SK-backed Imexpharm gains record profit in 2025 on broad-based sales growth

Imexpharm (HoSE: IMP), one of Vietnam’s top pharmacy firms, posted record earnings in 2025, supported by broad-based revenue growth across both prescription and over-the-counter channels, even as the company fell slightly short of its full-year targets.

According to its Q4 earnings statements, Imexpharm reported net profit of VND349 billion ($13.28 million) in 2025, up about 10% from 2024 and the highest annual profit in its history.

Net revenue rose 11% year-on-year to nearly VND2.44 trillion ($92.91 million), driven by stronger sales in both the ETC (hospital and prescription) and OTC segments.

Compared with its 2025 business plan, which targeted revenue of VND2.65 trillion ($100.92 million) and pre-tax profit of VND493 billion ($18.76 million), Imexpharm achieved roughly 92% of its revenue goal and 91% of the profit target.

By sales channel, ETC revenue increased 11.8% from a year earlier, while OTC revenue grew a faster 18.3%, alongside a 6% rise in the number of customers.

Growth was recorded across all regions nationwide, with northern Vietnam market standing out after posting a 51% year-on-year increase.

Sales through major pharmacy chains surged 75.8%, lifting their contribution to 13.8% of total OTC revenue, up from 9% in 2024. The shift highlights Imexpharm’s expanding presence in modern retail distribution channels.

As of end-2025, IMP’s total assets stood at VND2.78 trillion ($105.89 million), up 11% from the start of the year. Cash and bank deposits rose about 32% to VND401 billlion ($15.26 million).

Inventory was valued at nearly VND677 billion ($25.77 million), fixed assets at VND781 billion ($29.73 million), and short-term receivables at VND404 billion ($15.38 million).

The firm’s total liabilities were over VND476 billion ($18.12 million), mainly short-term obligations of around VND372 billion ($14.16 million). Its owners’ equities amounted to nearly VND2.31 trillion ($87.77 million), including VND1.54 trillion ($58.61 million) in charter capital, VND449 billion in retained earnings ($17.09 million), and VND127 billion ($4.83 million) in development investment funds.

As of September 30, 2025, South Korea’s SK Investment was Imexpharm’s largest shareholder, holding 47.69% of the company, followed by Vinapharm (UPCoM: DVN) with a 22.04% stake.

Other notable shareholders include Binh Minh Kim Investment JSC with 9.75% and KBA Investment JSC with 7.37%, which are both entities related to SK.

Recently, Imexpharm said it has received a public tender offer filing from Lian SGP Holding, a Singapore-based entity wholly owned by China’s Livzon Pharmaceutical Group, to buy more than 120 million IMP shares, equivalent to 77.94% of the company’s outstanding shares.

The offer price is set at VND57,400 ($2.2) per share, valuing the potential transaction at around VND6.9 trillion ($262.6 million).

IMP shares closed at VND53,100 ($2.02 ) each on Thursday.