Despite a highly volatile business environment, Imexpharm achieved robust first-quarter results, with all key metrics surpassing quarterly targets. The company recorded gross revenue of VND672 billion in Q1, a 23% increase year-on-year, achieving 23% of its full-year target proposed at the Annual General Meeting.
Net revenue was driven by strong performance across both the OTC and ETC channels, supported by a diverse and market-responsive product portfolio. Revenue from antibiotics continued its upward trajectory, while the cough medicine segment, contributing 11% of total revenue, saw a significant 42% year-on-year growth due to heightened demand during a season of widespread respiratory diseases.
Profit before tax (PBT) reached VND 95 billion, up 23% year-on-year, supported by robust revenue growth and effective COGS management, despite increased selling expenses related to intensified brand marketing efforts in both the ETC (scientific engagement) and OTC (promotional campaigns) channels.
The OTC channel showed a strong rebound, reflecting the success of Imexpharm’s market strategies, particularly in Northern Vietnam. OTC revenue grew 25% year-on-year, with the Northern market surging 69%, contributing 12% of total OTC revenue. Consumer outreach continued to expand, driven by localized promotional and brand marketing efforts. The region exceeded expectations, with the number of transacting customers increasing by 30% compared to the same period last year.
Employees working in the EU-GMP certified IMP4 plant laboratory of Imexpharm. Photo: Imexpharm.
The ETC channel also posted impressive growth, with a 27% year-on-year increase in revenue. This performance was driven by deeper engagement with hospital networks and a robust product portfolio that aligns with evolving healthcare needs.
Additionally, Imexpharm began delivering orders secured through national tenders, supplying high-quality medicines to healthcare facilities nationwide, further solidifying its reputation for excellence in quality and production capacity.
Gross profit increased by 30%, outpacing revenue growth, as cost of goods sold (COGS) was effectively managed, rising only 16% year-on-year. This improvement reflects enhanced manufacturing productivity and optimized promotional costs. Production ramped up across all EU-GMP-certified factories, with the IMP4 factory seeing a remarkable 126% year-on-year increase in manufacturing volume. Gross profit margin improved to 40%, the highest quarterly level since 1Q2024.
EBITDA rose 16% year-on-year to VND126 billion. Growth was slightly moderated by stable depreciation and amortization expenses, reflecting consistent operations across all factories. The EBITDA margin remained firm at 21%.
On March 14, Imexpharm reinforced its sustainability agenda by participating in Da Lat’s tree-planting initiative, a key part of Lam Dong Province’s plan to plant 50 million trees by 2025. The initiative was part of the 2025 Sales & Marketing Congress, held under the theme "Tien Phong Dan Loi" (Pioneering the Way Forward), showcasing the company’s long-standing commitment to community engagement and environmental stewardship.
Panoramic view of Imexpharm’s tree handover ceremony with the Youth Union of Da Lat City, held at Lam Vien Square. Photo: Imexpharm.
Imexpharm was also recognized as one of the Top 10 ESG Green Enterprises in the Pharmaceutical-Medical Device Sector (ESG10-2025), a program led by Viet Research in collaboration with Finance & Investment Newspaper (Ministry of Finance). The initiative evaluates Vietnamese companies’ ESG commitments against international standards while contributing to the development of a comprehensive ESG data system.
In late March, Imexpharm reaffirmed its pioneering role and long-term commitment to supporting Vietnam’s healthcare sector by sponsoring two major medical science events: the 41st Annual ENT Scientific Conference (March 21–23 in Da Nang) and the 20th-anniversary Scientific Symposium of Thien Hanh General Hospital (March 27 in Buon Ma Thuot).
As part of its broader commitment to scientific leadership, Imexpharm hosted a nationally broadcast online symposium on April 10, 2025, titled "Strategic Use of Antibiotics in Treatment of Respiratory Infections Amid the Era of Multidrug Resistance." The event brought together prominent experts in pharmacy and respiratory medicine and offered Continuing Pharmacy Education (CPE) accreditation to participating pharmacists.
With strong engagement from healthcare professionals across the country, the symposium reinforced Imexpharm’s leadership in advancing clinical dialogue and supporting rational antibiotic use within Vietnam’s evolving healthcare landscape. Building on this momentum, the company will continue its scientific outreach with a follow-up symposium scheduled for late April.
Imexpharm has also published its Annual Report 2024, outlining the achievements of the past year and setting the direction for the future. In Q1, it launched 9 new SKUs and has 133 ongoing R&D projects in its innovation pipeline.
Market outlook
Vietnam’s pharmaceutical market is expected to continue its sustainable growth, driven by an aging population and increased government investment in healthcare. The antibiotic sector, particularly next-generation EU-GMP-certified products with proven efficacy, is expected to see steady growth.
Additionally, evolving lifestyles, including dietary shifts, urbanization, and rising life expectancy, will increase demand for chronic disease treatments for conditions such as diabetes, cardiovascular diseases, obesity, and digestive disorders over the next decade. An increasing need for high-tech, high-value medicines, supported by favorable regulatory changes, presents significant opportunities for innovation-focused domestic companies.
A section of the drug packaging production line at Imexpharm's EU-GMP factory. Photo: Imexpharm.
Commenting on the results, People's Doctor and Pharmacist Tran Thi Dao, General Director of Imexpharm, stated that the company started 2025 with an exceptional first quarter, achieving net revenue and profit before tax growth of 21% and 23%, respectively, while improving the gross profit margin to 40% through effective cost control.
According to Dao, the company’s success was further amplified by a breakthrough in the Northern market, reflecting the success of targeted investments and localized market activation efforts initiated in 2024.
"Building on this strong foundation, we are prioritizing high-tech, high-value products with advanced formulations and enhanced efficacy. As a first mover in these areas, I believe this strategic pivot will yield superior profit margins and further elevate Imexpharm’s long-term value," she added.
Imexpharm will present its strategic outlook and execution roadmap for the remainder of the year, covering market expansion, innovation, and value creation, at its Annual General Meeting of Shareholders on April 25.
