Canada's Top 100 Corporate R&D Spenders 2020
| Rank | Company | R&D Spending | Revenue | R&D Intensity | Industry | |||
|---|---|---|---|---|---|---|---|---|
| 2019 | 2018 | FY2019 $000 |
FY2018 $000 |
% Change 2018-2019 |
FY2019 $000 |
R&D Spending as % of Revenue** |
||
| 1 | 2 | Magna International Inc.* | $849,216 | $761,872 | 11.5 | $52,320,994 | 1.6 | Automotive |
| 2 | 3 | Suncor Energy Inc. | $830,000 | $635,000 | 30.7 | $38,989,000 | 2.1 | Energy/Oil & Gas |
| 3 | 4 | Constellation Software Inc.* | $701,930 | $584,749 | 20.0 | $4,630,881 | 15.2 | Software & Computer Services |
| 4 | 5 | Pratt & Whitney Canada Corp. (fs) | $629,533 | $540,264 | 16.5 | nd | Aerospace | |
| 5 | 7 | Bausch Health Companies Inc.* | $624,970 | $535,124 | 16.8 | $11,412,667 | 5.5 | Pharmaceuticals/Biotechnology |
| 6 | 1 | Bombardier Inc.* | $577,202 | $1,471,915 | -60.8 | $20,907,963 | 2.8 | Aerospace |
| 7 | 6 | BCE Inc. | $532,400 | $537,100 | -0.9 | $23,964,000 | 2.2 | Telecommunications Services |
| 8 | 14 | TELUS Corporation | $530,000 | $307,000 | 72.6 | $14,658,000 | 3.6 | Telecommunications Services |
| 9 | 8 | IBM Canada Ltd. (fs) | $512,000 | $512,000 | 0.0 | nd | Software & Computer Services | |
| 10 | 17 | Canadian Natural Resources Limited | $473,000 | $265,000 | 78.5 | $22,871,000 | 2.1 | Energy/Oil & Gas |
| 11 | 9 | Shopify Inc.* | $471,069 | $298,884 | 57.6 | $2,094,078 | 22.5 | Software & Computer Services |
| 12 | 11 | Rogers Communications Inc. | $442,412 | $414,808 | 6.7 | $15,073,000 | 2.9 | Telecommunications Services |
| 13 | 13 | AMD Canada (fs) | $429,819 | $319,319 | 34.6 | nd | Electronic Systems & Parts | |
| 14 | 10 | Open Text Corporation* | $427,044 | $419,108 | 1.9 | $3,806,551 | 11.2 | Software & Computer Services |
| 15 | 12 | Ericsson Canada Inc. (fs) | $381,000 | $368,000 | 3.5 | nd | Comm/Telecom Equipment | |
| 16 | 16 | BlackBerry Limited* ++ | $343,667 | $283,758 | 21.1 | $1,379,976 | 24.9 | Software & Computer Services |
| 17 | 15 | CGI Group Inc. | $302,781 | $287,671 | 5.3 | $12,111,236 | 2.5 | Software & Computer Services |
| 18 | 19 | Huawei Canada (fs) | $261,611 | $186,742 | 40.1 | nd | Comm/Telecom Equipment | |
| 19 | 18 | BRP Inc.++ | $238,400 | $221,700 | 7.5 | $6,052,700 | 3.9 | Other Manufacturing |
| 20 | 20 | CAE Inc. | $232,100 | $182,700 | 27.0 | $3,304,100 | 7.0 | Aerospace |
| 21 | 22 | Imperial Oil Limited | $170,000 | $150,000 | 13.3 | $34,002,000 | 0.5 | Energy/Oil & Gas |
| 22 | 21 | Cisco Canada (fs) | $166,267 | $158,110 | 5.2 | nd | Comm/Telecom Equipment | |
| 23 | 39 | Zymeworks Inc.* | $153,934 | $73,445 | 109.6 | $39,202 | 392.7 | Pharmaceuticals/Biotechnology |
| 24 | 27 | Stars Group Inc.* + | $137,836 | $118,646 | 16.2 | $3,354,998 | 4.1 | Software & Computer Services |
| 25 | 23 | Hydro-Québec | $132,000 | $144,000 | -8.3 | $14,021,000 | 0.9 | Electrical Power & Utilities |
