SIGA Technologies


Market Cap$838m

Last Close $11.58

SIGA Technologies is a commercial-stage health security company focused on the treatment of smallpox and other orthopoxviruses. It has contracts with both the US and Canadian governments for TPOXX, its treatment for smallpox, and is looking to expand internationally.

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Investment summary

SIGA Technologies announced that it has secured procurement orders for its oral treatment, TPOXX (tecovirimat), totaling c $13m. The figure includes $11m for initial procurement from two new international jurisdictions, one in Europe and one in Asia Pacific (APAC), and $2m from an existing customer in the APAC region. The orders are significant as they diversify SIGA’s revenues and represent the first response from the international community to stockpile oral TPOXX as a result of the ongoing global monkeypox outbreak. While it is unclear how the outbreak will progress, there is clear potential for it to serve as a catalyst for SIGA’s business and provide further commercial opportunities. We will revisit our estimates following this recent news.

Y/E Dec
Revenue (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 125.0 88.6 81.5 80.97 13.8 12.3
2021A 133.7 89.7 89.1 90.61 12.3 72.7
2022E 125.0 63.5 63.0 65.86 16.9 29.0
2023E 121.3 60.5 60.0 66.16 16.9 15.5
Industry outlook

Smallpox is a very serious life-threatening disease caused by the variola virus. The literature suggests a death rate of up to 30% and according to CDC forecasts, over 50 million people could be infected in a smallpox outbreak.

Last updated on 30/06/2022
Content on SIGA Technologies
SIGA Technologies – International expansion for oral TPOXX
Healthcare | research Flash note | 24 June 2022
SIGA Technologies – IV TPOXX receives FDA Approval
Healthcare | research Flash note | 20 May 2022
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Share price graph
Balance sheet
Forecast net cash (US$m) 71.9
Forecast gearing ratio (%) N/A
Price performance
Actual 5.9 63.3 84.4
Relative* 15.5 95.5 109.3
52-week high/low US$13.7/US$5.7
*% relative to local index
Key management
Phillip Gomez CEO
Daniel Luckshire Executive VP and CFO

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