Philip Morris International Reports 2024 Third-Quarter & First Nine-Months Results; Raises 2024 Guidance for Reported Diluted EPS to $6.20 - $6.26 and Adjusted Diluted EPS to $6.45 - $6.51
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) ha riportato risultati forti per il terzo trimestre del 2024, aumentando le previsioni per l'intero anno. I principali punti salienti includono:
- L'utile per azione diluito riportato è aumentato del 49,2% a $1,97
- L'utile per azione diluito rettificato è aumentato del 14,4% a $1,91
- Il business senza fumi ha rappresentato il 38% del fatturato netto totale e il 40% del profitto lordo
- Le vendite in mercato adattate di IQOS HTU sono aumentate del 14,8%
- Le spedizioni di bustine di nicotina ZYN negli Stati Uniti sono cresciute del 41,4% a 149,1 milioni di lattine
- I ricavi netti dai combustibili sono aumentati del 5,2% (8,6% organicamente)
PMI ha aumentato le previsioni per l'intero anno 2024 per l'utile per azione diluito riportato a $6,20-$6,26 e per l'utile per azione diluito rettificato a $6,45-$6,51. L'azienda prevede una crescita del 14-15% nell'utile per azione diluito rettificato, escludendo gli impatti valutari.
Philip Morris International (PMI) reportó resultados sólidos en el tercer trimestre de 2024, elevando su guía para todo el año. Los aspectos destacados incluyen:
- El EPS diluido reportado creció un 49,2% a $1,97
- El EPS diluido ajustado aumentó un 14,4% a $1,91
- El negocio libre de humo representó el 38% de los ingresos netos totales y el 40% del beneficio bruto
- El volumen de ventas ajustado en el mercado de IQOS HTU aumentó un 14,8%
- Los envíos de bolsas de nicotina ZYN en EE. UU. crecieron un 41,4% a 149,1 millones de latas
- Los ingresos netos de combustibles aumentaron un 5,2% (8,6% orgánicamente)
PMI elevó su guía para el EPS diluido reportado de 2024 a $6,20-$6,26 y el EPS diluido ajustado a $6,45-$6,51. La empresa espera un crecimiento del 14-15% en el EPS diluido ajustado, excluyendo los impactos de divisas.
필립 모리스 인터내셔널 (PMI)는 2024년 3분기 실적이 호조를 보였으며, 연간 가이드를 상향 조정했습니다. 주요 하이라이트는 다음과 같습니다:
- 보고된 희석 주당 순이익(EPS)은 49.2% 증가하여 $1.97에 도달했습니다.
- 조정된 희석 EPS는 14.4% 증가하여 $1.91에 도달했습니다.
- 연초한 사업은 총 순매출의 38%와 총 매출 이익의 40%를 차지했습니다.
- IQOS HTU의 시장 내 조정된 판매량은 14.8% 증가했습니다.
- 미국 내 ZYN 니코틴 파우치 배송량은 41.4% 증가하여 1억 4910만 팩에 도달했습니다.
- 연소 가능 제품의 순 매출은 5.2% 증가했습니다 (유기적으로 8.6%).
PMI는 보고된 희석 EPS의 2024년 연간 가이드를 $6.20-6.26으로, 조정된 희석 EPS를 $6.45-6.51로 상향 조정했습니다. 회사는 환율 영향을 제외하고 조정된 희석 EPS의 14-15% 성장을 예상하고 있습니다.
Philip Morris International (PMI) a annoncé de bons résultats au troisième trimestre 2024, augmentant ses prévisions pour l'année entière. Les points clés incluent :
- Le BPA dilué rapporté a augmenté de 49,2 % à 1,97 $
- Le BPA dilué ajusté a augmenté de 14,4 % à 1,91 $
- Le chiffre d'affaires sans fumée a représenté 38 % des revenus nets totaux et 40 % du bénéfice brut
- Le volume des ventes ajustées de IQOS HTU sur le marché a augmenté de 14,8 %
- Les expéditions de sachets de nicotine ZYN aux États-Unis ont augmenté de 41,4 % à 149,1 millions de canettes
- Les revenus nets des produits combustibles ont augmenté de 5,2 % (8,6 % organiquement)
PMI a relevé ses prévisions pour l'année 2024 pour le BPA dilué rapporté entre 6,20 $ et 6,26 $ et pour le BPA dilué ajusté entre 6,45 $ et 6,51 $. L'entreprise s'attend à une croissance de 14 à 15 % du BPA dilué ajusté, hors impacts de change.
