TSX Shariah screener · October 2026
Is Apotex Health Corp. (APTX) Halal?
Apotex Health Corp. · TSX: APTX · Healthcare
The short answer
No — Apotex Health (APTX) fails this Shariah stock screen on the debt gate. Its generics, biosimilars, branded pharma, and consumer health business is permissible, but total debt of C$2,433.4M at Q1 FY2027 is about 34% of its ~C$7.16B market cap — over the ~33% ceiling. This is a knife-edge fail (33.5–34% across price/share-count variants), so it is a re-screen candidate if the share price rises or debt falls. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.
Gate 1 — Business activity: PASS
Apotex Health Corp. (TSX:APTX) is a pharmaceutical company — generics, biosimilars, branded pharma, and consumer health products. It began trading June 10, 2026 after an upsized IPO of 62,291,670 shares at C$24.00 (C$1.495B — the largest Canadian IPO since 2021). No alcohol, pork, gambling, conventional interest-based lending, tobacco, cannabis, weapons, or adult-entertainment lines were disclosed. Gate 1 passes. Facts only.
Gate 2 — Debt and cash: FAIL
Total debt at Q1 FY2027 (three months ended June 30, 2026) was C$2,433.4M. Against a market capitalization of roughly C$7.16B (~230M non-diluted shares post-IPO at C$31.13, October 1, 2026), debt ÷ market cap is about 34% — over the ~33% ceiling. The result is knife-edge (33.5–34% across price and share-count variants), but consistently above the ceiling. Cash of C$258.8M is about 3.6% of market cap. Gate 2 fails. Facts only.
Gate 3 — Non-compliant income: Not assessed — debt gate decisive
With the debt gate failed, the income ratio does not change the outcome. For reference, the Q1 FY2027 release reports only 'interest expense, net C$62.0M' — no separately disclosed interest-income line was located. No income ratio is asserted here. Facts only.
Key figures used
- Total debt at Q1 FY2027 (3 months ended Jun 30, 2026): C$2,433.4M
- Market cap: ~C$7.16B (~230M non-diluted shares post-IPO × C$31.13, Oct 1, 2026); debt ÷ market cap ≈ 34% (33.5–34% across variants) — knife-edge FAIL
- Cash: C$258.8M ≈ 3.6% of market cap
- Interest income not separately disclosed (release reports 'interest expense, net C$62.0M' only) — moot given FAIL
- IPO: 62,291,670 shares at C$24.00 (C$1.495B), began trading Jun 10, 2026 — largest Canadian IPO since 2021
- Business: generics, biosimilars, branded pharma, consumer health — no haram segments
Frequently asked questions
Is Apotex Health (APTX) halal?
No. Apotex Health fails this Shariah stock screen on the debt gate. Its generics, biosimilars, branded pharma, and consumer health business is permissible, but total debt of C$2,433.4M at Q1 FY2027 is about 34% of its ~C$7.16B market cap — over the ~33% ceiling. This is a knife-edge fail (33.5–34% across price/share-count variants), so it is a re-screen candidate if the share price rises or debt falls. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.
What is Apotex Health's debt-to-market-cap ratio?
About 34%. Total debt at Q1 FY2027 (three months ended June 30, 2026) was C$2,433.4M, against a market cap of roughly C$7.16B (~230M non-diluted shares post-IPO at C$31.13, October 1, 2026) — over the ~33% ceiling. Knife-edge: 33.5–34% across price and share-count variants.
What does Apotex Health do?
Apotex Health Corp. (TSX:APTX) is a pharmaceutical company — generics, biosimilars, branded pharma, and consumer health products. It began trading June 10, 2026 after an upsized IPO of 62,291,670 shares at C$24.00 (C$1.495B — the largest Canadian IPO since 2021).
How much interest income does Apotex Health earn relative to revenue?
No income ratio is asserted in this screen: the Q1 FY2027 release reports only 'interest expense, net C$62.0M' with no separately disclosed interest-income line, and the debt-gate failure is decisive.
Where can I find more healthcare stock screeners?
See halal-stock-verdicts.html for the full list of stock screeners, including the other healthcare-sector entries.
Sources
- Apotex — Q1 FY2027 results (C$2,433.4M total debt; C$258.8M cash; interest expense, net C$62.0M)
- Streetwise Reports — Apotex IPO details (62,291,670 shares at C$24.00; ~228–232M shares post-IPO)
- Finnhub — APTX.TO quote (C$31.13, Oct 1, 2026)
Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.