In the opening remarks at the AGM, Sung Min Woo, chairman of the Board of Directors said, “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 $84.9 million, an 11 per cent increase on-year. The ethical drugs channel (ETC) channel demonstrated remarkable growth of 56 per cent, with revenue from EU-GMP standard injectable products accounting for 33 per cent of total revenue.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached $20 million, up 12 per cent, with an EBITDA margin of 24 per cent, surpassing year-end target. Pre-tax profit reached $15.5 million, achieving 96 per cent of the profit plan, despite notable depreciation and amortisation at IMP4 – Imexpharm's high-tech antibiotic factory.

Discussion session at Imexpharm's 2025 AGM. Photo: Imexpharm

At the AGM, shareholders also approved the 2024 dividend payment plan of 5 per cent of the charter capital in cash, as proposed by the BOD. 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 $26.9 million at the beginning of the year to $59.2 million as of December 31, 2024 – a 2.2-fold increase within just one year.

Adjusting the dividend from the initially planned (20 per cent) to 5 per cent 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 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 $114.5 million, an 18.6 per cent increase compared to 2024; net revenue is expected to reach $101.8 million, up 20.1 per cent; pre-tax profit is targeted at $18.9 million, representing 22.1 per cent growth; and EBITDA is set to reach $24.4 million, an increase of 21.9 per cent. The EBITDA margin is expected to be maintained at a high level of 24 per cent, 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 per cent of revenue, providing a solid foundation for sustainable growth.

Concurrently, the company is continuously expanding its production capacity with Cat Khanh Pharmaceutical Factory Complex – a strategic manufacturing hub for high-tech product lines in specialised 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.

Imexpharm's high-tech EU-GMP certified facility. Photo: Imexpharm

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 half 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, Nguyen An Duy, Imexpharm's CFO, emphasised 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 an 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 maximising value for shareholders and the community.

Imexpharm’s management said that product growth, network growth, and operational efficiency are the three strategic pillars helping Imexpharm realise its medium and long-term vision.

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.

Regarding competitiveness, Tran Thi Dao, general director of Imexpharm, 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 prioritised the research and development of new-generation antibiotics to meet growing market demand.

Chief production officer Le Van Nha Phuong elaborated on three key therapeutic areas the company is actively developing: cardiovascular, gastrointestinal, and diabetes. These groups currently represent a market size of over $2 billion and are experiencing stable compound annual growth rates of 8-13 per cent, particularly in diabetes, where treatment demand is continuously rising.

“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," Dao said.

"The Cat Khanh Pharmaceutical Factory Complex project, 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.”