SIGA Reports Financial Results for Three and Twelve Months Ended December 31, 2025 and Provides Business Update
Rhea-AI Summary
SIGA (Nasdaq: SIGA) reported 2025 results and a business update on March 10, 2026. The company generated $88.0M in product revenues in 2025 and reported $24M of pre-tax operating income, secured $27M of additional U.S. government funding, and received a $13M international procurement order for oral TPOXX in January 2026.
SIGA noted deliveries to the U.S. Strategic National Stockpile in 2025 and expects CHMP guidance on tecovirimat indications in March 2026. A conference call and webcast are scheduled for March 10, 2026 at 4:30 PM ET.
Positive
- Product revenues of $88.0M in 2025
- Secured $27M of additional BARDA development funding in 2025
- Received a $13M international procurement order for oral TPOXX in January 2026
- Delivered $53M oral and $26M IV TPOXX to U.S. Strategic National Stockpile in 2025
Negative
- Total revenues declined to $94.6M in 2025 from $138.7M in 2024
- Operating income fell to $23.7M in 2025 from $70.0M in 2024
- Net income decreased to $23.3M in 2025 from $59.2M in 2024
Key Figures
Market Reality Check
Peers on Argus
SIGA was down 3.45% while peers showed mixed moves: ORGO down 1.08%, but AQST, ESPR, AKBA, and EBS up between 1.83% and 13.86%. Only EBS appeared in momentum scans, also moving down slightly. This points to a stock-specific reaction rather than a sector-wide shift.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 03 | Earnings call notice | Neutral | -5.0% | Announcement of March 10, 2026 business update call with management. |
| Nov 06 | Quarterly earnings | Positive | -19.9% | Reported strong nine‑month 2025 sales and income plus multiple TPOXX milestones. |
| Aug 05 | Quarterly earnings | Positive | +10.0% | Strong Q2 2025 product sales and added BARDA funding and special dividend. |
| May 08 | Quarterly earnings | Negative | +4.0% | Q1 2025 revenue decline and small net loss despite large orders and approvals. |
| Mar 11 | Annual earnings | Positive | +7.0% | Strong 2024 product sales growth and high pre‑tax operating income and net income. |
Earnings-related headlines have produced mixed reactions, with several instances of shares declining despite generally positive operating updates, suggesting a tendency for volatile or skeptical responses around results.
Over the past year, SIGA has issued multiple earnings releases covering quarterly and annual results, often highlighting strong TPOXX sales, BARDA funding additions, and special dividends. Reactions have been mixed: some financial updates with solid revenue and income growth led to gains, while others, including positive year‑to‑date metrics, saw notable sell‑offs. Today’s full‑year 2025 results and business update fit into this pattern of earnings‑driven catalysts that can generate significant but directionally inconsistent price moves.
Historical Comparison
In the past year, SIGA issued 5 earnings‑tagged releases with an average move of -0.8%. Reactions often skewed negative even when operating metrics and TPOXX milestones appeared strong.
Earnings releases traced SIGA’s transition from strong 2024 annual results through volatile 2025 quarters and now into full‑year 2025, with recurring emphasis on TPOXX sales, BARDA funding, and international procurement orders.
Market Pulse Summary
This announcement details SIGA’s 2025 results, with product revenues of $88M, total revenues of $94.6M, and pre‑tax operating income of about $24M, all below 2024 levels. Management highlighted a new $13M oral TPOXX order from Asia Pacific and $27M in added BARDA funding, plus substantial 2025 deliveries to the U.S. Strategic National Stockpile. Investors may watch upcoming CHMP decisions on tecovirimat indications, additional procurement orders, and revenue mix trends across oral and IV TPOXX.
Key Terms
mpox medical
Committee for Medicinal Products for Human Use (CHMP) regulatory
benefit-risk balance regulatory
referral procedure regulatory
Strategic National Stockpile regulatory
Biomedical Advanced Research and Development Authority (BARDA) regulatory
pediatric development program medical
AI-generated analysis. Not financial advice.
