Top 3 Canadian Pharma Stocks (Updated April 2024)

Year-on-year gain: 161.29 percent; market cap: C$223.89 million; current share price: C$8.91

Cipher Pharmaceuticals is a specialty pharma company with a diverse portfolio of treatments, including a range of dermatology and acute hospital care products. The company has out-licensed some of its offerings as well.

In addition to its current portfolio, Cipher has acquired the Canadian rights to two new dermatology treatments currently undergoing Phase III clinical trials: MOB-015 for the treatment of nail fungus, and CF-101 for the management of moderate to severe plaque psoriasis. A Phase III COMFORT study of CF-101 has been completed, with a pivotal Phase III study due to start in early 2024; results are expected by 2026. MOB-015 trial results are expected in January 2025. The company is also conducting proof-of-concept studies on DTR-001, a topical treatment for removing tattoos.

On March 14, the company released its 2023 financial and operating results, showing a 2.5 percent increase in gross profit compared to the previous year and EBITDA of US$12 million, consistent with 2022.

Cipher began trading on the OTCQX Best Market under the symbol CPHRF on January 29.

Year-on-year gain: 20.22 percent; market cap: C$4.34 billion; current share price: C$12.07

Bausch Health Companies, formerly Valeant Pharmaceuticals International, is one of the largest pharma companies in Canada. Its headquarters are in Laval, Quebéc, where the company has research and laboratory facilities equipped with state-of-the-art equipment and technology that play a crucial role in driving its research and development efforts.

Its range of offerings includes treatment options for gastrointestinal, neurological and dermatological conditions, as well as products for vision care and dentistry. In March, the company and its gastroenterology business, Salix Pharmaceuticals, announced that the two would be jointly supporting a Phase II study of Relistor, an opioid antagonist, in oral cavity squamous cell carcinoma. Bausch serves the Canadian and US markets, as well as a number of regions in Europe, the Middle East, Africa, the Caribbean, Latin America and the Asia Pacific region.

On April 3, the company announced that Uceris, an aerosol foam used to treat distal ulcerative colitis, would be available to patients in Ontario, Quebéc, Saskatchewan, New Brunswick and Nova Scotia through the provinces' public drug plans. Its acne vulgaris treatment PrARAZLO recently became available to patients through the BC PharmaCare public drug plan. Bausch's first quarter results are expected on May 2.

Year-on-year gain: 11.91 percent; market cap: C$102.14 million; current share price: C$8.55

BioSyent is a specialty pharma company focused on improving patients' lives by licensing and acquiring innovative pharma products that are proven to be safe and effective with a track record of improving patient outcomes.

The company's subsidiary, known as BioSyent Pharma, offers a diverse range of healthcare products, including over-the-counter, behind-the-counter and prescription options.

On April 3, the annual Survey on OTC Counselling and Recommendations named FeraMAX, the company’s pediatric-friendly iron supplement, Canada's best oral iron supplement for the ninth consecutive year.

A couple of weeks later, on April 15, BioSyent Pharma extended its agreement with its European partner, allowing the BioSyent subsidiary to continue selling RepaGyn and Proktis-M in Canada until 2032.