LSL Pharma Group

What LSL Pharma Group does

LSL Pharma Group Inc. (TSXV: LSL) is a Canadian integrated pharmaceutical manufacturer headquartered in Boucherville, Quebec, that develops, manufactures, and commercializes sterile ophthalmic products, natural health products, dietary supplements, cosmetics, and over-the-counter (OTC) healthcare products through six wholly-owned subsidiaries. The operating platform spans solid, semi-solid, and liquid dosage forms across multiple certified facilities: Steri-Med Pharma (FDA-approved sterile ophthalmic manufacturing in Upton, Quebec), LSL Laboratory (solid-dose natural health products in La Pocatière), Virage Santé (liquid/powder/sachet natural health in Lévis), Dermolab Pharma (cosmetic and pharmaceutical liquid/semi-solid manufacturing in Sainte-Julie), Laboratoire Du-Var (cosmetics and personal care in Boucherville, established 1947), and Juno OTC (Canadian OTC healthcare distribution). The group holds Health Canada and FDA approvals, including October 2025 Health Canada approval for six new sterile ophthalmic solutions targeting glaucoma and allergies, and January 2026 FDA approval supporting U.S. market access.

LSL Pharma's business model combines contract development and manufacturing (CDMO) services for third-party pharmaceutical, natural health, and cosmetic customers with direct sales of its own branded and generic products. Revenue streams include (i) CDMO services across LSL Laboratory, Virage Santé, Dermolab Pharma and Laboratoire Du-Var, (ii) branded and generic pharmaceutical product sales (notably Steri-Med's Erythromycin ophthalmic ointment for U.S. hospitals via exclusive distributor Fera Pharmaceuticals, and SterisporinTM OTC ophthalmic ointment in major Canadian pharmacy chains), (iii) own-brand natural health product sales, and (iv) OTC healthcare distribution through Juno OTC (acquired December 2025 for $5M, projecting $25M in 2026 revenue). Pricing is contract-based and not publicly disclosed; the company negotiates multi-year hospital supply agreements, retail pharmacy listings, and private-label supply deals.

The company pursues a sales-led growth strategy anchored in serial acquisitions of Canadian CDMO and specialty pharmaceutical assets since its 2022 founding, supplemented by capital markets activity (more than CAD $53M raised across equity, convertible debentures and term debt through 2025) and a targeted 30+ product ophthalmic pipeline. Distribution channels include direct enterprise hospital sales, retail pharmacy chain listings, an exclusive U.S. distribution partnership with Fera Pharmaceuticals, and an emerging international client base. Customers are concentrated in Canadian and U.S. hospital networks, the two largest Canadian pharmacy chains outside Quebec, and international CDMO clients, with related-party involvement of Fera's CEO/director Frank DellaFera in the U.S. distribution channel.

Name

LSL Pharma Group

Legal name

Groupe LSL Pharma Inc. (LSL Pharma Group Inc.)

Website

https://groupelslpharma.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

51–100 employees

Short description

LSL Pharma Group is a Canadian integrated pharmaceutical manufacturer (TSXV: LSL) operating six subsidiaries that develop, manufacture and distribute sterile ophthalmic products, natural health products, OTC drugs and cosmetics under Health Canada and FDA certifications, serving hospitals, retail pharmacy chains and CDMO customers across Canada, the U.S. and international markets.

Ownership category

akta.pro rank

Product category

Pharmaceutical Manufacturing

NAICS

Pharmaceutical and Medicine Manufacturing (3254), Drugs and Druggists' Sundries Merchant Wholesalers (42421)

SIC

Pharmaceutical Preparations (2834), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)

akta.pro primary industry

Drug Substance–Drug Product Integrated CDMO (HLAGABAG)

akta.pro secondary industries

Small-Molecule Drug Product (Solid/Oral/Parenteral) CDMO (HLAGABAB), Radiopharmaceutical CDMO & Manufacturing (GMP Fill-Finish) (HLAIAGAF), Clinical Trial Material (CTM) Manufacturing & Supply CDMO (HLAGABAK)

Keywords

• Contract pharmaceutical manufacturing
• Sterile ophthalmic pharmaceuticals
• Natural health products manufacturing
• CDMO services Canada
• Dietary supplement manufacturing

Headquarters

HQ city

Boucherville

HQ country

Canada

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Contract manufacturing / CDMO services: Revenue from third-party contract development and manufacturing of pharmaceutical, natural health, cosmetic and personal care products across subsidiaries LSL Laboratory, Virage Santé, Dermolab Pharma and Laboratoire Du-Var. Du-Var acquisition expected to increase CMO segment revenues by more than 25%; Dermolab acquisition expected to increase total revenues by approximately 40% in the upcoming fiscal year; Virage Santé expected to boost revenues by 15-20% annually.
2. Branded and generic pharmaceutical product sales: Direct sales of Steri-Med Pharma's sterile ophthalmic ointments (including Erythromycin and SterisporinTM) to Canadian pharmacy chains and hospitals, U.S. hospitals (via Fera distribution agreement), and international clients. New Steri-Med commercial agreements (May 2026) expected to generate over $4 million in recurring annual revenues.
3. OTC healthcare product distribution (Juno OTC): Acquired Juno OTC Inc. for $5 million in December 2025; Canadian OTC healthcare supplier with $25 million in projected revenue for 2026, including a private label Loratadine 10 mg supply agreement with Instapill Private Limited. Operational control transfers from January 1, 2026.
4. Sales of natural health products and dietary supplements: LSL Laboratory (La Pocatière) and Virage Santé (Lévis) develop and distribute their own brands of natural health products and dietary supplements in solid, liquid and powder dosage forms, while also serving as CDMO partners.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels7 records

Core offering

LSL Pharma Group is an integrated Canadian pharmaceutical manufacturer that develops, produces and commercializes sterile ophthalmic pharmaceuticals (ointments and eye-drops), natural health products and dietary supplements, cosmetics and personal care products through its six wholly-owned manufacturing subsidiaries. In parallel, it offers contract development and manufacturing (CDMO) services for third-party customers across solid, semi-solid and liquid dosage forms in Health Canada, FDA and GMP-regulated environments.

