Imexpharm Corporation has announced its 2024 financial results with net revenue reaching VND2,205 billion, up 10.6 percent year on year, driven by robust growth in ETC channel and high-quality products from EU-GMP factories.

Notably, its earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 12.3 percent, with the EBITDA margin increasing to 23.6 percent, surpassing the target of 23 percent.

One of the fastest-growing pharmaceutical companies in Vietnam

Imexpharm’s gross revenue for the fiscal year that ended December 31, 2024 was VND2,513 billion, representing an 18.9 percent year-on-year increase and more than doubling the market average of 9 percent last-12-month sales growth among local pharmaceutical companies (as of the third quarter of 2024).

The company achieved 96 percent and 93 percent of its gross and net revenue targets, respectively, positioning itself as one of the fastest-growing pharmaceutical companies in Vietnam.

The ETC (prescription drugs) channel demonstrated a remarkable 56 percent year-on-year growth in gross revenue, fueled by increased sales of EU-GMP products from EU-GMP (Good Manufacturing Practices) certified factory clusters IMP2, IMP3, and IMP4.

While over the counter (OTC) revenue experienced a modest 0.8 percent decline, signs of recovery were evident with consecutive quarterly growth from the bottom in the second quarter.

Revenue from key pharmacy chains surged by 74 percent in 2024, contributing 9 percent to total OTC revenue, reflecting Imexpharm’s strategic alignment with consumer preferences for branded pharmacy chains.

Profit-before-tax of last year reached a record VND404 billion, growing 7.1 percent year on year and achieving 96 percent of the year-end target.

In the final quarter of 2024 alone, profit-before-tax amounted to VND152 billion, up 67.3 percent quarter on quarter and 66.5 percent year on year, supported by lower growth in cost of goods sold (COGS) relative to revenue and a 6.4 percent quarterly reduction in selling, general and administrative (SG&A) expenses.

Optimized operational marketing efforts contributed to a 52 percent increase in quarterly profit-before-tax compared to the previous record.

The EBITDA in 2024 climbed to VND520.8 billion, up 12.3 percent against the previous year and achieving 95 percent of the year-end target.

The company’s focus on high-value EU-GMP products, such as injectables and dispersible tablets, drove EBITDA margin improvement to 23.6 percent for the year, surpassing year-end target given by the annual general meeting, with a record-high quarterly EBITDA margin of 27.7 percent in the last quarter alone.

Injectable products’ contribution to total sales grew significantly, reaching 33 percent in 2024, compared to 26 percent in 2023.

Looking ahead to 2025, Imexpharm is well-positioned to build on its strategic investments and industry leadership to drive sustainable growth.

The expansion of EU-GMP-certified production capacity, along with the planned construction of the Cat Khanh Pharmaceutical Factory Complex, will strengthen its ability to meet increasing market demands and enhance its presence in high-value product segments.

By prioritizing innovation, operational excellence, and the development of high-quality pharmaceutical solutions, Imexpharm aims to address evolving healthcare needs.

With a steadfast focus on broadening our reach in both domestic and international markets, the company is confident in its capacity to deliver long-term value to stakeholders and contribute to the betterment of medical services in the region.

People's Physician, Pharmacist Tran Thi Dao, General Director of Imexpharm, speaks at the 2024 Imexpharm General Meeting of Shareholders. Photo: Imexpharm

People's Doctor, Pharmacist Tran Thi Dao, General Director of Imexpharm, said “I am incredibly proud of Imexpharm's outstanding performance in the final quarter of 2024, achieving double-digit growth in net revenue for the fiscal year 2024 and setting new records in both revenue and profit.

“Strategic investments in R&D and EU-GMP manufacturing capabilities have driven a remarkable shift in Imexpharm’s portfolio towards high-value products, enhancing accessible healthcare for community while fostering rapid and sustainable growth for the company.

“With the dedication of our over 1,400 people strong team, we are determined to continue to boost profitability and deliver value to our stakeholders as we establish ourselves as a key player in the Asian pharmaceutical market,” she said.

Innovation a spotlight in Imexpharm’s strategy

Imexpharm’s achievements in 2024 underscored its leadership in Vietnam’s pharmaceutical industry and its commitment to sustainable growth.

The enterprise launched its “Sustainable Antibiotics” workshop series, demonstrating its dedication to promoting high-quality medicine.

Through ten workshops held across major cities in Vietnam, the company engaged with over 3,000 pharmacists and industry experts, receiving overwhelmingly positive feedback from participants.

These events served as a platform to introduce EU-GMP standards, unveil product innovations, and advocate for the responsible use of antibiotics, contributing to increased awareness and ultimately improving patient outcomes.

This series reaffirmed Imexpharm's pivotal role in advancing effective medical solutions.

The company successfully completed a bonus share issuance at a 1-for-1 ratio, raising its charter capital to VND1,540 billion.

This milestone established Imexpharm as the largest listed pharmaceutical company in Vietnam by charter capital, bolstering its equity base and paving the way for ambitious expansion plans over the next three to five years.

Shareholders approved the construction of the Cat Khanh Pharmaceutical Complex in Dong Thap Province. This transformative project is set to expand Imexpharm’s reach into new growth markets and strengthen its presence in the healthcare sector.

At the same time, the certification of the 12th EU-GMP production line marked a significant enhancement of the company’s EU-GMP manufacturing capacity, aligning with global standards and supporting its scaling operations.

A staff inspects finished products during packaging at IMP4 factory. Photo: Imexpharm

Imexpharm officially launched the SAP S/4HANA Cloud Private Edition on January 1, 2025, following a comprehensive preparation process throughout 2024, becoming the first pharmaceutical company in Vietnam to implement this enterprise resource planning (ERP) system alongside international financial reporting standards (IFRS) standards.

The implementation marks a transformative step in the company’s digital journey, enhancing automation, driving innovation, and positioning Imexpharm for a dynamic, future-ready trajectory.

Innovation remained central to Imexpharm’s strategy, with the launch of 24 new products and advancement of 98 R&D (research & development) projects during the year.

Additionally, Imexpharm continued to secure 28 EU marketing authorizations (MA) for 11 products, reaffirming its EU-GMP manufacturing excellence and solidifying its position for global market expansion.

A competitive edge driven by high-quality, high-value products

Following a period of rapid growth at tens of percent per year after the COVID-19 pandemic, the market has entered a more stable growth cycle over the past two years, averaging around 8-10 percent.

This is a sustainable growth rate that is expected to continue in the coming years.

Unlike growth in value, the market's consumption volume has remained relatively flat over the past three years, reflecting a clear trend of increasing demand for high-value products.

Although competition with imported products will remain a challenge for domestic manufacturers, particularly in the OTC market, it also serves as a driving force to enhance domestic research and development capabilities and production standards.

A leading position in the high-quality, high-value product segment will continue to be a competitive advantage, enabling Imexpharm to ride the tailwind in 2025 and beyond, further solidifying its role as a leader in the domestic and regional pharmaceutical industry.

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