SIGA Technologies - Product and international expansion on track
SIGA has reported Q122 revenues of $10.5m, up 119% y-o-y, driven by the first IV TPOXX deliveries to the US government. It also achieved key milestones in its product and international expansion strategies, including EMA approval for oral TPOXX, the first TPOXX contract in the Asia-Pacific (APAC) region, and a Canadian contract increased by $5m. The PEP trials are making progress, with the active phase planned to complete in Q322, and the DOD announced its intent for a single-source contract for TPOXX. We raise our valuation to $9.17 per share, up from our previous $8.80.SIGA Technologies is a commercial-stage pharmaceutical company focused on the health security market. Health security comprises countermeasures for biological, chemical, radiological and nuclear attacks, vaccines and therapies for emerging infectious diseases, and health preparedness. The company's primary product is an oral formulation of TPOXX?, an antiviral drug for the treatment of human smallpox disease caused by variola virus. The United States Food and Drug Administration has approved oral TPOXX? for the treatment of smallpox.
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