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Top 3 Canadian Pharma Stocks (Updated December 2022)
Dec. 20, 2022 01:10PM PST
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 latest 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 pharma 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 information from 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 on a global scale.
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 pharma 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 in terms of year-to-date performance. CSE- and 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 December 8, 2022.
1. Fennec Pharmaceuticals (TSX:FRX)
Year-to-date gain: 131.99 percent; market capitalization: C$348.48 million; current share price: C$13.40
Fennec Pharmaceuticals' 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.
In September 2022, the FDA approved Pedmark, making it the first and only FDA-approved therapy indicated to reduce the risk of ototoxicity associated with cisplatin in pediatric patients with localized, non-metastatic tumors. The company initiated the US commercial launch of Pedmark in October 2022. Shares of Fennec hit a year-to-date high of C$13.49 on November 30.
2. Cipher Pharmaceuticals (TSX:CPH)
Year-to-date gain: 115.56 percent; market capitalization: C$95.44 million; current share price: C$3.90
Cipher Pharmaceuticals 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 November 2022, Cipher reported its third quarter financials, which show that its net income for the period increased by US$1.9 million year-on-year to reach US$2.7 million; meanwhile, the company's EBITDA increased 67 percent from the previous year to hit US$2.5 million. Shares of Cipher reached a year-to-date high of C$3.81 on December 7.
3. BELLUS Health (TSX:BLU)
Year-to-date gain: 27.11 percent; market capitalization: C$1.66 billion; current share price: C$13.44
Last on this list of top Canadian pharma stocks is BELLUS Health, which is developing novel therapeutics for the treatment of refractory chronic cough (RCC) and other hypersensitivity indications. BLU-5937, which BELLUS describes as a "highly selective P2X3 antagonist," is the clinical-stage biopharmaceutical company's lead candidate for RCC.
In its third quarter report for this year, BELLUS reported the start of a CALM Phase 3 program for BLU-5937 in RCC. It will include CALM-1 and CALM-2 trials, with topline data expected for those efforts in the second halves of 2024 and 2025, respectively. The company's share price reached a high for the year of US$16.25 on August 8, 2022.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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