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.
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Daniel Luckshire
Executive VP and CFO
Diem Nguyen
CEO
Forecast net cash (US$m)
166.6
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (1.1) | 71.1 | 51.9 |
Relative | 2.0 | 64.3 | 23.9 |
52 week high/low | US$9.9/US$4.3 |
SIGA Technologies announced a strategic step in fortifying its distribution partner, Meridian, allowing greater control over planning and executing its international development efforts, a key growth pillar. The amended terms allow the company to actively manage future promotion activities outside the US (effective 1 June 2024). While Meridian will continue to administer existing international contracts, we expect the renegotiated terms to benefit the bottom line in the medium term as SIGA gains traction internationally. In a separate development, and one that could have a positive read-across for SIGA’s TPOXX, Bavarian Nordic, a key vaccine peer, has commenced the commercial launch of its mpox vaccine Jynneos in the US, which has only been available through the strategic national stockpile to date. We view this as a positive milestone for this therapeutic group and SIGA as TPOXX is the only approved anti-viral treatment for a range of orthopox viruses (including mpox) in Europe and is currently undergoing clinical trials in the US for expansion into mpox (presently approved for smallpox).
Y/E Dec | Revenue (US$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 | 19.0 | 15.2 |
2023A | 139.9 | 84.2 | 87.8 | 94.96 | 9.1 | 6.5 |
2024E | 190.6 | 104.4 | 108.4 | 122.41 | 7.1 | 10.4 |
2025E | 169.3 | 96.3 | 100.7 | 118.95 | 7.3 | 8.1 |