SIGA Technologies, Inc. reported a fourth‑quarter 2025 product revenue of $2.2 million, a steep decline from the $79.8 million earned in the same period a year earlier. The quarter also ended with a pre‑tax operating loss of $9.5 million, compared with a $57.1 million operating income in Q4 2024. The drop reflects a sharp contraction in product sales, particularly in the U.S. Strategic National Stockpile (SNS) contracts that drove the bulk of the company’s revenue in 2024.
On a full‑year basis, SIGA generated $88 million in product revenue in 2025, down 34% from $133.3 million in 2024. Pre‑tax operating income fell to $24 million from $70 million the previous year. The decline is largely attributable to a 43% reduction in oral TPOXX sales to SNS ($53 million in 2025 versus $74 million in 2024) and a 23% drop in international oral TPOXX sales ($6 million versus $23 million). IV TPOXX sales to SNS remained flat at $26 million, while DoD sales, which were $10 million in 2024, were not reported in 2025.
The revenue contraction is driven by a combination of lower demand for the core product line and a slowdown in new government contracts. International sales, which had been a growth engine in 2024, fell sharply, reflecting a lumpy procurement cycle and reduced overseas demand. The company’s heavy reliance on large, irregular government contracts makes it vulnerable to quarterly swings, as seen in the Q4 2025 loss. Despite the revenue decline, SIGA’s operating margin contracted from 10.0% in 2024 to 2.7% in 2025, underscoring the impact of lower sales volume on profitability.
"In 2025, we continued to advance SIGA's key long‑term priorities, including securing $27 million in additional U.S. Government funding to support development activities, while generating $88 million in product revenues and $24 million in pre‑tax operating income," said CEO Diem Nguyen. "In 2026, we are focused on building on our long‑standing track record as a successful partner to the U.S. Government and international governments to secure new procurement contracts and orders that will serve as the foundation of our revenues in the years ahead. Accordingly, in January, we started the year strong and received a $13 million procurement order from a customer in the Asia Pacific region for oral TPOXX," Nguyen added. CFO Daniel Luckshire noted, "At December 31, 2025, the company had a cash balance of approximately $155 million and no debt."
The company secured an additional $27 million in U.S. government funding in 2025, and a new $13 million order from an Asia Pacific customer was announced in January 2026. SIGA’s cash position remains robust, with $155 million in cash and no debt, providing a cushion against the revenue decline. The company is also advancing pediatric and post‑exposure prophylaxis programs, which could open new revenue streams in the future. However, the European Medicines Agency is expected to consider withdrawing the mpox indication for Tecovirimat‑SIGA, a potential risk to the company’s product portfolio.
Management did not disclose updated 2026 guidance figures in the release. The company reiterated its focus on securing new procurement contracts and expanding its product portfolio, but no specific revenue or operating income targets were provided. Investors will likely monitor the company’s ability to rebound from the Q4 2025 loss and to capitalize on new contracts and program developments.
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