Imexpharm welcomes shareholders, analysts and potential investors at AGM

Chaerhan Chun, non-executive chairman of Imexpharm’s board of directors, said, “In 2023, Imexpharm met head on the challenges created by the complex macro environment, including inflation, geoeconomic fragmentation, geopolitical instability, and climate change.”

Tran Thi Dao, general director of the executive board, and executive director of Imexpharm's board of directors, commented, “We are delighted with Imexpharm’ s performance. Our decades of investing in technology, such that we have the largest number of EU-GMP production lines, has given us a strong competitive advantage in the hospital channel, which has helped to drive our record-breaking growth in 2023.”

Chun also reported that 2023 was a record-breaking year for Imexpharm since it listed in 2026. The company’s total revenue increased by 26 per cent on-year to VND2.11 trillion ($82.8 million). This represents a record year of growth for the company, and compares favourably to overall market growth of 8 per cent. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 31 per cent to end the year at VND466 billion ($18.3 million), significantly ahead of the company’s budgeted numbers. Over the past five years, Imexpharm’s EBITDA compound annual growth rate (CAGR) has been an impressive 17.5 per cent.

Imexpharm Corporation hosts shareholders, analysts and potential investors at AGM

Throughout 2023, Imexpharm maintained its leading position for the production and distribution of antibiotics in Vietnam, boasting a market share approaching 9 per cent. At the same time, the company's diversification initiatives yielded robust revenues from various product categories, notably cough medications, analgesics, antipyretics, and digestive aids. Furthermore, Imexpharm strategically expanded its revenue streams by venturing into the lucrative segments of vitamins and health supplements, aligning with the growing wellness market.

With its commitment to meeting evolving consumer demands through product diversification, Imexpharm embarked on exploring international markets in 2023. The company is well positioned strategically to extend its sales footprint into diverse markets across Asia and Europe. This is thanks to its international-standard Safety, Health, Environment (SHE) protocols and Maintenance, Repair, Operations (MRO) standards, in addition to the 27 European Union Marketing Authorisations (MAs) it holds.

To express its gratitude for shareholders’ ongoing support, the board of directors of Imexpharm will implement a new dividend policy for 2024–2025, increasing it to 20 per cent, with 10 per cent in cash and 10 per cent in stocks. The resolution to approve this was passed at the AGM.

The high-tech antibiotic plant IMP4 meets EU-GMP standards

Looking into 2024, despite the challenging macroeconomic environment, Vietnam and the Vietnamese pharmaceutical market are expected to continue to grow. The IMF is forecasting that Vietnam will be the world’s 20th fastest growing economy. Reflecting its ambitions for the economy, the National Assembly has set a 2024 GDP growth target for Vietnam of 6.0-6.5 per cent, more than double the IMF’s expectations globally.

While Vietnam's pharmaceutical industry is forecast to continue to grow at a CAGR of 6-8 per cent in 2023-2028 (according to IQVIA), Imexpharm is committed to high double-digit growth. Following its record-breaking year in 2023, Imexpharm has set itself a gross revenue growth target of 24 per cent. Within this, the company expects to achieve robust revenue growth in the fast-growing ETC sales channel of 49 per cent. The company also aims to further boost its EBITDA by 18 per cent.

As one of the leading pharmaceutical manufacturers of European approved drugs at reasonable pricing, Imexpharm is also exploring the possibility of distributing its products in other markets across Southeast Asia. It also plans to expand its portfolio of EU MAs, as well as explore partnerships with overseas pharmaceutical companies to bring new medical technologies to the Vietnamese market. It will also expand and develop its innovation activities in 2024, focusing on digital transformation, new factory development, and inter-departmental coordination.

Imexpharm recently reported revenue growth for the first quarter of 2024, despite a complex operating environment inevitably impacting performance during the quarter. The systems and processes put in place by the company to handle market fluctuations, as well as its plans for new products and new markets, mean Imexpharm is confident in meeting its targets for the year ahead.

Chun said, “Doing business in a highly competitive and continuously changing pharmaceutical sector is not easy. That makes me all the more proud of Imexpharm’s many achievements during 2023. This coming year, we will continue to meet all challenges head on, flexing our business model to meet customer demand and to deliver on the promises we have made to our shareholders.”

Dao commented, “2024 is another challenging year ahead, but we are prepared for this, and have a robust growth plan for delivering another record year of results. We will continue to expand our revenues aggressively and are seeing terrific growth particularly in the ETC channel. Our factories, including our newest IMP4 factory, are gearing up production to meet the high levels of demand we have from our customers. As we continue to diversify our products and look to grow in new markets, I am excited about our next phase of growth ahead.”

Outlook for pharmaceutical stocks in 2024 At a macro level in which there is still complexity, the pharmaceutical industry is expected to continue witnessing positive business results in 2024.

Imexpharm set growth record in 2023 Imexpharm Corporation (Imexpharm or IMP.VN), a pioneer in Vietnam’s pharmaceutical industry, announced its business results on March 27, for the fiscal year ending December 31, 2023.

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.