CANADA'S INNOVATION LEADERS
CANADA'S INNOVATION LEADERS
 



Canada’s Top 100 Corporate R&D Spenders 2019

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Rank Company R&D Spending Revenue R&D Intensity Industry
2018 2017 FY2018
$000
FY2017
$000
% Change
2017-2018
FY2018
$000
R&D
Spending
as % of
Revenue**
1 1 Bombardier Inc.* $1,471,915 $1,603,771 -8.2 $21,036,985 7.0 Aerospace
2 2 Magna International Inc.* $761,872 $677,869 12.4 $52,899,544 1.4 Automotive
3 11 Suncor Energy Inc. $635,000 $350,000 81.4 $38,986,000 1.6 Energy/Oil & Gas
4 6 Constellation Software Inc.* $584,749 $475,473 23.0 $3,964,972 14.7 Software & Computer Services
5 5 Pratt & Whitney Canada Corp. (fs) $552,000 $513,000 7.6 nd Aerospace
6 4 BCE Inc. $537,100 $514,300 4.4 $23,468,000 2.3 Telecommunications Services
7 7 Bausch Health Companies Inc.* $535,124 $468,795 14.1 $10,857,966 4.9 Pharmaceuticals/Biotechnology
8 3 IBM Canada Ltd. (fs) $512,000 $525,000 -2.5 nd Software & Computer Services
9 20 Shopify Inc.* $453,584 $176,606 156.8 $1,390,583 32.6 Software & Computer Services
10 9 Open Text Corporation* $419,108 $365,790 14.6 $3,647,708 11.5 Software & Computer Services
11 8 Rogers Communications Inc. $414,808 $459,143 -9.7 $15,096,000 2.7 Telecommunications Services
12 14 Ericsson Canada Inc. (fs) $368,000 $310,000 18.7 nd Comm/Telecom Equipment
13 16 AMD Canada (fs) $319,319 $248,362 28.6 nd Electronic Systems & Parts
14 17 TELUS Corporation $307,000 $240,000 27.9 $14,368,000 2.1 Telecommunications Services
15 15 CGI Group Inc. $287,671 $271,127 6.1 $11,506,825 2.5 Software & Computer Services
16 13 BlackBerry Limited* ++ $283,758 $310,365 -8.6 $1,171,313 24.2 Software & Computer Services
17 12 Canadian Natural Resources Limited $265,000 $345,000 -23.2 $21,027,000 1.3 Energy/Oil & Gas
18 18 BRP Inc.++ $221,700 $198,600 11.6 $5,243,800 4.2 Other Manufacturing
19 22 Huawei Canada (fs) $186,742 $142,882 30.7 nd Comm/Telecom Equipment
20 19 CAE Inc. $182,700 $186,000 -1.8 $2,830,000 6.5 Aerospace
21 25 Cisco Canada (fs) $158,110 $130,175 21.5 nd Comm/Telecom Equipment
22 21 Imperial Oil Limited $150,000 $154,000 -2.6 $34,964,000 0.4 Energy/Oil & Gas
23 24 Hydro-Québec $144,000 $132,000 9.1 $14,370,000 1.0 Electrical Power & Utilities
24 23 Mitel Networks Corporation* (b) + $143,564 $135,704 5.8 $1,228,453 11.7 Comm/Telecom Equipment
25 26 Sanofi (fs) (a) $127,400 $123,000 3.6 $839,200 15.2 Pharmaceuticals/Biotechnology
26 27 Sierra Wireless, Inc.* $122,252 $109,402 11.7 $1,028,270 11.9 Comm/Telecom Equipment
27 42 Stars Group Inc.* $118,646 $62,842 88.8 $2,629,284 4.5 Software & Computer Services
28 28 Ontario Power Generation Inc. $106,000 $106,000 0.0 $5,537,000 1.9 Electrical Power & Utilities
29 32 Pfizer Canada Inc. (fs) $98,247 $97,865 0.4 $1,222,777 8.0 Pharmaceuticals/Biotechnology
30 30 ProMetic Life Sciences Inc. $94,841 $101,946 -7.0 $47,374 200.2 Pharmaceuticals/Biotechnology
31 33 Linamar Corporation $90,664 $86,605 4.7 $7,620,582 1.2 Automotive
32 37 EXFO Inc.* $84,535 $68,987 22.5 $349,251 24.2 Comm/Telecom Equipment
33 35 Novelis Inc.* (fs) $82,925 $75,319 10.1 $14,851,313 0.6 Mining & Metals
34 39 Syncrude Canada Ltd. $82,322 $67,933 21.2 nd Energy/Oil & Gas
35 36 Evertz Technologies Limited $80,804 $73,699 9.6 $402,832 20.1 Comm/Telecom Equipment
36 46 Optiva Inc.* $79,705 $54,468 46.3 $157,592 50.6 Software & Computer Services
