SIGA Technologies, Inc.

For Q2 2026, SIGA reported product-related revenues of $38 million, including approximately $24 million of IV TPOXX delivered to the SNS and approximately $13 million of oral TPOXX delivered to two international customers. For the six months ended June 30, 2026, product-related revenues were $41 million and research and development revenues were approximately $3 million for the quarter and $6 million for the six months. Pretax operating income was approximately $14 million for the quarter and approximately $9 million for the six months; net income was approximately $12 million for the quarter and $9 million for the six months; fully diluted EPS was $0.17 for the quarter and $0.13 for the six months. Management did not provide next-quarter or full-year revenue/EPS guidance, but said it is targeting a new international contract and order, with a hoped-for delivery by March of next year, and expects PEP FDA submission in the first half of 2027.

Diem Nguyen emphasized that SIGA is still delivering product and generating revenue while navigating a dynamic global environment, and she framed the company’s mission around government preparedness for smallpox and other biological threats. She said the U.S. contract process has been slower than expected because of changes within HHS, including leadership transitions and the shift from BARDA to SNS, but she remains confident in TPOXX’s role in preparedness. Her tone was steady and constructive, with repeated emphasis on long-term demand, new international opportunities, and disciplined execution.

Daniel Luckshire highlighted the quarter’s $38 million of product-related revenue, the $41 million generated over the first six months, and the mix between about $24 million of U.S. SNS deliveries and about $13 million of international sales. He also noted $3 million of R&D revenue for the quarter, pretax operating income of about $14 million, net income of about $12 million, and diluted EPS of $0.17. The company ended June 30, 2026 with approximately $118 million in cash and no debt, which he described as a strong balance sheet.

Analysts focused on the slower-than-expected U.S. RFP process, asking whether an award could still come in the second half and whether it would support 2027 deliveries. Management said the delay reflects the uniqueness of the process, HHS organizational change, BARDA-to-SNS transition, and open leadership roles, but reiterated confidence in TPOXX’s role and noted continuing BARDA funding and recent SNS deliveries. On international markets, management said it is not commenting on specific outcomes, but disclosed that discussions with one international customer have advanced to the point of targeting a new contract, an order against it, and a delivery by March of next year; it also said SIGA has handled international sales, marketing, distribution, and manufacturing since 2024, so the expiration of Meridian did not change operations.