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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 (PMI) announces a $232 million investment through its Swedish Match affiliate to expand production capacity in Owensboro, Kentucky. This expansion is expected to create 450 direct jobs and have an annual economic impact of $277 million. The facility produces ZYN nicotine pouches to meet growing demand from legal-age consumers switching from traditional tobacco products. The expansion will increase the plant's workforce by 40% and is targeted for completion by Q2 2025. This investment is part of PMI's mission to deliver a smoke-free future in the U.S. market, which it entered after acquiring Swedish Match AB in late 2022.
Philip Morris International (PMI) has announced a memorandum of understanding with KT&G, South Korea's leading tobacco and nicotine product manufacturer. This collaboration aims to advance their shared vision of a smoke-free future, focusing on the U.S. market. The agreement follows a previous arrangement granting PMI exclusive rights to commercialize KT&G's smoke-free products globally, excluding South Korea.
The partners plan to work on Pre-Market Tobacco Product Application (PMTA) submissions for KT&G's new heat-not-burn products selected by PMI for U.S. commercialization. PMI's CEO, Jacek Olczak, emphasized the importance of the heat-not-burn category in making cigarettes obsolete in the U.S. As of June 30, 2024, PMI's smoke-free products were available in 90 markets, with an estimated 36.5 million adult users worldwide. Smoke-free business accounted for approximately 38% of PMI's total first-half 2024 net revenues.
Philip Morris International (PMI) reported strong Q2 2024 results and raised its full-year guidance. Key highlights include:
- Reported Diluted EPS grew 52.5% to $1.54
- Adjusted Diluted EPS decreased 0.6% to $1.59, but grew 10.6% excluding currency
- Smoke-free business accounted for 38.1% of total net revenues, up 2.7pp year-over-year
- Estimated 36.5 million adult users of smoke-free products, up 3.2 million since December 2023
- IQOS users reached 30.8 million, with 22.1 million fully switched
- HTU market share in IQOS markets up 0.7pp to 8.1%
- ZYN nicotine pouch shipments in the U.S. grew 50.3% to 135.1 million cans
PMI raised its 2024 full-year forecast, projecting adjusted diluted EPS growth of 11.0% to 13.0% excluding currency impacts.
Philip Morris International (NYSE: PM) will host a live audio webcast on July 23, 2024, at 9:00 a.m. ET to discuss its 2024 second-quarter and first-half results. The webcast, hosted by CFO Emmanuel Babeau, will be available at www.pmi.com/2024Q2earnings. PMI, a leading tobacco company, is actively pursuing a smoke-free future and diversifying its portfolio beyond tobacco and nicotine products.
Key highlights:
- PMI has invested over $12.5 billion in smoke-free products since 2008
- Smoke-free products accounted for 37% of PMI's total 2023 net revenues
- PMI's smoke-free products are available in 84 markets
- Approximately 33 million adults globally use PMI's smoke-free products
Philip Morris International (PMI) has announced a $600 million investment to open a state-of-the-art manufacturing facility in Aurora, Colorado. The facility, set to begin operations by the end of 2025, will produce Swedish Match ZYN nicotine pouches to meet growing global demand for smoke-free products. This investment is expected to create 500 direct jobs and an additional 1,000 indirect jobs, with an ongoing annual economic impact of $550 million for Colorado.
The new facility joins existing smoke-free product manufacturing sites in Owensboro, Kentucky, and Wilson, North Carolina. PMI's U.S. affiliate plans to break ground later this year, with regular production starting in 2026. The construction phase alone is projected to create nearly 5,000 jobs with a $1 billion economic impact. This expansion aligns with PMI's mission to provide better alternatives to smoking for legal-age consumers who smoke.
Swedish Match USA, affiliated with Philip Morris International (PM), has presented to the FDA's Tobacco Products Scientific Advisory Committee, seeking the renewal and expansion of its Modified Risk Tobacco Products (MRTP) claim for General Snus. Initially approved in 2019, Swedish Match now aims to broaden the claim's reach to more marketing channels, providing evidence of the product's reduced harm compared to cigarettes. The meeting on June 26, 2024, emphasized the public health benefits and responsible marketing practices. Swedish Match, acquired by PMI in 2022, is pushing for policy changes to aid the shift from cigarettes to smoke-free products.
Philip Morris International's affiliate, Swedish Match North America (SMNA), received a subpoena from the Attorney General of the District of Columbia. This request concerns SMNA's compliance with D.C.'s ban on flavored nicotine products, specifically ZYN nicotine pouches.
Sales of these products have been identified in D.C., mainly through online platforms and independent retailers. SMNA is conducting a thorough review of its sales and supply chain in D.C. and other areas with similar bans.
As a preliminary measure, SMNA has suspended online sales of ZYN products on ZYN.com. PMI reaffirms its commitment to 21+ access and compliance with U.S. laws. SMNA's online sales represent a small fraction of the nationwide ZYN volumes.
PMI aims to deliver a smoke-free future and has invested over $12.5 billion in smoke-free product development. Their smoke-free products accounted for 37% of PMI's total net revenues in 2023, with approximately 33 million global users.
Philip Morris International (PMI) has committed over $3 million to support U.S. veterans this year, with part of this funding directed towards legal clinics at select law schools. The initiative, informed by PMI's white paper 'Serving Those Who Served,' aims to assist veterans in their transition to civilian life. PMI has awarded an initial $850,000 to these clinics, which will provide veterans access to legal support. This move is part of PMI’s broader veterans support program established in 2022, following its acquisition of Swedish Match. PMI also supports the Bob Woodruff Foundation and other organizations to enhance veterans' lives. In 2022-2023, PMI donated over $1 million to veterans' organizations, including a $500,000 grant to Iraq and Afghanistan Veterans of America. PMI’s efforts reflect its commitment to social responsibility and expanding its U.S. market presence.
Philip Morris International (PMI) declared a regular quarterly dividend of $1.30 per share, payable on July 8, 2024, to shareholders of record by June 21, 2024. PMI is focusing on a smoke-free future, investing over $12.5 billion since 2008 in the development and commercialization of smoke-free products. The company's smoke-free products make up 37% of their total revenue and are available in 84 markets. PMI acquired Swedish Match in 2022, further solidifying its position in the smoke-free market with brands like IQOS and ZYN. PMI is also expanding into wellness and healthcare through Vectura Fertin Pharma.
Philip Morris International (PMI) announced a charity concert on August 8, 2024, in Stamford, Connecticut, featuring Wyclef Jean. The event, part of the Alive at Five concert series, will benefit Career Resources, Inc. (CRI), supporting workforce development for military veterans. PMI will donate the artist fees for Wyclef’s performance and launch a text-to-donate campaign during the concert. PMI emphasizes its commitment to community support and economic development in Stamford since relocating its headquarters there in 2022. The company also contributes to various local initiatives, including women's business development and mental health programs.
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