ifrs-full_OtherAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_OtherAssets" xml:lang="en-US">Other assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_OtherAssets" xml:lang="en-US">Other assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherAssets" xlink:to="lab_ifrs-full_OtherAssets" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xlink:label="loc_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xml:lang="en-US">Disclosure of classes of share capital [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xlink:to="lab_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:label="loc_ifrs-full_DisclosureOfClassesOfShareCapitalTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfClassesOfShareCapitalTable" xml:lang="en-US">Disclosure of classes of share capital [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:to="lab_ifrs-full_DisclosureOfClassesOfShareCapitalTable" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:label="loc_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xml:lang="en-US">Disclosure of classes of share capital [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:to="lab_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesIssuedAndFullyPaid" xlink:label="loc_ifrs-full_NumberOfSharesIssuedAndFullyPaid" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_NumberOfSharesIssuedAndFullyPaid" xml:lang="en-US">Number of shares issued and fully paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_NumberOfSharesIssuedAndFullyPaid" xml:lang="en-US">Number of shares issued and fully paid</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfSharesIssuedAndFullyPaid" xlink:to="lab_ifrs-full_NumberOfSharesIssuedAndFullyPaid" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfShareCapitalAxis" xlink:label="loc_ifrs-full_ClassesOfShareCapitalAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ClassesOfShareCapitalAxis" xml:lang="en-US">Classes of share capital [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfShareCapitalAxis" xlink:to="lab_ifrs-full_ClassesOfShareCapitalAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfShareCapitalMember" xlink:label="loc_ifrs-full_ClassesOfShareCapitalMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ClassesOfShareCapitalMember" xml:lang="en-US">Share capital [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_ClassesOfShareCapitalMember" xml:lang="en-US">Share capital [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfShareCapitalMember" xlink:to="lab_ifrs-full_ClassesOfShareCapitalMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OrdinarySharesMember" xlink:label="loc_ifrs-full_OrdinarySharesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_OrdinarySharesMember" xml:lang="en-US">Ordinary shares [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OrdinarySharesMember" xlink:to="lab_ifrs-full_OrdinarySharesMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ParValuePerShare" xlink:label="loc_ifrs-full_ParValuePerShare" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ParValuePerShare" xml:lang="en-US">Par value per share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_ParValuePerShare" xml:lang="en-US">Nominal value per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ParValuePerShare" xlink:to="lab_ifrs-full_ParValuePerShare" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProceedsFromIssueOfOrdinaryShares" xlink:label="loc_ifrs-full_ProceedsFromIssueOfOrdinaryShares" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ProceedsFromIssueOfOrdinaryShares" xml:lang="en-US">Proceeds from issue of ordinary shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_ProceedsFromIssueOfOrdinaryShares" xml:lang="en-US">Proceeds from issue of ordinary shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProceedsFromIssueOfOrdinaryShares" xlink:to="lab_ifrs-full_ProceedsFromIssueOfOrdinaryShares" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_AuthorizedShareCapital" xlink:label="loc_phvs_AuthorizedShareCapital" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_AuthorizedShareCapital" xml:lang="en-US">Authorized Share Capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_AuthorizedShareCapital" xml:lang="en-US">Authorized share capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_AuthorizedShareCapital" xlink:to="lab_phvs_AuthorizedShareCapital" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_AuthorizedShareCapital" xml:lang="en-US">Authorized share capital.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfSharesAuthorised" xlink:label="loc_ifrs-full_NumberOfSharesAuthorised" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_NumberOfSharesAuthorised" xml:lang="en-US">Number of shares authorised</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_NumberOfSharesAuthorised" xml:lang="en-US">Number of shares authorized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfSharesAuthorised" xlink:to="lab_ifrs-full_NumberOfSharesAuthorised" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_VotingRightsDescription" xlink:label="loc_phvs_VotingRightsDescription" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_VotingRightsDescription" xml:lang="en-US">Voting Rights Description</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_VotingRightsDescription" xml:lang="en-US">Voting rights description</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_VotingRightsDescription" xlink:to="lab_phvs_VotingRightsDescription" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_VotingRightsDescription" xml:lang="en-US">Voting rights description.