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Traphaco reported a 42% increase in Q1 profit and said it is targeting at least 10 new products each year, as the company pushes for roughly 10% annual growth over 2026–2030. The stock also hit its trading ceiling, reflecting a positive market reaction.
In Q1 2026, Traphaco’s revenue rose 13% while net profit increased 42% versus the same period last year. Management attributed the outperformance partly to modern distribution channels.
Online revenue in the first four months matched the level of all of 2025, while the pharmacy chain channel grew by about 30%. Traphaco said these results reflect changing consumer behavior and the company’s ability to adapt quickly.
At the same time, leadership cautioned that market opportunities are sizable, but if they are not converted into revenue and earnings quickly, the company could lose market share to more agile competitors.
Traphaco’s 2026 central theme is “Speed of execution – productivity breakthrough.” A key highlight at the annual meeting is the company’s EU-GMP-compliant plant project in Hung Yen, intended to support deeper penetration into high-quality modern medicines and hospital channels (ETC).
The EU-GMP plant project has total investment of nearly 700 billion VND. It is designed for a capacity of 900 million tablets per year, with construction planned to begin in 2026 and completed in 2029.
The planned capital structure is 50% equity and 50% loans. Traphaco said the project is not only about expanding capacity, but also a “ticket” to participate more deeply in the high-tech drug market, where standards are stringent and where profit margins and scale are larger than in traditional markets.
The plant is also expected to support expanded exports. Traphaco has already placed products on Amazon and plans to expand to Southeast Asian markets including the Philippines, Cambodia, and Mongolia before moving to developed markets after the EU-GMP plant is completed.
Traphaco’s new strategy emphasizes shifting from a drug-manufacturing company to a healthcare solutions group. Over the past five years, the company has separated its operations into traditional and modern medicines segments, spanning R&D, production, and sales.
The modern medicines segment grew at a compound annual growth rate of about 12.5% and accounted for nearly 40% of revenue.
For 2026–2030, Traphaco targets about 10% annual growth on a high base, supported by three pillars: premium traditional medicine as the cash flow backbone; high-quality modern medicines as the main growth driver; and distribution expansion, particularly hospital and modern channels.
Each year, the company plans to launch at least 10 new products, including at least five modern medicines, signaling an acceleration in product innovation.
The annual meeting approved increasing charter capital by issuing shares at a 1:1 ratio to existing shareholders from equity, bringing total charter capital to nearly 900 billion VND. The issuance is planned for Q2–Q3 2026.
The meeting also elected a new Board of Directors of seven members: Lee Choong Hwan; Nguyen Phu Khanh; Dao Thuy Ha; Tran Tuc Ma; Kim Dong Hyu; Dinh Quang Hoa; Cha Junwoo.
Following the announcements, TRA stock hit the ceiling, trading at 74,500 VND per share on 17/4.
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