Imexpharm sees strong first half growth with $47 million in revenue

Imexpharm sees strong first half growth with $47 million in revenue

Imexpharm reported strong first half results on July 18, with net revenue up 22 per cent on-year, reaching nearly half of its annual target.

In the first half of 2025, Imexpharm continued to capitalise on its leadership in manufacturing and distributing high-quality pharmaceutical products, driving revenue across both the over-the-counter (OTC) and ethical, or prescription-drug (ETC), channels.

In the second quarter of 2025, gross revenue reached VND770 billion ($29.4 million), a 32 per cent increase on-year and a 15 per cent increase on-quarter, with both the OTC and ETC channels performing exceptionally well. Net revenue grew by 22 per cent on-year and 7 per cent on-quarter, despite an aggressive sales deduction policy. For the first half of 2025, gross revenue amounted to VND1.44 trillion ($55 million), representing 28 per cent on-year growth, while net revenue for the same period was VND1.23 trillion ($47 million), up 22 per cent on-year, achieving 48 per cent and 46 per cent of the full-year targets, respectively.

A key driver for this market-outpacing revenue growth was the remarkable performance of the OTC channel, which surged by 32 per cent on-year. This rebound marks the first time the OTC channel has led overall business growth after a period of stagnation in 2023-2024. OTC revenue expanded across all regions, with the north experiencing a particularly sharp increase of 70 per cent on-year. The ETC channel also maintained its strong growth momentum, recording a 24 per cent on-year increase and contributing 53 per cent to the first half of 2025's gross revenue.

Staff working at an Imexpharm Lab. Photo: Imexpharm

Imexpharm's top three therapeutic areas continued to perform impressively: antibiotics grew by 25 per cent, cough medicine by a remarkable 73 per cent, and digestive aids by 19 per cent on-year.

In terms of profitability, gross profit in the first half of 2025 climbed to VND488 billion ($18.7 million), up 28 per cent on-year, as costs were effectively controlled with an increase of only 18 per cent on-year, which was lower than the net revenue growth. This was mainly due to improved manufacturing planning, along with a slight decline in the cost of key pharmaceutical ingredients. The gross profit margin for the second quarter (Q2) remained strong at 40 per cent, consistent with Q1.

Selling, general, and administrative expenses were well managed and kept in line with revenue growth, particularly in Q2, resulting in a 38 per cent on-year increase in profit before tax (PBT) for Q2 and a 31 per cent on-year increase for the first half of 2025. As of the end of Q2, the company has achieved 43 per cent of its PBT year-end target.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 27 per cent on-year in Q2 and 21 per cent in the first half of 2025, representing the strong and sustainable growth of the company’s operational profitability. EBITDA stood at 22 per cent in the first half of 2025.

Imexpharm's dedication to advancing medical knowledge and public health was demonstrated through impactful engagements in Q2. In April, Imexpharm introduced new advances in corticosteroid anti-inflammatory treatment with Prednisolone ODT through a series of specialised workshops – five offline and three online. The innovative Predni-ODT, formulated for easier swallowing, reached over 5,000 pharmacy clients and engaged more than 3,000 new users.

Furthering its commitment to pharmacist empowerment and end-user education, Imexpharm organised a series of four national online workshops, attracting participation from over 7,000 pharmacies. The sessions received highly positive feedback for their practical and relevant topics, including tax regulations, pharmacy management, and pharmaceutical care. A series of specialised workshop in May on cough treatments provided practical knowledge and support for pharmacists in their daily practices.

Staff checking finished products during packaging at IMP4 factory. Photo: Imexpharm

Imexpharm also continued its annual collaboration with Can Tho University of Medicine and Pharmacy, organising a career orientation seminar to support the development of future pharmaceutical talent in the Mekong Delta region and beyond.

The company strengthened its engagement with retail and chain pharmacies to support the growth of new product usage. It conducted training courses across major pharmacy chains and signed four new marketing cooperation agreements. Imexpharm’s antibiotic line was also promoted through medical marketing activities, engaging over 3,000 doctors and organising two in-depth Imexforum workshops with more than 500 doctors.

The company accelerated its digital transformation with a major upgrade to its core business management platform, aiming to streamline operations and boost efficiency. At the same time, the company is investing heavily in its people. It rolled out ISO 27001:2022 training to strengthen data security, while also offering a series of internal workshops in the first half of the year – covering topics from AI applications and prompt engineering to data analysis and trainer development. The move reflects Imexpharm’s belief that its long-term success depends on empowering employees, customers, and partners alike.

This year, Imexpharm once again earned a spot in Forbes Vietnam’s Top 50 Best Listed Companies – its fourth consecutive year on the list. It was also named one of Vietnam’s Top 50 Corporate Sustainability Awards – CSA 2025 by Nhip Cau Dau Tu magazine, highlighting its strong focus on corporate governance and sustainability. The company received further recognition from Dong Thap province for its contributions to local development, while General Director Tran Thi Dao was honoured for 50 years of dedicated service to the 'Pink Lotus Land'.

Nguyen Quoc Huy, deputy head of the communications and branding department, Imexpharm, with the CSA 2025 award. Photo: Imexpharm

In the first half of 2025, Imexpharm recorded strong business growth, advanced its digital transformation, and continued making meaningful contributions to both the healthcare sector and the wider community. The company remains firmly focused on delivering long-term value to stakeholders while reinforcing its leadership in Vietnam’s pharmaceutical industry.

Despite a shifting environment, Imexpharm showed resilience and adaptability, achieving standout growth amid uncertainty. "As the world evolves and so do we, I am deeply confident in our ability to adapt, to deliver products with EU-GMP quality to an ever-expanding patient base, and to lead the way in healthcare in Vietnam through continuous innovation and technology advancement," said Tran Thi Dao, general director of Imexpharm.

VIR