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_AtTheMarketProgramProvidingForSalesFromTimeToTime" xlink:label="loc_phvs_AtTheMarketProgramProvidingForSalesFromTimeToTime" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_AtTheMarketProgramProvidingForSalesFromTimeToTime" xml:lang="en-US">At the market program providing for sales from time to time</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_AtTheMarketProgramProvidingForSalesFromTimeToTime" xml:lang="en-US">At-the-market program providing for sales from time to time</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_AtTheMarketProgramProvidingForSalesFromTimeToTime" xlink:to="lab_phvs_AtTheMarketProgramProvidingForSalesFromTimeToTime" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_AtTheMarketProgramProvidingForSalesFromTimeToTime" xml:lang="en-US">At-the-market program providing for sales from time to time.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PreferenceSharesMember" xlink:label="loc_ifrs-full_PreferenceSharesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_PreferenceSharesMember" xml:lang="en-US">Preference shares [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PreferenceSharesMember" xlink:to="lab_ifrs-full_PreferenceSharesMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="loc_ifrs-full_CategoriesOfRelatedPartiesAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CategoriesOfRelatedPartiesAxis" xml:lang="en-US">Categories of related parties [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="lab_ifrs-full_CategoriesOfRelatedPartiesAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:label="loc_ifrs-full_EntitysTotalForRelatedPartiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EntitysTotalForRelatedPartiesMember" xml:lang="en-US">Entity's total for related parties [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="lab_ifrs-full_EntitysTotalForRelatedPartiesMember" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_SVBLeerinkMember" xlink:label="loc_phvs_SVBLeerinkMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_SVBLeerinkMember" xml:lang="en-US">S V B Leerink [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_SVBLeerinkMember" xlink:to="lab_phvs_SVBLeerinkMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:label="loc_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xml:lang="en-US">Current trade payables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xml:lang="en-US">Trade payables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="lab_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:label="loc_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xml:lang="en-US">Current payables on social security and taxes other than income tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xml:lang="en-US">Tax and social security liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:to="lab_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfAccruedLiabilitiesAbstract" xlink:label="loc_phvs_DisclosureOfAccruedLiabilitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfAccruedLiabilitiesAbstract" xml:lang="en-US">Disclosure of Accrued liabilities [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfAccruedLiabilitiesAbstract" xlink:to="lab_phvs_DisclosureOfAccruedLiabilitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfAccruedLiabilitiesAbstract" xml:lang="en-US">Disclosure of Accrued liabilities [Abstract]</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesTable" xlink:label="loc_ifrs-full_DisclosureOfFinancialLiabilitiesTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesTable" xml:lang="en-US">Disclosure of financial liabilities [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialLiabilitiesTable" xlink:to="lab_ifrs-full_DisclosureOfFinancialLiabilitiesTable" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:label="loc_ifrs-full_ClassesOfFinancialLiabilitiesAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xml:lang="en-US">Classes of financial liabilities [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:to="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinancialLiabilitiesMember" xlink:label="loc_ifrs-full_FinancialLiabilitiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_FinancialLiabilitiesMember" xml:lang="en-US">Financial liabilities, class [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilitiesMember" xlink:to="lab_ifrs-full_FinancialLiabilitiesMember" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_PreclinicalAccruedLiabilitiesMember" xlink:label="loc_phvs_PreclinicalAccruedLiabilitiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_PreclinicalAccruedLiabilitiesMember" xml:lang="en-US">Preclinical Accrued Liabilities [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_PreclinicalAccruedLiabilitiesMember" xml:lang="en-US">Pre-clinical accrued liabilities [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_PreclinicalAccruedLiabilitiesMember" xlink:to="lab_phvs_PreclinicalAccruedLiabilitiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_PreclinicalAccruedLiabilitiesMember" xml:lang="en-US">Pre-clinical&#160;accrued liabilities.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_PersonnelRelatedAccrualsMember" xlink:label="loc_phvs_PersonnelRelatedAccrualsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_PersonnelRelatedAccrualsMember" xml:lang="en-US">Personnel Related Accruals [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_PersonnelRelatedAccrualsMember" xml:lang="en-US">Personnel related accruals [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_PersonnelRelatedAccrualsMember" xlink:to="lab_phvs_PersonnelRelatedAccrualsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_PersonnelRelatedAccrualsMember" xml:lang="en-US">Personnel related accruals.