| 26 | 25 | Sanofi (fs) (a) | $131,026 | $127,400 | 2.8 | $796,400 | 16.5 | Pharmaceuticals/Biotechnology |
| 27 | 26 | Sierra Wireless, Inc.* | $115,077 | $122,252 | -5.9 | $946,760 | 12.2 | Comm/Telecom Equipment |
| 28 | 29 | Pfizer Canada ULC (fs) | $101,618 | $98,247 | 3.4 | nd | Pharmaceuticals/Biotechnology | |
| 29 | 33 | Novelis Inc.* (fs) | $95,537 | $82,925 | 15.2 | $16,355,369 | 0.6 | Mining & Metals |
| 30 | 31 | Linamar Corporation | $87,149 | $90,664 | -3.9 | $7,416,624 | 1.2 | Automotive |
| 31 | 35 | Evertz Technologies Limited | $85,823 | $80,804 | 6.2 | $443,556 | 19.3 | Comm/Telecom Equipment |
| 32 | 34 | Syncrude Canada Ltd. | $78,207 | $82,322 | -5.0 | nd | Energy/Oil & Gas | |
| 33 | 32 | EXFO Inc.* | $76,923 | $84,535 | -9.0 | $380,674 | 20.2 | Comm/Telecom Equipment |
| 34 | 38 | Arbutus Biopharma Corporation* | $76,431 | $75,065 | 1.8 | $5,779 | 1322.6 | Pharmaceuticals/Biotechnology |
| 35 | 30 | Liminal BioSciences Inc. | $75,686 | $94,841 | -20.2 | $4,904 | 1543.4 | Pharmaceuticals/Biotechnology |
| 36 | 41 | Descartes Systems Group Inc.* ++ | $71,006 | $62,028 | 14.5 | $432,292 | 16.4 | Software & Computer Services |
| 37 | 44 | Aurinia Pharmaceuticals Inc.* | $70,148 | $53,619 | 30.8 | $422 | Pharmaceuticals/Biotechnology | |
| 38 | 53 | Titan Medical Inc.* | $68,227 | $42,574 | 60.3 | $0 | Medical Devices & Instrumentation | |
| 39 | 63 | Teck Resources Limited | $67,000 | $35,000 | 91.4 | $11,934,000 | 0.6 | Mining & Metals |
| 40 | 40 | GlaxoSmithKline Inc. (fs) | $65,165 | $70,621 | -7.7 | $902,969 | 7.2 | Pharmaceuticals/Biotechnology |
| 41 | 42 | Canadian Solar Inc.* | $62,424 | $57,261 | 9.0 | $4,246,854 | 1.5 | Energy/Oil & Gas |
| 42 | 50 | AstraZeneca Canada Inc. (fs) | $62,296 | $48,207 | 29.2 | $618,239 | 10.1 | Pharmaceuticals/Biotechnology |
| 43 | 51 | Enghouse Systems Limited | $59,049 | $47,540 | 24.2 | $385,853 | 15.3 | Software & Computer Services |
| 44 | 49 | Dorel Industries Inc.* | $52,671 | $49,002 | 7.5 | $3,495,912 | 1.5 | Other Manufacturing |
| 45 | 45 | Novartis Pharmaceuticals Canada Inc. (fs) | $51,800 | $52,000 | -0.4 | nd | Pharmaceuticals/Biotechnology | |
| 46 | 28 | Ontario Power Generation Inc. | $51,000 | $106,000 | -51.9 | $6,022,000 | 0.8 | Electrical Power & Utilities |
| 47 | 55 | Martinrea International Inc. | $48,782 | $40,735 | 19.8 | $3,863,659 | 1.3 | Automotive |
| 48 | 36 | Optiva Inc.* | $46,650 | $79,705 | -41.5 | $160,400 | 29.1 | Software & Computer Services |
| 49 | 61 | Kinaxis Inc.* | $45,280 | $35,795 | 26.5 | $254,166 | 17.8 | Software & Computer Services |
| 50 | 64 | Northland Power Inc. | $44,200 | $33,332 | 32.6 | $1,658,977 | 2.7 | Electrical Power & Utilities |
| 51 | 66 | Eli Lilly Canada Inc. (fs) | $43,946 | $29,238 | 50.3 | nd | Pharmaceuticals/Biotechnology | |
| 52 | 48 | Resverlogix Corp.* | $42,917 | $49,086 | -12.6 | $0 | Pharmaceuticals/Biotechnology | |
| 53 | 59 | L3Harris WESCAM (fs) | $41,359 | $37,598 | 10.0 | nd | Aerospace | |