- Generated TPOXX Product Revenues of
$88 Million in 2025
- Received
$13 Million International Procurement Order for Oral TPOXX in January 2026
- Corporate Update Conference Call Today at 4:30 PM ET
NEW YORK, March 10, 2026 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA) (Nasdaq: SIGA), a commercial-stage pharmaceutical company, today reported financial results for the three and twelve months ended December 31, 2025.
“In 2025, we continued to advance SIGA's key long-term priorities, including securing
Summary Financial Results
| ($ in millions, except per share amounts) | Three Months Ended December 31 | Year Ended December 31 | |||||
| 2025 | 2024 | 2025 | 2024 | ||||
| Product sales(1) | |||||||
| Total revenues(2) | |||||||
| Operating (loss)/income(3) (4) | ( | ||||||
| (Loss)/income before income taxes(3) | ( | ||||||
| Net (loss)/income | ( | ||||||
| Diluted (loss)/income per share | ( | ||||||
(1) Includes supportive services related to product sales.
(2) Includes research and development revenues.
(3) Operating (loss)/income excludes, and (Loss)/Income before income taxes includes, other income. Both line items exclude the impact of income taxes.
(4) Differences in operating income margin between periods reflect different product mixes in those periods.
Key Activities
- In January 2026, the Company received an order from a country in the Asia Pacific region for
$13 million of oral TPOXX® treatment courses. The procurement order is part of a recently signed multi-year contract that includes options for the potential purchase of additional courses. Courses under the$13 million procurement order are expected to be delivered in 2026. - During 2025, the Company generated
$53 million of oral TPOXX revenues and$26 million of IV TPOXX revenues in connection with deliveries to the U.S. Strategic National Stockpile. Additionally, the Company delivered$6 million of oral TPOXX to a repeating international customer. - In July 2025, based on the results of recently completed mpox clinical trials, the European Medicine Agency’s Committee for Medicinal Products for Human Use (CHMP) initiated a referral procedure for tecovirimat to determine whether the benefit-risk balance of the product remains positive for each of its approved indications. When it meets in March 2026, SIGA expects the CHMP will confirm the positive benefit-risk balance of tecovirimat as a treatment for smallpox, cowpox, and vaccinia complications, and maintain those indications in the product label. Regarding mpox, based on the results of the mpox clinical trials, SIGA expects the CHMP will recommend withdrawal of the mpox indication.
- In June 2025, the Company’s Biomedical Advanced Research and Development Authority (BARDA) 19C contract (with the U.S. Government) was modified to add
$13 million of funding to the Company’s TPOXX pediatric development program. In combination with the$14 million of funding added in April 2025 to support manufacturing activities,$27 million of development funding was added to the BARDA 19C contract during the second quarter.
- In March 2025, the Company received a procurement order for
$26 million of IV TPOXX from the U.S. Government under the 19C BARDA contract.
Conference Call and Webcast
SIGA will host a conference call and webcast to provide a business update today, Tuesday, March 10, 2026, at 4:30 P.M. ET.
Participants may access the call by dialing 1-800-717-1738 for domestic callers or 1-646-307-1865 for international callers. A live webcast of the call will also be available on the Company's website at www.siga.com in the Investor Relations section of the website, or by clicking here. Please log in approximately 5-10 minutes prior to the scheduled start time.
A replay of the call will be available for two weeks by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers and using Conference ID: 1122478. The archived webcast will be available in the Investor Relations section of the Company's website.