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_OtherAccruedLiabilitiesMember" xlink:label="loc_phvs_OtherAccruedLiabilitiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_OtherAccruedLiabilitiesMember" xml:lang="en-US">Other Accrued Liabilities [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_OtherAccruedLiabilitiesMember" xml:lang="en-US">Other accrued liabilities [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_OtherAccruedLiabilitiesMember" xlink:to="lab_phvs_OtherAccruedLiabilitiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_OtherAccruedLiabilitiesMember" xml:lang="en-US">Other accrued liabilities.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_ManufacturingAccruedLiabilitiesMember" xlink:label="loc_phvs_ManufacturingAccruedLiabilitiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_ManufacturingAccruedLiabilitiesMember" xml:lang="en-US">Manufacturing accrued liabilities [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_ManufacturingAccruedLiabilitiesMember" xlink:to="lab_phvs_ManufacturingAccruedLiabilitiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_ManufacturingAccruedLiabilitiesMember" xml:lang="en-US">Manufacturing accrued liabilities.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_ClinicalAccruedLiabilitiesMember" xlink:label="loc_phvs_ClinicalAccruedLiabilitiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_ClinicalAccruedLiabilitiesMember" xml:lang="en-US">Clinical Accrued Liabilities [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_ClinicalAccruedLiabilitiesMember" xml:lang="en-US">Clinical accrued liabilities [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_ClinicalAccruedLiabilitiesMember" xlink:to="lab_phvs_ClinicalAccruedLiabilitiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_ClinicalAccruedLiabilitiesMember" xml:lang="en-US">Clinical accrued liabilities.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_ConsultingProfessionalAndAuditLiabilityMember" xlink:label="loc_phvs_ConsultingProfessionalAndAuditLiabilityMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_ConsultingProfessionalAndAuditLiabilityMember" xml:lang="en-US">Consulting Professional And Audit Liability [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_ConsultingProfessionalAndAuditLiabilityMember" xml:lang="en-US">Consulting, professional and audit liability[Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_ConsultingProfessionalAndAuditLiabilityMember" xlink:to="lab_phvs_ConsultingProfessionalAndAuditLiabilityMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_ConsultingProfessionalAndAuditLiabilityMember" xml:lang="en-US">Consulting, professional and audit liability.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:label="loc_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xml:lang="en-US">Disclosure of financial liabilities [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:to="lab_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureofnumberandweightedaverageexercisepricesofshareoptionsAbstract" xlink:label="loc_phvs_DisclosureofnumberandweightedaverageexercisepricesofshareoptionsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureofnumberandweightedaverageexercisepricesofshareoptionsAbstract" xml:lang="en-US">Disclosure Of Number And Weighted Average Exercise Prices Of Share Options [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureofnumberandweightedaverageexercisepricesofshareoptionsAbstract" xlink:to="lab_phvs_DisclosureofnumberandweightedaverageexercisepricesofshareoptionsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureofnumberandweightedaverageexercisepricesofshareoptionsAbstract" xml:lang="en-US">Disclosure Of Number And Weighted Average Exercise Price Of Share Options.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsTable" xlink:label="loc_phvs_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsTable" xml:lang="en-US">Disclosure Of Number And Weighted Average Exercise Prices Of Share Options [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsTable" xlink:to="lab_phvs_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsTable" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_StockOptionsMember" xlink:label="loc_phvs_StockOptionsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_StockOptionsMember" xml:lang="en-US">Stock Options [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_StockOptionsMember" xlink:to="lab_phvs_StockOptionsMember" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_RestrictedStockUnitsMember" xlink:label="loc_phvs_RestrictedStockUnitsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_RestrictedStockUnitsMember" xml:lang="en-US">Restricted Stock Units [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_RestrictedStockUnitsMember" xlink:to="lab_phvs_RestrictedStockUnitsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_RestrictedStockUnitsMember" xml:lang="en-US">Restricted stock units member .</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsLineItems" xlink:label="loc_phvs_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsLineItems" xml:lang="en-US">Disclosure Of Number And Weighted Average Exercise Prices Of Share Options [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsLineItems" xlink:to="lab_phvs_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsLineItems" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xlink:label="loc_ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xml:lang="en-US">Number of share options forfeited in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xml:lang="en-US">Forfeited</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xlink:to="lab_ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfOutstandingShareOptions" xlink:label="loc_ifrs-full_NumberOfOutstandingShareOptions" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_NumberOfOutstandingShareOptions" xml:lang="en-US">Number of share options outstanding