In H1, Imexpharm continued to capitalize on its leadership position in the manufacture and distribution of high-quality pharmaceutical products and to drive revenues in both the OTC (over-the-counter) and ETC (prescription drugs) channels.
In the second quarter of 2025, gross revenue reached VND770 billion (US$29.4 million), a 32% increase year-over-year and a 15% increase quarter-over-quarter, with both the OTC and ETC channels performing well. Net revenue grew by 22% year-over-year and 7% quarter-over-quarter, despite an aggressive sales deduction policy. For the first half of 2025, gross revenue amounted to VND1,442 billion, representing a 28% year-over-year growth; net revenue for the same period was VND1,227 billion, up 22% year-over-year, achieving 48% and 46% of the full-year targets, respectively.
A key driver for this market-outpacing revenue growth in the first half of 2025 was the remarkable performance of the OTC channel, which surged by 32% year-over-year. This rebound marks the first time the OTC channel has led overall business growth after a period of stagnation in 2023-2024. OTC revenue expanded across all regions, with the North experiencing a sharp increase of 70% year-over-year. The ETC channel also maintained its strong growth momentum, recording a 24% year-over-year increase and contributing 53% to the first half of 2025’s gross revenue.
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Staff working at Imexpharm factory. Photo courtesy of Imexpharm |
The top three therapeutic areas that continued to perform impressively are antibiotics, which grew by 25%; cough medicine, by 73%; and digestive aids, by 19% year-over-year.
In terms of profitability, gross profit in the first half of 2025 climbed to VND488 billion, up 28% year-over-year, as COGS (cost of goods sold) was effectively controlled with an increase of only 18% year-over-year, which is lower than the net revenue growth. This was primarily driven by enhanced manufacturing planning and further supported by slightly lower API (active pharmaceutical ingredient) prices. The gross profit margin for Q2 remained strong at 40%, consistent with Q1.
SG&A (selling, general & administrative) expenses were appropriately managed in line with revenue growth, particularly in Q2, resulting in a 38% year-over-year increase in profit before tax (PBT) for Q2 and a 31% year-over-year increase for H1 2025. As of the end of Q2, the company has achieved 43% of its PBT year-end target.
EBITDA surged by 27% year-over-year in Q2 and 21%, representing the strong and sustainable growth of the company’s operational profitability, while EBITDA stood at 22%.
Business highlights
Imexpharm’s dedication to advancing medical knowledge and public health was demonstrated through impactful engagements in Q2.
In April, Imexpharm introduced the “New advances in corticosteroid anti-inflammatory treatment – Prednisolone ODT” through a series of five offline and three online specialized workshops. The innovative Predni-ODT, formulated for easier swallowing, reached over 5,000 pharmacy clients and engaged more than 3,000 new users.
Furthering its commitment to pharmacist empowerment and end-user education, Imexpharm organized a series of four national online workshops, attracting participation from over 7,000 pharmacies. The sessions received highly positive feedback for their practical and relevant topics, including tax regulations, pharmacy management, and pharmaceutical care. A series of specialized workshops in May on “Common combinations in cough treatment at pharmacies” provided practical knowledge and support for pharmacists in their daily practice.
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Staff working at Imexpharm Lab. Photo courtesy of Imexpharm |
Imexpharm also continued its annual collaboration with Can Tho University of Medicine and Pharmacy, organizing a career orientation seminar to support the development of future pharmaceutical talent in the Mekong Delta region and beyond.
The company strengthened its engagement with retail and chain pharmacies to support the growth of new product usage. It conducted training programs across major pharmacy chains and signed four new marketing cooperation agreements. Its antibiotic line was also promoted through medical marketing programs, engaging over 3,000 doctors and organizing two in-depth Imexforum workshops with more than 500 doctors.
Imexpharm accelerated its digital transformation journey through upgrading its business management base platform. This strategic leap, aimed at optimizing workflows and enhancing overall efficiency, was paralleled by a robust investment in human capital. Imexpharm implemented a comprehensive ISO 27001:2022 Information Security Management System training program, strengthening data security capabilities across the organization.
Besides, several internal training programs have been carried out during the first six months, including Train the Trainers, AI Application—Enhancing Efficiency, Prompt Engineering, and Power BI data analysis workshops. These initiatives reflect Imexpharm’s belief that people, whether employees, customers, or partners, are at the heart of its sustainable development strategy.
Imexpharm was recognized for the fourth consecutive year in Forbes Vietnam’s Top 50 Best Listed Companies 2025 and was also honored among the Top 50 Corporate Sustainability Awards – CSA 2025, organized by Nhip Cau Dau Tu magazine, as a compelling example of its commitment to corporate governance and sustainability.
The company also received commendation from Dong Thap Province for its contributions to regional development, while People’s Doctor, Pharmacist Tran Thi Dao, Imexpharm’s esteemed General Director, received a special award for her five decades of tireless dedication to the “Pink Lotus Land.”
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Nguyen Quoc Huy (C), Deputy Head of Communications and Branding Department at Imexpharm, represents the company to receive CSA 2025 award plaque. Photo courtesy of Imexpharm |
In the first half of 2025, Imexpharm made remarkable achievements in business growth, digital innovation, and impactful contributions to both the healthcare sector and the wider community. It remains resolutely committed to delivering superior value to its stakeholders while continuing to lead the way in Vietnam’s pharmaceutical landscape.
Amid this evolving landscape, Imexpharm demonstrated strong resilience and agility, delivering standout growth in a turbulent environment.
“As the world evolves, so do we. I am deeply confident in our ability to adapt, to deliver products with EU-GMP quality to an ever-expanding patient base, and to lead the way in healthcare in Vietnam through continuous innovation and technology advancement,” said Dao.
