Q1'26 Idea Inventory, Part 1: $CPH.TO, $RCI.B, $SNAP, $HON.

Cipher Pharmaceuticals is a Canadian specialty pharmaceutical distributor with two key products, Epuris and Natroba. The investment opportunity lies in Natroba's potential to gain market share in the U.S. anti-parasitic market and the company's strategy of using its strong cash flow from the Epuris franchise to acquire new dermatology products. The business benefits from a lean operating structure, high FCF conversion, and a highly aligned CEO who owns ~44% of the stock.