in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_ifrs-full_NumberOfOutstandingShareOptions" xml:lang="en-US">Ending balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_ifrs-full_NumberOfOutstandingShareOptions" xml:lang="en-US">Beginning balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_NumberOfOutstandingShareOptions" xml:lang="en-US">Number of options</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfOutstandingShareOptions" xlink:to="lab_ifrs-full_NumberOfOutstandingShareOptions" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" xlink:label="loc_ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" xml:lang="en-US">Weighted average exercise price of share options outstanding in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" xml:lang="en-US">Beginning balance, Weighted average</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" xml:lang="en-US">Ending balance , Weighted	average</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" xlink:to="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" xlink:label="loc_ifrs-full_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" xml:lang="en-US">Weighted average exercise price of share options granted in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" xml:lang="en-US">Granted , Weighted average</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" xlink:to="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" xlink:label="loc_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" xml:lang="en-US">Weighted average exercise price of share options exercised in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" xml:lang="en-US">Exercised , Weighted average</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" xlink:to="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" xlink:label="loc_ifrs-full_WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" xml:lang="en-US">Weighted average exercise price of share options forfeited in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" xml:lang="en-US">Forfeited , Weighted average</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" xlink:to="lab_ifrs-full_WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:label="loc_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xml:lang="en-US">Number of share options exercised in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xml:lang="en-US">Exercised</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:to="lab_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:label="loc_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xml:lang="en-US">Number of share options granted in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xml:lang="en-US">Granted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xml:lang="en-US">Number of share options granted in share-based payment arrangement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:to="lab_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodAbstract" xlink:label="loc_phvs_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodAbstract" xml:lang="en-US">Disclosure Of Indirect Measurement Of Fair Value Of Goods Or Services Received Other Equity Instruments Granted During Period [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodAbstract" xlink:to="lab_phvs_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriodAbstract" xml:lang="en-US">Disclosure of indirect measurement of fair value of goods or services received other equity instruments granted during period.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsTable" xlink:label="loc_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsTable" xml:lang="en-US">Disclosure of significant unobservable inputs used in fair value measurement of assets [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsTable" xlink:to="lab_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsTable" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ValuationTechniquesUsedInFairValueMeasurementAxis" xlink:label="loc_ifrs-full_ValuationTechniquesUsedInFairValueMeasurementAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ValuationTechniquesUsedInFairValueMeasurementAxis" xml:lang="en-US">Valuation techniques used in fair value measurement [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ValuationTechniquesUsedInFairValueMeasurementAxis" xlink:to="lab_ifrs-full_ValuationTechniquesUsedInFairValueMeasurementAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ValuationTechniquesMember" xlink:label="loc_ifrs-full_ValuationTechniquesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ValuationTechniquesMember" xml:lang="en-US">Valuation techniques [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ValuationTechniquesMember" xlink:to="lab_ifrs-full_ValuationTechniquesMember" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_BlackScholesFormulaMember" xlink:label="loc_phvs_BlackScholesFormulaMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_BlackScholesFormulaMember" xml:lang="en-US">Black Scholes Formula [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_BlackScholesFormulaMember" xml:lang="en-US">Black-Scholes formula [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_BlackScholesFormulaMember" xlink:to="lab_phvs_BlackScholesFormulaMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_BlackScholesFormulaMember" xml:lang="en-US">Black Scholes Formula [member].