ABOUT SIGA
SIGA is a commercial-stage pharmaceutical company and leader in global health focused on the development of innovative medicines to treat and prevent infectious diseases. With a primary focus on orthopoxviruses, we are dedicated to protecting humanity against the world’s most severe infectious diseases, including those that occur naturally, accidentally, or intentionally. Through partnerships with governments and public health agencies, we work to build a healthier and safer world by providing essential countermeasures against these global health threats. For more information about SIGA, visit www.siga.com.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements relating to SIGA’s future business development and plans. Forward-looking statements include statements regarding our future financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations, our expectations regarding the results of the referral procedure for tecovirimat initiated by CHMP, and statements relating to the progress of SIGA’s development programs and timelines for bringing products to market, and delivering products to domestic and international customers under procurement contracts, such as the 19C BARDA Contract (the "BARDA Contract"), with the U.S. Biomedical Advanced Research and Development Authority ("BARDA"). The words “may,” “continue,” “estimate,” “intend,” “plan,” “will,” “believe,” “project,” “expect,” “seek,” “anticipate,” “could,” “should,” “target,” “goal,” “potential” and similar expressions may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Such forward-looking statements are subject to various known and unknown risks and uncertainties, and SIGA cautions you that any forward-looking information provided by or on behalf of SIGA is not a guarantee of future performance. SIGA’s actual results could differ materially from those anticipated by such forward-looking statements due to a number of factors, some of which are beyond SIGA’s control, including, but not limited to, (i) the risk that SIGA may not complete performance under the BARDA Contract on schedule or in accordance with contractual terms, (ii) the risk that SIGA is not able to enter into new contracts to supply TPOXX® to the U.S. Government, (iii) the risk that the nascent international biodefense market does not develop to a degree that allows SIGA to continue to successfully market TPOXX® internationally, (iv) the risk that potential products, including potential alternative uses or formulations of TPOXX® that appear promising to SIGA or its collaborators, cannot be shown to be efficacious or safe in subsequent pre-clinical or clinical trials, (v) the risk that target timing for deliveries of product to customers, and the recognition of related revenues, are delayed or adversely impacted by the actions, or inaction, of contract manufacturing organizations, or other vendors, within the supply chain, or due to coordination activities between the customer and supply chain vendors, (vi) the risk that SIGA or its collaborators will not obtain or maintain appropriate or necessary governmental approvals to market these or other potential products or uses, (vii) the risk that SIGA may not be able to secure or enforce sufficient legal rights in its products, including intellectual property protection, (viii) the risk that any challenge to SIGA’s patent and other property rights, if adversely determined, could affect SIGA’s business and, even if determined favorably, could be costly, (ix) the risk that regulatory requirements applicable to SIGA’s products may result in the need for further or additional testing or documentation that will delay or prevent SIGA from seeking, obtaining or maintaining needed approvals to market these products, (x) the risk that the volatile and competitive nature of the biotechnology industry may hamper SIGA’s efforts to develop or market its products, (xi) the risk that changes in domestic or foreign economic and market conditions may affect SIGA’s ability to advance its research or may affect its products adversely, (xii) the effect of federal, state, and foreign regulation, including drug regulation and international trade regulation, on SIGA’s businesses, (xiii) the impacts of significant recent shifts in trade policies, including the imposition of tariffs, retaliatory tariff measures, and subsequent modifications or suspensions thereof, and market reactions to such policies and resulting trade disputes, (xiv) the risk of disruptions to SIGA’s supply chain for the manufacture of TPOXX®, causing delays in SIGA’s research and development activities, causing delays or the re-allocation of funding in connection with SIGA’s government