Siga Technologies (NASDAQ:SIGA) reported second-quarter product-related revenue of $38 million, driven primarily by deliveries of intravenous TPOXX to the U.S. Strategic National Stockpile and oral TPOXX sales to international customers. The company said the quarter reflected the variable timing of its government-focused procurement business after minimal product revenue in the first quarter.
Chief Executive Officer Diem Nguyen said approximately $24 million of quarterly product revenue came from IV TPOXX delivered to the Strategic National Stockpile, while about $13 million came from oral TPOXX delivered to customers in the Asia-Pacific region and Europe. The IV delivery completed the final product order under SIGA’s 19C contract with the U.S. government.
Financial Results and Balance Sheet
Chief Financial Officer Dan Luckshire said SIGA generated $41 million in product-related revenue for the first six months of 2026, with most of that activity occurring during the second quarter. The company also reported research and development revenue of approximately $3 million for the quarter and $6 million for the first half of the year.
- Second-quarter pre-tax operating income was approximately $14 million.
- First-half pre-tax operating income was approximately $9 million.
- Second-quarter net income was approximately $12 million, or $0.17 per diluted share.
- First-half net income was $9 million, or $0.13 per diluted share.
- As of June 30, 2026, cash totaled approximately $118 million and the company had no debt.
Luckshire said the $24 million in IV TPOXX sales represented completion of an order received in 2025 under the 19C contract. The international sales were largely tied to an Asia-Pacific order received earlier in 2026.
U.S. Contract Discussions Continue
Nguyen said SIGA is continuing discussions with the U.S. government regarding a new multiyear procurement contract for TPOXX, its antiviral treatment for smallpox. She said the contracting process has taken longer than expected but maintained that the company believes TPOXX continues to have a role in the U.S. smallpox-preparedness strategy.
Responding to an analyst question about the delay, Nguyen cited “the scale of change within HHS,” including new initiatives, changing priorities, the transition of SIGA’s contract from BARDA to the Strategic National Stockpile, and open leadership positions.
Nguyen pointed to ongoing BARDA funding for multiple SIGA development initiatives and the recent IV TPOXX delivery to the stockpile as signs of continued government support. She also noted that the Centers for Disease Control and Prevention continues to classify smallpox as a Category A threat.
International Sales and Distribution
The company said it sees opportunities for additional international TPOXX sales as governments evaluate their biodefense and medical-countermeasure preparedness strategies. Nguyen said international government procurement processes are complex and the company would not comment on specific prospective outcomes.
However, she said discussions with an international customer had progressed to the point where SIGA is targeting a new contract, an order under that contract and a potential delivery by March 2027.
SIGA also discussed its exclusive licensing and distribution agreement with Hikma MENA FZE for the Middle East and North Africa region. Under that arrangement, Hikma has rights to register and commercialize TPOXX in the region, while SIGA remains the exclusive manufacturer and supplier of finished product. Nguyen said the companies have been meeting to develop a detailed plan to expand TPOXX’s presence in markets where SIGA has historically had limited representation.
On the expiration of its promotion agreement with Meridian, Nguyen said SIGA has been responsible for TPOXX sales, marketing, distribution and manufacturing in all international markets since 2024. She said the expiration of the Meridian agreement in May did not interrupt the company’s international operations.
Pipeline Programs
Nguyen said SIGA continues to advance post-exposure prophylaxis and pediatric programs for TPOXX. The Centers for Disease Control and Prevention is working on immunogenicity samples for the post-exposure prophylaxis program, and SIGA is targeting a U.S. Food and Drug Administration submission in the first half of 2027.
For the pediatric program, the company expects Phase I study results by the end of 2026. Nguyen said those results will determine the next steps for the program, which is intended to support a liquid, weight-based treatment option for children in a smallpox outbreak.
About Siga Technologies (NASDAQ:SIGA)
Siga Technologies, Inc (NASDAQ: SIGA) is a specialty pharmaceutical company focused on the development, manufacturing and commercialization of medical countermeasures for public health emergencies and biological threats. The company’s flagship product, TPOXX® (tecovirimat), is the first and only antiviral approved by the U.S. Food and Drug Administration for the treatment of smallpox. Siga has entered into procurement and development contracts with U.S. government agencies, including the Biomedical Advanced Research and Development Authority (BARDA) and the Department of Defense, to supply TPOXX® for the Strategic National Stockpile.
Founded in 2002, Siga has built a pipeline of therapies targeting high-consequence pathogens such as smallpox, plague and other potential biothreat agents.