</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsLineItems" xlink:label="loc_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsLineItems" xml:lang="en-US">Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsLineItems" xlink:to="lab_ifrs-full_DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsLineItems" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_FairValueOfTheOrdinaryShares" xlink:label="loc_phvs_FairValueOfTheOrdinaryShares" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_FairValueOfTheOrdinaryShares" xml:lang="en-US">Fair value of the ordinary shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_FairValueOfTheOrdinaryShares" xml:lang="en-US">Fair value of the ordinary shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_FairValueOfTheOrdinaryShares" xlink:to="lab_phvs_FairValueOfTheOrdinaryShares" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_FairValueOfTheOrdinaryShares" xml:lang="en-US">Fair value of the ordinary shares .</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_WeightedAverageSharePrice2019" xlink:label="loc_ifrs-full_WeightedAverageSharePrice2019" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_WeightedAverageSharePrice2019" xml:lang="en-US">Weighted average share price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_WeightedAverageSharePrice2019" xml:lang="en-US">Exercise price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_WeightedAverageSharePrice2019" xml:lang="en-US">Weighted average share price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageSharePrice2019" xlink:to="lab_ifrs-full_WeightedAverageSharePrice2019" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:label="loc_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xml:lang="en-US">Risk free interest rate, share options granted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xml:lang="en-US">Risk-free interest rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" xlink:to="lab_ifrs-full_DescriptionOfRiskFreeInterestRateShareOptionsGranted" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:label="loc_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xml:lang="en-US">Expected volatility, share options granted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xml:lang="en-US">Expected volatility</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:to="lab_ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:label="loc_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xml:lang="en-US">Option life, share options granted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xml:lang="en-US">Expected life</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:to="lab_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xlink:label="loc_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xml:lang="en-US">Expected dividend as percentage, share options granted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xml:lang="en-US">Expected dividend yield</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xlink:to="lab_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_FairValueOfTheOptions" xlink:label="loc_phvs_FairValueOfTheOptions" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_FairValueOfTheOptions" xml:lang="en-US">Fair value of the options</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_FairValueOfTheOptions" xml:lang="en-US">Fair value of the options</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_FairValueOfTheOptions" xlink:to="lab_phvs_FairValueOfTheOptions" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_FairValueOfTheOptions" xml:lang="en-US">Fair value of the options .</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:label="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xml:lang="en-US">Disclosure of transactions between related parties [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:to="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_StatementOfLineitemsLineItems" xlink:label="loc_phvs_StatementOfLineitemsLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_StatementOfLineitemsLineItems" xml:lang="en-US">statement of Lineitems [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_StatementOfLineitemsLineItems" xlink:to="lab_phvs_StatementOfLineitemsLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_StatementOfLineitemsLineItems" xml:lang="en-US">statement of Lineitems .</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:label="loc_ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xml:lang="en-US">Expense from share-based payment transactions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xml:lang="en-US">Expense from share-based payment transactions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:to="lab_ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:label="loc_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xml:lang="en-US">Number of instruments granted in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xml:lang="en-US">Number Of Instruments Granted InShare based Payment Arrangement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:to="lab_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneYearAtGrantDate" xlink:label="loc_phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneYearAtGrantDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneYearAtGrantDate" xml:lang="en-US">Percentage of aggregate number of stock options shall vest on one year at grant date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneYearAtGrantDate" xml:lang="en-US">Percentage of aggregate number of stock options shall vest on one year at grant date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneYearAtGrantDate" xlink:to="lab_phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneYearAtGrantDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneYearAtGrantDate" xml:lang="en-US">Percentage of aggregate number of stock options shall vest on one year at grant date .