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Philip Morris International Inc. (PM) is a leading American multinational tobacco company that has built a global presence with its products being sold in over 180 countries. Known for its flagship product, Marlboro, Philip Morris International is a major player in the tobacco industry, often referred to as part of 'Big Tobacco'.
The company's portfolio is extensive, primarily consisting of traditional cigarettes but also embracing reduced-risk products. These include heat-not-burn devices, vapor products, and oral nicotine products, which are marketed in regions outside the United States. Recent strategic moves highlight their shift towards diversification. In 2022, Philip Morris International acquired Swedish Match, a prominent manufacturer of traditional oral tobacco products and nicotine pouches, boosting their presence in the US and Scandinavian markets.
In a bid to expand beyond nicotine-based products, Philip Morris International acquired Vectura in 2021. Vectura specializes in innovative inhaled drug delivery solutions, marking the company's foray into the healthcare sector.
Financially, Philip Morris International has demonstrated resilience and adaptability, managing to sustain growth through an evolving product lineup and strategic acquisitions. With a strong focus on innovation and a commitment to reducing the harmful effects of tobacco, the company is well-positioned to navigate the challenges of an industry in transition.
Philip Morris International's latest news can be found on their official website, providing current updates on their financial performance, new product launches, partnerships, and other significant developments.
Philip Morris International (NYSE: PM) commissioned a multinational survey revealing strong public belief in innovation's potential to address critical issues. The survey, conducted by Povaddo across 10 countries, shows that 76% of people are excited about technology's opportunities, while 74% agree that debate on innovations is polarized.
Key findings include that 71% believe innovation can enable vaccine development, and 62% think it can ensure affordable healthcare. However, only 49% believe in innovation's capacity to reduce smoking rates. The survey highlights significant challenges, with 80% of respondents citing misinformation as a barrier to progress, and 64% worried about the rapid pace of technological change.
Citizens strongly support government action, with 90% emphasizing the importance of ensuring public access to accurate information and establishing clear regulations. Additionally, 87% want governments to tackle misinformation, and 83% support public-private sector collaboration.
Philip Morris International (NYSE: PM) announced that the FDA has authorized all ZYN nicotine pouch products, making ZYN the first and only authorized nicotine pouch in the United States. The authorization covers 20 different products across 10 flavors (Cool Mint, Peppermint, Spearmint, Wintergreen, Citrus, Coffee, Cinnamon, Smooth, Chill, and Menthol) in both 3mg and 6mg strengths.
The FDA's decision recognizes ZYN's potential role in public health protection by providing alternatives to approximately 45 million Americans who regularly consume nicotine, including 30 million smokers. Swedish Match N.A., a PMI subsidiary, emphasizes responsible marketing practices, including age verification systems and restrictions to adults 21+. The company is also a member of the We Card Program and TruAge® to ensure strict age verification compliance.
Philip Morris International (NYSE: PM) has declared a regular quarterly dividend of $1.35 per common share, payable on January 13, 2025, to shareholders of record as of December 26, 2024. The company has invested over $12.5 billion since 2008 in developing smoke-free products, which now account for approximately 38% of total revenues in the first nine months of 2024. PMI's smoke-free products are available in 90 markets with an estimated 36.5 million adult users globally. The company's portfolio includes the IQOS and ZYN brands following its acquisition of Swedish Match, positioning PMI as a global smoke-free champion.
Philip Morris International (PMI) celebrates the 10th anniversary of IQOS, its leading smoke-free product. Since IQOS's launch in Japan in 2014, the country has seen a 46% decrease in cigarette-smoking prevalence, dropping from 19.6% to 10.6% in 2022. IQOS now generates over $10 billion of PMI's annual net revenues and is available in over 70 markets with 30.8 million adult users. Smoke-free products account for 38% of PMI's net revenues in Q3 2024, up from nearly zero in 2014. The company has invested over $12.5 billion in developing and commercializing smoke-free products since 2008.
