Research Infosource Inc. :: Top Corporate R&D Spenders

Canada’s Top 100 Corporate R&D Spenders 2024

Top Corporate R&D Spenders by Tier FY2023

R&D Spending

Rank	Tier 1	$000
1	Shopify Inc.	$2,334,981
2	Magna International Inc.	$1,163,441
3	Open Text Corporation	$918,588

Rank	Tier 2	$000
1	AstraZeneca Canada Inc. (fs)	$97,140
2	Fusion Pharmaceuticals Inc.	$94,618
3	Imperial Oil Limited	$84,000

Rank	Tier 3	$000
1	Essa Pharma Inc.	$28,780
2	Eupraxia Pharmaceuticals Inc.	$28,059
3	Winpak Ltd.	$27,465

R&D Spending Growth
(% Change FY2022-FY2023)

Rank	Tier 1	%
1	AbCellera Biologics Inc.	68.9
2	Xenon Pharmaceuticals Inc.	64.3
3	Open Text Corporation	60.3

Rank	Tier 2	%
1	Sernova Corp.	86.0
2	Docebo Inc.	44.5
3	Celestica Inc.	36.4

Rank	Tier 3	%
1	Satellos Bioscience Inc.	240.8
2	Nano One Materials Corp.	157.3
3	BriaCell Therapeutics Corp.	98.3

R&D Intensity^*
(R&D Spending as % of Revenue)

Rank	Tier 1	%
1	AbCellera Biologics Inc.	462.0
2	Repare Therapeutics Inc.	264.2
3	Zymeworks Inc.	188.9

Rank	Tier 2	%
1	Fusion Pharmaceuticals Inc.	3,390.1
2	Theratechnologies Inc.	37.8
3	Coveo Solutions Inc.	31.3

Rank	Tier 3	%
1	Verses AI Inc.	366.5
2	AEterna Zentaris Inc	301.5
3	Exro Technologies Inc.	223.8

Notes:
1. R&D Spending Tiers: Tier 1 = $100 million or more of R&D spending, Tier 2 = $30 million-$99.9 million, Tier 3 = less than $30 million.
fs = Foreign subsidiary (included revenue and R&D spending for Canadian operations only)
^*based on companies with $2 million or more of revenue