| 54 | 78 | Acasti Pharma Inc. | $38,961 | $16,078 | 142.3 | $0 | Pharmaceuticals/Biotechnology | |
| 55 | 58 | ADVANZ PHARMA Corp. Limited* + | $38,641 | $38,493 | 0.4 | $674,491 | 5.7 | Pharmaceuticals/Biotechnology |
| 56 | 47 | Pharmascience Inc. | $38,458 | $49,500 | -22.3 | $479,050 | 8.0 | Pharmaceuticals/Biotechnology |
| 57 | 60 | Celestica Inc.* | $37,684 | $37,316 | 1.0 | $7,813,185 | 0.5 | Electronic Systems & Parts |
| 58 | 57 | Thales Canada Inc. (fs) | $36,374 | $38,852 | -6.4 | $713,916 | 5.1 | Electronic Systems & Parts |
| 59 | 52 | Trillium Therapeutics Inc.* | $36,358 | $44,297 | -17.9 | $165 | Pharmaceuticals/Biotechnology | |
| 60 | 62 | Ballard Power Systems Inc.* | $35,731 | $35,034 | 2.0 | $141,085 | 25.3 | Machinery |
| 61 | 56 | Westport Fuel Systems Inc.* | $33,401 | $39,673 | -15.8 | $405,153 | 8.2 | Other Manufacturing |
| 62 | 67 | Pason Systems Inc. | $30,439 | $26,997 | 12.7 | $295,642 | 10.3 | Software & Computer Services |
| 63 | 65 | Cascades Inc. | $30,231 | $30,791 | -1.8 | $4,996,000 | 0.6 | Forest & Paper Products |
| 64 | 90 | Rio Tinto Iron & Titanium Inc. (fs) | $29,637 | $12,500 | 137.1 | $1,247,000 | 2.4 | Mining & Metals |
| 65 | 77 | Lightspeed POS Inc.* | $27,171 | $21,295 | 27.6 | $102,770 | 26.4 | Software & Computer Services |
| 66 | BELLUS Health Inc. | $26,119 | $7,185 | 263.5 | $35 | Pharmaceuticals/Biotechnology | ||
| 67 | 69 | Absolute Software Corporation* | $25,507 | $25,985 | -1.8 | $131,242 | 19.4 | Software & Computer Services |
| 68 | 68 | Mediagrif Interactive Technologies Inc. + | $25,397 | $26,510 | -4.2 | $83,082 | 30.6 | Software & Computer Services |
| 69 | 99 | Héroux-Devtek Inc. | $24,194 | $11,282 | 114.4 | $483,877 | 5.0 | Aerospace |
| 70 | 79 | Resolute Forest Products Inc. (fs) | $24,000 | $15,600 | 53.8 | $3,076,000 | 0.8 | Forest & Paper Products |
| 71 | 73 | Winpak Ltd.* | $22,425 | $21,560 | 4.0 | $1,159,502 | 1.9 | Rubber & Plastics |
| 72 | 71 | Aptose Biosciences Inc.* | $22,338 | $24,272 | -8.0 | $0 | Pharmaceuticals/Biotechnology | |
| 73 | 72 | Computer Modelling Group Ltd. | $21,206 | $21,772 | -2.6 | $74,857 | 28.3 | Software & Computer Services |
| 74 | Sangoma Technologies Corporation | $20,748 | $7,766 | 167.2 | $109,648 | 18.9 | Computer Equipment | |
| 75 | 70 | Cenovus Energy Inc. | $20,000 | $25,000 | -20.0 | $20,181,000 | 0.1 | Energy/Oil & Gas |
| 76 | 54 | Lockheed Martin Canada (fs) | $19,761 | $40,764 | -51.5 | $578,105 | 3.4 | Aerospace |
| 77 | 83 | Vecima Networks Inc. | $19,040 | $15,338 | 24.1 | $85,032 | 22.4 | Comm/Telecom Equipment |
| 78 | Neo Performance Materials Inc.* | $19,009 | $21,823 | -12.9 | $540,664 | 3.5 | Mining & Metals | |
| 79 | 88 | IMV Inc. | $18,986 | $12,852 | 47.7 | $59 | Pharmaceuticals/Biotechnology | |
| 80 | 82 | Baylin Technologies Inc. | $16,803 | $15,363 | 9.4 | $153,323 | 11.0 | Comm/Telecom Equipment |
