SIGA Technologies (NASDAQ: SIGA)

Last close As at 02/03/2024

USD5.21

−0.12 (−2.25%)

Market capitalisation

USD379m

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 US, 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 and the EU.

Latest Insights

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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)

117.4

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 6.8 (4.1) (23.9)
Relative 1.5 (14.0) (40.7)
52 week high/low US$6.6/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. As per the Q323 update, SIGA expects a strong orderbook for the year with new orders, worth $164m, to be largely realized in Q423. Also, the recent $18m procurement deal with the European HERA offers material upside potential, in our view. Management continues to target the PEP regulatory submission in 2024 and we view this as a next significant milestone for SIGA.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 133.7 89.6 89.2 90.75 5.7 34.0
2022A 110.8 43.2 43.7 45.56 11.4 9.1
2023E 172.6 98.8 101.8 109.63 4.8 6.0
2024E 177.3 99.1 102.1 114.84 4.5 5.0

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