Financial highlights

The company’s total revenue in 2023 increased by 26% to over VND2.1 trillion. This represents a year of record growth for Imexpharm comparing to overall market growth of 8%.  

Its EBITDA (earnings before interest, taxes, depreciation, and amortization) rose by 31% to VND466 billion, significantly ahead of the company’s budgeted number.  

Costs were well controlled, with a 15% rise in selling expenses comfortably below the rise in revenues. General and administrative expenses fell by 9% as the firm continued to implement process efficiencies in both production and sales.

This impressive result allows Imexpharm to propose to the upcoming General Meeting of Shareholders to increase the dividend ratio on charter capital to 20% (10% in cash and 10% in shares), compared to the previously announced plan of 15%.

Business highlights

Imexpharm continued to hold the top position for producing and selling antibiotics in Vietnam in 2023.  At the same time, thanks to its diversification of products, the company saw healthy revenues from other products, most significantly 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.

Imexpharm spent 5% of its net revenue on research and development (R&D) during this period, reflecting the importance of continued innovations to its future growth.  

Production capacity increased with its newest factory, (IMP4) coming onstream. Despite driving record revenues, Imexpharm’s factories still have substantial capacity headroom, indicating the company’s potential to continue significantly growing revenue in 2024 and beyonds.

Alongside plans to meet evolving customer demand by diversifying its product lines, Imexpharm began exploring international markets in 2023. With its world-class SHE (Safety - Health - Environment) and MRO (Maintenance - Repair - Operations) manufacturing standards and 27 EU MAs across 11 products, Imexpharm is well placed to diversify its sales in Asia as well as Europe.

“In a challenging macroeconomic environment, Imexpharm has set new records for production and business management in 2023 while aligning itself for future success,” said Ms. Chaerhan Chun, Non-Executive Chairman of Imexpharm’s Board of Directors.

“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 strategically and financially poised for growth in 2024, both at home and on the global stage,” she added.

Imexpharm is a market leader in manufacturing and distributing high quality antibiotics in Vietnam. Over its close to fifty-year history, the company has been a pioneer in Vietnam’s rapidly evolving pharmaceutical industry, focusing on international partnerships and operating at the highest safety and quality standards.  

Looking to the future, it is strategically and financially poised for growth domestically and on the global stage, and has been, and will continue to expand its portfolio into new treatment areas and wellness.

PV