At the 2026 Annual General Meeting of Shareholders (AGM), Imexpharm set a revenue target of VND 3,200 billion, a 9.8% year-on-year increase, and profit before tax of VND 502 billion, a 12.5% year-on-year increase, while maintaining double-digit growth across net revenue, profit before tax, and EBITDA.
2026: Leveraging strong EU-GMP foundation, R&D capabilities, and technology to scale new heights
At the 2026 AGM held on April 22 in HCMC, Imexpharm approved its business plan, targeting gross revenue of VND 3,200 billion. Profit metrics are expected to maintain double-digit growth, with total revenue up 9.8%, profit before tax increasing 12.5%, and EBITDA rising 12.3% compared to the previous year.
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Pharmacist Tran Thi Dao, Board Member and General Director of Imexpharm, speaking at Imexpharm’s Annual General Meeting of Shareholders (AGM) on April 22, 2026.
Management noted that uncertainties will persist in 2026. While Imexpharm is expected to benefit from Vietnam’s strong economic growth among the highest in ASEAN, geopolitical risks, exchange rate pressures, interest rates, and inflation remain key challenges. These headwinds were already reflected in Q1/2026 results, with revenue reaching VND 629 billion and profit before tax at VND 103 billion, up 8% year-on-year.
Against this backdrop, the Company’s 2026 and mid-term strategy is structured around three key pillars: technology & products, market expansion, and governance.
Pharmacist Tran Thi Dao, Board Member and General Director of Imexpharm (second from the right), poses for a commemorative photo with Mr. Huynh Minh Tuan (center), Vice Chairman of Dong Thap Provincial People’s Committee, and senior leaders of Imexpharm at the 2026 AGM.
On the technology and product front, Imexpharm is accelerating partnerships with specialized pharmaceutical companies to enable technology transfer and co-develop advanced therapies, with a focus on next-generation antibiotics and chronic disease treatments.
On the market front, the Company continues to strengthen its domestic position while expanding its presence in Northern Vietnam through the establishment of a Hai Phong branch. At the same time, it is advancing its international expansion by maintaining and extending EU-MAs and ASEAN registrations, alongside selective distribution partnerships.
On governance, Imexpharm is advancing toward international standards by implementing a roadmap for IFRS adoption, strengthening data-driven decision-making, and building a transparent and efficient governance platform.
Alongside these strategic pillars, the Cat Khanh Pharmaceutical Factory Complex (IMP5) continues to be developed in line with the Company’s financial capacity and market demand. With a total investment of nearly VND 1,500 billion, the project focuses on specialized therapeutic segments and high-tech products. It is expected to become a key growth driver in the coming years, with phased commercial operations planned from late 2028 to Q1 2030.
Imexpharm’s leadership addressing shareholder concerns during the discussion session at the Company’s 2026 AGM.
Separately, the AGM approved a cash dividend plan of 5% to 8% of charter capital, with the Board of Directors authorized to determine the final payout based on actual business performance.
Speaking at the AGM, Pharmacist Tran Thi Dao, Board Member and General Director of Imexpharm, shared: “2025 marks the 10-year milestone of a proud journey in manufacturing and distributing EU-GMP standard pharmaceutical products in Vietnam. Over the past decade, we have established and maintained our position as the leading EU-GMP pharmaceutical manufacturer in Vietnam through long-term strategic vision and consistent execution. This ‘10-year EU-GMP’ milestone also reflects the exceptional and hard-to-replicate capabilities of Imexpharm’s team in R&D, manufacturing, and quality management, ensuring that every product delivered to patients meets the highest standards of safety and efficacy.”
The Company’s leadership emphasized: “Entering 2026, Imexpharm continues to transform and grow in rhythm with evolving market dynamics. We are well-positioned to strengthen our leadership in existing markets while accelerating into new growth areas”.
2025: Adaptive and resilient, maintaining leadership in antibiotics and cough medicine segments
In 2025, Imexpharm recorded gross revenue of VND 2,914 billion, an increase of 16.0% year-on-year, and net revenue of VND 2,441 billion, up 10.7% year-on-year, driven by a well-executed product mix transformation and channel strategy. Gross profit increased by 17.1% year-on-year, lifting the gross margin to 41.0%. Profit before tax reached VND 446 billion, up 10.4% year-on-year, achieving 90% of the target approved by the Annual General Meeting of Shareholders, despite a volatile policy environment.
According to reports from the Board of Directors and the Board of Management, Imexpharm’s 2025 performance was considered strong and outperformed the broader market. The AGM also approved a 6% cash dividend for 2025, 1% higher than planned, reaffirming the Company’s commitment to shareholder value and the effectiveness of its sustainable growth strategy.
