Vinapharm (DVN) 2025 Profit Hits Record, Focus on Biosimilars and Tech Transfer

Overview

Vinapharm (DVN) reported a record pre-tax profit of 825 billion VND in 2025, up 62% year-on-year and exceeding its plan by 77%. The Annual General Meeting approved a 10% cash dividend and outlined a strategic focus on biosimilars and technology transfer, including exclusive distribution agreements with Celltrion and a memorandum of understanding with Promomed of Russia.

Key Facts

• Pre-tax profit for 2025 reached 825 billion VND, a record high for Vinapharm.
• Profit grew 62% year-on-year and exceeded the plan by 77%.
• The compound annual growth rate (CAGR) of pre-tax profit from 2021-2025 was approximately 37%.
• The AGM approved a 10% cash dividend for 2025.
• Vinapharm increased its ownership in Sanofi Vietnam from 15% to 30% during the 2021-2025 period.
• In 2025, Vinapharm and its subsidiary CPC1 signed an exclusive distribution agreement with Celltrion for biosimilar products.
• Vinapharm signed an MOU with Promomed of Russia for commercialization and core technology transfer.

What Happened

On April 23, 2026, Vinapharm held its Annual General Meeting for 2026, reporting financial results for 2025 and outlining its strategy for 2026-2030. The company announced a record pre-tax profit of 825 billion VND, up 62% year-on-year and 77% above plan. The AGM approved a 10% cash dividend.

Management highlighted strategic moves including an exclusive distribution agreement with Celltrion for biosimilars and an MOU with Promomed for technology transfer. The company aims to focus on high-tech drug production and technology transfer to reduce dependence on imported raw materials, aligning with the National Strategy for Pharmaceutical Development to 2030.

Market Context

Vinapharm (DVN) is listed on the UPCOM exchange. The pharmaceutical sector in Vietnam has seen increased attention due to government policies promoting domestic production and technology transfer. DVN’s record profit and strategic partnerships position it as a key player in the sector, though the stock’s liquidity on UPCOM may be lower than on HOSE or HNX.

Strategic Significance

Vinapharm’s record profit and strategic pivot toward biosimilars and technology transfer reflect a broader industry trend toward self-sufficiency and high-value production. The partnerships with Celltrion and Promomed could provide long-term growth drivers, but the company notes that investment cycles in pharmaceuticals are long, and financial returns may take time to materialize. The increased stake in Sanofi Vietnam also signals a commitment to strategic investments.

What to Watch

• Progress on the Celltrion distribution agreement and revenue contribution from biosimilar products.
• Execution of the Promomed technology transfer MOU and any subsequent joint ventures.
• Further updates on the timeline for listing DVN shares on a main exchange (HOSE or HNX).
• Q1 2026 earnings release to gauge momentum after the record 2025.
• Any new strategic investments or partnerships announced in line with the 2026-2030 strategy.