DP3 Foripharm beats full-year profit plan in H1 2026, revenue up 41%
This Aveluro analysis covers DP3 on HNX in the Health Care sector. The classified event type is earnings beat, with positive sentiment and a deterministic market-impact score of 8.4/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from CafeF - Thị trường chứng khoán, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
DP3 (Foripharm), a Vietnamese traditional medicine manufacturer, reported strong H1 2026 results, with net profit reaching 103% of its full-year plan after just six months. Revenue grew 41% year-on-year, supported by robust pharmacy channel demand and capacity expansion. The company’s stock trades on the HNX at 59,800 dong as of August 16, 2026.
Key Facts
- Q2 2026 net revenue: 129 billion dong, up 37% year-on-year.
- Q2 2026 net profit: 39 billion dong, up 22% year-on-year.
- H1 2026 revenue: up 41% year-on-year.
- H1 2026 net profit: completed 103% of the full-year plan.
- Selling expenses in Q2 rose 89% to 45 billion dong.
- The flagship product Sâm Nhung Bổ Thận TW3 contributes 30-40% of revenue.
- Pharmacy channel accounts for about 61% of the market and is growing 11%.
What Happened
According to the Q2 2026 financial statements of CTCP Dược phẩm Trung ương 3 - Foripharm (DP3), net revenue reached 129 billion dong, up nearly 37% from the same period last year. Selling expenses increased significantly by 89% to 45 billion dong, yet net profit still rose 22% to 39 billion dong. For the first half, revenue grew 41%, and net profit already exceeded the full-year target.
The company, founded in 1962 and equitized in 2003, operates a closed-loop model from production to distribution, with traditional medicine as its core. It owns two GMP-WHO certified factories and a distribution network of three branches, with OTC channel contributing nearly 70% of revenue. The product portfolio includes over 100 items, with Sâm Nhung Bổ Thận TW3 being a key revenue driver.
Market Context
DP3’s stock closed at 59,800 dong on August 16, 2026, on the HNX. The company’s performance reflects a strategic shift from margin harvesting to market share gains, as noted by SHS Securities. In 2023-2025, core operating margin improved from 26.4% to 38.9% but revenue was flat. Since early 2026, revenue growth has accelerated, with Q1 up 45% and Q2 up 36.6%. The pharmacy channel, which accounts for 61% of the market and is growing 11%, is a key growth driver.
Strategic Significance
DP3’s focus on the pharmacy channel differentiates it from peers reliant on hospital tenders, providing a more stable and growing revenue stream. The company’s capacity expansion, including the Nam Sơn factory operating at 100% and the Tràng Duệ phase 2, supports future growth. With a strong brand portfolio and a 60-year history, DP3 is well-positioned to capitalize on the growing demand for traditional medicine in Vietnam.
What to Watch
- Q3 2026 earnings release to see if growth momentum continues.
- Progress on Tràng Duệ factory phase 2 and its impact on capacity.
- Any changes in selling expenses and their effect on margins.
- Market share gains in the pharmacy channel versus competitors.
- Regulatory developments affecting traditional medicine products.