Philip Morris International Inc. - PM STOCK NEWS

Philip Morris International (PMI) will host a live webcast of a fireside chat session with CEO Jacek Olczak at the 2024 Barclays Global Consumer Staples Conference on September 3, 2024, at 12:45 p.m. ET. The webcast will be available at www.pmi.com/2024barclays and through PMI's Investor Relations Mobile App.

PMI, a leading tobacco company, is actively pursuing a smoke-free future. Since 2008, the company has invested over $12.5 billion in developing and commercializing innovative smoke-free products. In 2022, PMI acquired Swedish Match, creating a global smoke-free champion led by IQOS and ZYN brands. 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) 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.