SIGA Technologies’ Earnings Call Highlights Growth and Challenges

Siga Technologies ((SIGA)) has held its Q3 earnings call. Read on for the main highlights of the call.

The recent earnings call for SIGA Technologies highlighted a generally positive sentiment, underscored by the company’s strong financial standing and growth in product sales. The call conveyed optimism driven by ongoing government contracts and international sales prospects. However, it also acknowledged challenges such as possible delays from a government shutdown, inquiries from the EMA, and inherent quarterly revenue fluctuations.

Strong Financial Position

SIGA Technologies boasts a robust financial position, maintaining a cash balance of $172 million with no debt. This financial flexibility allows the company to effectively pursue new opportunities and manage potential risks, ensuring stability and growth.

Significant Product Revenue Growth

The company reported impressive product sales of approximately $86 million for the first nine months of 2025, significantly surpassing the $54 million recorded in the same period last year. This growth is a testament to SIGA’s successful market strategies and product demand.

Continued Government Engagement

SIGA continues to actively engage with the U.S. government on the development, manufacturing, and procurement of TPOXX. This engagement underscores the importance of TPOXX as a vital medical countermeasure for smallpox, reinforcing SIGA’s strategic position in the market.

International Sales Growth Potential

The company anticipates multiple international sales in 2026, driven by strong interest and engagement from key stakeholders in strategic markets. This potential expansion highlights SIGA’s growing global footprint and market reach.

Pipeline Advancements

Progress in SIGA’s pipeline includes the development of TPOXX for pediatric use and a post-exposure prophylaxis program for smallpox. The company targets an FDA submission for the PEP indication in 2026, marking a significant step forward in product development.

Impact of Government Shutdown

The earnings call noted potential delays in the CDC’s analysis of samples for the PEP program due to a government shutdown. These delays could impact the program’s timelines, posing a challenge to SIGA’s operational plans.

EMA Concerns About TPOXX

The European Medicines Agency raised questions regarding the efficacy of TPOXX in treating mpox. Despite these concerns, SIGA remains confident in its responses and the product’s effectiveness.

Quarterly Revenue Fluctuations

SIGA experienced a relatively quiet third quarter, with a net loss of $6 million. This reflects the inherent quarterly fluctuations in the company’s business model, which can vary significantly based on product delivery schedules and market conditions.

Higher Cost of Goods Sold

The third quarter saw an increase in the cost of goods sold as a percentage of sales, attributed to semi-fixed costs despite limited product deliveries. This highlights the challenges of managing production costs in a fluctuating sales environment.

Forward-Looking Guidance

SIGA Technologies provided forward-looking guidance, reporting $86 million in product revenues for the nine months ending September 30, 2025. The company expects future deliveries of $26 million in outstanding orders from the U.S. government in 2026. Additionally, strategic discussions with government and international stakeholders continue, focusing on future TPOXX procurement and development.

In conclusion, SIGA Technologies’ earnings call painted a picture of a company in a strong financial position with significant growth in product sales. While challenges such as government shutdowns and EMA inquiries pose potential hurdles, the company’s ongoing government engagement and international sales prospects offer promising avenues for future growth.