Differentiator

Problem solved

Functional benefit

Brands

• Sterisporin: Over-the-counter ophthalmic ointment product manufactured by Steri-Med Pharma and listed by major Canadian pharmacy chains.

Products and services

• Sterile ophthalmic ointments (Erythromycin ophthalmic ointment USP 5mg/g)
• CDMO / Contract manufacturing services
• Natural health products and dietary supplements
• SterisporinTM OTC ophthalmic ointment
• Six new sterile ophthalmic solutions (for glaucoma and allergies)
• Private label Loratadine 10 mg RDT (Canada)
• Cosmetic and personal care contract manufacturing
• Veterinary / animal health sterile ophthalmic products

Quantifiable outcome

• 89% quarter-over-quarter revenue increase in Q3 2025 (fourth consecutive record quarter)
• +5 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• Audacie Inc.coreImplementation/ SI/ Consulting Partner · 19 June 2026Audacie Inc. was re-appointed as auditors of the Corporation at the 2026 Annual General and Special Meeting of Shareholders (meeting held June 19, 2026), with directors authorized to determine their remuneration.
• Instapill Private LimitedcoreChannel Partner/ Reseller/ Distributor · 9 April 2026Juno OTC (wholly-owned subsidiary of LSL Pharma Group) signed a binding term sheet with Instapill Private Limited for the supply of private label Loratadine 10 mg RDT in Canada (April 2026). Commercial launch scheduled for June 2027, subject to Health Canada approval.
• Bloom Burton & Co.coreGTM or Marketing Partner · 10 June 2024LSL Pharma Group Inc. participated as a featured speaker at the 2024 and 2025 Bloom Burton & Co. Healthcare Investor Conferences, supporting investor outreach and capital-markets visibility.
• Fera Pharmaceuticals, LLCflagshipChannel Partner/ Reseller/ Distributor · 18 October 2023Exclusive distribution agreement under which Steri-Med Pharma (LSL Pharma subsidiary) supplies Erythromycin ophthalmic ointment USP 5mg/g to Fera for sale to U.S. hospitals to address U.S. drug shortages. FDA granted temporary discretion to import the product for treatment of newborns. Initial supply commitment of up to 25% of the four million doses required annually in the U.S. hospital market. Frank DellaFera is CEO of Fera and a director of LSL Pharma, making this a related-party partnership.
• Paradox Public Relations Inc.coreGTM or Marketing Partner · 5 October 202312-month investor relations services agreement (effective October 4, 2023) under which Paradox develops and expands LSL Pharma's communications and visibility with the investment community. Paradox is paid $10,000/month plus applicable taxes and received stock options to acquire up to 300,000 Class A shares at $0.70/share.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Bausch + Lomb (Bausch Health): Large global ophthalmic pharmaceutical and consumer eye-care company; competes directly in sterile ophthalmics and OTC eye drops, including in the Canadian and U.S. markets where LSL's Steri-Med operates.
• Jamp Pharma Corporation: One of Canada's largest generic pharmaceutical manufacturers with broad retail and hospital distribution; directly relevant comparable given LSL CEO François Roberge's prior role there and the overlap in Canadian generics/CDMO strategy.
• Apotex Inc. Canada's largest generic pharmaceutical producer; comparable as a broad incumbent in Canadian generics, sterile manufacturing, and hospital/retail distribution channels that LSL competes in via Steri-Med and Juno OTC.
• Catalent, Inc. Global CDMO leader offering formulation, manufacturing and packaging across dosage forms including sterile; represents the scale end of the CDMO market LSL competes in with its multi-subsidiary manufacturing platform.

Direct peers

• Laboratoires Théa: Specialty ophthalmic pharmaceutical company focused on sterile eye drops and ointments; comparable product mix to Steri-Med and a similar strategy of selling prescription and OTC ophthalmic products through hospital and pharmacy channels.
• SteriMax Inc. Canadian specialty sterile injectable and ophthalmic manufacturer; closely comparable in sterile ophthalmic manufacturing capabilities, customer base (Canadian hospital networks) and regulatory positioning.
• Neopharm Labs Inc. Canadian CDMO providing contract development and manufacturing for pharmaceutical, biotech and natural health products; directly comparable to LSL Laboratory, Virage Santé, Dermolab, and Du-Var CDMO offerings. Former employer of LSL CFO Luc Mainville.
• Valeo Pharma Inc. Canadian specialty pharmaceutical company commercializing branded and generic products through hospital and retail channels; comparable in commercial model and former employer of LSL CFO Luc Mainville.
• Fera Pharmaceuticals, LLC: U.S. specialty pharmaceutical company focused on eye-care products; operates as LSL's exclusive U.S. distribution partner for Erythromycin ophthalmic ointment and is a related party (CEO Frank DellaFera sits on LSL's board).

Emerging players

• Recipharm AB: European-headquartered CDMO serving pharmaceutical companies with formulation and manufacturing services; relevant comparable for LSL's growth ambition as a multi-site contract manufacturer.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php?id=61550852824559
• LinkedInlinkedin.com/company/group-lsl-pharma

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries6 records

Funding overview

Funding rounds7 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LSL Pharma Group