Top 3 Canadian Pharma Stocks (Updated January 2024)

Year-on-year gain: 45.74 percent; market cap: C$131.13 million; current share price: C$5.64

Cipher Pharmaceuticals is a specialty pharmaceutical 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 Pharmaceuticals 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. These therapies have the potential to expand Cipher’s dermatology offerings and provide new treatment options for patients with these common and often challenging conditions. Study results for CF-101 are expected in early 2024 and in January 2025 for MOB-015.

Finally, Cipher is developing DTR-001, a topical treatment for removing tattoos that could be used instead of or in addition to laser. It is in the preclinical stage, with proof-of-concept studies ongoing.

Year-on-year gain: 36.76 percent; market cap: C$63.84 million; current share price: C$2.53

Medexus Pharmaceuticals is a specialty pharmaceutical company with a diverse portfolio of products that cater to a wide range of medical needs. Its product offerings include treatments for allergy relief, dermatological conditions, hematological disorders, cancers, rheumatological diseases and rare illnesses. It serves the North American market through its two segments, Medexus Pharma Canada and Medexus Pharma USA.

The company was officially established in 2018 after three separate companies — Pediapharm, Medac Pharma and Medexus — merged with the goal of creating a strong commercial platform to meet unmet medical needs and get innovative specialty products to market more quickly. Before the merger, Pediapharm was a pharmaceutical company that dealt with over-the-counter pediatric medications, and Medac Pharma was a US-based subsidiary of medac, a company that provided therapies for cancer and autoimmune diseases.

Most recently, Health Canada accepted Medexus’ new drug submission for the product terbinafine, a topical lacquer to treat nail fungus; the company secured the rights to market terbinafine in Canada in March 2023. If approved, Medexus will offer topical terbinafine as a once-a-week topical treatment regimen.Medexus Pharmaceuticals Inc, formerly Pediapharm Inc is a leading specialty pharmaceutical company with a strong North American commercial platform.

Year-on-year gain: 6.29 percent; market cap: C$4.03 billion; current share price: C$11.16

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 dentistry and vision care. 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.

Recently, the company and its subsidiary, Solta Medical, expanded their presence in one of the fastest-growing medical aesthetics markets in the world when they announced the January 18 approval of their products Thermage FLX and TR-4 Return Pad by China’s National Medical Products Administration. According to Data Bridge Market Research, the Asia Pacific medical aesthetics market is expected to grow at a compound annual growth rate of 13.7 percent between 2023 and 2030, faster than the firm's overall global projection of 12.6 percent.