37 Medicago Inc. (fs) $77,816 $39,646 96.3 $6,205 1,254.1 Pharmaceuticals/Biotechnology
38 34 Arbutus Biopharma Corporation* $75,065 $81,391 -7.8 $7,703 974.5 Pharmaceuticals/Biotechnology
39 48 Zymeworks Inc.* $73,445 $54,215 35.5 $68,697 106.9 Pharmaceuticals/Biotechnology
40 38 GlaxoSmithKline Inc. (fs) $70,621 $68,271 3.4 $820,684 8.6 Pharmaceuticals/Biotechnology
41 47 Descartes Systems Group Inc.* ++ $62,028 $54,287 14.3 $356,539 17.4 Software & Computer Services
42 64 Canadian Solar Inc.* $57,261 $37,370 53.2 $4,851,764 1.2 Energy/Oil & Gas
43 66 Clementia Pharmaceuticals Inc.* + $56,885 $35,589 59.8 $0 Pharmaceuticals/Biotechnology
44 54 Aurinia Pharmaceuticals Inc.* $53,619 $44,061 21.7 $600 Pharmaceuticals/Biotechnology
45 49 Novartis Pharmaceuticals Canada Inc. (fs) $52,000 $51,000 2.0 nd Pharmaceuticals/Biotechnology
46 41 Novelion Therapeutics Inc.* $50,299 $63,642 -21.0 $169,001 29.8 Pharmaceuticals/Biotechnology
47 56 Pharmascience Inc. $49,500 $42,947 15.3 $423,803 11.7 Pharmaceuticals/Biotechnology
48 61 Resverlogix Corp.* $49,086 $38,884 26.2 $0 Pharmaceuticals/Biotechnology
49 60 Dorel Industries Inc.* $49,002 $40,341 21.5 $3,394,103 1.4 Other Manufacturing
50 50 AstraZeneca Canada Inc. (fs) $48,207 $47,071 2.4 $624,240 7.7 Pharmaceuticals/Biotechnology
51 51 Enghouse Systems Limited $47,540 $45,890 3.6 $342,845 13.9 Software & Computer Services
52 62 Trillium Therapeutics Inc. $44,297 $38,420 15.3 $0 Pharmaceuticals/Biotechnology
53 83 Titan Medical Inc.* $42,574 $16,753 154.1 $0 Medical Devices & Instrumentation
54 52 Lockheed Martin Canada (fs) $40,764 $44,968 -9.3 $516,930 7.9 Aerospace
55 59 Martinrea International Inc. $40,735 $40,808 -0.2 $3,662,900 1.1 Automotive
56 40 Westport Fuel Systems Inc.* $39,673 $66,303 -40.2 $350,206 11.3 Other Manufacturing
57 67 Thales Canada Inc. (fs) $38,852 $34,215 13.6 $858,000 4.5 Electronic Systems & Parts
58 58 ADVANZ PHARMA Corp.* $38,493 $40,883 -5.8 $695,773 5.5 Pharmaceuticals/Biotechnology
59 72 L3 WESCAM (fs) $37,598 $26,462 42.1 nd Aerospace
60 68 Celestica Inc.* $37,316 $34,023 9.7 $8,594,637 0.4 Electronic Systems & Parts
61 69 Kinaxis Inc.* $35,795 $33,532 6.7 $195,297 18.3 Software & Computer Services
62 70 Ballard Power Systems Inc.* $35,034 $32,494 7.8 $125,146 28.0 Machinery
63 45 Teck Resources Limited $35,000 $55,000 -36.4 $12,564,000 0.3 Mining & Metals
64 65 Northland Power Inc. $33,332 $36,785 -9.4 $1,555,587 2.1 Electrical Power & Utilities
65 53 Cascades Inc. $30,791 $44,964 -31.5 $4,649,000 0.7 Forest & Paper Products
66 57 Eli Lilly Canada Inc. (fs) $29,238 $42,194 -30.7 nd Pharmaceuticals/Biotechnology
67 73 Pason Systems Inc. $26,997 $25,219 7.1 $306,393 8.8 Software & Computer Services
68 81 Mediagrif Interactive Technologies Inc. $26,510 $19,085 38.9 $80,937 32.8 Software & Computer Services
69 74 Absolute Software Corporation* $25,985 $22,758 14.2 $121,306 21.4 Software & Computer Services
70 Cenovus Energy Inc. $25,000 $36,000 -30.6 $20,844,000 0.1 Energy/Oil & Gas
71 Aptose Biosciences Inc.* $24,272 $8,147 197.9 $0 Pharmaceuticals/Biotechnology
72 82 Computer Modelling Group Ltd. $21,772 $17,842 22.0 $74,680 29.2 Software & Computer Services
73 77 Winpak Ltd.* $21,560 $20,261 6.4 $1,152,708 1.9 Rubber & Plastics
74 78 CES Energy Solutions Corp. $20,000 $20,000 0.0 $1,271,100 1.6 Energy/Oil & Gas
