SIGA Technologies - Monkeypox concern drives international TPOXX win

SIGA Technologies (SIGA) has announced receipt of $16m of international procurement orders in the European Union (EU) and the Asia-Pacific region (APAC) for oral TPOXX (tecovirimat) for short-term stockpiling and/or deployment against the monkeypox outbreak. To date in 2022, SIGA has received about $76m in international orders for oral TPOXX from 12 customers, and about $65m of those orders are expected to be delivered in 2022. The contract wins are evidence of SIGA’s continued penetration into the EU and APAC. We expect continued strong momentum for the company as demand for therapeutics such as TPOXX intensifies as countries focus on addressing the monkeypox outbreak. We maintain our valuation of $19.80 per SIGA share.