Philip Morris International Inc. Presents at Jefferies Virtual Reduced Risk Seminar

Rhea-AI Summary

Philip Morris International Inc. presented at the Jefferies Virtual Reduced Risk Seminar, focusing on the science of smoke-free products and nicotine, as well as innovation in smoke-free products. PMI is actively working towards a smoke-free future and has invested in developing smoke-free products to replace cigarettes. The company acquired Swedish Match in 2022, expanding its product portfolio. PMI's smoke-free products were available in 84 markets by the end of 2023, with approximately 33 million adults using them. The smoke-free business accounted for about 37% of PMI's total revenues in 2023.

Positive

• PMI is actively investing in developing and commercializing innovative smoke-free products to replace cigarettes.

• The acquisition of Swedish Match in 2022 has expanded PMI's product portfolio and established the company as a global smoke-free champion.

• PMI's smoke-free products were available in 84 markets by the end of 2023, with approximately 33 million adults using them.

Negative

• PMI's smoke-free business accounted for only about 37% of the company's total revenues in 2023, indicating a reliance on traditional tobacco products.

• Although PMI aims to completely end the sale of cigarettes, the transition to smoke-free products may face regulatory and consumer acceptance challenges.

STAMFORD, CT--(BUSINESS WIRE)-- Regulatory News:

Philip Morris International Inc.’s (NYSE: PM) President Smoke-Free Inhalable Products and Chief Consumer Officer, Stefano Volpetti, and Vice President Global Scientific Engagement, Gizelle Baker, present today at the Jefferies Virtual Reduced Risk Seminar.

Presentations will focus on the science of smoke-free products and nicotine (Gizelle Baker), as well as how PMI is leading and transforming through innovation in smoke-free products (Stefano Volpetti).

Presentations and Q&A sessions are being webcast live, beginning at approximately 9:00 a.m. ET (The Science of Smoke-Free Products and Nicotine) and at approximately 11:00 a.m. ET (Leading and Transforming Through Innovation in Smoke-Free Products), at www.pmi.com/2024jefferiesrrp, and on the PMI Investor Relations App available at www.pmi.com/irapp. An archived copy of the webcast, together with presentation slides, will be available on the same site and the App.

Philip Morris International: Delivering a Smoke-Free Future
Philip Morris International (PMI) is a leading international tobacco company, actively delivering 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. Since 2008, PMI has invested over $12.5 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. In 2022, PMI acquired Swedish Match – a leader in oral nicotine delivery – creating a global smoke-free champion led by the companies’ IQOS and ZYN brands. The U.S. Food and Drug Administration has authorized versions of PMI’s IQOS devices and consumables and Swedish Match’s General snus as Modified Risk Tobacco Products. As of December 31, 2023, PMI's smoke-free products were available for sale in 84 markets, and PMI estimates that approximately 33 million adults around the world use PMI's smoke-free products. Smoke-free business accounted for approximately 37% of PMI’s total full-year 2023 net revenues. With a strong foundation and significant expertise in life sciences, PMI announced in February 2021 its ambition to expand into wellness and healthcare areas and, through its Vectura Fertin Pharma business, aims to enhance life through the delivery of seamless health experiences. For more information, please visit www.pmi.com and www.pmiscience.com.

Forward-Looking and Cautionary Statements
The presentations and related discussions contain projections of future results and goals and other forward-looking statements, including statements regarding expected financial or operational performance and business plans and strategies. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.

PMI's business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco and/or nicotine use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; the impact of natural disasters and pandemics on PMI's business; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful in its attempts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; if it is unable to attract and retain the best global talent, including women or diverse candidates; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance.

PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2023, and the Quarterly Report on Form 10-Q for the first quarter ended March 31, 2024. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240506841326/en/

Philip Morris International

Investor Relations:

Stamford, CT: +1 (203) 905 2413

Lausanne: +41 (0)58 242 4666

InvestorRelations@pmi.com

Media: David Fraser

Lausanne: +41 (0)58 242 4500

David.Fraser@pmi.com

Source: Philip Morris International

FAQ

What was the focus of Philip Morris International Inc.'s presentation at the Jefferies Virtual Reduced Risk Seminar?

PMI's presentation at the seminar focused on the science of smoke-free products and nicotine, as well as innovation in smoke-free products.

How many markets were PMI's smoke-free products available in by the end of 2023?

PMI's smoke-free products were available for sale in 84 markets by the end of 2023.

What percentage of PMI's total revenues did the smoke-free business account for in 2023?

The smoke-free business accounted for approximately 37% of PMI's total revenues in 2023.