Imexpharm achieves VND2,205 billion in net revenue in 2024

According to its Jan. 20 announcement, the result was primarily driven by strong sales in the ETC channel (Ethical Drugs) and the performance of high-quality, high-value products produced at the company's EU-GMP facilities. EBITDA grew by 12.3% YoY, with the EBITDA margin rising to 23.6%, surpassing the targeted 23%.

Part of the packaging drug production line at Imexpharm's EU-GMP factory. Photo courtesy of Imexpharm

Imexpharm's gross revenue reached VND2,513 billion for the fiscal year ending Dec. 31, 2024, up 18.9% YoY. This growth rate is more than double the local pharmaceutical market's average of about 9% in last-12-month sales (as of Q3 2024). The company met 96% of its gross revenue target and 93% of its net revenue goal, placing it among Vietnam's faster-growing pharmaceutical firms.

Within its sales channels, ETC revenue rose by 56% YoY, supported by robust sales of EU-GMP products from the IMP2, IMP3, and IMP4 plants. OTC revenue recorded a slight 0.8% YoY decline, though quarterly improvements from Q2 onward signaled recovery. Revenue from key pharmacy chains increased by 74% YoY, contributing 9% to total OTC revenue and aligning with a growing preference for branded pharmacies among consumers.

Profit before tax for 2024 reached VND404 billion ($15.9 million), a 7.1% YoY increase, meeting 96% of the year-end goal. In Q4 2024 alone, profit before tax was VND152 billion ($6.02 million), up 67.3% quarter on quarter and 66.5% YoY. This result was attributed to cost-of-goods-sold (COGS) growth lagging behind revenue and a 6.4% QoQ reduction in selling, general, and administrative (SG&A) expenses. Operational marketing optimizations contributed to a 52% increase in quarterly profit before tax compared to the previous record.

EBITDA in 2024 reached VND520.8 billion ($20.6 million), a 12.3% YoY rise, meeting 95% of the target. Imexpharm's focus on high-value EU-GMP products—particularly injectables and dispersible tablets—helped elevate the annual EBITDA margin to 23.6%. Injectable products accounted for 33% of total sales in 2024, up from 26% in 2023.

Looking ahead to 2025, Imexpharm's representative stated that the company plans to build on its strategic investments and industry position to sustain growth. Efforts will include expanding EU-GMP-certified production capacity and constructing the Cat Khanh Pharmaceutical Factory Complex. These initiatives aim to meet rising market demand and bolster Imexpharm's portfolio of high-value products.

"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," the representative said.

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

People's Physician, Pharmacist Tran Thi Dao, General Director of Imexpharm, noted that the company saw double-digit growth in net revenue for 2024, alongside record figures in both revenue and profit. According to Dao, strategic investments in research and development (R&D) and EU-GMP manufacturing capabilities have accelerated the shift toward high-value products, expanding access to quality healthcare while supporting steady growth.

"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," Dao said.

Imexpharm's 2024 accomplishments underscore its leadership in Vietnam's pharmaceutical sector. The company introduced a "Sustainable Antibiotics" workshop series, hosting ten events in major cities and engaging more than 3,000 pharmacists and experts. The workshops highlighted EU-GMP standards, new product innovations, and responsible antibiotic use.

In addition, Imexpharm completed a 1:1 bonus share issuance, raising its charter capital to VND1,540 billion ($60.9 million) and becoming the largest listed pharmaceutical firm in Vietnam by charter capital. Shareholders also approved the construction of the Cat Khanh Pharmaceutical Complex in Dong Thap. Meanwhile, the certification of a 12th EU-GMP production line further expanded Imexpharm's manufacturing capacity.

Staff inspect finished products during packaging at the IMP4 factory. Photo courtesy of Imexpharm

On Jan. 1, Imexpharm launched SAP S/4HANA Cloud Private Edition following a year of preparation, making it the first pharmaceutical enterprise in Vietnam to implement this advanced enterprise resource planning (ERP) system in line with IFRS standards. The rollout marks a significant milestone in the company's digital transformation, aiming to improve automation and foster innovation.

Imexpharm introduced 24 new products in 2024, progressed on 98 R&D projects, and secured 28 EU marketing authorizations for 11 products. The company notes that the overall pharmaceutical market has shifted to a stable growth cycle of around 8-10% in the past two years, and volumes are increasingly oriented toward high-value products. While import competition remains a factor—particularly in the OTC space—this trend also drives domestic manufacturers to enhance R&D and production standards.

By maintaining a strong position in high-quality and high-value segments, Imexpharm believes it can leverage market dynamics through 2025 and beyond, reinforcing its role in Vietnam's pharmaceutical landscape and expanding in regional markets.