SIGA Technologies, Inc.

What they do

SIGA sells oral and intravenous formulations of TPOXX (tecovirimat) to government customers, including the U.S. Strategic National Stockpile and international governments, sometimes through distributors. The product is FDA-approved for smallpox treatment and has additional regulatory approvals in Europe, Canada, Japan, and the UK. The company also conducts research and development, including trials for a potential smallpox post-exposure prophylaxis indication.

Revenue drivers

• U.S. Government / BARDA contracts — Deliveries of oral and IV TPOXX to the U.S. Strategic National Stockpile under the 19C BARDA contract; the second quarter 2026 deliveries of IV TPOXX completed the last procurement order under that contract.
• International government sales — Sales of oral TPOXX to international governments and affiliated entities, often through distributors; in Q2 2026, $13 million of oral TPOXX was delivered to two international customers.
• Regulatory approvals and label expansion — Approvals in EMA, MHRA, PMDA, and Health Canada support sales in those markets; potential FDA label expansion for smallpox post-exposure prophylaxis could open additional revenue opportunities.

Recent performance

For the second quarter of 2026, total revenues were $41.0 million, down from $81.1 million in the same period of 2025, with product sales of $37.9 million. Net income for Q2 2026 was $12.5 million, down from $35.5 million a year earlier. For the six months ended June 30, 2026, total revenues were $47.2 million and net income was $9.0 million. Annual revenue has declined from $139.9 million in 2023 to $94.6 million in 2025, with net income falling to $23.3 million in 2025. The company ended Q2 2026 with $117.6 million in cash and equivalents.

Strategy

SIGA is focused on executing its existing government contracts, including completing 19C BARDA Contract obligations, and pursuing additional U.S. and international procurement orders. The company is developing a Supplemental NDA for oral TPOXX for smallpox post-exposure prophylaxis, targeting submission in the first half of 2027. Management emphasizes diversifying revenue across regions and customers, as evidenced by deliveries in the U.S., Europe, and Asia-Pacific. The company also maintains a U.S. domestic supply chain to mitigate macroeconomic volatility. Capital management includes paying special dividends, such as the $0.60 per share declared in March 2026.

Risks

• Dependence on U.S. government contracts — A substantial percentage of revenue comes from the U.S. government, and the failure to secure future contracts after the 19C BARDA contract could materially harm results.
• Regulatory actions on mpox indication — The EMA recommended withdrawal of the mpox indication for Tecovirimat-SIGA, and the MHRA has asked for label alignment, which could reduce sales in those markets.
• Option exercise uncertainty — Future revenue depends on government exercising options at its sole discretion; delays or non-exercise could cause material harm.
• Macroeconomic and trade policy volatility — Changes in tariffs and trade policies could increase costs and adversely affect operating results.

Outlook

Management expects to submit a Supplemental NDA for oral TPOXX for smallpox PEP in the first half of 2027. They anticipate the CHMP will maintain smallpox, cowpox, and vaccinia indications in the EU label, while the mpox indication is likely to be withdrawn. The completion of 19C contract deliveries in Q2 2026 leaves the company needing new procurement orders to sustain revenue. The company continues to target international sales and regulatory approvals in additional markets.