The FDA has renewed the modified risk tobacco product (MRTP) authorization for eight General snus products from Swedish Match, a Philip Morris International (PM) affiliate. This renewal allows Swedish Match to market these products as lower-risk alternatives to cigarettes. The authorization was based on 330 scientific studies, including epidemiological research from Sweden, which has one of the world's lowest smoking rates. The products can be marketed with claims that using General snus instead of cigarettes reduces the risk of various tobacco-related diseases. This marks a significant milestone as PMI affiliates have now secured 13 of the 16 MRTP authorizations granted by the FDA.
Philip Morris International (PMI) reported strong Q3 2024 results, raising its full-year guidance. Key highlights include:
- Reported Diluted EPS grew 49.2% to $1.97
- Adjusted Diluted EPS increased 14.4% to $1.91
- Smoke-free business accounted for 38% of total net revenues and 40% of gross profit
- IQOS HTU adjusted in-market sales volume up 14.8%
- ZYN nicotine pouch shipments in the U.S. grew 41.4% to 149.1 million cans
- Combustibles net revenues grew 5.2% (8.6% organically)
PMI raised its 2024 full-year guidance for reported diluted EPS to $6.20-$6.26 and adjusted diluted EPS to $6.45-$6.51. The company expects 14-15% growth in adjusted diluted EPS excluding currency impacts.
Philip Morris International (PMI) has been informed of a proposed plan to resolve tobacco product-related claims and litigation in Canada. The plan, filed by a court-appointed mediator, involves PMI's deconsolidated Canadian affiliate, Rothmans, Benson & Hedges Inc. (RBH), along with two other tobacco companies. Under the proposal, the companies would pay an aggregate settlement of CAD 32.5 billion (approximately USD 23.5 billion).
The settlement would be funded through upfront payments and annual contributions based on the companies' net income. If approved and implemented, the plan would release claims against RBH and its affiliates, including PMI, related to tobacco products. PMI CEO Jacek Olczak welcomed this step towards resolving long-pending litigation in Canada.
If RBH is reconsolidated, it is expected to be incremental to PMI's key financial metrics. The plan remains subject to further negotiation, court orders, voting by claimants, and court approval. Voting is proposed for December 2024, with a potential approval hearing in the first half of 2025.
Philip Morris International (PMI) (NYSE: PM) will host a live audio webcast on October 22, 2024, at 9:00 a.m. ET to discuss its 2024 third-quarter and first nine-months results. The results will be issued at approximately 7:00 a.m. ET the same day. The webcast, hosted by CFO Emmanuel Babeau, will be available at www.pmi.com/2024Q3earnings and through PMI's Investor Relations App.
PMI is a leading tobacco company transitioning towards a smoke-free future. As of June 30, 2024, PMI's smoke-free products were available in 90 markets, with an estimated 36.5 million adult users. Smoke-free business accounted for approximately 38% of PMI's total first-half 2024 net revenues. The company is also expanding into wellness and healthcare areas through its Vectura Fertin Pharma business.
Molex, parent company of Phillips Medisize, has announced an agreement to acquire Vectura Group from Philip Morris International (NYSE: PM). This acquisition aims to expand Phillips Medisize's drug delivery capabilities in inhalation. Vectura, based in Chippenham, UK, is a leader in inhalation drug device design and formulation.
The combination of Phillips Medisize and Vectura will enhance their ability to deliver a broader portfolio of inhalation combination drug devices and solutions to pharmaceutical customers. Vectura brings expertise in formulation and device development for various inhalation products, including dry powder inhalers, pressurized metered dose inhalers, and nasal and nebulizer products.
The acquisition is expected to close by the end of 2024, subject to regulatory approvals and other customary closing conditions.
Philip Morris International's (PMI) subsidiary, Vectura Fertin Pharma, has announced the sale of Vectura Group to Molex Asia Holdings for GBP 150 million upfront, with potential deferred payments of up to GBP 148 million. The deal includes master service agreements for developing inhaled therapeutics. Vectura will be operated by Phillips Medisize, a Molex company.
PMI CEO Jacek Olczak stated that while Vectura has been important in developing their inhaled therapeutics pipeline, opposition to PMI's transformation has impacted Vectura's scientific engagement and commercial relationships. The remaining Vectura Fertin Pharma units will continue under PMI, focusing on oral consumer health and inhaled prescription products.
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