Imexpharm Aims High: Setting Bold Growth Targets at 2025 Shareholders Meeting

2024: A Year of Resilience and Market Leadership in the Face of Volatility

Mr. Sung Min Woo, Chairman of the Board of Directors (BOD), set the tone for the AGM with his opening remarks: “2024 was a year of global uncertainty and market volatility. However, through the unified efforts of our Board of Management and dedicated employees, Imexpharm achieved remarkable results, outperforming the market. As we move forward, 2025 marks a pivotal year in our long-term vision to become a leading Asian pharmaceutical company, with a focus on high-tech, high-value-added products that can compete on a global scale.”

Imexpharm’s performance in 2024 was impressive, with a net revenue of VND2,205 billion, reflecting an 11% year-on-year increase. The ETC channel shone with a remarkable 56% growth, and revenue from EU-GMP standard injectable products contributed significantly, accounting for 33% of the total. EBITDA climbed to VND521 billion, a 12% increase, and the EBITDA margin stood at an impressive 24%, surpassing the year-end target. Despite notable depreciation and amortization at IMP4, profit before tax reached VND404 billion, achieving 96% of the profit plan.

Pharmacist Tran Thi Dao, CEO of Imexpharm, addresses the audience at the company’s 2025 Annual General Meeting. Photo: Imexpharm.

The AGM also saw shareholders approve a 2024 dividend payment plan of 5% of the charter capital in cash, as proposed by the Board of Directors. This adjustment was a necessary step to maintain financial balance following the 1:1 bonus share issue, which doubled the charter capital within a year. By adjusting the dividend from the initial plan of 20% to 5% cash, Imexpharm demonstrated its flexibility and responsibility in managing cash flow for strategic investments, especially for the Cat Khanh Pharmaceutical Factory Complex Project (IMP5) in 2025.

2025: Bolstering Core Capabilities, Accelerating Growth, and Scaling New Heights

The business plan for 2025, approved at the AGM, sets ambitious growth targets. Imexpharm projects gross revenue to reach VND2,981 billion, an increase of 18.6% from 2024. Net revenue is expected to climb to VND2,649 billion, a 20.1% surge. Profit before tax is targeted at VND493.5 billion, reflecting a 22.1% growth spurt, while EBITDA is set to touch VND635 billion, a 21.9% increase. Maintaining a high EBITDA margin of 24% indicates a stable operational outlook and sustainable profitability.

To accomplish these goals, Imexpharm remains committed to investing in R&D and expanding its product portfolio. The company plans to launch 16 new products in 2025, focusing on high-tech segments such as “first generic,” biosimilars, and complex dosage forms. These innovative offerings are expected to contribute 5-10% of revenue, providing a robust foundation for long-term growth. In parallel, Imexpharm is expanding its production capacity with the IMP5 factory, a strategic hub for manufacturing high-tech product lines in specialized therapeutic areas like gastrointestinal, cardiovascular, and diabetes, which demand high technical expertise and quality standards. The factory is designed to meet EU-GMP standards and is slated for commercial operation in 2028.

Imexpharm’s pharmacists working diligently in the laboratory of their EU-GMP certified manufacturing facility. Photo: Imexpharm.

Additionally, Imexpharm is accelerating its market coverage expansion, both in terms of depth and breadth. In the Northern region, which has been identified as a strategic focus in the national distribution plan, the company has restructured its sales system, expanded its team, refined its approach, and witnessed nearly 50% growth in customer numbers in 2024. This positive momentum continued into Q1 2025, contributing to revenue growth and brand recognition.

During the AGM presentation, Mr. Nguyen An Duy, Imexpharm’s Chief Financial Officer, underscored the pivotal role of digital transformation and performance management in driving the next phase of growth. Intelligent reporting systems, integrated financial-operational-sales data management platforms, and an effective management model enable the company to not only control costs but also make swift and accurate decisions. Imexpharm is committed to leading the pharmaceutical industry in Vietnam in ESG practices, risk management, and compliance with international standards, thereby maximizing value for shareholders and positively impacting the community.

Imexpharm’s management reaffirmed that product growth, network expansion, and operational efficiency are the three strategic pillars that will propel the company toward its medium and long-term vision.

Shareholder Q&A: Fostering Trust through Transparency and Expertise

The discussion session at the 2025 AGM reflected shareholders’ keen interest in strategic matters, ranging from future product portfolios and long-term competitiveness to ownership structure and market position.

A glimpse inside Imexpharm’s IMP4 high-tech antibiotic EU-GMP certified plant. Photo: Imexpharm.

CEO Tran Thi Dao emphasized three key factors driving Imexpharm’s exceptional growth: EU-GMP standard manufacturing capabilities, a diverse portfolio of new-generation antibiotics with broad hospital coverage, and a lean, transparent, and efficient operating model. This solid foundation has enabled the company to not only lead the antibiotic market but also successfully expand into complex, high-tech therapeutic groups.

In today’s market, antibiotic resistance poses a significant global challenge, threatening treatment efficacy and public health. Imexpharm has prioritized the research and development of new-generation antibiotics to address this critical issue. Mr. Le Van Nha Phuong, Chief Production Officer, highlighted three key therapeutic areas of focus: cardiovascular, gastrointestinal, and diabetes. These areas collectively represent a market size of over VND 50 trillion (approx. USD 2 billion) and are experiencing stable compound annual growth rates of 8-13%, particularly in diabetes, where treatment demand is consistently rising (source: IQVIA).

Pharmacist Tran Thi Dao, General Director of Imexpharm, emphasized: “Building on the successes of 2024, 2025 is a year of accelerated ambition for Imexpharm. This year, we will continue to intensify our R&D efforts for high-tech products, expand our EU-GMP production capacity, enhance operational efficiency, and target export markets. The Cat Khanh Pharmaceutical Factory Complex Project (IMP5), set to break ground by the end of 2025, will be a pivotal driver, enabling us to meet increasing demand and solidify our position in the high-tech, high-value drug segment produced on EU-GMP lines.”