Has the Canadian Biotech Industry valuation changed over the past few years?

Investors are optimistic on the Canadian Biotechs industry, and appear confident in long term growth rates. The 3-year average PS ratio of 24.4x is lower than the industry's current PS ratio of 29.1x.

Which industries have driven the changes within the Canadian Healthcare industry?

There are no additional sub-industries under this industry.

Canadian (TSX) Biotech Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 23 Jun 2026	CA$2.7b	CA$91.3m	-CA$261,921,124.69	1.5x	-10.1x	29.1x
Thu, 21 May 2026	CA$2.6b	CA$87.2m	-CA$259,504,228.68	30.2x	-9.9x	29.4x
Sat, 18 Apr 2026	CA$2.7b	CA$85.7m	-CA$243,437,189.77	54x	-11.2x	31.9x
Mon, 16 Mar 2026	CA$2.6b	CA$92.5m	-CA$250,680,626.74	49.7x	-10.3x	27.9x
Wed, 11 Feb 2026	CA$2.7b	CA$95.5m	-CA$240,626,981.53	20.8x	-11x	27.8x
Fri, 09 Jan 2026	CA$2.5b	CA$95.7m	-CA$243,840,300.65	24.1x	-10.4x	26.5x
Sun, 07 Dec 2025	CA$2.4b	CA$98.0m	-CA$235,617,684.98	22.8x	-10.1x	24.3x
Tue, 04 Nov 2025	CA$2.2b	CA$95.8m	-CA$232,332,114.15	26.7x	-9.3x	22.6x
Thu, 02 Oct 2025	CA$2.0b	CA$95.7m	-CA$225,783,805.71	24.7x	-8.8x	20.7x
Sat, 30 Aug 2025	CA$1.5b	CA$90.8m	-CA$202,552,503.61	28.5x	-7.5x	16.8x
Mon, 28 Jul 2025	CA$1.6b	CA$91.1m	-CA$271,255,056.85	22.8x	-5.8x	17.3x
Wed, 25 Jun 2025	CA$1.5b	CA$90.7m	-CA$286,511,517.55	22.3x	-5.2x	16.4x
Fri, 23 May 2025	CA$1.5b	CA$91.6m	-CA$294,137,799.44	23.2x	-5.2x	16.6x
Sun, 20 Apr 2025	CA$1.4b	CA$92.1m	-CA$285,664,026.66	19.5x	-4.8x	15x
Tue, 18 Mar 2025	CA$1.6b	CA$88.6m	-CA$310,619,480.38	20.8x	-5x	17.6x
Thu, 13 Feb 2025	CA$1.7b	CA$87.5m	-CA$318,693,777.76	24.7x	-5.2x	19.1x
Sat, 11 Jan 2025	CA$1.5b	CA$87.5m	-CA$319,428,071.80	24.5x	-4.6x	16.8x
Mon, 09 Dec 2024	CA$1.5b	CA$83.4m	-CA$311,247,281.09	8.7x	-4.7x	17.7x
Wed, 06 Nov 2024	CA$1.5b	CA$80.4m	-CA$281,510,905.59	8.4x	-5.3x	18.6x
Fri, 04 Oct 2024	CA$1.0b	CA$80.2m	-CA$277,869,626.46	9.5x	-3.6x	12.5x
Sun, 01 Sep 2024	CA$996.5m	CA$80.2m	-CA$281,082,242.37	10.2x	-3.5x	12.4x
Tue, 30 Jul 2024	CA$1.1b	CA$76.2m	-CA$341,169,444.05	10.6x	-3.3x	14.8x
Thu, 27 Jun 2024	CA$1.1b	CA$76.8m	-CA$340,065,403.85	10.8x	-3.2x	14.4x
Sat, 25 May 2024	CA$1.1b	CA$77.1m	-CA$368,270,880.84	10.8x	-3x	14.5x
Mon, 22 Apr 2024	CA$875.4m	CA$79.5m	-CA$301,686,831.12	12.6x	-2.9x	11x
Wed, 20 Mar 2024	CA$1.1b	CA$91.6m	-CA$320,474,387.43	11.1x	-3.4x	12x
Fri, 16 Feb 2024	CA$1.1b	CA$87.2m	-CA$326,963,265.85	10.6x	-3.4x	12.7x
Sun, 14 Jan 2024	CA$3.6b	CA$86.2m	-CA$516,253,628.00	6.8x	-6.9x	41.3x
Tue, 12 Dec 2023	CA$3.7b	CA$86.1m	-CA$542,994,316.00	5.6x	-6.9x	43.4x
Thu, 09 Nov 2023	CA$3.7b	CA$89.0m	-CA$543,419,034.00	8.4x	-6.9x	42.1x
Sat, 07 Oct 2023	CA$3.8b	CA$89.0m	-CA$525,742,736.00	6.2x	-7.3x	43.1x
Mon, 04 Sep 2023	CA$4.0b	CA$87.4m	-CA$509,846,291.00	6.1x	-7.9x	45.9x
Wed, 02 Aug 2023	CA$4.0b	CA$81.9m	-CA$517,017,880.00	6.8x	-7.7x	48.8x
Fri, 30 Jun 2023	CA$4.0b	CA$81.6m	-CA$512,797,908.00	13.3x	-7.8x	49.3x


