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.
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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.
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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.
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