</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneMonthAtGrantDate" xlink:label="loc_phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneMonthAtGrantDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneMonthAtGrantDate" xml:lang="en-US">Percentage of aggregate number of stock options shall vest on One Month at grant date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneMonthAtGrantDate" xml:lang="en-US">Percentage of aggregate number of stock options shall vest on One Month at grant date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneMonthAtGrantDate" xlink:to="lab_phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneMonthAtGrantDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_PercentageOfAggregateNumberOfStockOptionsShallVestOnOneMonthAtGrantDate" xml:lang="en-US">Percentage of aggregate number of stock options shall vest on One Month at grant date .</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" xlink:label="loc_ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" xml:lang="en-US">Number of share options exercisable in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" xml:lang="en-US">Number of share options exercisable in share-based payment arrangement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" xlink:to="lab_ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement" xlink:label="loc_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement" xml:lang="en-US">Description of maximum term of options granted for share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement" xml:lang="en-US">Description of maximum term of options granted for share-based payment arrangement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement" xlink:to="lab_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:label="loc_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xml:lang="en-US">Types of share-based payment arrangements [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:to="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_SharebasedPaymentArrangementsMember" xlink:label="loc_ifrs-full_SharebasedPaymentArrangementsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_SharebasedPaymentArrangementsMember" xml:lang="en-US">Share-based payment arrangements [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SharebasedPaymentArrangementsMember" xlink:to="lab_ifrs-full_SharebasedPaymentArrangementsMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:label="loc_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xml:lang="en-US">Key management personnel of entity or parent [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:to="lab_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_EmployeesMember" xlink:label="loc_phvs_EmployeesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_EmployeesMember" xml:lang="en-US">Employees [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_EmployeesMember" xlink:to="lab_phvs_EmployeesMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:label="loc_ifrs-full_ProfitLossAttributableToOwnersOfParent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_ProfitLossAttributableToOwnersOfParent" xml:lang="en-US">Profit (loss), attributable to owners of parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_ProfitLossAttributableToOwnersOfParent" xml:lang="en-US">Loss attributable to equity holders of the Company</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:to="lab_ifrs-full_ProfitLossAttributableToOwnersOfParent" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AdjustedWeightedAverageShares" xlink:label="loc_ifrs-full_AdjustedWeightedAverageShares" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AdjustedWeightedAverageShares" xml:lang="en-US">Adjusted weighted average number of ordinary shares outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_AdjustedWeightedAverageShares" xml:lang="en-US">Weighted average number of ordinary shares outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustedWeightedAverageShares" xlink:to="lab_ifrs-full_AdjustedWeightedAverageShares" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_BasicEarningsLossPerShare" xlink:label="loc_ifrs-full_BasicEarningsLossPerShare" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_BasicEarningsLossPerShare" xml:lang="en-US">Basic earnings (loss) per share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_BasicEarningsLossPerShare" xml:lang="en-US">Basic earnings loss per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BasicEarningsLossPerShare" xlink:to="lab_ifrs-full_BasicEarningsLossPerShare" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DilutedEarningsLossPerShare" xlink:label="loc_ifrs-full_DilutedEarningsLossPerShare" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DilutedEarningsLossPerShare" xml:lang="en-US">Diluted earnings loss per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DilutedEarningsLossPerShare" xlink:to="lab_ifrs-full_DilutedEarningsLossPerShare" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DisclosureOfOtherProvisionsAbstract" xlink:label="loc_ifrs-full_DisclosureOfOtherProvisionsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_DisclosureOfOtherProvisionsAbstract" xml:lang="en-US">Disclosure of other provisions [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOtherProvisionsAbstract" xlink:to="lab_ifrs-full_DisclosureOfOtherProvisionsAbstract" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_MaterialClaimsKnownToManagementRelatedToTheActivitiesOfTheGroup" xlink:label="loc_phvs_MaterialClaimsKnownToManagementRelatedToTheActivitiesOfTheGroup" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_MaterialClaimsKnownToManagementRelatedToTheActivitiesOfTheGroup" xml:lang="en-US">Material Claims Known to Management Related to the Activities of the Group</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_phvs_MaterialClaimsKnownToManagementRelatedToTheActivitiesOfTheGroup" xml:lang="en-US">Material claims known to management related to the activities of the group</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_MaterialClaimsKnownToManagementRelatedToTheActivitiesOfTheGroup" xlink:to="lab_phvs_MaterialClaimsKnownToManagementRelatedToTheActivitiesOfTheGroup" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_MaterialClaimsKnownToManagementRelatedToTheActivitiesOfTheGroup" xml:lang="en-US">Material claims known to management related to the activities of the group.</label>
