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Canadian (TSX) Pharma Industry Analysis

UpdatedJun 01, 2026
DataAggregated Company Financials
Companies56
  • 7D6.2%
  • 3M25.7%
  • 1Y65.1%
  • YTD3.5%

Over the last 7 days, the Pharma industry has risen 6.2%, driven by gains from Trulieve Cannabis of 21%. In the same time, Quantum BioPharma was down 44%. In the last 12 months, the industry was up 65%. Looking forward, earnings are forecast to grow by 32% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 02 Jun 2026CA$16.9bCA$12.1b-CA$1,891,923,461.118.2x-8.9x1.4x
Thu, 30 Apr 2026CA$16.9bCA$11.2b-CA$1,666,681,993.8714.8x-10.2x1.5x
Sat, 28 Mar 2026CA$13.2bCA$11.4b-CA$1,687,869,857.1811.6x-7.8x1.2x
Mon, 23 Feb 2026CA$14.2bCA$11.2b-CA$1,902,820,914.1914.6x-7.5x1.3x
Wed, 21 Jan 2026CA$16.2bCA$11.3b-CA$1,952,490,189.6115.7x-8.3x1.4x
Fri, 19 Dec 2025CA$21.2bCA$11.3b-CA$1,945,946,177.6916x-10.9x1.9x
Sun, 16 Nov 2025CA$13.0bCA$11.4b-CA$1,922,781,196.5614.9x-6.8x1.1x
Tue, 14 Oct 2025CA$17.2bCA$11.3b-CA$2,040,906,104.8935.1x-8.4x1.5x
Thu, 11 Sep 2025CA$17.1bCA$11.2b-CA$2,036,532,388.3240.5x-8.4x1.5x
Sat, 09 Aug 2025CA$12.9bCA$11.7b-CA$2,586,527,366.8927.2x-5x1.1x
Mon, 07 Jul 2025CA$10.1bCA$11.7b-CA$2,527,776,876.4717.2x-4x0.9x
Wed, 04 Jun 2025CA$9.6bCA$11.7b-CA$2,526,330,398.1718.5x-3.8x0.8x
Fri, 02 May 2025CA$11.1bCA$11.9b-CA$2,509,134,817.2820.6x-4.4x0.9x
Sun, 30 Mar 2025CA$10.3bCA$12.3b-CA$2,594,343,288.5719.5x-4x0.8x
Tue, 25 Feb 2025CA$12.0bCA$12.1b-CA$2,220,162,764.1522.7x-5.4x1x
Thu, 23 Jan 2025CA$12.5bCA$12.1b-CA$2,414,181,344.7235.3x-5.2x1x
Sat, 21 Dec 2024CA$12.4bCA$12.1b-CA$2,414,708,151.3721.1x-5.1x1x
Mon, 18 Nov 2024CA$14.9bCA$12.0b-CA$2,653,132,502.2016.2x-5.6x1.2x
Wed, 16 Oct 2024CA$18.5bCA$11.8b-CA$2,702,329,879.6317.5x-6.9x1.6x
Fri, 13 Sep 2024CA$18.0bCA$11.6b-CA$2,701,665,351.1120.5x-6.7x1.6x
Sun, 11 Aug 2024CA$18.8bCA$11.7b-CA$2,779,683,365.4823.6x-6.8x1.6x
Tue, 09 Jul 2024CA$19.0bCA$11.7b-CA$3,192,391,373.6919x-6x1.6x
Thu, 06 Jun 2024CA$21.1bCA$11.8b-CA$2,746,593,921.2713.1x-7.7x1.8x
Sat, 04 May 2024CA$25.0bCA$11.8b-CA$3,423,268,008.8711.6x-7.3x2.1x
Mon, 01 Apr 2024CA$25.0bCA$11.9b-CA$3,483,939,559.549.3x-7.2x2.1x
Wed, 28 Feb 2024CA$22.5bCA$12.0b-CA$4,641,679,672.269.4x-4.8x1.9x
Fri, 26 Jan 2024CA$22.0bCA$12.4b-CA$6,757,492,735.009.6x-3.3x1.8x
Sun, 24 Dec 2023CA$17.0bCA$12.2b-CA$6,714,594,490.008.6x-2.5x1.4x
Tue, 21 Nov 2023CA$18.0bCA$12.5b-CA$6,837,915,349.007.1x-2.6x1.4x
Thu, 19 Oct 2023CA$17.6bCA$12.4b-CA$7,347,425,067.0012.7x-2.4x1.4x
Sat, 16 Sep 2023CA$21.7bCA$12.9b-CA$7,891,240,783.0015.1x-2.7x1.7x
Mon, 14 Aug 2023CA$14.2bCA$13.1b-CA$8,047,889,373.0011.9x-1.8x1.1x
Wed, 12 Jul 2023CA$16.5bCA$13.2b-CA$9,510,605,286.0012.7x-1.7x1.3x
Fri, 09 Jun 2023CA$14.8bCA$13.3b-CA$10,393,105,221.0010x-1.4x1.1x
Price to Earnings Ratio

-1.4x


Total Market Cap: CA$14.8bTotal Earnings: -CA$10,393,105,221.00Total Revenue: CA$13.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Pharma Industry Price to Earnings3Y Average -5.5x202420252026
Current Industry PE
  • Investors are relatively neutral on the Canadian Pharmaceuticals industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Pharmaceuticals industry have improved over the last three years.
  • Meanwhile revenues for these companies have declined 2.9% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, losses have been shrinking.

