Canada’s Top 100 Corporate R&D Spenders 2022
Top Corporate R&D Spenders by Tier - Winners Circle




  Top Corporate R&D Spenders by Tier FY2021
R&D Spending

Rank Tier 1 $000
1 Shopify Inc. $1,070,969
2 Constellation Software Inc. $965,195
3 TELUS Corporation $799,000
 
Rank Tier 2 $000
1 GlaxoSmithKline Inc. (fs) $94,137
2 Sierra Wireless, Inc. $89,741
3 Imperial Oil Limited $89,000
 
Rank Tier 3 $000
1 Absolute Software Corporation $29,161
2 IMV Inc. $28,931
3 Héroux-Devtek Inc. $28,534
R&D Spending Growth
(% Change FY2020-FY2021)
Rank Tier 1 %
1 Repare Therapeutics Inc. 107.8
2 Shopify Inc 44.6
3 TELUS Corporation 44.5
 
Rank Tier 2 %
1 MDA Ltd. 791.9
2 Titan Medical Inc. 346.9
3 BELLUS Health Inc. 132.5
 
Rank Tier 3 %
1 Eupraxia Pharmaceuticals Inc. 501.9
2 Acceleware Corp. 413.0
3 Edesa Biotech, Inc. 403.7
R&D Intensity*
(R&D Spending as % of Revenue)
Rank Tier 1 %
1 Repare Therapeutics Inc.* 1,199.3
2 Zymeworks Inc. 748.7
3 BlackBerry Limited 30.5
 
Rank Tier 2 %
1 Titan Medical Inc. 188.9
2 Aurinia Pharmaceuticals Inc. 112.1
3 Ballard Power Systems Inc. 59.5
 
Rank Tier 3 %
1 Antibe Therapeutics Inc. 148.6
2 Thinkific Labs Inc. 51.0
3 mdf commerce inc. 33.5

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.
*Based on companies with $2 million or more of revenue
fs = Foreign subsidiary (included revenue and R&D spending for Canadian operations only)

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