CA Market	-0.94%
Healthcare	0.57%
Biotech	4.85%
Biotech	4.85%

Company	Last Price	7D	1Y	Valuation
DRUG Bright Minds Biosciences	CA$89.28	5.7% +CA$47.2m	137.9%	PB2.8x
PAIN Vector Science and Therapeutics	CA$2.48	13.8% +CA$46.0m	n/a	PB155.5x
EPRX Eupraxia Pharmaceuticals	CA$9.38	7.6% +CA$43.1m	58.4%	PB4x
BCT BriaCell Therapeutics	CA$4.26	9.2% +CA$3.1m	-89.3%	PB1.1x
NRX NurExone Biologic	CA$0.55	5.8% +CA$2.8m	-20.3%	PB17.8x

Announcement • 11h

Atlas Energy Corp. Announces Appointments to Subsidiary Board

Atlas Energy Corp. announced that Patrick Drouin and Dion Degrand will be appointed to the board of directors of Atlas Energy International SEZC, the Company’s Cayman Islands subsidiary, subject to receipt of applicable Cayman Islands regulatory approvals. Patrick Drouin is the President of Wheaton Precious Metals International and Chief Sustainability Officer for the Wheaton group. Before being appointed President in October 2023, Mr. Drouin was the Senior Vice President of Sustainability & Investor Relations at Wheaton Precious Metals, an executive role primarily responsible for the company’s sustainability efforts and engaging with the investment community. Prior to Wheaton, Mr. Drouin worked for UBS Securities from 2001 to 2012 in institutional equity sales across North America and Europe, most recently in London as Head of European Sales for UBS Canada. In this role, Mr. Drouin built a sales platform responsible for advising fund managers on Canadian equities. Throughout his advisory career, he has focused on the resource sector. Prior to UBS, he served as a Project Geologist in the San Francisco Bay Area for William Lettis & Associates. Mr. Drouin has an MBA from the Rotman School of Management, University of Toronto, and a Masters in Geology from the University of Memphis. Dion Degrand is the Chief Executive Officer of the Rawlinson & Hunter group of companies in the Cayman Islands, providing a full range of professional services including fiduciary, trust and corporate, fund governance and administration, accounting, restructuring and compliance services to international clients. Mr. Degrand has over 30 years of experience across investment banking, public and private capital markets, accounting, international banking, and independent governance. Prior to relocating to the Cayman Islands, Mr. Degrand spent the majority of his career in oil and gas investment banking, holding senior positions at leading investment banks, including Head of Canadian Energy at Raymond James (Canada), Head of Energy and Head of Western Canada at Cormark Securities, Managing Director at National Bank Financial and Principal at Peters & Co. Limited. Mr. Degrand is a CA, CPA and CFA charterholder, and a CIMA-registered director under the Cayman Islands Directors Registration and Licensing Act.