Industry Trends

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

CA Market-0.35%
Healthcare1.90%
Pharma6.17%
Pharma6.17%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
TRUL Trulieve CannabisCA$13.0921.3%
+CA$442.3m		136.3%PS1.6x
GTII Green Thumb IndustriesCA$11.2813.0%
+CA$284.7m		52.6%PE14.7x
CURA Curaleaf HoldingsCA$5.057.4%
+CA$277.3m		350.9%PS2.2x
VREO Vireo GrowthCA$0.6110.9%
+CA$83.0m		15.1%PS1.7x
CRON Cronos GroupCA$3.933.1%
+CA$44.8m		50.0%PS6.7x

Latest News

QNTM
CA$7.34
Quantum BioPharma
7D
-43.5%
1Y
-64.2%
VEXT
CA$0.25
Vext Science
7D
-7.4%
1Y
108.3%
VRNO
CA$1.64
Verano Holdings
7D
7.9%
1Y
100.0%
Narrative Update • Jun 01

VRNO: Federal Reform Timing Will Drive Repricing As DEA Registrations Advance

Analysts now center their CA$5.00 price target for Verano Holdings on mixed research updates that balance broadly in-line Q4 sales and EBITDA with continued uncertainty around the timing of U.S. federal reform. Analyst Commentary Recent Street commentary centers on a CA$5.00 price target, with mixed signals around risk and reward.
CRON
CA$3.93
Cronos Group
7D
3.1%
1Y
50.0%
Narrative Update • May 31

CRON: Partial Rescheduling Expectations Will Constrain Future Earnings Power

Analysts have raised Cronos Group's CA$ price target by CA$1, citing updated expectations around revenue growth, margins and future P/E assumptions, as well as recent Street research that includes a CA$1 target increase at TD Securities and favorable perspectives on partial cannabis re-scheduling. Analyst Commentary Recent Street commentary around Cronos Group has focused on how updated revenue expectations, margin trajectories and P/E assumptions feed into revised valuation frameworks.
TRUL
CA$13.09
Trulieve Cannabis
7D
21.3%
1Y
136.3%
Narrative Update • May 30

TRUL: Schedule III Reclassification Pathway Will Drive Future Multiple Re Rating

Narrative Update on Trulieve Cannabis Analysts have raised their price target on Trulieve Cannabis by CA$8, reflecting updated assumptions for fair value, revenue growth, profit margins, and future P/E following recent sector research and regulatory commentary on cannabis rescheduling. Analyst Commentary Street research around Trulieve Cannabis has centered on how potential cannabis rescheduling could affect valuation, tax burdens, and long term earnings power.
GUD
CA$8.24
Knight Therapeutics
7D
-1.4%
1Y
43.3%
GTII
CA$11.28
Green Thumb Industries
7D
13.0%
1Y
52.6%
Narrative Update • May 28

GTII: Partial Cannabis Rescheduling Will Support Re Rating Despite Medical Efficacy Concerns

Analysts have increased their CA$ price target on Green Thumb Industries by CA$4.17 to reflect updated fair value assumptions and a higher future P/E multiple, following recent research that highlights both a raised Benchmark target and Roth's view that partial cannabis rescheduling is extremely favorable for the sector. Analyst Commentary Bullish analysts are framing the latest research on Green Thumb Industries around two key themes: updated valuation work and a more supportive regulatory backdrop for cannabis.
CURA
CA$5.05
Curaleaf Holdings
7D
7.4%
1Y
350.9%
GWAY
CA$0.13
Greenway Greenhouse Cannabis
7D
-21.2%
1Y
-35.0%
VREO
CA$0.61
Vireo Growth
7D
10.9%
1Y
15.1%
HLS
CA$4.45
HLS Therapeutics
7D
-4.3%
1Y
-11.9%
Narrative Update • May 24

HLS: Future Upside Will Depend On Delivering New 2026 Revenue Guidance

Analysts have modestly adjusted their CA$ price target on HLS Therapeutics, with models reflecting a fair value estimate holding close to CA$12.00, supported by recent Hold-rated coverage and slightly lower Street targets around CA$4.45 to CA$5.00. Analyst Commentary Recent Street research on HLS Therapeutics has centered on Hold ratings paired with price targets in the CA$4.45 to CA$5.00 range.
CL
CA$1.31
Cresco Labs
7D
7.4%
1Y
65.8%
CRDL
CA$1.69
Cardiol Therapeutics
7D
-8.6%
1Y
-0.3%
OGI
CA$1.57
Organigram Global
7D
-1.9%
1Y
-12.8%
TSND
CA$1.00
TerrAscend
7D
11.7%
1Y
112.8%
MDP
CA$3.90
Medexus Pharmaceuticals
7D
-3.7%
1Y
33.1%
Narrative Update • Apr 27

MDP: Share Repurchases And Transplant Center Adoption Will Support Upside

Analysts have modestly raised their CA$ price target on Medexus Pharmaceuticals, citing slightly higher modeled revenue growth of 21.21% and a profit margin assumption of 24.84%, while keeping the fair value and discount rate unchanged. What's in the News Medexus provided an operational update on the commercialization of GRAFAPEX (treosulfan) for Injection in the United States, including recent progress with transplant center formulary decisions and ordering activity.