Slide 1: Investor & Analyst Presentation Q4 and FY2024
INVESTOR & ANALYST PRESENTATION IMEXPHARM CORPORATION Q4 and FY2024
Slide 2: Vietnam Pharmaceutical Market Overview
01 VIETNAM PHARMACEUTICAL MARKET OVERVIEW 2 2
Slide 3: High-tech, high-value products particularly vaccines driving market growth
High-tech, high-value products particularly vaccines driving market growth Market Value Breakdown Market Value CAGR 2022-2024 10.4% p.a Local 42% Import MAT 3Q2024: 9% yoy ▲5% 58% ▲12% Retail Hospital MNC Market Volume 59% 41% Non-MNC 38% ▲12% 62% ▲19% CAGR 2022-2024 ▲7% ▲4% 1.1% p.a (Sources: 24’Q3
Slide 4: Favorable regulatory progress
Favorable regulatory progress Amended Decision Decree Pharmacy Law No. 201/QĐ-TTg No. 24/2024/ND-CP No. 44/2024/QH15 (02/2024) (02/2024) (11/2024) • Upgrade 6 hospitals to Incentives for • Drug Registration procedures; international standards Vietnamese-origin goods • Investment incentives for local
Slide 5: New opportunities and challenges
New opportunities and challenges Opportunity Challenge Local drugs are clearly favoured against imported drugs The R&D and go-to-market processes for Competition has intensified, particularly high-value, high-tech products, such as first due to foreign players with strong generics and biosimilars, a
Slide 6: Business Results
02 BUSINESS RESULTS 6 6
Slide 7: Double-digit growth in revenue and accelerated profitability
Double-digit growth in revenue and accelerated profitability Net revenue FY24 New launch ▲ VND 2,205 bn 52.2% yoy 24 SKUs 12 ▲ 11% YoY Injectables EU-GMP lines gross revenue in total growth EBITDA FY24 R&D pipeline VND 521 bn 98 projects Net 18,5% ▲ 12% YoY profit 11,9% 12,6% 12,7% 13,3% +24 new pro
Slide 8: Profit expansion driven by optimized marketing and operational efficiency
Profit expansion driven by optimized marketing and operational efficiency VND bn 2512,80 2205,10 (307,70) 855,60 (1349,60) 109,10 520,80 404,20 (440,40) (11,0) Gross revenue Sales deduction Net revenue COGS Gross Profit SG&A expense Others PBT Int,Dep,Amor EBITDA YoY 19% 3x 11% 14% 6% 3% 3x 7% 23% 1
Slide 9: A remarkable Q4 to close a year of resilient growth
A remarkable Q4 to close a year of unwavering leadership and resilient growth Net revenue Q4 Commentary VND 652 bn • Q4 recorded a substantial growth QoQ in revenue ▲ 7% YoY ▲ 20% QoQ as benefited from all marketing efforts since the beginning of the year EBITDA Q4 • Q4 EBITDA margin reached the all
Slide 10: Market-outpacing revenue growth
Market-outpacing revenue growth, driven by consistent strategic investments in technology and quality Gross Revenue (VND bn) Net Revenue (VND bn) IMP 2024: 19% IMP 2024: 11% vs industry (*): 5% vs industry (*): 3% 2.513 1.994 2.205 2.114 1.644 1.676 2022 2023 2024 2022 2023 2024 Commentary Gross rev
Slide 11: ETC continues to drive total sales; OTC shows signs of recovery
ETC continues to drive total sales; OTC shows signs of recovery Gross revenue by channel OTC channel VND bn YoY - Top 10 includes anti-biotics and cough medicines 294 - Revenue via chains was up 74% 2% (64)% 272 243 272 287 yoy, accounting for 9% of OTC 6% revenue. Retail pharmacy was up 43% (0.8)%
Slide 12: Steadily rising profitability
Steadily rising profitability Profit before tax (VND bn) EBITDA (VND bn) • Competitive advantages in EU-GMP-compliant productions, high- • The product portfolio has been shifting towards high-tech high value tech high quality product portfolio and continuously optimized products including injectable
Slide 13: 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) +14.0% • COGS rose more strongly than the growth of net revenue, mainly attributed to the additional depreciation of IMP4. 1.350 • Depreciation which accounts for 7% of COGS increased 33% yoy. 1.184 • Low production volu
Slide 14: Production by Factory
IMP boosted production at its higher-value, EU-GMP factories 4% 1.058 8% 950 934 2023 38% Revenue by Factory 2024 680 IMP1 IMP2 (VND Bn) 37% FY24 IMP3 IMP4 336 223 190 Others 80 73 103 IMP1 IMP2 IMP3 IMP4 Others 13% Production volume FY24 • Revenue and production volume of IMP1 was down due to stagn
Slide 15: Continued dominance in Tier 2 tenders
Continued dominance in Tier 2 tenders Market tender value IMP tender value (VND Tn) (VND Bn) 14.3% %MS 0.3% 13.8% 0.4% 0.3% 0.3% 20,2 20,0 1.358,0 15,3 13,5 1.048,9 9,5 2023 2023 7,6 2024 2024 36,7 63,6 57,8 63,2 Tier 1 Tier 2 Tier 3-5 Tier 1 Tier 2 Tier 3-5 Source: muasamcong.mpi.gov.vn 15
Slide 16: Sustainable growth fueled by strong product portfolio & R&D capability
Sustainable growth fueled by strong product portfolio & outstanding R&D capability 98 total 24 new 7.8% projects in SKUs pipeline launched 76% 4.3% 24% 4.2% 24 new SKUs 2.4% 6% 1.8% 1.5% 1.0% Net Revenue 0.9% Other SKUs: 94% Antibiotics Cough medicine Digestive aid Analgesic and antipyretic Anti-inf
Slide 17: Key Financial Ratios
Key Financial Ratios Ratio 2022 2023 2024 Note Net revenue (VND Bn) 1,643.7 1,994.0 2,205.1 15.8% CAGR (22-24) Profit before tax (VND Bn) 291.4 377.3 404.2 17.8% CAGR (22-24) EBITDA (VND Bn) 356.9 463.7 520.8 20.8% CAGR (22-24) BV (VND) 28,400 29,763 14,176 EPS (VND) 3,507 4,381 2,864 Total debt/Tot
Slide 18: Stock performance, Shareholder structure, and Market capitalization
Stock performance, Shareholder structure, and Market capitalization Price and Trading volume of IMP shares in 2024 Shareholder structure Thousands 60 900 Trading volume Thousands VND Price 800 2023 2024 % 50 700 40 600 Total 2,098 3,540 69% 500 30 400 Domestic 1,844 3,265 77% 20 300 200 10 100 Forei
Slide 19: Achievements and awards in 2024
Achievements and awards in 2024 19
Slide 20: 2025 Business guidance
2025 Business guidance Completion rate No. Target (VND Bn) 2024 Target 2024 Actual 2025 Target vs. target 1 Gross revenue 2,630.1 2,513 96% ▲ High double-digit • OTC 1,214.0 1,075 89% • ETC 1,316.1 1,378 105% 2 Net revenue 2,364.9 2,205 93% ▲ High double-digit 3 Profit before tax 423.0 404 96% ▲ Hig
Slide 21: Thank You
Thank You For further discussion, please contact our IR team ir@imexpharm.com 21