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Opinions Barry Schwartz
Apotex HealthAPTX.TODON'T BUYAug 19, 2026
Stock price when the opinion was issued
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Largest manufacturer of conventional, specialty, and biosimilar generic drugs in Canada. Cleaner balance sheet since the IPO. Big near-term catalyst is GLP-1 market; first-mover advantage could lead it to capture 20% or more of that market. Lots of branded pharmaceuticals going off patent in Canada in next 5 years.
Good-sized position in US, growing organically there as well. No dividend.
Brian MaddenLooks impressive, but he likes a bit more trading history before jumping in. (Interestingly, the IPO came out just before SpaceX, and APTX has outperformed it.) Seeing amazing growth, as well as projected growth. Moving beyond generics to biosimilars (take long to be approved, not as much risk, margins tend to be higher). Expanding to US and beyond.
Pretty good business. Lots of competition from the likes of CAH and MCK. The way we deliver drugs is changing quickly. Lots of debt due to the leveraged buyout. He's watching, but not interested at the moment. Probably won't do much for a long time.