Steady execution amid near-term softness

SIGA Technologies reported a softer topline performance in Q126, although the announcement of its fifth straight annual dividend ($0.60/share) was an encouraging signal of management’s confidence in the company’s business model and disciplined capital allocation. Q126 product revenues were $3.5m, including $1.2m in IV TPOXX deliveries to the SNS and $2.3m in technology transfer reimbursements. Importantly, a strong orderbook, including $13m in international orders and $25m in IV TPOXX deliveries, supports stronger sales momentum through Q2 and Q3. While we await an update on the US RFP, we are encouraged by growing traction in international markets, highlighted by the recent Hikma agreement in the MENA region. The CHMP’s decision on TPOX...