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SIGA Technologies (NASDAQ: SIGA)

Last close As at 22/11/2024

USD6.48

▲ 0.21 (3.35%)

Market capitalisation

USD448m

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

With c 94,000 global cases and 32,000 cases in the US since 2022, mpox remains a growing concern especially given the rising numbers of Clade 1 (severe) cases in the Democratic Republic of the Congo. The FDA approved TPOXX for smallpox and it is now available to treat mpox through the CDC’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

View More

Healthcare | Update

SIGA Technologies — Strong order book moving into Q424

Healthcare | Flash note

SIGA Technologies — TPOXX chalks up another DoD contract win

Healthcare | Flash note

SIGA Technologies — PALM 007 data warrant a closer look in mpox

Healthcare | Update

SIGA Technologies — Momentum building as the year progresses
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Sector

Healthcare

Equity Analyst

Arron Aatkar

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)

162

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (9.7) (29.3) 20.9
Relative (10.5) (33.2) (7.1)
52 week high/low US$12.0/US$4.5

Financials

SIGA Technologies reported revenues of $10m in Q324, attributed primarily to deliveries under the $112.5m BARDA option, exercised in July 2024. Backed by a strong order book ($146m at end-Q324), the sales momentum has picked up pace in Q424 with another $51.2m and $8.5m of oral and IV TPOXX (IVT) delivered to the Strategic National Stockpile (SNS) in October 2024. We expect further deliveries in Q424 and early 2025 under the BARDA contract as well as the $9m US Department of Defense (DoD) order received in August 2024. Q424 also marked SIGA’s first commercial foray into Africa (delivering oral TPOXX to Morocco worth c $0.8m), capped by in-licensing of a novel preclinical monoclonal antibody from Vanderbilt University to complement TPOXX in targeting orthopox viruses. We await further updates on the PEP label expansion and mpox trials but conservatively adjust our estimates to reflect results from the PALM 007 study. Our valuation adjusts to $13.93/share from $15.89/share previously.

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 13.8 11.0
2023A 139.9 84.2 87.8 94.96 6.6 4.7
2024E 160.2 90.0 96.1 104.04 6.0 8.2
2025E 184.4 110.2 116.1 125.36 5.0 5.1

Update

Healthcare

SIGA Technologies — Second quarter as expected, onward to H223

Flash note

Healthcare

SIGA Technologies — US exercised (stockpile) options are key catalysts

Update

Healthcare

SIGA Technologies — Diamond in the rough amid macro weakness

Update

Healthcare

SIGA Technologies — US stockpiles front and center in Q1 and FY23

Update

Healthcare

SIGA Technologies — Solid results marked by revenue diversification

Update

Healthcare

SIGA Technologies — Solid Q322, underpinned by international traction

Flash note

SIGA Technologies — TPOXX trials launched in treating monkeypox

edison tv

Healthcare

SIGA Technologies – executive interview

Flash note

Healthcare

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

Flash note

Healthcare

SIGA Technologies — Monkeypox concern drives international TPOXX win

Update

Healthcare

SIGA Technologies — Monkeypox likely here to stay

Flash note

Healthcare

SIGA Technologies — BARDA exercises first option for IV TPOXX

Flash note

Healthcare

SIGA Technologies — Best is yet to come

Flash note

Healthcare

SIGA Technologies — WHO declares monkeypox a global emergency

Flash note

Healthcare

SIGA Technologies — The year of international expansion

Flash note

Healthcare

SIGA Technologies — International expansion for oral TPOXX

Flash note

Healthcare

SIGA Technologies — IV TPOXX receives FDA Approval

Update

Healthcare

SIGA Technologies — Product and international expansion on track

Update

Healthcare

SIGA Technologies — Geographic expansion underway

Update

Healthcare

SIGA Technologies — Additional approvals expected shortly

edison tv

Healthcare

SIGA Technologies – executive interview

Update

Healthcare

SIGA Technologies — Q221 results

edison tv

Healthcare

SIGA Technologies and Cipla Therapeutics – executive interview

Update

Healthcare

SIGA Technologies — Additional international deal possible in Q2

edison tv

Healthcare

SIGA Technologies – executive interview

Initiation

Healthcare

SIGA Technologies — Protection against a future pandemic