IMEXPHARM CORPORATION ANNOUNCES FOURTH QUARTER 2024 AND FULL YEAR ENDED 31 DECEMBER 2024 RESULTS
4Q2024 - A Remarkable Close
- Strong net revenue growth: up 19.7% QoQ and 7.2% YoY.
- Enhanced profitability: PBT up 67.3% QoQ and 66.5% YoY; EBITDA rose 47.6% YoY, achieving a record quarterly EBITDA margin of 27.7%.
Full-Year 2024 Highlights
- Net revenue reached VND 2,205 billion, up 10.6% YoY, driven by robust growth in the ETC channel and high-quality, high-value products from EU-GMP factories.
- PBT totaled VND 404 billion, up 7.1% YoY, despite notable depreciation and amortization at IMP4.
- EBITDA grew by 12.3% YoY, with the EBITDA margin increasing to 23.6%, surpassing the target of 23%
- Certification of the 12th EU-GMP production line expanded EU-GMP production capacity.
- Approval for the construction of the Cat Khanh Pharmaceutical Complex, paving the way for growth in new markets.
- Completion of a bonus share issuance, solidifying the company's position as Vietnam’s market leader by charter capital.
HO CHI MINH CITY – 20 January 2025 – Imexpharm Corporation (“Imexpharm” or the “Company,” IMP.VN), a pioneering leader in Vietnam’s pharmaceutical sector, has announced its financial results for the fourth quarter and full year ended 31 December 2024 (the “Reporting Period”).
“I am incredibly proud of Imexpharm's outstanding performance in the final quarter of 2024, achieving double-digit growth in net revenue for FY2024 and setting new records in both revenue and profit. Strategic investments in R&D and EU-GMP manufacturing capabilities have driven a remarkable shift in Imexpharm’s portfolio towards high-value products, enhancing accessible healthcare for community while fostering rapid and sustainable growth for the company. With the dedication of our over 1,400 people strong team, we are determined to continue to boost profitability and deliver value to our stakeholders as we establish ourselves as a key player in the Asian pharmaceutical market.” said People's Doctor, Pharmacist Tran Thi Dao, General Director of Imexpharm.
Financial Highlights
Gross revenue for the fiscal year ended 31 December 2024 was VND 2,513 billion, representing an 18.9% YoY increase—more than double the market average of 9% YoY LTM sales growth among local pharmaceutical companies (as of 3Q2024). Net revenue rose 10.6% YoY to VND 2,205 billion, driven by the ETC channel’s significant contribution. The company achieved 96% and 93% of its gross and net revenue targets, respectively, positioning itself as one of the fastest-growing pharmaceutical companies in Vietnam.
The ETC channel demonstrated a remarkable 56% YoY growth in gross revenue, fueled by increased sales of EU-GMP products from IMP2, IMP3, and IMP4. While OTC revenue experienced a modest 0.8% YoY decline, signs of recovery were evident with consecutive quarterly growth from the bottom in Q2. Revenue from key pharmacy chains surged by 74% YoY in 2024, contributing 9% to total OTC revenue, reflecting Imexpharm’s strategic alignment with consumer preferences for branded pharmacy chains.
PBT reached VND 404 billion, growing 7.1% YoY and achieving 96% of the year-end target. In 4Q2024, PBT amounted to VND 152 billion, up 67.3% QoQ and 66.5% YoY, supported by lower growth in COGS relative to revenue and a 6.4% QoQ reduction in SG&A expenses. Optimized operational marketing efforts contributed to a 52% increase in quarterly PBT compared to the previous record.
EBITDA climbed to VND 520.8 billion, up 12.3% YoY, achieving 95% of the year-end target. The company’s focus on high-value EU-GMP products, such as injectables and dispersible tablets, drove EBITDA margin improvement to 23.6% for the year, surpassing year-end target given by AGM, with a record-high quarterly EBITDA margin of 27.7% in Q4. Injectable products’ contribution to total sales grew significantly, reaching 33% in 2024, compared to 26% in 2023.
Looking ahead to 2025, Imexpharm is well-positioned to build on its strategic investments and industry leadership to drive sustainable growth. The expansion of EU-GMP-certified production capacity, along with the planned construction of the Cat Khanh Pharmaceutical Factory Complex, will strengthen its ability to meet increasing market demands and enhance its presence in high-value product segments. By prioritizing innovation, operational excellence, and the development of high-quality pharmaceutical solutions, Imexpharm aims to address evolving healthcare needs. With a steadfast focus on broadening our reach in both domestic and international markets, the company is confident in its capacity to deliver long-term value to stakeholders and contribute to the betterment of medical services in the region.
Business Highlights
Imexpharm’s achievements in 2024 underscored its leadership in Vietnam’s pharmaceutical industry and its commitment to sustainable growth.
Imexpharm launched its “Sustainable Antibiotics” workshop series, demonstrating its dedication to promoting high-quality medicine. Through ten workshops held across major cities in Vietnam, the company engaged with over 3,000 pharmacists and industry experts, receiving overwhelmingly positive feedback from participants. These events served as a platform to introduce EU-GMP standards, unveil product innovations, and advocate for the responsible use of antibiotics, contributing to increased awareness and ultimately improving patient outcomes. This series reaffirmed Imexpharm's pivotal role in advancing effective medical solutions.
The company successfully completed a 1:1 bonus share issuance, raising its charter capital to VND 1,540 billion. This milestone established Imexpharm as the largest listed pharmaceutical company in Vietnam by charter capital, bolstering its equity base and paving the way for ambitious expansion plans over the next three to five years.
Shareholders approved the construction of the Cat Khanh Pharmaceutical Complex in Dong Thap. This transformative project is set to expand Imexpharm’s reach into new growth markets and strengthen its presence in the healthcare sector. Concurrently, the certification of the 12th EU-GMP production line marked a significant enhancement of the company’s EU-GMP manufacturing capacity, aligning with global standards and supporting its scaling operations.
Imexpharm officially launched the SAP S/4HANA Cloud Private Edition on January 1, 2025, following a comprehensive preparation process throughout 2024, becoming the first pharmaceutical company in Vietnam to implement this advanced ERP system alongside IFRS standards. The implementation marks a transformative step in the company’s digital journey, enhancing automation, driving innovation, and positioning Imexpharm for a dynamic, future-ready trajectory.
Innovation remained central to Imexpharm’s strategy, with the launch of 24 new products and advancement of 98 R&D projects during the year. Additionally, Imexpharm continued to secure 28 EU marketing authorizations (MA) for 11 products, reaffirming its EU-GMP manufacturing excellence and solidifying its position for global market expansion.
Market outlook
Following a period of rapid growth at tens of percent per year after Covid-19 pandemic, the market has entered a more stable growth cycle over the past two years, averaging around 8-10%. This is a sustainable growth rate that is expected to continue in the coming years. Unlike growth in value, the market's consumption volume has remained relatively flat over the past three years, reflecting a clear trend of increasing demand for high-value products. Although competition with imported products will remain a challenge for domestic manufacturers, particularly in the OTC market, it also serves as a driving force to enhance domestic research and development capabilities and production standards. A leading position in the high-quality, high-value product segment will continue to be a competitive advantage, enabling Imexpharm to ride the tailwind in 2025 and beyond, further solidifying its role as a leader in the domestic and regional pharmaceutical industry.
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 31 December 2024, IMP’s share price had increased by 85% since the start of the year, significantly outperforming the VN-Index, which rose by 12%.
Explanatory Note: EBITDA figures were restated to exclude financial income and expenses.
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