SIGA Technologies (NASDAQ: SIGA)

Currency in USD

Last close As at 02/06/2023

USD5.48

−0.13 (−2.32%)

Market capitalisation

USD391m

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

With c 64,000 global cases and 23,000 cases in the United States, mpox remains a growing concern for governments and health agencies. SIGA’s antiviral product TPOXX is the leading therapeutic, originally designed to treat smallpox. 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 (July 2022) and the EU (January 2022).

Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Daniel Luckshire

    Executive VP and CFO

  • Phillip Gomez

    CEO

Balance Sheet

Forecast net cash (US$m)

110.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5.8) (17.5) (55.0)
Relative (7.0) (22.7) (56.3)
52 week high/low US$26.1/US$5.2

Financials

SIGA Technologies is a commercial-stage company focused on the treatment of smallpox and other orthopoxvirus. 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. Post material uptick in international orders due to mpox outbreak in FY22, we estimate replenishment of government stockpiles will continue to remain a pillar, driven by BARDA deliveries for oral (total $225m due in FY23 and FY24) and IV TPOXX. Readout data from PEP label expansion trials are expected in the next 60 days, which if favorable, should lead to a possible supplementary NDA by early 2024.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 133.7 89.7 89.1 90.61 6.0 35.8
2022A 110.8 44.3 42.7 44.15 12.4 9.6
2023E 175.2 97.2 96.7 104.47 5.2 6.1
2024E 181.0 102.3 101.8 114.90 4.8 5.1

Further insights

Healthcare

Healthcare Week 2023

Analyst of the week

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

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