| 81 | 80 | Intertape Polymer Group Inc.* | $16,622 | $15,579 | 6.7 | $1,537,239 | 1.1 | Rubber & Plastics |
| 82 | Canopy Growth Corporation | $15,238 | $1,453 | 948.7 | $253,431 | 6.0 | Pharmaceuticals/Biotechnology | |
| 83 | 74 | CES Energy Solutions Corp. | $15,000 | $20,000 | -25.0 | $1,277,257 | 1.2 | Energy/Oil & Gas |
| 84 | 75 | Servier Canada Inc. (fs) | $14,838 | $17,920 | -17.2 | $105,494 | 14.1 | Pharmaceuticals/Biotechnology |
| 85 | Aurora Cannabis Inc. | $14,778 | $1,679 | 780.2 | $281,097 | 5.3 | Pharmaceuticals/Biotechnology | |
| 86 | TC Energy | $14,423 | $8,407 | 71.6 | $13,255,000 | 0.1 | Energy/Oil & Gas | |
| 87 | 98 | TECSYS Inc. | $14,392 | $11,429 | 25.9 | $76,449 | 18.8 | Software & Computer Services |
| 88 | 100 | Theratechnologies Inc.* | $14,385 | $10,324 | 39.3 | $83,881 | 17.1 | Pharmaceuticals/Biotechnology |
| 89 | AcuityAds Holdings Inc. | $13,834 | $6,226 | 122.2 | $119,134 | 11.6 | Telecommunications Services | |
| 90 | 95 | ShawCor Ltd. | $12,647 | $11,876 | 6.5 | $1,489,489 | 0.8 | Other Manufacturing |
| 91 | MEG Energy Corp. | $12,000 | $5,509 | 117.8 | $3,931,000 | 0.3 | Energy/Oil & Gas | |
| 92 | 96 | Enlighten Innovations Inc. | $11,969 | $11,680 | 2.5 | $0 | Energy/Oil & Gas | |
| 93 | DiaMedica Inc.* | $11,618 | $7,432 | 56.3 | $0 | Pharmaceuticals/Biotechnology | ||
| 94 | Quest PharmaTech Inc.++ | $11,264 | $6,298 | 78.9 | $0 | Pharmaceuticals/Biotechnology | ||
| 95 | Oncolytics Biotech Inc. | $11,135 | $9,418 | 18.2 | $0 | Pharmaceuticals/Biotechnology | ||
| 96 | 93 | Velan Inc.* ++ | $10,964 | $12,055 | -9.1 | $493,109 | 2.2 | Other Manufacturing |
| 97 | 87 | POET Technologies Inc.* | $10,298 | $13,182 | -21.9 | $5,873 | 175.3 | Electronic Systems & Parts |
| 98 | NexJ Systems Inc. | $9,411 | $9,509 | -1.0 | $17,228 | 54.6 | Software & Computer Services | |
| 99 | NexOptic Technology Corp. | $9,203 | $8,613 | 6.9 | $0 | Electronic Systems & Parts | ||
| 100 | Essa Pharma Inc.* | $8,885 | $6,612 | 34.4 | $0 | Pharmaceuticals/Biotechnology | ||
Notes:
**Based on companies with $2 million or more of revenue
+Not current name/acquired/merged
++Fiscal 2020 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).
- Data were obtained through annual reports, financial statements, securities commission filings, other company issued documents, or through a survey.
- We have attempted, whenever possible, to provide gross R&D spending before deduction of investment tax credits or government grants.
- We have attempted, wherever possible, to provide revenue net of interest and investment income.
- FY2018 R&D spending figures may have been adjusted as more accurate information became available.
- Canadian-owned company results include worldwide revenue and R&D spending; foreign subsidiaries (fs) for their Canadian operations only.
**Based on companies with $2 million or more of revenue
+Not current name/acquired/merged
++Fiscal 2020 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).