Imexpharm Corporation · HOSE:IMP
Imexpharm — H1 2025 Earnings Presentation
15 slides from Imexpharm's earnings presentation, July 2025
Slide 1: Investor Presentation: Imexpharm Corporation Q2 and 1H2025
INVESTOR PRESENTATION IMEXPHARM CORPORATION Q2 and 1H2025
Slide 2: Accelerated profitability in Q2 driven by production ramp-up & high-value product sales growth
Accelerated profitability in Q2 driven by production ramp-up & high-value product sales growth Net revenue 2Q VND 633 bn On-going New SKUs projects ▲ 22% YoY ▲ 7% QoQ 8 147 EBITDA 2Q VND 142 bn ▲ 27% YoY ▲ 13% QoQ Net 12.5% 14.3% profit margin PBT 2Q 21.2% 22.5% EBITDA VND 115 bn margin ▲ 38% YoY ▲
Slide 3: Outpacing the market in 1H & on track for ambitious year-end targets
Outpacing the market in 1H & on track for ambitious year-end targets Year-end target completion Gross revenue ▲ 28% yoy 48% 22% VND 1,442 billion 8% Net revenue Net revenue ▲ 22% yoy 46% VND 1,227 billion Imexpharm Market* EBITDA ▲ 21% yoy 42% 31% VND 268 billion 18% PBT PBT ▲ 31% yoy 43% VND 210 bi
Slide 4: Robust profitability fueled by sustainable sales growth & continued COGS optimization
Robust profitability fueled by sustainable sales growth & continued COGS optimization VND bn 1,442 1,227 (215) 488 (739) 61 269 210 (272) (6) Gross revenue Sales deduction Net revenue COGS Gross Profit SG&A expense Others PBT Int,Dep,Amor EBITDA YoY 28% 80% 22% 18% 28% 28% (20%) 31% 12% 21% 4
Slide 5: OTC recorded an impressive turn-around while ETC continued its momentum
OTC recorded an impressive turn-around while ETC continued its momentum Revenue (VND bn) Gross revenue before accrued promotional cost 27% yoy Gross revenue +28% 53% 46% 1% ETC OTC Others ETC Channel 24% yoy 1,442 1,127 • Increased across all regions. • 7 over top 10 products by revenue in ETC chann
Slide 6: Costs continued to be well-managed in line with revenue expansion
Costs continued to be well-managed in line with revenue expansion COGS (VND bn) +18% • Cost of goods sold increased by 18% yoy but remained 739 lower than the net revenue growth rate of 22%, thanks to 627 well managed stock level, campaign-based production and optimized maintenance fee • API price d
Slide 7: Production at EU-GMP factories continued to grow to meet increasing demand
Production at EU-GMP factories continued to grow to meet increasing demand 4% 7% 587 1H24 39% Revenue by Factory 513 452 1H25 433 IMP1 IMP2 (VND Bn) 34% 1H25 IMP3 IMP4 217 165 110 Others 70 48 60 IMP1 IMP2 IMP3 IMP4 Others 15% Production volume Production volume Factory Production by Factory 2Q25 vs
Slide 8: More penetration in Tier 1 while fostering the dominance in Tier 2 tenders
More penetration in Tier 1 while fostering the dominance in Tier 2 tenders Market tender value IMP tender value (VND Tn) (VND Bn) 1.0% %MS 16% 15% 1.4% 0.3% 17.4 0.2% 14.6 1,283.2 10.6 9.5 8.6 1H24 1H24 728.8 4.5 1H25 1H25 140.2 148.4 20.5 58.9 Tier 1 Tier 2 Tier 3-5 Tier 1 Tier 2 Tier 3-5 Source: m
Slide 9: Balanced product mix as both antibiotics and non-antibiotics are growing strongly
Balanced product mix as both antibiotics and non-antibiotics are growing strongly CAGR (VND Bn) 31% 24% (23-25) 10.4% 1200 75% 25% 4.0% 1000 3.4% 800 2.8% 0.9% 1.2% 600 1.0% 0.9% 400 Antibiotics Cough medicine Digestive aid Analgesic and antipyretic 200 Anti-inflammatory Health supplement 0 Anti-tub
Slide 10: Recognized with prestigious awards in 1H2025
Recognized with prestigious awards in 1H2025 10
Slide 11: IMP: Outperforming pharma industry and market
IMP: Outperforming pharma industry and market US Tariff % 1st annoucement 160 On April 2nd 120 Weighted avg share price of top IMP stock price 6 pharma companies by revenue 80 40 VNIndex 0 -40 Stock price (VND) 51,600 IMP Market cap (VND) Average daily trading volume in 1H25 (shares) 7,947 Bn 208,28
Slide 12: 1H2025 Market update
1H2025 Market update MoH's Circular 21/2024/TT-BYT (effective Oct 17, 2024), adjusting medical service prices, is projected to increase the drug and medical service price index by 13.87%, contributing 0.75 percentage points to the overall CPI. Decree 70/2025/ND-CP (effective June 1, 2025) updates e-
Slide 13: Balance sheet
Balance sheet Item (VND billion) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Total Assets 2,473 2,505 2,582 2,505 2,914 3,025 Current Cash and cash equivalents 109 128 183 162 303 262 Assets Short-term investments 132 132 87 142 152 282 Short-term receivables 363 379 420 384 696 479 Inventories 706 713 770 705 66
Slide 14: Income statement
Income statement Item (VND billion) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Gross revenue 544.7 582.8 618.0 767.3 671.5 770.1 Sales deduction (53.6) (65.6) (73.3) (115.2) (77.4) (137.4) Net revenue 491.1 517.2 544.7 652.1 594.1 632.7 COGS (310.6) (316.6) (336.0) (386.3) (359.6) (378.8) Gross profit 180.5 200.
Slide 15: Thank You
Thank You For further discussion, please contact our IR team ir@imexpharm.com 15