IMEXPHARM CORPORATION ANNOUNCES FOURTH QUARTER 2025 AND FULL YEAR ENDED 31 DECEMBER 2025 RESULTS
4Q2025
• Net revenue increased by 11.7%, gross profit rose 26.3%, and PBT surged 34.1% quarter-over-quarter.
• EBITDA grew 24.4% quarter-over-quarter, with quarterly EBITDA margin improving to 25.8%.
FY2025 Highlights
• Net revenue reached VND 2,441 billion, up 10.7% year-over-year.
• Gross profit reached VND 1,002 billion, up 17.1% year-over-year; gross margin improved to 41%.
• Profit before tax reached VND 446 billion, increasing 10.4% year-over-year.
• Imexpharm successfully launched Imecef, the very first EU-GMP standard first generic antibiotic in Vietnam.
• Imexpharm completed necessary legal procedures and obtained the investment registration certificate for Cat Khanh Industrial Park. This milestone paves the way for the Company to officially commence Phase 1 of the project.
HO CHI MINH CITY – January 20, 2026 – Imexpharm Corporation (“Imexpharm” or the “Company,” IMP.VN), a pioneering leader in Vietnam’s pharmaceutical industry, has announced its financial results for the fourth quarter and full year ended 31 December 2025 (the “Reporting Period”).
“In 2025, we moved forward not by force, but by unity. Our achievements were not the result of a singular vision, but of the collective dedication of thousands of hearts across Imexpharm family. Our focus remains on building the most resilient foundation - one rooted in rigorous quality, deep compassion, and unwavering service to Vietnam health.” shared People's Doctor, Pharmacist Tran Thi Dao, General Director of Imexpharm.
Financial Highlights
In 2025, gross revenue reached VND 2,914 billion, up 16.0% year-over-year, significantly outperforming the domestic pharmaceutical industry’s average growth of approximately 9% (based on industry data as of Q3/2025). Net revenue increased 10.7% year-over-year, to VND 2,441 billion, driven by growth across both OTC and ETC channels. The Company achieved 98% and 92% of its gross revenue and net revenue year-end targets, respectively.
ETC channel grew 11.8% year-over-year, reflecting sustained demand for EU-GMP products, alongside a strategic shift toward higher-value products with high technology (e.g., multi-dose powders, lyophilized injectables). OTC channel recorded revenue growth of 18.3% year-over-year, supported by a 6% year-over-year increase in customer base. Even excluding price adjustments during the period, 2025 marked a definitive recovery for the OTC channel, successfully rebounding from previous challenges despite continued market volatility. All regions nationwide posted growth, led by the Northern market, which surged 51% year-over-year. Revenue from key pharmacy chains grew 75.8% year-over-year, increasing its contribution to 13.8% of total OTC revenue, up from 9% in 2024, thereby significantly expanding Imexpharm’s market coverage.
Gross profit increased 17.1% year-over-year, outpacing net revenue growth, as cost of goods sold rose by only 6.7%. This performance was driven by effective inventory management, continued improvements in production planning, and the acceleration of continuous manufacturing to optimize plant utilization. As a result, gross margin improved to 41.0%, compared with 38.8% in 2024, reflecting enhanced production efficiency and strengthened profitability.
Profit before tax reached VND 446 billion, up 10.4% year-over-year, completing 91% year-end target. The slower growth in profit before tax compared with gross profit was mainly attributable to continued investments in sales network restructuring and the upgrade of operating systems, with digitalization implemented across most business and production processes, resulting in a 22% year-over-year increase in SG&A expenses.
EBITDA totaled VND 567 billion, up 8.9% year-over-year, fulfilling 89% of year-end target, with an EBITDA margin of 23.2%.
Business Highlights
Imexpharm maintained an active presence in the medical community through the ImexForum scientific series and participation in prestigious conferences, such as the VILA 2025 National Lung Science Conference and events organized by the Vietnam Pharmaceutical Association. The Company also served as Diamond Sponsor of the Retail Operations & Partners Conference 2025 hosted by Pharmacity.
Innovation remained at the core of Imexpharm’s strategy. In 2025, the Company launched 25 new SKUs (exceeding the annual target of 16 SKUs), while maintaining 157 ongoing R&D projects. In Q4, Imexpharm officially launched IMECEF (Ceftazidime/Avibactam 2.5g) - Vietnam’s first EU-GMP first generic antibiotic, enhancing patient access to high-quality medicines at affordable costs.
Imexpharm maintained 28 European Marketing Authorizations (EU-MAs) for 11 products, providing a strong competitive advantage in highly regulated markets. The year marked a clear milestone in its global expansion strategy, underscored by the submission of one new product registration in the European Union and three additional submissions across the ASEAN region (Myanmar, Malaysia, Singapore). The Company also successfully signed one injectable distribution agreement in Thailand and one MOU with a European partner, expanding market access across the EU, the United Kingdom, Canada, Switzerland, and Israel, bringing Imexpharm’s presence to over 40 countries and territories worldwide.
Alongside business growth, Imexpharm continued investing in operational excellence, upgrading its Base platform and advancing digital transformation in human resource management through the integration of the iHRP system in partnership with FPT. These initiatives aim to digitalize processes, enhance organizational efficiency, and standardize human capital management.
In Q4/2025, the Company launched Imexpharm Connects – a digital platform and ecosystem designed to strengthen connectivity, enhance transparency, and disseminate quality values, delivering a comprehensive partnership experience for pharmacists and pharmacies.
Imexpharm also completed major legal procedures for Cat Khanh Pharmaceutical Factory Complex Project, obtained the investment registration certificate. This pivotal milestone paves the way for the Company to officially commence Phase 1 of the project.
Market outlook
The market is increasingly shaped by the intersection of rising healthcare demand and a significant uplift in domestic manufacturing capabilities. The integration of Data Science and Artificial Intelligence (AI) into R&D, alongside the end-to-end digitalization of drug registration processes, is becoming a decisive factor in accelerating time-to-market, enhancing industry-wide innovation, and driving the adoption of next-generation medicines. The concurrent expansion of both supply and demand for high-quality pharmaceuticals is unlocking compelling growth opportunities for companies with advanced manufacturing platforms and the foresight to anticipate evolving patient needs and consumption trends.
The next phase of market expansion will be driven by biologics, biosimilars, and specialty medicines produced using advanced technologies. These segments address complex and chronic treatment needs and are expected to play a vital role in elevating the overall scale and quality of the pharmaceutical market in the coming years.
Following a period of steady expansion, Vietnam’s pharmaceutical market is poised to enter a new acceleration cycle, with average annual growth projected at approximately 10% during 2026-2028, including vaccines, according to IQVIA. Within this context, supported by a strong foundation of EU-GMP manufacturing capabilities and a high-quality, diversified product portfolio, Imexpharm is well positioned to sustain its leadership. A strategy anchored in quality, and continuous innovation enables Imexpharm not only to compete effectively in an increasingly demanding market, but also to capture sustainable growth opportunities, delivering long-term value for shareholders and all stakeholders.
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 2025, IMP’s share price had increased by 12% 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