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Binh Dinh Pharmaceutical and Medical Equipment (DBD VN) – Q2 2025 – Hospital Channel Powers 12% Sales Growth
Summary of Q2 2025 results and outlook of Binh Dinh Pharmaceutical and Medical Equipment JSC (DBD VN)
- Net revenue rose 12.1% y/y to VND916 billion. By product category, the three strategic segments—Antibiotics (+14.8% y/y), Oncology (+13.8% y/y), and Dialysis solutions (+30.9% y/y)—together accounted for 63.5% of total sales. By distribution channel, the hospital segment, which contributed 68.1% of total revenue, grew strongly by 17.0% y/y. As Vietnam’s leading oncology drug producer and second-largest dialysis solution provider, DBD continues to benefit from government policies favoring domestically produced drugs in hospital tenders. Pharmacy channel revenue grew modestly by 3.3% y/y as expansion into modern retail chains such as Long Chau, and An Khang helped offset the slow recovery of traditional pharmacies which remain pressured by tighter enforcement of reporting and tax compliance requirements.
- Net profit grew 22.9% y/y to VND172bn. Gross margin rose from 49.2% to 51.4% on higher profitability, better contribution of high-value products on hospital channel, and effective cost control. This offset higher SG&A costs from expansion in modern pharmacy and additional quality-control staff in preparation for EU-GMP certification of oncology and aseptic facilities.
- DBD is the leading local producer of oncology drugs (for treatment of liver, breast, lung, ovarian, bladder cancer) and the second-largest provider of dialysis solutions (hemodialysis and peritoneal) by value in Vietnam’s hospital channel. With a well-recognized brand, broad product reach across the healthcare system, and expanding production capacity, the company is well-positioned to meet the rising demand for specialized, high-quality, and affordable treatments. This growing demand is driven by an aging population and an increasing prevalence of chronic diseases associated with pollution and changing lifestyles.
- H2/2025 Outlook: Net sales are projected to continue to be led by the hospital channel (+16.1% y/y), supported by DBD’s focus on its strategic drug categories. In contrast, growth in the pharmacy channel is expected to remain moderate, as the strong performance of modern chains has yet to fully offset the ongoing decline in traditional household pharmacies.
Interested in DBD? Click here to read more of our previous analysis on DBD’s quarterly earnings.
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