Pharmaceutical Industry 2025 -STABLE GROWTH
In 2024, many existing challenges and obstacles in the industry have been and are being addressed, including: 1) a surge in new and renewed drug circulation certificates granted after a prolonged period of disruption; and 2) the passage of two new laws, the amended Pharmaceutical Law and the amended Health Insurance Law, demonstrates the reform efforts of government agencies, which are expected to support the pharmaceutical industry's business operations and attract health insurance participation in the future.In 9M/2024, pharmaceutical businesses recorded revenue growth at an average of 2.1% YoY, however, most recorded a decrease in NPAT at an average of 13.1% YoY due to increased input prices and a weak demand for OTC products while having to maintain certain fixed costs. In 2025, the ETC channel will continue to be the main growth driver, with the “standard-upgrading" race being a strategic focus for businesses. However, input material costs forecasted to continue rising due to supply issues, transportation costs, and exchange rate increases will somewhat negatively affect their profits.
In our research list, DBD (REDUCE, TP: 51,000 VND/share), IMP (REDUCE, TP: 43,700 VND/share)
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