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_ContractualObligationsAndCommitments" xlink:label="loc_phvs_ContractualObligationsAndCommitments" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_ContractualObligationsAndCommitments" xml:lang="en-US">Contractual Obligations and Commitments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_phvs_ContractualObligationsAndCommitments" xml:lang="en-US">Contractual obligations and commitments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_ContractualObligationsAndCommitments" xlink:to="lab_phvs_ContractualObligationsAndCommitments" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_ContractualObligationsAndCommitments" xml:lang="en-US">Contractual obligations and commitments.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:label="loc_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xml:lang="en-US">Estimated financial effect of contingent liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xml:lang="en-US">Contingent liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:to="lab_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_EstimatedFinancialEffectOfContingentAssets" xlink:label="loc_ifrs-full_EstimatedFinancialEffectOfContingentAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_EstimatedFinancialEffectOfContingentAssets" xml:lang="en-US">Estimated financial effect of contingent assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_EstimatedFinancialEffectOfContingentAssets" xml:lang="en-US">Contingent assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EstimatedFinancialEffectOfContingentAssets" xlink:to="lab_ifrs-full_EstimatedFinancialEffectOfContingentAssets" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensation" xlink:label="loc_ifrs-full_KeyManagementPersonnelCompensation" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensation" xml:lang="en-US">Key management personnel compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensation" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelCompensation" xlink:to="lab_ifrs-full_KeyManagementPersonnelCompensation" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:label="loc_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xml:lang="en-US">Key management personnel compensation, short-term employee benefits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xml:lang="en-US">Short term employee benefits</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:label="loc_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xml:lang="en-US">Key management personnel compensation, post-employment benefits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xml:lang="en-US">Post employee benefits</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:to="lab_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:label="loc_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xml:lang="en-US">Key management personnel compensation, share-based payment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xml:lang="en-US">Share-based payments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="lab_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" />
<loc xlink:type="locator" xlink:href="phvs-20220630.xsd#phvs_DisclosureOfInformationAboutKeyManagementPersonnelLineItems" xlink:label="loc_phvs_DisclosureOfInformationAboutKeyManagementPersonnelLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_phvs_DisclosureOfInformationAboutKeyManagementPersonnelLineItems" xml:lang="en-US">Disclosure Of Information About Key Management Personnel [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_phvs_DisclosureOfInformationAboutKeyManagementPersonnelLineItems" xlink:to="lab_phvs_DisclosureOfInformationAboutKeyManagementPersonnelLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_phvs_DisclosureOfInformationAboutKeyManagementPersonnelLineItems" xml:lang="en-US">Disclosure of information about key management personnel.</label>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:label="loc_ifrs-full_AmountsPayableRelatedPartyTransactions" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AmountsPayableRelatedPartyTransactions" xml:lang="en-US">Amounts payable, related party transactions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AmountsPayableRelatedPartyTransactions" xml:lang="en-US">Amount of outstanding payable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:to="lab_ifrs-full_AmountsPayableRelatedPartyTransactions" />
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_AmountIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntity" xlink:label="loc_ifrs-full_AmountIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ifrs-full_AmountIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntity" xml:lang="en-US">Amount incurred by entity for provision of key management personnel services provided by separate management entity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AmountIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntity" xml:lang="en-US">Amount incurred by entity for provision of key management personnel services provided by separate management entity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AmountIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntity" xlink:to="lab_ifrs-full_AmountIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntity" />
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