At the 2025 Annual General Meeting of Shareholders (AGM), Imexpharm approved its 2025 growth plan, targeting total revenue of VND 2,981 billion and profit before tax of VND 493.5 billion - representing year-on-year increases of 18.6% and 22.1%, respectively.
2024: A year of resilient and market leadership amidst volatility
In the opening remarks at the AGM, Mr. Sung Min Woo, Chairman of the Board of Directors (BOD), shared: “2024 was marked by global uncertainty and volatility. However, with the unified efforts of our Board of Management and all our employees, Imexpharm delivered market-outpaced performance... 2025 is a cornerstone year for Imexpharm's long-term vision of becoming a leading Asian pharmaceutical company, focusing on high-tech, high-value-added products capable of competing confidently on the global stage.”
In 2024, Imexpharm recorded net revenue of VND 2,205 billion, an 11% increase year-on-year. The ETC channel demonstrated remarkable growth of 56%, with revenue from EU-GMP standard injectable products accounting for 33% of total revenue. EBITDA reached VND 521 billion, up 12%, with an EBITDA margin of 24%, surpassing year-end target. Profit before tax reached VND 404 billion, achieving 96% of the profit plan, despite notable depreciation and amortization at IMP4.
At the AGM, shareholders also approved the 2024 dividend payment plan of 5% of the charter capital in cash, as proposed by the Board of Directors. This adjustment was deemed necessary to ensure financial balance following Imexpharm's completion of a 1:1 bonus share issue, which increased the charter capital from VND 700.4 billion at the beginning of the year to VND 1,540.4 billion as of December 31, 2024 – a 2.2-fold increase within just one year. Adjusting the dividend from the initially planned (20%) to 5% cash reflects the Company's flexibility and responsibility in safeguarding cash flow for strategic investments, particularly in allocating resources for the Cat Khanh Pharmaceutical Factory Complex Project (IMP5) in 2025.
2025: Strengthening core capabilities – Accelerating growth – Reaching new heights
The AGM approved the business plan for 2025 with impressive growth targets. Specifically, gross revenue is projected to reach VND 2,981 billion, an 18.6% increase compared to 2024; net revenue is expected to reach VND 2,649 billion, up 20.1%; profit before tax is targeted at VND 493.5 billion, representing 22.1% growth; and EBITDA is set to reach VND 635 billion, an increase of 21.9%. The EBITDA margin is expected to be maintained at a high level of 24%, indicating a stable operational outlook and sustainable profitability.
To achieve these goals, Imexpharm continues to invest in R&D to expand its product portfolio, planning to launch 16 new products in 2025. These products, focusing on high-tech segments such as "first generic", biosimilars, and complex dosage forms, are expected to contribute 5-10% of revenue, providing a solid foundation for sustainable growth. Concurrently, the Company is continuously expanding its production capacity with IMP5 factory – a strategic manufacturing hub for high-tech product lines in specialized therapeutic areas like gastrointestinal, cardiovascular, and diabetes – fields demanding high technical content and quality standards. The factory is designed to meet EU-GMP standards and is scheduled for commercial operation starting in 2028.
Furthermore, Imexpharm is accelerating its market coverage expansion both in depth and breadth. In the Northern region – identified as a strategic focus in the national distribution plan – the company has comprehensively restructured its sales system, expanded its team, refined its approach model, and recorded nearly 50% growth in customer numbers in 2024. This growth momentum continued in Q1 2025, positively contributing to revenue and enhancing brand recognition.
Notably, during the presentation at the AGM, Mr. Nguyen An Duy, Imexpharm's Chief Financial Officer, emphasized the role of digital transformation and performance management as key levers for the next growth phase. Intelligent reporting systems integrated financial-operational-sales data management platforms, and a effective management model are enabling the Company not only to control costs but also to make faster, more accurate decisions. Imexpharm aims to become the leading pharmaceutical company in Vietnam regarding ESG practices, risk management, and compliance with international standards and best practices – thereby maximizing value for shareholders and the community.
Imexpharm’s management affirmed that product growth, network growth, and operational efficiency are the three strategic pillars helping Imexpharm realize its medium and long-term vision.
Shareholder Q&A: Building trust through transparency and expertise
The discussion session at the 2025 AGM clearly reflected shareholders' keen interest in key strategic issues – from the future product portfolio and long-term competitiveness to the ownership structure and the Company's market position.
Chairman Sung Min Woo shared that: “SK is currently going through a broad portfolio review across the entire group, including all of SK’s global assets. As such, there is a possibility that SK’s stake in Imexpharm may be subject to change as part of this broader strategic adjustment.
With the close collaboration with SK, Imexpharm has already established a strong position in the industry – supported by upgraded capabilities, a robust global network, and a highly committed and skilled workforce. We are confident that Imexpharm will continue to thrive independently and sustainably. To reiterate, while SK’s internal strategic review is ongoing and we cannot predict how or when any potential exit may be implemented due to geopolitical and market uncertainties, SK remains committed to supporting and cooperating with Imexpharm as a responsible shareholder.”
Regarding competitiveness, CEO Tran Thi Dao highlighted three key factors driving Imexpharm's outstanding growth momentum: EU-GMP standard manufacturing capabilities, a portfolio of new-generation antibiotics with broad hospital coverage, and a lean, transparent, and efficient operating model. This forms the foundation for the Company not only to lead the antibiotic market but also to expand into complex, high-tech therapeutic groups.
In the current market landscape, antibiotic resistance is increasingly becoming a serious global issue, threatening treatment efficacy and public health. Imexpharm has prioritized the research and development of new-generation antibiotics to meet growing market demand. Mr. Le Van Nha Phuong, Chief Production Officer, elaborated on three key therapeutic areas the Company is actively developing: cardiovascular, gastrointestinal, and diabetes. These groups currently represent a market size of over VND 50 trillion (approx. USD 2 billion) and are experiencing stable compound annual growth rates of 8-13%, particularly in diabetes, where treatment demand is continuously rising (source: IQVIA).
People’s Doctor, Pharmacist Tran Thi Dao, General Director of Imexpharm, emphasized: “Building on the impressive results of 2024, 2025 marks a year of accelerated ambition for Imexpharm. This year, IMP will continue to intensify R&D for high-tech products such as 'first generics,' biosimilars, and complex dosage forms…, expand EU-GMP production capacity, enhance operational efficiency, and target export markets. The Cat Khanh Pharmaceutical Factory Complex Project (IMP5), expected to break ground by the end of 2025, will be a crucial driver, helping Imexpharm meet increasing demand and solidify its position in the segment of high-tech, high-value drugs produced on EU-GMP lines.”