Imexpharm set growth record in 2023

Imexpharm's total revenue increased by 26 per cent last year to VND2.11 trillion ($85 million). 2023 represented a record year of growth for the company, and compares favourably to the overall growth of the market, which was 8 per cent. Earnings before interest, taxes, depreciation, and amortisation jumped 31 per cent to end the year at VND466 billion ($18.6 million), significantly ahead of the company’s budgeted numbers.

Costs in the year were well controlled, with a 15 per cent rise in selling expenses comfortably below the rise in revenues. General and administrative expenses fell by 9 per cent as the company continued to implement process efficiencies in both production and sales. These results will allow Imexpharm to propose an increase in the dividend ratio on charter capital to 20 per cent (10 per cent in cash and 10 per cent in shares) at the upcoming AGM, compared to the previously announced plan of 15 per cent.

Imexpharm held the number one position for producing and selling antibiotics in Vietnam throughout 2023. At the same time, its diversification activities mean the company saw healthy revenues from other products, most significantly in cough medicines, analgesics, and antipyretics, as well as digestive aids. Imexpharm also started to generate revenue from vitamins and health supplements as part of its strategy to tap the growing wellness market.

Employees work in the lab meeting Imexpharm's EU-GMP standards

The company spent 5 per cent of net revenue on research and development last year, reflecting the importance of continued innovation to its future growth. Production capacity increased with its newest factory, IMP4, coming online. Despite driving record revenues, Imexpharm’s factories still have substantial capacity headroom, indicating the company’s potential to continue to grow revenue significantly in 2024 and beyond.

Inside the room, the system is bottling lyophilized powder for injection

Alongside plans to meet ever-evolving customer demand by diversifying its product lines, the company also began exploring international markets last year. With its world-class SHE (Safety - Health - Environment) and MRO (Maintenance - Repair - Operations) manufacturing standards, Imexpharm is well-placed to diversify its sales into other markets in Asia as well as Europe.

Chaerhan Chun, non-executive chairman of Imexpharm’s Board of Directors, said, "Ever since its foundation nearly 50 years ago, the company has been a pioneer in Vietnam’s dynamic pharmaceutical industry, focusing on international partnerships and operating at the highest safety and quality standards. I am confident that Imexpharm is poised for growth in 2024, both at home and on the global stage."

Strong demand for high-quality drugs at reasonable prices As Vietnam experiences robust economic growth alongside a rapidly ageing population, the demand for pharmaceuticals and modern healthcare treatments has surged, with health expenditure in Vietnam witnessing an on-average growth rate of 11 per cent per year over the past decade.

Imexpharm opens new representative office in Ho Chi Minh City Imexpharm has opened a new office to grasp fresh opportunities for growth after a period of in-depth investment in modern production technologies.

Imexpharm forges partnership with Genuone Sciences On February 23, Imexpharm JSC (IMP) officially announced the signing of a strategic cooperation agreement with Genuone Sciences Inc., one of the leading pharmaceutical companies from South Korea.