SIGA Technologies Q2 2020 Earnings Report
Key Takeaways
SIGA Technologies reported strong financial results for the second quarter of 2020, with total revenues of $40.3 million compared to $3.9 million in the same period of 2019. The company achieved a net income of $20.9 million, a significant increase from the net loss of $3.2 million in the second quarter of the previous year. This quarter was marked by initial deliveries of TPOXX® to the U.S. Strategic National Stockpile and the Canadian Department of Defence.
SIGA's second quarter was highlighted by initial deliveries of TPOXX® to the U.S. Strategic National Stockpile and the Canadian Department of Defence.
The company submitted a Marketing Authorisation Application for oral tecovirimat with the European Medicines Agency in July.
Regulatory submissions are targeted within the next six months to Health Canada for oral TPOXX, as well as a New Drug Application for the IV formulation of TPOXX to the FDA.
Clinical protocols are being prepared to support the potential expansion of the oral TPOXX label in the U.S. to include Post-Exposure Prophylaxis, funded by the U.S. Department of Defense.
SIGA Technologies
SIGA Technologies
SIGA Technologies Revenue by Segment
Forward Guidance
SIGA expects to deliver approximately 246,000 courses of oral TPOXX to the SNS by April 2021, potentially generating revenues of approximately $76 million. The 19C BARDA Contract has up to $414 million of procurement-related options remaining for future exercise by BARDA.
Positive Outlook
- SIGA anticipates delivering approximately 246,000 courses of oral TPOXX to the SNS by April 2021.
- Expected revenues from these deliveries are projected to be approximately $76 million.
- The 19C BARDA Contract includes up to $414 million of procurement-related options available for future exercise by BARDA.
- Filed Marketing Authorisation Application with the European Medicines Agency for oral tecovirimat.
- Targeting regulatory submissions within the next six months to Health Canada for oral TPOXX, as well as a New Drug Application for the IV formulation of TPOXX to the FDA.
Challenges Ahead
- The COVID-19 pandemic has caused significant societal and economic disruption.
- The disruption and associated risks and costs are expected to continue for an indeterminate period of time.
- The uncertain future course of the COVID-19 pandemic and its impact pose business and financial risks.
- Coordination with government partners is continuously sought regarding the performance of current and future government contracts.
- Continuous coordination with service providers and vendors, particularly CMOs, is needed to review actions and risks caused by the COVID-19 pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income