SIGA Technologies (NASDAQ: SIGA) is a biopharmaceutical company focused on health security that develops and commercializes antiviral treatments for smallpox and related orthopoxvirus diseases. Revenue comes primarily from government procurement contracts for TPOXX (tecovirimat), its approved antiviral drug, sold in oral and intravenous formulations. The U.S. Biomedical Advanced Research and Development Authority (BARDA) and the U.S. Department of Defense are the principal buyers, making SIGA heavily dependent on federal health security spending. Internationally, SIGA retains ownership, intellectual property, distribution rights, and regulatory responsibilities for TPOXX, while Meridian holds exclusive promotion rights outside the United States under an International Promotion Agreement. Regulatory approvals for oral TPOXX have been granted by the FDA, Health Canada, the European Medicines Agency, the Japanese Pharmaceuticals and Medical Devices Agency, and the U.K. MHRA, covering smallpox, mpox, cowpox, and vaccinia complications. SIGA was listed on the Nasdaq Global Market and filed its FY2025 10-K on March 10, 2026.

Revenue model

Transactional government procurement contracts. SIGA sells TPOXX courses to U.S. federal agencies, primarily BARDA and the Department of Defense, under multi-year contracts with option exercises. International sales flow through Meridian, which remits collections less its fees to SIGA on a quarterly basis. IV TPOXX gross margin under the 19C BARDA Contract is estimated below 40% (per FY2025 10-K).

Products and services

TPOXX (tecovirimat): oral and intravenous antiviral formulations approved for the treatment of smallpox (oral and IV), mpox, cowpox, and vaccinia complications. BARDA exercised all three IV bulk drug substance options and all three IV final drug product options under the 19C BARDA Contract, each covering 32,000 courses of IV TPOXX. The company also has drug candidates in earlier-stage development.

Customers and end markets

Primary customers are U.S. government agencies: BARDA (part of the U.S. Department of Health and Human Services) and the Department of Defense. In FY2024, sales to the DoD were approximately $10 million. International government procurers are served through the Meridian promotion arrangement. End market is government-funded health security and biodefense stockpiling.

Value-chain role

Drug developer and product owner. SIGA retains intellectual property, regulatory responsibilities, and supply and distribution rights for TPOXX globally. Manufacturing is handled through contract manufacturing organizations (CMOs). Meridian handles international promotion and invoicing outside the United States under a licensing and promotion agreement.

Geographic exposure

United States is the primary market via direct government contracts. International markets are covered through Meridian's promotion rights across all regions outside the U.S. Regulatory approvals exist in the U.S., Canada, European Union, Japan, and the United Kingdom as of the FY2025 10-K filing.

Competitors

Major pharmaceutical companies, Specialized biotechnology firms, Universities and research institutions developing health security or antiviral products

Source: SEC 10-K, filed 2026-03-10

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