SIGA Announces Q3 and Nine-Month Financial Results for 2024

SIGA Technologies, Inc., a commercial-stage pharmaceutical company, has released its financial results for the three and nine months ending September 30, 2024. The company reported product revenues of $9 million and $53 million for the respective periods, driven by strong procurement orders from the U.S. Government, including a significant $112.5 million order for oral TPOXX under the 19C BARDA contract and a $9 million order from the U.S. Department of Defense. Diem Nguyen, the Chief Executive Officer, highlighted the momentum and the positioning of the company for substantial revenue in the fourth quarter and 2025.

As of the end of September, SIGA had approximately $146 million of outstanding procurement orders. Deliveries for the $112.5 million order began in late September and continued into October. The company is committed to expanding its revenue base, enhancing shareholder value, advancing development programs, and negotiating the next contract with the U.S. Government.

In terms of financial performance, SIGA's product sales were $8.9 million for the quarter, up from $8.0 million the previous year, and $53.5 million for the nine months, compared to $14.9 million for the same period in 2023. Total revenues were $10.0 million and $57.3 million for the three and nine months, respectively, compared to $9.2 million and $23.4 million in 2023. The company reported an operating income of $0.5 million for the third quarter and $12.9 million for the nine months, a significant improvement from the losses of $1.3 million and $8.1 million in the prior year. Income before taxes was $1.9 million for the quarter and $17.5 million for the nine months, compared to losses of $0.4 million and $5.1 million in 2023. Net income for these periods was $1.3 million and $13.5 million, respectively, compared to losses of $0.4 million and $4.2 million in the previous year. Diluted income per share was $0.02 for the third quarter and $0.19 for the nine months, compared to losses per share of $0.01 and $0.06 in 2023.

Recent developments include the acquisition of an exclusive license for a portfolio of preclinical fully human monoclonal antibodies (mAbs) from Vanderbilt University in October 2024. These mAbs have the potential to treat a range of orthopoxviruses, including smallpox and mpox. The U.S. Department of Defense is funding the development of these antibodies through Phase 1 clinical trials. Additionally, SIGA made its first sale of TPOXX (tecovirimat) in Africa, responding to a request from the Ministry of Health in Morocco during the third quarter.

In August 2024, SIGA secured a procurement contract from the U.S. Department of Defense for approximately $9 million of oral TPOXX and a small amount of IV TPOXX. That same month, the National Institutes of Health's National Institute of Allergy and Infectious Diseases (NIAID) announced results from the PALM 007 clinical trial on tecovirimat for treating monkeypox virus. The study did not meet its primary endpoint, but showed improvement in patients with early symptoms and those with severe disease.

In July 2024, SIGA received a substantial $112.5 million order for oral TPOXX from the U.S. Government under the 19C BARDA contract, intended for the U.S. Strategic National Stockpile.

Regarding capital management, SIGA paid a special cash dividend of $0.60 per share on April 11, 2024, an increase from the previous year's dividend. This decision was made on March 12, 2024.

SIGA will host a conference call and webcast to discuss the business update today at 4:30 P.M. ET. This will be accessible through their website.

SIGA Technologies, Inc. is a leader in global health, focusing on the development of innovative medicines to treat and prevent infectious diseases, with a primary focus on orthopoxviruses. Their flagship product, TPOXX®, is an antiviral medicine approved in the U.S. and Canada for the treatment of smallpox and authorized in Europe and the UK for treating smallpox, mpox, cowpox, and complications from vaccinia.