SIGA Technologies (NASDAQ: SIGA)

Last close As at 20/06/2024

USD6.41

0.09 (1.42%)

Market capitalisation

USD456m

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 expanding internationally.

With c 94,000 global cases and 32,000 cases in the US since 2022, mpox remains a growing concern especially given the rising numbers of clade 1 (severe) cases in Democratic Republic of Congo. TPOXX was approved by the US FDA for smallpox and is now available to treat mpox through the Centers for Disease Control and Prevention’s expanded access investigational new drug protocol. Currently, it is the only allowed therapy for all orthopoxvirus pathogens, including mpox, approved in both the UK and the EU.

Latest Insights

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Healthcare | Update

SIGA Technologies — Optimizing the TPOXX value proposition

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SIGA Technologies — Positive signals abound

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SIGA Technologies — Onwards and upwards with strong FY23

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SIGA Technologies — New captain to steer the ship

Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Arron Aatkar

Associate analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Key Management

  • Daniel Luckshire

    Executive VP and CFO

  • Diem Nguyen

    CEO

Balance Sheet

Forecast net cash (US$m)

166.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (15.1) (26.9) 11.1
Relative (17.7) (30.2) (10.9)
52 week high/low US$10.5/US$4.3

Financials

SIGA Technologies is a commercial-stage company focused on the treatment of smallpox and other orthopoxviruses. Lead drug TPOXX was approved by the US FDA in 2018 for the treatment of smallpox and in the EU and UK under the broad label including all orthopox pathogens in 2022. SIGA reported strong Q124 results, with product revenues growing 206% to $25.4m driven by deliveries to the US SNS and HERA, and gross margins expanding to 86%. Following an amended contract with Meridian, SIGA will actively manage international promotion activities with effect from June 2024. We continue to view the PEP label expansion as a key future value driver for SIGA and view the commercial launch of the Jynneos vaccine (SIGA peer) as a positive for the company.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 110.8 43.2 43.7 45.56 14.1 11.2
2023A 139.9 84.2 87.8 94.96 6.8 4.8
2024E 177.6 101.7 107.9 118.43 5.4 7.7
2025E 161.7 91.8 97.9 107.49 6.0 6.2

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