Services
5% of revenue for R&D, EU-GMP standards, and growing profits
On August 5, 2024, Imexpharm hosted an investor and analyst conference to announce its financial results for the first half of the year and discuss its business development plans for the second half of 2024. During this period, Imexpharm has continued to solidify its leading position in the production and distribution of high-quality antibiotics, as well as in the ETC channel.
According to Mr. Nguyen An Duy, Vice President of Finance at Imexpharm, the research and development (R&D) investment strategy requires significant human resources and financial capabilities, but Imexpharm has been committed to this strategy since its inception. This has brought and continues to bring significant advantages to Imexpharm in both domestic and overseas markets.
It can be said that pioneering in building advanced technology foundations has helped Imexpharm achieve many business achievements. Imexpharm is currently on track to achieve profitable growth for the third consecutive year. In 2024, Imexpharm aims for net revenue of VND 2,365 billion and pre-tax profits of VND 423 billion. “Imexpharm is on a strong growth trajectory, and this momentum will continue in the second half of 2024, ensuring that we meet our goals. We continue to innovate and adapt in our business operations, and we plan to have the largest charter capital among Vietnamese pharmaceutical companies,” said Mr. Duy.
Imexpharm’s growth in the first six months is evident in the following figures: net revenue reached VND 1,008 billion, a 10% increase compared to the same period last year; sales revenue in the ETC channel for the first half increased by 33% year-over-year; sales revenue through the chain channel increased by 141% compared to the first half of last year; profit before tax (PBT) and EBITDA were recorded at VND 161 billion and VND 215 billion, respectively, maintaining a stable EBITDA margin of 21%. Notably, the company’s market capitalization as of the closing price on July 31 was over VND 6,300 billion, a 60% increase since the beginning of the year.
Over the past 47 years, Imexpharm has consistently demonstrated its highest commitment by investing all its resources in developing high-quality pharmaceutical products that are well-regarded in the market. Notably, to maintain its leading position in the antibiotic market, Imexpharm has invested significantly in a state-of-the-art production line for high-quality antibiotics with pure materials using Enzymatic technology. This technology does not use solvents or chemicals in the manufacturing process, resulting in antibiotics that are superior in terms of purity, stability, patient safety, and environmental friendliness.
Research and development activities at Imexpharm’s Lab. Source: Imexpharm.
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In 2023, the company led the antibiotic market with a 9% market share and sales of approximately VND 2,157 billion, a 25% increase from 2022. Popular antibiotic groups such as Cephalosporin and Penicillin, which account for over 70% of the market value in Vietnam, are also Imexpharm’s flagship products.
In 2023, Imexpharm allocated 5% of its revenue to R&D activities. As a result, the company has undertaken 93 R&D projects, with 15 of them already launched in the market. As of July 2024, the company has registered an additional 11 EU MA, bringing the total number of EU MA it holds to 28 for 11 products, as it prepares to boost exports and enter new markets.
Imexpharm’s high-tech antibiotic factory IMP4, EU-GMP certified. Source: Imexpharm.
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Stepping into the Global Market
Investment trends in the pharmaceutical industry are shifting towards innovation, clinical trials, and technology transfer. Imexpharm has embraced this change by partnering with Genuone Sciences, a leading South Korean pharmaceutical company, to acquire technology for producing medications for diabetes, cardiovascular diseases, and more. In addition to Genuone, Imexpharm has been the manufacturing partner of choice for numerous multinational pharmaceutical giants, including Sandoz, Robinson Pharma, DP Pharma, Galien, Pharma Science Canada, and Sanofi – Aventis.
Imexpharm signs a partnership with Genuone Sciences Inc., a leading South Korean pharmaceutical company, for technology transfer in diabetes and cardiovascular medication production. Source: Imexpharm.
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With this vision in mind, Imexpharm is planning to expand its non-antibiotic product portfolio and is expected to build a new factory, IMP5, in the Quang Khanh Industrial Park, Dong Thap. In addition to traditional dosage forms, Imexpharm has the capability to develop modern dosage forms such as lyophilization, dispersible tablets, and multidose powders. These products are strictly monitored to control harmful impurities, such as nitrosamines (carcinogens), solvent residues, and heavy metals.
With product quality meeting European standards, Imexpharm has successfully exported to new markets like Mongolia and has signed export contracts with Singapore, Malaysia, the Philippines, and Hong Kong. These moves not only provide access to advanced technology but also expand the company’s distribution network domestically and internationally, allowing it to compete on equal footing with foreign products.
“Our pioneering strategies in technology have laid a strong foundation for our vision to triple our revenue by 2030,” said Imexpharm’s leadership. “This will be a significant step forward in solidifying Imexpharm’s position in the global, Vietnamese, and regional markets.”
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