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Philip Morris International Inc. (PMI) Holds 2022 Virtual Annual Meeting of Shareholders
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Philip Morris International Inc. (NYSE: PM) held its 2022 Annual Meeting, where CEO Jacek Olczak highlighted the company's strong performance and ongoing smoke-free transformation. Despite challenges from the Ukraine conflict, PMI remains optimistic about growth, having invested over USD 9 billion in smoke-free innovations. The company has increased dividends for 14 consecutive years, with a recent hike of 4.2% to USD 5.00 per share. Shareholders approved key proposals, including the 2022 Performance Incentive Plan. PMI continues to focus on wellness, healthcare, and sustainability initiatives.
Positive
Strong performance in 2021 and strong start to 2022.
Increased dividend by 4.2% to USD 5.00 per share.
USD 1 billion shares repurchased since July 2021.
Ongoing smoke-free transformation with 12.7 million smokers transitioned to IQOS.
Negative
Operational challenges due to the war in Ukraine impacting business outlook.
NEW YORK--(BUSINESS WIRE)--
Regulatory News:
Philip Morris International Inc. (NYSE: PM) held its 2022 Annual Meeting of Shareholders today. André Calantzopoulos, Executive Chairman of the Board, addressed shareholders and answered questions. Jacek Olczak, Chief Executive Officer, gave the business presentation, which included an overview of PMI’s:
efforts to support its employees, their families and others impacted by the war in Ukraine;
excellent performance in 2021 and strong start to 2022;
robust business fundamentals and rapid progress on its smoke-free transformation;
investments in wellness and healthcare to drive long-term growth;
continued progress on sustainability, with recognition by leading external stakeholders; and
commitment to returning cash to shareholders.
"The recent months have been an extremely challenging time for many in the PMI family given the war in Ukraine," said Jacek Olczak, Chief Executive Officer. "Our primary concern is for our people and their families, and we are doing everything in our power to help them."
"Despite this tragic situation, and the related impacts on our operations in the region and more broadly, the outlook for our business excluding Russia and Ukraine remains strong and our smoke-free ambition remains intact. We are off to a strong start to the year, following an excellent performance in 2021, with robust underlying momentum and a reacceleration in IQOS user growth.”
“We continue to prioritize returns to shareholders and have increased the dividend for 14 consecutive years since the 2008 spin. In 2021, we raised the dividend by 4.2% to an annualized rate of $5.00 per common share. In addition, since July 2021, we have repurchased approximately $1 billion in shares as part of our current three-year program.”
Approximately 81 percent of the shares entitled to vote were represented at the meeting in person or by proxy. The shareholders: elected 14 nominees for director; approved, on an advisory basis, the compensation of named executive officers; approved the 2022 Performance Incentive Plan; ratified the selection of PricewaterhouseCoopers SA as independent auditors; and voted against the shareholder proposal. Final voting results will be included in a Form 8-K that PMI will file with the SEC in the coming days.
An archived copy of the webcast of the meeting will be available for approximately one year from the date of the meeting at www.virtualshareholdermeeting.com/PMI2022. The presentation slides and script will be available at the same website address.
Philip Morris International: Delivering a Smoke-Free Future
Philip Morris International (PMI) is a leading international tobacco company working to deliver a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, vapor and oral nicotine products, which are sold in markets outside the U.S. Since 2008, PMI has invested more than USD 9 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. The U.S. Food and Drug Administration (FDA) has authorized the marketing of versions of PMI’s IQOS Platform 1 devices and consumables as Modified Risk Tobacco Products (MRTPs), finding that exposure modification orders for these products are appropriate to promote the public health. As of March 31, 2022, PMI's smoke-free products are available for sale in 71 markets, and PMI estimates that approximately 12.7 million adults around the world excluding Russia and Ukraine, have already switched to IQOS and stopped smoking. With a strong foundation and significant expertise in life sciences, in February 2021 PMI announced its ambition to expand into wellness and healthcare areas and deliver innovative products and solutions that aim to address unmet consumer and patient needs. For more information, please visit www.pmi.com and www.pmiscience.com.
