IMEXPHARM CORPORATION ANNOUNCES THIRD QUARTER 2025 AND NINE MONTHS ENDED 30 SEPTEMBER 2025 RESULTS
• Strong rebound in September following a soft August, with net revenue up 25% month-on-month and PBT up 101% month-on-month.
• 3Q gross revenue up 10%, net revenue up 5% year-over-year amid policy and administrative transitions in the healthcare sector
• 3Q PBT up 11%, EBITDA up 12% year-over-year
• 9M gross revenue up 21%, net revenue up 16% year-over-year, driven by robust expansion across both OTC and ETC channel
• 9M PBT and EBITDA increased 23% and 18% year-over-year respectively, supported by efficient cost control and higher production output
HO CHI MINH CITY – October 20, 2025 – Imexpharm Corporation (“Imexpharm” or the “Company,” IMP.VN), a pioneering leader in Vietnam’s pharmaceutical industry, has announced its third quarter results for the three months ended 30 September 2025 (the “Reporting Period”). Despite a transitional quarter for the industry, Imexpharm sustained positive year-over-year growth across key indicators, supported by disciplined cost management and resilient business development.
Financial Highlights
In the third quarter of 2025, Imexpharm recorded gross revenue growth of 10% year-over-year and net revenue growth of 5% year-over-year, against a backdrop of structural changes in the operating environment. This performance reflects the continued resilience of the Company’s growth engines across both the OTC and ETC channels.
Cost of goods sold (COGS) modestly by 3% year-over-year, well below the pace of revenue growth. This was achieved through efficient production planning, higher factory utilization, and proactive cost optimization initiatives across four factory clusters. In the third quarter, the Company brought its final lyophilized powder line into operation, further ramping up production capacity at its newest EU-GMP IMP4 facility.
As a result, gross profit expanded by 9% year-over-year, and the gross profit margin remained stable at 40%.
Operating expenses continued to be tightly managed. Selling, general and administrative expenses (SG&A) increased by only 3% year-over-year, demonstrating effective expense discipline amid ongoing investments in market expansion and digital transformation.
Supported by strong cost control and steady operational efficiency, profit before tax (PBT) increased by 11% year-over-year, while EBITDA rose by 12% year-over-year, highlighting the Company’s continued focus on profitability and productivity improvements.
On a quarter-on-quarter basis, performance moderated following an exceptionally strong Q2. This was largely due to two temporary factors:
- Customer stockpiling in Q2 ahead of the price adjustment from July; and
- Regulatory and infrastructure changes effective from July such as taxation on household businesses, provincial consolidation and implementation of 2 level government system...
After a soft August, sales rebounded sharply in September, with net revenue up 25% month-over-month, PBT up 101%, and EBITDA up 48%, underscoring the resilience of underlying demand.
For the first nine months of 2025, Imexpharm achieved solid growth across all key indicators.
Gross revenue climbed to VND 2,118 billion, representing 21% year-over-year growth, while net revenue reached VND 1,800 billion, up 16% year-over-year. The performance was mainly driven by robust expansion across both the OTC and ETC channels, which grew 19% and 21% year-over-year, respectively.
Gross profit grew 21%, PBT increased 23%, and EBITDA expanded 18% year-over-year.
The Company’s gross profit margin stood at 40% and EBITDA margin improved to 22.3%, reflecting a healthy balance between growth and efficiency.
As of end-September, Imexpharm had fulfilled 68% of its full-year net revenue target and 63% of its profit-before-tax target, maintaining good progress towards its annual objectives.
Business Highlights
On the professional front, Imexpharm continued its flagship ImexForum series - a branded scientific event launched in 2019 and widely recognized within the medical community. In Q3, the forum was held for the first time in Hanoi, attracting nearly 300 healthcare professionals and marking a strategic step in strengthening Imexpharm’s brand presence and engagement in Northern Vietnam.
Our commitment to operational efficiency was demonstrated by the acceleration of digital transformation in human resource management. The iHRP system integration project, officially launched on July 22, 2025, in partnership with FPT, is poised to digitize nearly 90% of our HR workflows. This comprehensive system integrates all functions from recruitment and management to performance evaluation and talent development, significantly enhancing productivity, reducing operating expenses, and optimizing overall human resource governance.
In the first nine months of the year, the Company launched 20 new SKUs, ahead of the annual plan of 16, while maintaining strong innovation momentum with 144 R&D projects currently under development.
ESOP share issuance
As per the Board Resolution dated September 23, 2025, the Company has put forward a plan for shareholder approval via written ballot to issue over 1.55 million ESOP shares at a price of VND 5,000 per share. These shares will be subject to a one-year transfer restriction following the completion of the offering.
The shift from a traditional cash-based incentive to the ESOP share mechanism serves to conserve cash flow while establishing a long-term alignment between the interests of our employees and the Company's value creation. Upon shareholder approval, this program will become a critical enabler of our human capital strategy, further cementing investor confidence in Imexpharm’s disciplined management and commitment to sustainable growth.
Market outlook
On-going digital transformation, particularly the integration of AI, and the shift toward specialty and biologic medicines are reshaping R&D models worldwide. Despite these complexities, the global focus on high-quality drugs, including first generics and biosimilars, continues to strengthen as a key strategy to manage rising healthcare costs.
Vietnam’s pharmaceutical industry is entering a new phase of growth, strongly supported by recent government initiatives, laying out a bold roadmap for the country to become more self-reliant in medicine production while accelerating the digital transformation of the healthcare system. Alongside this, administrative procedures under the Ministry of Health are being simplified to make doing business in the sector more efficient and transparent.
New regulations, such as taxation on household businesses and mandatory e-prescriptions, have introduced short-term hurdles for market participants. However, these changes are also creating the foundation for a healthier and sustainable pharmaceutical market over the long-run.
In this evolving environment, Imexpharm’s leadership in EU-GMP production, together with its commitment to digital transformation and innovation, places the Company in a strong position to contribute meaningfully to the development of Vietnam’s healthcare system.
“As the market transforms with both challenges and opportunities, Imexpharm’s strong focus on quality and agility have enabled us to continue achieving success. We are constantly strengthening our competitiveness through continuous product innovation, expansion into new opportunities, operational efficiency improvement and a strong commitment to long-term growth.” shared People's Doctor, Pharmacist Tran Thi Dao, General Director of Imexpharm.
About Imexpharm
Imexpharm is a market leader in manufacturing and distributing high-quality antibiotics in Vietnam. With 48 years of history, the company has been at the forefront of Vietnam’s pharmaceutical industry, fostering international partnerships and maintaining the highest safety and quality standards. Strategically poised for growth, Imexpharm is expanding its portfolio into new treatment areas and wellness solutions. As of 30 September 2025, IMP’s share price had increased by 14% since the start of the year.
Explanatory Note: Imexpharm, in line with standard industry practice, records its sales from individual channels as gross revenue.
For more information, please contact:
Le Thanh Hang, IR Director hanglt@imexpharm.com +84 287 304 8939