SIGA Releases Financial Results for June 30, 2024

SIGA Technologies, Inc., a commercial-stage pharmaceutical company, has reported its financial outcomes for the second quarter and the first half of 2024. The company achieved product sales of $21 million in Q2 and a total of $45 million for the six months ending June 30, 2024. A significant contributor to these results was the $18 million in IV TPOXX sales to the U.S. Government. The company also secured a $113 million procurement order from the U.S. Government for oral TPOXX in July.

Diem Nguyen, SIGA’s CEO, highlighted the company’s strong performance, noting the diverse mix of oral TPOXX deliveries to various U.S. agencies and international customers over the first six months. Nguyen emphasized the company’s commitment to diversifying and expanding its revenue base while enhancing shareholder value. SIGA aims to progress its clinical programs, negotiate future contracts with the U.S. Government, and promote public health.

Financially, SIGA’s second-quarter product sales totaled $20.7 million, a significant increase from $1.3 million in the same period in 2023. Total revenues for the quarter were $21.8 million, up from $5.9 million a year ago. For the first half of 2024, product sales reached $44.6 million, compared to $7.0 million in the previous year, with total revenues hitting $47.2 million, up from $14.2 million in 2023. The company’s operating income for the second quarter was $1.1 million, a turnaround from a loss of $4.6 million in the same period in 2023. For the first six months of 2024, the operating income was $12.4 million, compared to a loss of $6.7 million in the first half of 2023. Net income for Q2 was $1.8 million, up from a loss of $2.9 million last year, and for the first half of the year, net income reached $12.1 million, compared to a loss of $3.8 million in 2023.

In recent developments, in July 2024, SIGA received a significant procurement order for approximately $113 million of oral TPOXX from the U.S. Government under the 19C BARDA contract, designated for delivery to the U.S. Strategic National Stockpile (SNS). During the second quarter, SIGA delivered about $18 million of IV TPOXX to the U.S. SNS and $3 million of oral TPOXX to a new customer in the ASEAN region. Additionally, the company secured an $11 million order from another customer in the Asia Pacific region, with delivery expected in the next six months.

In April 2024, Japan Biotechno Pharma, SIGA’s partner in Japan, filed a new drug application for oral TPOXX (to be marketed as TEPOXX in Japan) for treating smallpox, mpox, cowpox, and complications from the vaccinia virus. That same month, SIGA announced an amendment to its international promotion agreement with Meridian Medical Technologies, LLC. Effective June 1, 2024, SIGA began managing international promotion activities for oral TPOXX while maintaining its relationship with Meridian. This amendment allows SIGA greater control over international promotions, enhancing its ability to meet global customer needs.

Regarding capital management, SIGA paid a special cash dividend of $0.60 per share on April 11, 2024, up $0.15 per share from the previous year's dividend. This followed a declaration made on March 12, 2024.

SIGA will hold a conference call and webcast today at 4:30 PM ET to provide a business update. The call can be accessed by dialing specific phone numbers for domestic and international callers, with a live webcast available on the company’s official website. A replay of the call will be accessible for two weeks, and the archived webcast will remain available on the company’s website.

SIGA focuses on developing innovative medicines to treat and prevent infectious diseases, with an emphasis on orthopoxviruses. The company's flagship product, TPOXX (tecovirimat), is an antiviral medication approved in the U.S. and Canada for smallpox treatment and authorized in Europe and the UK for treating smallpox, mpox, cowpox, and vaccinia virus complications.

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