SIGA Technologies (SIGA) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenues reached $81.1 million, driven by strong U.S. government sales of oral and IV TPOXX and increased R&D revenue.

• Net income for Q2 2025 was $35.5 million, a significant increase from $1.8 million in Q2 2024, reflecting higher sales and improved operating leverage.

• Secured $27 million in incremental BARDA funding for pediatric and manufacturing programs.

• Paid a special cash dividend of $0.60 per share (~$43 million) in Q2 2025.

• EMA initiated a referral procedure for Tecovirimat-SIGA following questions about its effectiveness in mpox, which could impact future international revenue.

Financial highlights

• Q2 2025 product sales were $79.1 million, with $53 million from oral TPOXX and $26 million from IV TPOXX; total revenues were $81.1 million.

• Six-month product sales totaled $85 million; R&D revenues were $2 million for the quarter and $3 million for six months.

• Q2 2025 net income was $35.5 million; diluted EPS was $0.49.

• Cash and cash equivalents at June 30, 2025, were $182.5 million with no debt.

• Operating cash flow for the first half of 2025 was $70.1 million.

Outlook and guidance

• Expect delivery of $26 million IV TPOXX order in 2026.

• Targeting FDA submission for TPOXX post-exposure prophylaxis in 2026.

• Pediatric IND submission planned for the second half of 2025, with trial to follow.

• Management expects liquidity and capital resources to be sufficient for at least the next twelve months.

• Ongoing regulatory reviews in Europe and the UK may impact future international sales.