SIGA Technologies Reports $138.7 Million Revenue for Fiscal Year 2024

SIGA Technologies, Inc. reported a total revenue of $138.7 million for the fiscal year ending December 31, 2024, a slight decrease from $139.9 million in 2023. The company's product sales and supportive services generated $133.3 million, while research and development revenues contributed $5.4 million. The decline in overall revenue was primarily attributed to a decrease in research and development activities, particularly related to the completion of the PEP Label Expansion R&D Contract, which had previously accounted for a significant portion of revenue. The company’s net income for 2024 was $59.2 million, down from $68.1 million in the prior year, reflecting a decrease in operating income and an increase in costs associated with the manufacturing of IV TPOXX®.

In terms of operational developments, SIGA's sales to the U.S. Government under the 19C BARDA Contract included $73.9 million from oral TPOXX® and $26.2 million from IV TPOXX®. The company also reported $23 million in international sales, an increase from $21.3 million in 2023, indicating a growing market presence. The total number of courses delivered to the U.S. Strategic National Stockpile reached approximately 396,900 for oral TPOXX® and 25,400 for IV TPOXX® as of December 31, 2024. The company’s employee headcount remained stable at 46 full-time employees, with no collective bargaining agreements in place.

Strategically, SIGA has made significant advancements in its product offerings, particularly with TPOXX®, which is approved for the treatment of smallpox and has received regulatory approvals in multiple international markets, including the European Medicines Agency and the Japanese Pharmaceuticals and Medical Devices Agency. The company is also targeting a supplemental New Drug Application for a smallpox post-exposure prophylaxis indication within the next twelve months, contingent on ongoing trial results. Additionally, SIGA has amended its International Promotion Agreement with Meridian Medical Technologies, allowing for greater control over the marketing and sales of TPOXX® in various regions.

Looking ahead, SIGA Technologies expressed optimism regarding its future revenue streams, particularly from government contracts. The company has approximately $92.8 million in remaining performance obligations, primarily related to the manufacture and delivery of TPOXX®. However, the company also acknowledged potential risks, including reliance on government funding and the possibility that BARDA may not exercise remaining contract options. SIGA's management remains focused on maintaining its operational efficiency and exploring new market opportunities to enhance its financial performance in the coming years.