Last close As at 05/08/2026
USD3.15
▲ −0.09 (−2.78%)
Market capitalisation
USD226m
Research: Healthcare
SIGA secured $28m in international procurement orders for its oral treatment, TPOXX (tecovirimat), including $26m in incremental procurement orders from Canada and $2m from two new (international) jurisdictions. This follows the previously announced $13m procurement order from three international jurisdictions and UK regulatory win, covering all human orthopoxvirus pathogens including smallpox, monkeypox, cowpox and vaccinia complications after vaccination against smallpox. The heightened awareness of infectious diseases in the wake of the COVID-19 pandemic and the recent monkeypox outbreak have been catalysts for the company, as evidenced by recent regulatory and international procurement contract wins. We continue to expect international traction to remain a key driver of growth in the near to medium term.
Written by
SIGA Technologies |
The year of international expansion |
Regulatory update |
Pharma and biotech |
14 July 2022 |
Share price performance
Business description
Analysts
SIGA Technologies is a research client of Edison Investment Research Limited |
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SIGA secured $28m in international procurement orders for its oral treatment, TPOXX (tecovirimat), including $26m in incremental procurement orders from Canada and $2m from two new (international) jurisdictions. This follows the previously announced $13m procurement order from three international jurisdictions and UK regulatory win, covering all human orthopoxvirus pathogens including smallpox, monkeypox, cowpox and vaccinia complications after vaccination against smallpox. The heightened awareness of infectious diseases in the wake of the COVID-19 pandemic and the recent monkeypox outbreak have been catalysts for the company, as evidenced by recent regulatory and international procurement contract wins. We continue to expect international traction to remain a key driver of growth in the near to medium term.
Year end |
Revenue ($m) |
EBITDA* |
PBT* |
EPS* |
P/E |
Net cash** |
12/20 |
125.0 |
88.6 |
81.5 |
0.81 |
17.9 |
117.9 |
12/21 |
133.7 |
89.7 |
89.1 |
0.91 |
15.9 |
103.1 |
12/22e |
125.0 |
63.5 |
63.0 |
0.66 |
22.0 |
71.9 |
12/23e |
121.3 |
60.5 |
60.0 |
0.66 |
22.0 |
94.9 |
Note: *EBITDA, PBT and EPS (diluted) are normalized, excluding exceptional items and other revenue and expenses. **Adjusted for special dividend in Q222e.
The $26m international procurement from Canada includes $22m in orders by the Public Health Agency of Canada (PHAC) and $4m by the Canadian Department of National Defence. This follows the $13m procurement by PHAC earlier this year and marks a $9m increase to the existing PHAC procurement contract. The remaining $2m in procurement order was from two new international jurisdictions, including one in Europe and one in the Asia-Pacific region.
On 8 July, SIGA announced regulatory approval in the UK (with a broad label similar to the EU) for TPOXX. This marks the fourth regulatory approval for TPOXX and the second jurisdiction (after the EU) to address monkeypox. SIGA now has approval in several key markets (US, Europe and Canada) reflecting broader acceptance. The company has received $56m in international procurement orders (year to date) from six jurisdictions, five of which are new customers. Of this, SIGA expects to deliver $26m in orders by end-September 2022. Unlike conventional global pharma pricing dynamics, the company’s international pricing is at a premium versus in the US where rates are subsidized due to the size of the US government procurement and their R&D funding. For reference, it appears the contracted pricing in Canada is roughly 3x rates charged in the United States. In addition to higher pricing, these international contracts provide crucial customer and geographic diversification.
SIGA continues to have regulatory success, having received FDA approval for its IV formulation of TPOXX, regulatory approvals in the EU (January 2022) and the UK, approval by Health Canada for oral TPOXX. This was followed by procurement contracts awarded by the US Department of Défense worth c $7.5m (May 2022) and the $13m from three (international) countries (June 2022). Combined with oral TPOXX’s better efficacy and safety profile versus its competition, these approvals further cement SIGA as the leader in an evolving market.
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