Announcement • Jun 04

Spectral Medical and Vantive Announce Topline 12 Month Follow-Up Results from Tigris Trial

Spectral Medical and Vantive announced topline mortality data at 12 months for patients enrolled in the Tigris trial. The randomized-controlled trial evaluated the use of Polymyxin B Hemoadsorption (PMX) in adults with endotoxic septic shock. Complete 28-day and 90-day results of the Tigris trial were published in March of this year in The Lancet Respiratory Medicine. The full Bayesian analysis of Tigris revealed an absolute risk reduction for mortality of 10.3% at 28 days corresponding to a number needed to treat (NNT) to prevent one death of 9.7 and 15.5% at 90 days corresponding to a NNT of 6.5. As a secondary endpoint of the trial, preplanned follow-up was conducted on all enrolled Tigris study patients to assess vital status at 12 months. Mortality differences observed earlier in the study persisted through one year, with 12-month mortality of 56/106 (52.8%) in patients treated with PMX compared to 34/51 (66.7%) in patients receiving standard of care alone, representing an absolute risk reduction of 13.9% and a number needed to treat of 7.2. Initial Bayesian statistical analyses based solely on the randomized Tigris trial data, without incorporation of the informative prior from EUPHRATES, demonstrated a 95.9% probability of benefit for PMX at 12 months compared to standard care alone. Additional analyses are ongoing to include the combination of prior EUPHRATES data in Bayesian and non-Bayesian analyses and survival analyses out to one year. Vantive is Spectral's exclusive distributor of PMX in the U.S. and Canada and has non-exclusive rights to distribute EAA globally. Spectral Medical submitted the final Premarket Approval (PMA) module (Module 3) for PMX to the FDA on-May 28, 2026. If approved by the FDA, Vantive plans to commercialize both EAA and PMX, beginning in the United States, to support Targeted Rapid Endotoxin Adsorption (TREA) Therapy. TREA therapy brings precision medicine to sepsis, delivering rapid, decisive treatment for patients with endotoxic septic shock. The Tigris trial was a U.S.-based, multicenter, Phase 3 study evaluating PMX in adults with endotoxic septic shock (ESS), defined by an Endotoxin Activity Assay (EAA) level between 0.60 and 0.90. EAA is an FDA cleared, semiquantitative diagnostic test for measurement of endotoxin activity, allowing for rapid measurements to obtain results in approximately 30 minutes. PMX is not approved for use in the United States. PMX is a single-use therapeutic hemoperfusion device that removes endotoxin, which can cause sepsis, from the bloodstream and is guided by the Company’s FDA cleared Endotoxin Activity Assay (EAA), the clinically available test for endotoxin in blood. PMX is approved for therapeutic use in Japan and Europe, licensed by Health Canada, with over 360,000 units sold worldwide to date. In March 2009, Spectral obtained the exclusive development and commercial rights in the U.S. for PMX, and in November 2010, signed an exclusive distribution agreement for this product in Canada, where PMX is licensed but is not yet commercially available. In July 2022, the U.S. FDA granted Breakthrough Device Designation for PMX for the treatment of endotoxic septic shock. Approximately 330,000 patients are diagnosed with septic shock in North America each year. The Tigris Trial is a confirmatory study of PMX in addition to standard care vs standard care alone and is designed as a 2:1 randomized trial of 150 patients using Bayesian statistics. Endotoxic septic shock is a malignant form of sepsis. Complete results of the Tigris trial appeared in the May 2026 issue of the Lancet Respiratory Medicine.

Canadian (TSX) Biotech Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

New major risk - Financial position

Atlas Energy Corp. Announces Appointments to Subsidiary Board

New minor risk - Share price stability

Onco-Innovations Limited Announces Chief Financial Officer Changes

Eupraxia Pharmaceuticals Inc. Approves Board Appointments, Effective June 18, 2026

Co-Founder recently bought CA$139k worth of stock

Vector Science & Therapeutics Corp. Announces Appointment of Dexter Fowler as Chief Athletic Officer for Its Valor Platform

Covalon Technologies Ltd. Announces the Appointment of Murray Miller to Its Board of Directors as an Independent Director

Spectral Medical and Vantive Announce Topline 12 Month Follow-Up Results from Tigris Trial

BriaCell Therapeutics Corp. has completed a Follow-on Equity Offering in the amount of $4.710225 million.

New major risk - Financial position

New major risk - Financial position

New major risk - Financial position

Second quarter 2026 earnings released: CA$0.01 loss per share (vs CA$0 in 2Q 2025)

Pharmala Biotech Holdings Inc., Annual General Meeting, Jul 09, 2026

Quest PharmaTech Inc., Annual General Meeting, Aug 25, 2025