In 2025, Imexpharm implemented 157 projects and launched 25 new products (SKUs), exceeding the target of 16 SKUs. Notably, the Company introduced Vietnam’s first EU-GMP manufactured “first generic” antibiotic (Ceftazidime/Avibactam 2.5g), strengthening its long-term competitive position.
Q&A with Shareholders: Key topics of interest
The discussion session at the 2026 Annual General Meeting of Shareholders (AGM) clearly reflected shareholders’ strong interest in key strategic issues, ranging from product portfolio and long-term competitiveness to the progress of key projects, ownership structure, and the participation of a new strategic investor.
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Mr. Vu Dinh Xuan (left), Sales Director of Imexpharm, stated that 2026 marks 10 years of Imexpharm’s leadership in EU-GMP capabilities.
Amid intensifying competition in the EU-GMP segment of the ETC channel, shareholders expressed particular concern over the growth drivers that will enable Imexpharm to sustain revenue growth in 2026 and the years ahead. Addressing this, Mr. Vu Dinh Xuan, Sales Director of Imexpharm, noted that the Company has entered its 11th year of EU-GMP compliance, demonstrating extensive experience and strong execution capabilities under EU-GMP standards, an important differentiator versus other EU-GMP manufacturers. While increased competition is inevitable, Imexpharm continues to maintain key advantages, including: optimized production costs as its plants have been depreciated over the past 10 years; a focus on developing high-tech products; diversification of the OTC portfolio through expanded partnerships with modern pharmacy chains; and increased market penetration in Northern Vietnam.
In response to shareholder inquiries regarding the development progress of the chronic disease treatment portfolio, Mr. Le Van Nha Phuong, Deputy General Director cum Chief Production Officer, stated that, in addition to nearly 160 R&D projects ready for production on the existing four manufacturing clusters, the Company has initiated the review and selection of a pipeline of approximately 150 products for the Cat Khanh Pharmaceutical Complex Project. This includes next-generation antibiotics, with nearly 50% comprising chronic disease treatments. The portfolio has been assessed based on domestic market demand and the R&D team’s capabilities. The Company is also engaging with partners to explore technology transfer opportunities, aiming to ensure success and accelerate the development of new key R&D projects. However, the final portfolio will be subject to approval by the Board of Directors in subsequent phases of the Cat Khanh project, expected by late this year or early 2027.
Mr. Le Van Nha Phuong, Deputy General Director cum Chief Production Officer, noted that in 2026 Imexpharm will accelerate its focus on high-tech product segments.
Another topic of strong shareholder interest is the potential participation of new strategic investors. Pharmacist Tran Thi Dao, Board Member and General Director of Imexpharm, stated that such participation is expected to enhance Imexpharm’s R&D capabilities, facilitate access to advanced technologies, and strengthen its long-term competitiveness.
Regarding the construction progress of the Cat Khanh Pharmaceutical Complex Project, Mr. Ngo Minh Tuan, Deputy General Director cum Chief Operating Officer, shared that the project has a total investment of VND 1,495 billion and a designed capacity of 1.4 billion units per year, covering both injectable and oral drugs. The project will be implemented in three phases. Phase 1 focuses on infrastructure, warehousing, and one manufacturing plant, expected to achieve WHO-GMP certification by Q4 2028. Phase 2 will be implemented from 2031 to 2035 in line with production expansion plans, while Phase 3 (2036–2039) will support the relocation of existing plants under the IMP1 cluster.
Mr. Ngo Minh Tuan, Deputy General Director cum Chief Operating Officer, stated that the Company is currently implementing the Cat Khanh Pharmaceutical Manufacturing Complex, with a total investment of VND 1,495 billion.
Commenting on biologics, Mr. Vu Dinh Xuan noted that the emergence of biologic drugs has brought significant advantages that conventional small-molecule drugs have not been able to achieve. As a result, major global pharmaceutical companies are increasingly shifting their focus toward biologics research, driven by their superior efficacy, economic value, profitability, and greater resistance to generic replication.
“Currently, biologics account for over 40% of total global drug value, and this figure is expected to exceed 50% by 2030. In Vietnam, the proportion is similar, with biologics representing around 40% of total drug value (despite accounting for only about 1–3% of volume), mainly in vaccines, oncology, immunology, diabetes, and hormonal therapies. Therefore, it can be affirmed that biologics (and biosimilars) present substantial growth potential in both the Vietnamese market and globally, both in the present and in the future.”