contracts, or diverting the attention of government staff overseeing SIGA’s government contracts, (xv) risks associated with actions or uncertainties surrounding the debt ceiling, or the changes in the U.S. administration, and (xvi) the risk that the U.S. or foreign governments' responses (including inaction) to national or global economic conditions or infectious diseases, are ineffective and may adversely affect SIGA’s business, as well as the risks and uncertainties included in Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 and SIGA's subsequent filings with the Securities and Exchange Commission. SIGA urges investors and security holders to read those documents free of charge at the SEC's website at http://www.sec.gov. All such forward-looking statements are current only as of the date on which such statements were made. SIGA does not undertake any obligation to update publicly any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
| Contacts: | |
| Investors | Media |
| Suzanne Harnett sharnett@siga.com | Holly Stevens, CG Life hstevens@cglife.com |
| SIGA TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEETS As of | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 154,966,414 | $ | 155,400,262 | ||||
| Accounts receivable | 3,263,736 | 21,166,129 | ||||||
| Inventory | 49,054,873 | 49,563,880 | ||||||
| Prepaid expenses and other current assets | 5,571,841 | 4,914,613 | ||||||
| Total current assets | 212,856,864 | 231,044,884 | ||||||
| Property, plant and equipment, net | 1,090,824 | 1,298,423 | ||||||
| Deferred tax asset, net | 4,428,519 | 10,854,702 | ||||||
| Goodwill | 898,334 | 898,334 | ||||||
| Other assets | 192,893 | 240,683 | ||||||
| Total assets | $ | 219,467,434 | $ | 244,337,026 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 824,522 | $ | 1,340,337 | ||||
| Accrued expenses and other current liabilities | 6,520,057 | 5,640,110 | ||||||
| Deferred IV TPOXX® revenue | 10,240,000 | 10,330,800 | ||||||
| Income tax payable | 408,000 | 8,020,366 | ||||||
| Total current liabilities | 17,992,579 | 25,331,613 | ||||||
| Other liabilities | 2,653,283 | 3,200,650 | ||||||
| Total liabilities | 20,645,862 | 28,532,263 | ||||||
| Stockholders' equity | ||||||||
| Common stock ($.0001 par value, 600,000,000 shares authorized, 71,611,302 and 71,404,669 issued and outstanding at December 31, 2025 and December 31, 2024, respectively) | 7,161 | 7,140 | ||||||
| Additional paid-in capital | 241,885,214 | 238,635,635 | ||||||
| Accumulated deficit | (43,070,803 | ) | (22,838,012 | ) | ||||
| Total stockholders' equity | 198,821,572 | 215,804,763 | ||||||
| Total liabilities and stockholders' equity | $ | 219,467,434 | $ | 244,337,026 | ||||
| SIGA TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the Years Ended December 31 | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Revenues | ||||||||||||
| Product sales and supportive services | $ | 88,048,145 | $ | 133,330,181 | $ | 130,668,209 | ||||||
| Research and development | 6,526,757 | 5,389,169 | 9,249,011 | |||||||||
| Total revenues | 94,574,902 | 138,719,350 | 139,917,220 | |||||||||
| Operating expenses | ||||||||||||
| Cost of sales and supportive services | 29,703,893 | 31,289,229 | 17,825,090 | |||||||||
| Selling, general and administrative | 21,212,694 | 25,136,050 | 22,043,023 | |||||||||
| Research and development | 19,956,159 | 12,310,797 | 16,427,942 | |||||||||
| Total operating expenses | 70,872,746 | 68,736,076 | 56,296,055 | |||||||||
| Operating income | 23,702,156 | 69,983,274 | 83,621,165 | |||||||||
| Other income, net | 6,679,864 | 6,087,116 | 4,155,508 | |||||||||
| Income before income taxes | 30,382,020 | 76,070,390 | 87,776,673 | |||||||||
| Provision for income taxes | (7,102,877 | ) | (16,856,174 | ) | (19,707,847 | ) | ||||||
| Net and comprehensive income | $ | 23,279,143 | $ | 59,214,216 | $ | 68,068,826 | ||||||
| Basic earnings per share | $ | 0.33 | $ | 0.83 | $ | 0.95 | ||||||
| Diluted earnings per share | $ | 0.32 | $ | 0.82 | $ | 0.95 | ||||||
| Weighted average shares outstanding: basic | 71,528,043 | 71,253,172 | 71,362,209 | |||||||||
| Weighted average shares outstanding: diluted | 71,867,627 | 71,905,712 | 71,679,270 | |||||||||
FAQ
What were SIGA (SIGA) product revenues for 2025 and how do they compare to 2024?
What is the significance of the $13 million international order for oral TPOXX received in January 2026 by SIGA?
How much additional U.S. government funding did SIGA secure in 2025 and what is it for?
What did SIGA report about operating results and net income for the year ended December 31, 2025?
When will SIGA discuss the March 10, 2026 business update and how can investors access it?
