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SIGA Technologies (NASDAQ: SIGA)

Last close As at 13/05/2024

USD7.45

▲ −0.01 (−0.13%)

Market capitalisation

USD531m

SIGA Technologies is a commercial-stage health security company focused on the treatment of smallpox and other orthopoxvirus. 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 Democratic Republic of Congo. TPOXX was approved by the US FDA for smallpox and is now available to treat mpox through the Centers for Disease Control and Prevention’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

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Healthcare | Update

SIGA Technologies — Optimizing the TPOXX value proposition

Healthcare | Flash note

SIGA Technologies — Positive signals abound

Healthcare | Update

SIGA Technologies — Onwards and upwards with strong FY23

Healthcare | Flash note

SIGA Technologies — New captain to steer the ship
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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Arron Aatkar

Associate 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)

166.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (15.4) 54.6 26.1
Relative (17.0) 46.6 (0.4)
52 week high/low US$10.5/US$4.3

Financials

SIGA’s Q124 results were marked by material BARDA and international TPOXX deliveries and highlighted the company’s strategic push towards international expansion, reflected in its revised deal terms with partner Meridian. Robust product revenues of $23.9m (not including $1.6m in R&D income) made up of high margin oral TPOXX deliveries (gross margin upwards of 85%), translated to strong operating profitability of $11.3m compared to an operating loss of $2.1m in Q123. We expect the remaining c $140m option from BARDA for TPOXX to be exercised this year. Despite the $43m dividend payout in April 2024, SIGA retains a healthy balance sheet (pro-forma, post-dividend cash of c $100m and no debt), which we expect will improve further in FY24 with anticipated product deliveries. Reflecting the Q124 results, dividend payout and adjustments to our near-term estimates (to capture the slight uncertainty in IV TPOXX deliveries), we readjust our valuation to $16.01/share ($16.51/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 16.4 13.1
2023A 139.9 84.2 87.8 94.96 7.8 5.6
2024E 177.6 101.7 107.9 118.43 6.3 9.0
2025E 161.7 91.8 97.9 107.49 6.9 7.2

Research

Flash note

Healthcare

SIGA Technologies — Positive signals abound

Update

Healthcare

SIGA Technologies — Onwards and upwards with strong FY23

Healthcare

Update

SIGA Technologies — Optimizing the TPOXX value proposition
View All

Thematics

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