IMP released its 2020 results, in which revenue slid 2% YoY to VND1.4tn (USD59mn) while NPAT jumped 29% YoY to VND210bn (USD9mn). In Q4 2020 alone, revenue fell 6% YoY to VND487bn (USD21mn) while NPAT surged 36% YoY to VND70bn (USD3mn). We attribute the strong bottom-line growth — notwithstanding lackluster revenue — to (1) reduced promotional activities in the pharmacy channel amid COVID-19, (2) rationalized overhead expenses and (3) the cessation of the allocation to the science & development