75 76 Servier Canada Inc. (fs) $17,920 $20,831 -14.0 $173,688 10.3 Pharmaceuticals/Biotechnology
76 71 IMAX Corporation* $17,787 $27,082 -34.3 $485,111 3.7 Other Services
77 Lightspeed POS Inc.* $17,226 $17,761 -3.0 $73,957 23.3 Software & Computer Services
78 Acasti Pharma Inc. $16,078 $7,983 101.4 $0 Pharmaceuticals/Biotechnology
79 85 Resolute Forest Products Inc. (fs) $15,600 $14,400 8.3 $3,467,000 0.4 Forest & Paper Products
80 84 Intertape Polymer Group Inc.* $15,579 $15,065 3.4 $1,364,397 1.1 Rubber & Plastics
81 94 Hydrogenics Corporation* $15,578 $11,443 36.1 $43,919 35.5 Energy/Oil & Gas
82 98 Baylin Technologies Inc. $15,363 $11,248 36.6 $136,214 11.3 Comm/Telecom Equipment
83 90 Vecima Networks Inc. $15,338 $12,091 26.9 $78,104 19.6 Comm/Telecom Equipment
84 95 Mogo Finance Technology Inc. $14,747 $11,373 29.7 $61,277 24.1 Other Services
85 88 BSM Technologies Inc. $14,119 $12,745 10.8 $59,735 23.6 Comm/Telecom Equipment
86 91 Intellipharmaceutics International Inc.* $14,029 $12,039 16.5 $2,220 631.9 Pharmaceuticals/Biotechnology
87 POET Technologies Inc.* $13,182 $9,269 42.2 $5,038 261.7 Electronic Systems & Parts
88 IMV Inc. $12,852 $5,905 117.6 $82 Pharmaceuticals/Biotechnology
89 80 Espial Group Inc. $12,811 $19,306 -33.6 $26,670 48.0 Software & Computer Services
90 93 Rio Tinto Iron & Titanium Inc. (fs) $12,500 $11,764 6.3 $1,120,000 1.1 Mining & Metals
91 Neptune Technologies & Bioressources Inc. + $12,396 $7,249 71.0 $26,168 47.4 Pharmaceuticals/Biotechnology
92 Buhler Industries Inc. $12,345 $9,604 28.5 $287,984 4.3 Agriculture & Food
93 89 Velan Inc.* ++ $12,055 $12,477 -3.4 $475,347 2.5 Other Manufacturing
94 Repare Therapeutics Inc. (fs) $12,000 $6,542 83.4 $0 Pharmaceuticals/Biotechnology
95 100 ShawCor Ltd. $11,876 $10,536 12.7 $1,408,872 0.8 Other Manufacturing
96 79 Enlighten Innovations Inc. $11,680 $19,600 -40.4 $0 Energy/Oil & Gas
97 Stingray Digital Group Inc.+ $11,437 $9,847 16.1 $126,953 9.0 Telecommunications Services
98 96 TECSYS Inc. $11,429 $11,347 0.7 $70,718 16.2 Software & Computer Services
99 97 Héroux-Devtek Inc. $11,282 $11,281 0.01 $386,564 2.9 Aerospace
100 92 Theratechnologies Inc. $10,324 $11,856 -12.9 $58,553 17.6 Pharmaceuticals/Biotechnology


Notes:
  1. Data were obtained through annual reports, financial statements, securities commission filings, other company issued documents, or through a survey.
  2. We have attempted, wherever possible, to provide gross R&D spending before deduction of investment tax credits or government grants.
  3. We have attempted, wherever possible, to provide revenue net of interest and investment income.
  4. FY2017 R&D spending figures may have been adjusted as more accurate information became available.
  5. Canadian-owned company results include worldwide revenue and R&D spending; foreign subsidiaries (fs) for their Canadian operations only.
*Converted to CDN$ at annual average 2018 = 1.2957; 2017 = 1.2986; (Bank of Canada)
**Based on companies with $2 million or more of revenue
+Not current name/acquired/merged
++Fiscal 2019 figures were used for year-ended January or February
fs = Foreign subsidiary (includes revenue and R&D spending for Canadian operations only)
nd = Not disclosed
(a) Sanofi Pasteur Limited and sanofi-aventis Canada Inc. (including Sanofi Genzyme Canada).
(b) Financial information is for 9 months only.


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