IMEXPHARM CORPORATION ANNOUNCES THIRD QUARTER 2026 AND
NINE MONTHS ENDED 30 SEPTEMBER 2026 RESULTS
3Q2026
• Profit before tax increased by 4% year-on-year;
• ETC channel revenue rebounded after two consecutive quarters of decline, increasing by 10% year-on-year and 12% quarter-on-quarter;
• A new branch opened in Hai Phong, expanding the Company's distribution network and strengthening its presence in Northern Vietnam.
9M2026
• Profit before tax increased by 5% year-on-year. Gross and net revenue moderated their decline compared to previous quarters, down 7% and 8% respectively., while operational efficiency continued to improve;
• Gross profit margin remained healthy at 41.5%;
• EBITDA margin reached 24.3%, up 2.0 percentage points year-on-year.
Ho Chi Minh City, October 20, 2026 – Imexpharm Corporation (“Imexpharm” or the “Company”, IMP.VN), one of Vietnam’s leading pharmaceutical companies, announced its business results for the first nine months of 2026 (“9M2026”).
Amid economic volatility and intensifying competition, particularly in pharmaceutical sales and distribution, Imexpharm demonstrated remarkable agility; strengthened its manufacturing and commercial operations; maintained the consistent supply of safe and high-quality medicines to the healthcare system and patients, while enhancing profitability and delivering sustainable values to shareholders and investors.
“The robust foundation in our people, quality, and manufacturing capabilities, cultivated over the past 49 years, has provided the momentum for Imexpharm to adapt with agility to market dynamics. This strength has enabled us to continue expanding our Northern distribution network, restore growth momentum in the ETC channel, and drive our 9-month 2026 profit before tax to a milestone of VND 326 billion. Increasingly stringent regulations and compliance standards are the ultimate test of resilience, helping reshape the market towards greater transparency and creating sustainable competitive advantages for companies that remain firmly committed to quality.” shared People's Doctor, Pharmacist Tran Thi Dao, General Director of Imexpharm.
Financial Highlights
In the third quarter of 2026, Imexpharm recorded gross revenue of VND 665 billion and net revenue of VND 544 billion, down 2% and 5% year-on-year, respectively. For the first nine months of 2026, gross revenue reached VND 1,961 billion and net revenue totaled VND 1,652 billion, representing year-on-year declines of 7% and 8%, respectively, amid new regulations on household business taxation, prescription drug management… and increasing competitive pressure.
In the retail distribution channel, Imexpharm continued to accelerate sales through chain pharmacies, with Q3 revenue from this segment surging 206% year-on-year and increasing 15% quarter-on-quarter. Chain pharmacies now account for 22% of total OTC revenue, up 8 percentage points from 2025 (14%). Meanwhile, revenue from retail pharmacies recorded the steepest decline, falling 25% year-on-year, reflecting the challenging business environment resulting from new regulations.
The ETC channel recorded a recovery in Q3, with revenue increasing by 10% year-on-year and 12% quarter-on-quarter. As a result, the year-on-year revenue decline for the first nine months moderated to just 2%. This improving trend provides a foundation for Imexpharm to accelerate ETC growth throughout 2026. The recovery was broad-based across all regions, with Northern Vietnam delivering particularly strong performance: ETC revenue surged 116% year-on-year in Q3 and increased 52% for the first nine months of 2026.
Business momentum continued to improve in September, following positive developments in August. Gross revenue increased by 7% month-on-month, while profit before tax and EBITDA rose by 62% and 49%, respectively. These results reflected a marked improvement in business performance and profitability towards the end of the quarter, when numerous promotional campaigns and sales incentive programs were concluded.
For the first nine months of 2026, gross profit margin reached 41.5%, an improvement of 1.8 percentage points from 39.7% in the same period last year. This was driven by manufacturing optimization initiatives that reduced operating costs and enhanced production efficiency, particularly across EU-GMP-compliant injectable production lines. Continued tight control over sales policies and promotional programs contributed to an 8% year-on-year reduction in selling and administrative expenses. As a result, profit before tax reached VND 326 billion, up 5% year-on-year and fulfilling 65% of the full-year target approved by the General Meeting of Shareholders.
EBITDA edged down 0.2% year-on-year, while EBITDA margin reached 24.3%, an increase of 2.0 percentage points from the same period last year.
Business Highlights
On August 26, 2026, Imexpharm officially opened its Hai Phong Branch, marking the Company's second branch in Northern Vietnam, 25 years after the establishment of its Hanoi Branch. This expansion represents another step towards bringing high-quality healthcare solutions closer to customers.
In Q3/2026, Imexpharm collaborated with the Vietnam Pharmaceutical Association to organize a series of five online scientific seminars, attracting nearly 4,500 participations from pharmacists nationwide and awarding more than 2,600 Continuing Pharmacy Education (CPE) certificates. In addition, the Company partnered with Pharmacity pharmacy chain to host a specialized seminar in Hanoi in July, featuring leading industry experts. These initiatives helped pharmacists enhance their professional knowledge, stay informed of regulatory developments, and strengthen practical patient counseling skills.
Imexpharm was once again recognized for Information Disclosure Best Practices 2026 at the IR Awards, jointly organized by Vietstock, the Vietnam Association of Financial Executives (VAFE), and FiLi Magazine. This marks the seventh consecutive year (2020–2026) that the Company has received this recognition, reflecting its continued commitment to transparency and high-quality information disclosure in the stock market.
In August 2026, Imexpharm was named among Forbes Vietnam's Top 50 ESG Leading Companies in Vietnam 2026. This inaugural list was assessed with independent technical evaluation by SGS Vietnam against 66 criteria. The recognition further reinforces Imexpharm's commitment to sustainable development, integrating business operations with environmental, social, and corporate governance responsibilities.
In the first nine months of the year, the Company launched 10 new SKUs, while maintaining strong innovation momentum with 127 R&D projects currently under development.
About Imexpharm
Imexpharm is a leading pharmaceutical company in Vietnam, specializing in the manufacturing and distribution of high-quality antibiotics. With nearly 50 years track record, the Company has consistently remained at the forefront of the industry, driven by international partnerships and a commitment to the highest standards of safety and quality. Imexpharm has established a strong strategic and financial foundation to support growth in both domestic and international markets, and continues to expand its product portfolio into new therapeutic areas and healthcare segments.
Note: Imexpharm reports revenue by individual channels based on gross revenue, in line with industry practice.
For more information, please contact:
Ms. Le Thanh Hang, IR Director hanglt@imexpharm.com +84 287 304 8939