SIGA Q1 2024 Financial Results

SIGA Technologies, Inc., a pharmaceutical firm specializing in health security solutions, announced its financial outcomes for the first quarter ending March 31, 2024. The company reported robust product sales amounting to $24 million and a pre-tax operating income of $11 million, both of which are significant improvements from the same period in 2023. These results underscore SIGA’s commitment to operational efficiency and the strength of its TPOXX® franchise, according to CEO Diem Nguyen.

For the three months ending March 31, 2024, SIGA's summary financial results include $23.9 million in product sales, up from $5.7 million in the same quarter of the previous year. Total revenues for the quarter stood at $25.4 million, compared to $8.3 million in 2023. Operating income reached $11.3 million, a remarkable turnaround from a loss of $2.1 million in the first quarter of 2023. Net income for the period was $10.3 million, equating to diluted earnings per share of $0.14, a significant improvement over last year's $0.01 per share loss.

Recent developments have bolstered SIGA’s position in the market. On April 11, 2024, Japan Biotechno Pharma, SIGA's partner in Japan, submitted a new drug application for tecovirimat (TPOXX) to treat smallpox, mpox, cowpox, and vaccinia virus complications. Additionally, on April 1, 2024, SIGA amended its international promotion agreement with Meridian Medical Technologies, LLC, granting SIGA enhanced control over global promotion activities for oral TPOXX® starting June 1. This strategic move aims to better address the needs of global customers amid increasing orthopox threats.

In the first quarter of 2024, SIGA delivered approximately $24 million worth of oral TPOXX to various customers. Of this total, $16 million was supplied to the U.S. government, including $15 million to the U.S. Strategic National Stockpile and $1 million to the Department of Defense. The remaining $8 million was distributed to eight international customers.

Regarding capital management, SIGA’s Board of Directors declared a special cash dividend of $0.60 per share on March 12, 2024, which was paid on April 11, 2024.

SIGA will provide a business update through a conference call and webcast on Tuesday, May 7, 2024, at 4:30 PM ET. Participants can access the call via domestic and international dial-in numbers or through a live webcast on the company's website. A replay of the call will be available for two weeks post-event.

SIGA Technologies, Inc. operates within the health security market, addressing needs for countermeasures against biological, chemical, radiological, and nuclear threats. The company's flagship product, TPOXX®, is an antiviral drug for treating human smallpox caused by the variola virus. The oral formulation of TPOXX was approved by the FDA in 2018, and its intravenous version received approval in 2022. The drug has also been approved by the European Medicines Agency (EMA) and the Medicines and Healthcare Products Regulatory Agency (MHRA) in the United Kingdom, with indications for treating smallpox, mpox, cowpox, and vaccinia complications.

Orthopoxviruses, which include smallpox, mpox, cowpox, and vaccinia, pose significant global health risks. Smallpox, in particular, remains a concern due to its potential use as a bioweapon. Mpox, similar to smallpox, leads to sporadic infections and considerable health challenges, particularly in the U.S., Europe, and Africa. Effective antiviral treatments and vaccines are crucial in addressing these threats.

SIGA's balance sheet as of March 31, 2024, shows total assets of $243.1 million, down from $254.4 million at the end of 2023. Current assets include $143.9 million in cash and equivalents and $18.1 million in accounts receivable. Total liabilities stand at $78.2 million, with stockholders’ equity at $165 million. The company’s improvement in financial performance reflects its strategic focus on product delivery and market expansion.