From established players to up-and-coming firms, Canada’s pharmaceutical company landscape is diverse and dynamic.
Canadian drug companies are working to discover and develop major innovations amidst an increasingly competitive global landscape. Rising technologies such as artificial intelligence are playing a role in the landscape as well.
Read on to learn about what’s been driving the share prices of the best-performing Canadian pharma stocks.
1. Cipher Pharmaceuticals (TSX:CPH,OTC:CPHRF)
Year-over-year gain: 48.2 percent
Market cap: C$330.79 million
Share price: C$12.33
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. Cipher began trading on the OTCQX Best Market under the symbol CPHRF in early 2024.
In addition to its current portfolio, Cipher has acquired Canadian rights to CF-101, a dermatology treatment for moderate to severe plaque psoriasis is currently expected to undergo Phase III clinical trials. The company is also conducting proof-of-concept studies on DTR-001, a topical treatment for removing tattoos.
In 2024, Cipher announced it had signed a definitive asset purchase agreement with ParaPRO for its US-based Natroba operations and global product rights, and the news caused Cipher’s share price to spike significantly.
During its Q1 results reporting in May 2025, the company announced a US$15 million debt repayment.
2. HLS Therapeutics (TSX:HLS)
Year-over-year gain: 42.03 percent
Market cap: C$154.95 million
Share price: C$4.90
HLS Therapeutics focuses on drugs for cardiovascular and central nervous system problems, often through partnerships. The company specializes in acquiring and commercializing pharmaceuticals that address unmet needs. Key commercial products include Vascepa, Clozaril for treatment-resistant schizophrenia and cholesterol-lowering therapies NEXLETOL and NEXLIZET.
Additionally, the company generates revenue from a diversified portfolio of royalty interests on various products marketed by third parties.
3. Medexus Pharmaceuticals (TSX:MDP,OTC:MEDXF)
Year-over-year gain: 23.25 percent
Market cap: C$92.9 million
Share price: C$2.81
Medexus Pharmaceuticals specializes in bringing drugs to treat rare diseases to North America. The company manages the entire process through its fully integrated operations, from acquiring and developing drugs to marketing and selling them. Some of its key products include treatments for hemophilia B and rheumatoid arthritis, as well as a line of drugs for autoimmune diseases like lupus and allergy treatments.
In November 2024, Medexus Pharmaceuticals announced it had successfully negotiated with the pan-Canadian Pharmaceutical Alliance to make treosulfan, which Medexus commercialized in Canada under the name Trecondyv, available to publicly funded drug programs and patients. Trecondyv is indicated as part of conditioning treatment prior to bone marrow transplants in patients with certain types of blood cancers.
In addition to Canada, Medexus has the exclusive commercialization rights to treosulfan in the US, where it received approval from the US Food and Drug Administration (FDA) in January 2025.
4. Satellos Bioscience (TSXV:MSCL,OTC:MSCLF)
Year-over-year gain: 18 percent
Market cap: C$102.26 million
Share price: C$0.59
Satellos Bioscience is a Canadian pharmaceutical company expanding treatment options for muscle disorders. The company has focused specifically on Duchenne muscular dystrophy, developing therapies to regenerate and repair muscle tissue by targeting the specific biological pathways involved. Its lead candidate SAT-3247 targets a protein called AAK1, which regulates the activity of stem cells that activate and differentiate new muscle fibers.
The company began enrolment for a multiple-ascending-dose arm of the Phase 1 study for SAT-3247 last November after no drug-related adverse events were reported in the single-ascending-dose group.
In May of this year, Satellos announced results from its Phase 1b trial, reporting SAT-3247 has shown positive safety and pharmacokinetic data and encouraging early functional results, clearing the path for a planned Phase 2 trial.
5. NurExone Biologic (TSXV:NRX,OTC:NRXBF)
Year-over-year gain: 1.41 percent
Market cap: C$44.18 million
Share price: C$0.72
NurExone Biologic is the biopharmaceutical company behind ExoTherapy, a drug delivery platform that uses exosomes, which are nano-sized extracellular vesicles, to create treatments for central nervous system disorders, spinal cord injuries and traumatic brain injuries. It is a less invasive alternative to cell transplantation, which requires surgery and carries the risk of rejection.
NurExone’s first nano-drug, ExoPTEN, uses a proprietary sIRNA sequence delivered with the ExoTherapy platform to treat spinal cord injuries. ExoPTEN received orphan drug designation from the US Food and Drug Administration (FDA) in October 2023, meaning it has been recognized as a potential treatment for rare medical conditions. The designation makes it eligible for incentives such as market exclusivity and regulatory assistance aimed at accelerating its development and approval.
The company released preclinical results from animal testing evaluating the efficacy of its nano-drug ExoPTEN in restoring lost vision at the end of 2024. In July 2025, preclinical studies indicated that ExoPTEN could improve walking quality in patients with spinal cord injuries.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.