SIGA Technologies Inc

siga.com

What Do They Do?

Sells oral and intravenous TPOXX, an antiviral treatment for smallpox, to U.S. and international governments.

How Do They Make Money?

SIGA sells TPOXX to governments on delivery; for research and development and some support services, it bills as work progresses, monthly or at milestones.

revenue

Segment	Share	Revenue	How money arrives
Product Sales and Supportive Services Mix	93% FY2022: 78%		Mix
Research and Development Recurring	6.9% FY2022: 22%		Recurring

Who Are Their Customers?

The U.S. Government buys TPOXX directly, while international government sales may be made through a distributor. SIGA also sells intravenous TPOXX to the U.S. Government.

Do Revenues Turn Into Profits?

Yes. It kept 25 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

25% of revenue

▼ −66% vs FY2024 ($70M, 50%)

Net income, FY2025

25% of revenue

▼ −61% vs FY2024 ($59.2M, 43%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −49%; vs $81.1M in Q2 FY2025
Net income: ▼ −65%; vs $35.5M in Q2 FY2025

Product Sales and Supportive Services share of revenue vs 97.5% in Q2 FY2025

Shrinking. Revenue fell 29% in 4 years, from $133.7M in FY2021 to $94.6M in FY2025, about 8% a year.

International sales SIGA has shifted from giving Meridian exclusive rights to market and sell oral TPOXX outside the United States to taking primary responsibility for international promotion and sales, while Meridian retains limited rights in certain regions.

Revenue over time

Product Sales and Supportive Services Research and Development

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Emergent BioSolutions and Bavarian Nordic

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