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On April 25, 2026, Bidiphar (HoSE: DBD), the Bình Định Pharmaceutical – Medical Equipment Joint Stock Company, will hold its 2026 annual general meeting. At the meeting, the company will present a plan to privately place 23.3 million shares worth VND 1.165 trillion to fund two drug-manufacturing projects.
In 2025, Bidiphar reported revenue of over VND 1,865 billion, up 8% year-on-year. Net profit after tax reached VND 290.7 billion, up 6% compared with 2024.
Compared with the 2025 targets approved by the AGM, the company achieved 93% of its revenue target and exceeded its pre-tax profit target by 3%.
As of December 31, 2025, Bidiphar’s total assets were VND 2,584 billion, up 14% year-on-year. Current assets accounted for more than half at VND 1,480 billion, up slightly from the beginning of the year. Cash and cash equivalents rose 39% year-on-year to VND 611 billion, representing nearly one-quarter of total assets. Inventory declined 28% to VND 366.1 billion. Construction in progress increased 132% to VND 542 billion, largely driven by the Nhơn Hội high-tech drug manufacturing plant project, with more than VND 505 billion.
Liabilities rose 43% to VND 863 billion, mainly long-term borrowings of VND 132 billion, up 4.7 times from the start of the year. Equity at year-end stood at VND 1,718 billion, up nearly VND 100 billion, including retained earnings of VND 528.8 billion.
To finance the two projects, Bidiphar will propose offering 23.3 million private shares to up to five professional investors at the 2026 AGM. The issue price will be set by the Board but will not be lower than VND 50,000 per share. At the minimum price, the estimated proceeds will be about VND 1.165 trillion.
The raised capital will be prioritized for:
Pending disbursement, idle funds will be placed in short-term bank deposits. The Board will also be empowered to raise additional funds from other legitimate sources, including internal funds or bank loans, if necessary, to support project progress.
The private placement is planned for 2026 or 2027, after selecting a partner and obtaining approval from the State Securities Commission. The private shares will be non-transferable for one year from the closing date.
In addition to the capital raise, Bidiphar will propose issuing 1.5 million ESOP shares in two tranches of 750,000 each. The first tranche is expected to be implemented in 2027 after GMP-EU certification for the cancer drug plant by December 31, 2026. The second tranche is planned for 2029, contingent on GMP-EU certification for the Nhơn Hội drug manufacturing plant by December 31, 2028.
ESOP funding will be drawn from undistributed after-tax profits and audited consolidated financial statements for the respective years. The program is intended to strengthen employee engagement and align incentives with strategic goals.
Based on the two projects, Bidiphar expects 2026 revenue above VND 2,100 billion and pre-tax profit of VND 375 billion, representing increases of 7% and 9% respectively versus 2025.
The company also plans to maintain a minimum dividend payout of 20% in cash or stock to shareholders.
Bidiphar considers 2026 a pivotal year to strengthen operational foundations and drive new growth. The company cites ongoing domestic policies supporting domestic development, particularly for technology-enabled products and expanded distribution networks. It also notes risks including rising GMP standards and compliance costs, with potential temporary stoppages of some production lines if GMP-WHO and GMP-EU are re-evaluated in 2026.
Additional risks include global macro volatility affecting raw materials, exchange rates, and energy costs, alongside limited pricing flexibility.
To address these factors, Bidiphar plans measures to accelerate market capture while safeguarding shareholder value. Key objectives include completing GMP-EU certification for the cancer drug plant and validating the entire production equipment system by December 31, 2026.
The company will continue investing in R&D, developing new products, and accelerating digital transformation through SAP S/4HANA, Power BI, and AI. In governance terms, it targets labor productivity growth of more than 10% through process improvement and digitization, and ensuring more than 95% of tasks are completed on schedule. Bidiphar also plans improvements in financial management and supply-chain processes to enhance resource use and forecasting capabilities.
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