colored test tubes and beaker

Canada’s pharmaceutical industry is a key contributor to the global pharma market. Here are the top Canadian pharma stocks so far in 2022.

Click here to read the previous top Canadian pharma stocks article.

The Canadian pharmaceutical industry has positioned itself firmly on the global map thanks to advances in biotechnology and investments in medical research and development (R&D).

The life science sector is one of Canada’s key industries, and as a sub-sector the pharmaceutical industry represents 41 percent of the country's life science gross domestic product.

“Canada’s commercially oriented research network takes innovation from lab to market; joint investment opportunities in research allow for R&D result optimization; and the responsive and efficient regulatory environment facilitates business operations,” according to Invest in Canada.

In fact, the organization notes that 5 percent of the world’s clinical trials take place in Canada, making it one of the 10 top medical research nations in the world.

Overall, the Canadian pharma sector is the 10th largest in the world and accounts for 2 percent of the global market. With a population of roughly 38 million as of 2021, Canada’s pharmaceutical market share is profound, and the country is home to companies making moves.

Below the Investing News Network profiles the top Canadian pharma stocks on the TSX and CSE in terms of year-to-date performance. TSXV-listed companies were considered but didn’t make the cut. The top Canadian pharma stocks list below was compiled using TradingView’s stock screener, with all numbers current as of July 12, 2022. Each pharma stock on the list had a market capitalization of between C$10 million and C$500 million at that time.

1. Fennec Pharmaceuticals (TSX:FRX)

Market capitalization: C$220.945 million; year-to-date gain: 52.73 percent

First on this list of top Canadian pharma stocks is Fennec Pharmaceuticals. The company's lead candidate is Pedmark, a treatment for pediatric cancer patients experiencing hearing loss as a result of platinum-based chemotherapy. The treatment is a unique formulation of sodium thiosulfate.

Pedmark received breakthrough therapy and fast-track designation from the US Food and Drug Administration (FDA) in March 2018. The European Medicines Agency is currently evaluating the marketing authorization application for treatment under the trade name Pedmarqsi. In April, the company announced FDA acceptance of its new drug application for Pedmark. Shares of Fennec hit a year-to-date high of C$8.40 on July 12.

2. Revive Therapeutics (CSE:RVV)

Market capitalization: C$150.789 million; year-to-date gain: 33.8 percent

Next on this list of top Canadian pharma stocks is Revive Therapeutics, a life science company focused on R&D for therapeutics aimed at treating rare disorders and infectious diseases. The company’s pipeline includes the use of Bucillamine for the potential treatment of infectious diseases such as severe influenza and COVID-19, as well as for the treatment of liver diseases such as autoimmune hepatitis. The company is also developing psilocybin-based therapeutics for various currently undisclosed indications.

Revive was granted FDA orphan drug status designation for the use of CBD to treat autoimmune hepatitis, as well as to treat ischemia and reperfusion injury from organ transplantation.

Shares of Revive hit a year-to-date high of C$0.48 on July 12.

3. Cipher Pharmaceuticals (TSX:CPH)

Market capitalization: C$55.642 million; year-to-date gain: 22.6 percent

Last on this list of top Canadian pharma stocks is Cipher Pharmaceuticals, which has developed a diversified portfolio of commercial and early to late-stage products. Its commercial products are marketed directly in Canada and indirectly through partners in the US and South America.

In March, Cipher reported that its partner Moberg Pharma (STO:MOB) had submitted a regulatory filing to the FDA for its next clinical Phase 3 study for the nail fungus treatment MOB-015. “The purpose of the new study is to facilitate market approval in the US as well as strengthen the product's clinical evidence and marketing claims globally,” the press release states. Cipher holds the exclusive Canadian rights to MOB-015.

Shares of the company reached a year-to-date high of C$2.52 on April 13.

Don’t forget to follow us @INN_LifeScience for real-time news updates!

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.


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