SIGA Technologies

Overview
Price performance
Financials
Research
Thematics

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

Healthcare |
Flash note

04.04.24

SIGA Technologies — Positive signals abound

Healthcare |
Update

18.03.24

SIGA Technologies — Onwards and upwards with strong FY23

Healthcare |
Flash note

23.01.24

SIGA Technologies — New captain to steer the ship

Healthcare |
Update

09.11.23

SIGA Technologies — International momentum building towards year-end

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Analyst

Arron Aatkar

Associate analyst

Jyoti Prakash

Analyst, Healthcare

Key Management

Daniel Luckshire

Executive VP and CFO
Diem Nguyen

CEO

Balance Sheet

Forecast net cash (US$m)

166.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	88.3	68.4	51.2
Relative	85.4	54.8	19.5
52 week high/low	US$9.9/US$4.3

Financials

SIGA Technologies announced a strategic step in fortifying its distribution partner, Meridian, allowing greater control over planning and executing its international development efforts, a key growth pillar. The amended terms allow the company to actively manage future promotion activities outside the US (effective 1 June 2024). While Meridian will continue to administer existing international contracts, we expect the renegotiated terms to benefit the bottom line in the medium term as SIGA gains traction internationally. In a separate development, and one that could have a positive read-across for SIGA’s TPOXX, Bavarian Nordic, a key vaccine peer, has commenced the commercial launch of its mpox vaccine Jynneos in the US, which has only been available through the strategic national stockpile to date. We view this as a positive milestone for this therapeutic group and SIGA as TPOXX is the only approved anti-viral treatment for a range of orthopox viruses (including mpox) in Europe and is currently undergoing clinical trials in the US for expansion into mpox (presently approved for smallpox).

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	19.5	15.6
2023A	139.9	84.2	87.8	94.96	9.4	6.7
2024E	190.6	104.4	108.4	122.41	7.3	10.7
2025E	169.3	96.3	100.7	118.95	7.5	8.3

Update

Healthcare

14.03.23

SIGA Technologies — Solid results marked by revenue diversification

Update

Healthcare

04.11.22

SIGA Technologies — Solid Q322, underpinned by international traction

Flash note

14.10.22

SIGA Technologies — TPOXX trials launched in treating monkeypox

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Healthcare

07.10.22

SIGA Technologies – executive interview

Flash note

Healthcare

03.10.22

SIGA Technologies — Second contract win from the US DoD in 2022

Flash note

Healthcare

27.09.22

SIGA Technologies — Monkeypox concern drives international TPOXX win

SIGA Technologies – executive interview

Initiation

Healthcare

05.03.21

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SIGA Technologies (NASDAQ: SIGA)

Latest Insights

SIGA Technologies — Positive signals abound

SIGA Technologies — Onwards and upwards with strong FY23

SIGA Technologies — New captain to steer the ship

SIGA Technologies — International momentum building towards year-end

Sector

Equity Analyst

Key Management

Balance Sheet

Share Price Performance

Financials

SIGA Technologies — Solid results marked by revenue diversification

SIGA Technologies — Solid Q322, underpinned by international traction

SIGA Technologies — TPOXX trials launched in treating monkeypox

SIGA Technologies – executive interview

SIGA Technologies — Second contract win from the US DoD in 2022

SIGA Technologies — Monkeypox concern drives international TPOXX win

SIGA Technologies — Monkeypox likely here to stay

SIGA Technologies — BARDA exercises first option for IV TPOXX

SIGA Technologies — Best is yet to come

SIGA Technologies — WHO declares monkeypox a global emergency

SIGA Technologies — The year of international expansion

SIGA Technologies — International expansion for oral TPOXX

SIGA Technologies — IV TPOXX receives FDA Approval

SIGA Technologies — Product and international expansion on track

SIGA Technologies — Geographic expansion underway

SIGA Technologies — Additional approvals expected shortly

SIGA Technologies – executive interview

SIGA Technologies — Q221 results

SIGA Technologies and Cipla Therapeutics – executive interview

SIGA Technologies — Additional international deal possible in Q2

SIGA Technologies – executive interview

SIGA Technologies — Protection against a future pandemic