Philip Morris International (PMI) hat starke Ergebnisse für das dritte Quartal 2024 berichtet und seine Jahresprognosen erhöht. Die wichtigsten Highlights sind:
- Der berichtete verwässerte Gewinn pro Aktie (EPS) stieg um 49,2% auf $1,97
- Der bereinigte verwässerte EPS erhöhte sich um 14,4% auf $1,91
- Das rauchfreie Geschäft machte 38% des gesamten Nettoumsatzes und 40% des Bruttogewinns aus
- Die angepassten Absatzvolumina von IQOS HTU stiegen um 14,8%
- Die Lieferungen von ZYN Nikotinbeuteln in den USA stiegen um 41,4% auf 149,1 Millionen Dosen
- Die Nettoumsätze von verbrennbaren Produkten stiegen um 5,2% (organisch um 8,6%)
PMI hat die Prognose für den berichteten verwässerten EPS für das gesamte Jahr 2024 auf $6,20-$6,26 und den bereinigten verwässerten EPS auf $6,45-$6,51 erhöht. Das Unternehmen erwartet ein Wachstum von 14-15% beim bereinigten verwässerten EPS unter Ausschluss von Währungseinflüssen.
- Reported Diluted EPS grew 49.2% to $1.97
- Adjusted Diluted EPS increased 14.4% to $1.91
- Smoke-free business net revenues increased 14.2% (16.8% organically)
- 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)
- Raised full-year guidance for adjusted diluted EPS to $6.45-$6.51
- Expects 14-15% growth in adjusted diluted EPS excluding currency impacts
- Adverse currency impact of $0.40 on full-year adjusted diluted EPS forecast
Insights
Philip Morris International's Q3 results are highly positive, demonstrating strong performance across all segments. Key highlights include:
- Adjusted diluted EPS increased by
14.4% to$1.91 , with an18% growth excluding currency effects - Net revenues from the smoke-free business grew by
14.2% (16.8% organically) - IQOS continues to gain market share, with HTU adjusted in-market sales volume up by an estimated
14.8% - ZYN nicotine pouch growth in the U.S. was exceptional, with shipments reaching 149.1 million cans, a
41.4% increase - Combustibles business showed resilience with net revenues growing by
5.2% (8.6% organically)
The company has raised its full-year 2024 guidance, now expecting adjusted diluted EPS growth of
PMI's Q3 results reveal significant market penetration and growth strategies paying off:
- IQOS is now the second-largest nicotine 'brand' in markets where present, gaining
1.0% of combined cigarette and HTU industry volumes - In Japan, IQOS HTU market share increased by
3.2% to nearly30% , driving the overall category to at least50% of total nicotine offtake share in 8 major cities - In Europe, IQOS HTU adjusted market share increased by
0.8% to9.5% - ZYN's presence expanded to 30 markets globally
- The company's global brands portfolio and Marlboro achieved their highest quarterly market shares since the 2008 spin-off
These results indicate PMI's successful transition towards smoke-free products while maintaining a strong position in traditional combustibles. The company's multi-category approach and geographical expansion are proving effective in capturing market share and driving growth.
Third-Quarter Reported Diluted EPS grew
Philip Morris International Inc. (PMI) (NYSE: PM) today announces its 2024 third-quarter and first nine-months results.1
“In the third quarter, we delivered exceptionally strong performance, with record quarterly net revenues and earnings per share,” said Jacek Olczak, Chief Executive Officer.
“This reflects excellent momentum across all regions and categories, with a reacceleration in IQOS adjusted in-market sales growth, strong ZYN volumes, and resilient combustible performance.”
“As a result of our strong year-to-date delivery, we are raising our full-year growth outlook for adjusted diluted EPS to a range of
Third Quarter Highlights |
-
Smoke-free business (SFB): Quarterly shipments of smoke-free products (SFP), available in 92 markets, reached close to 40 billion units. The smoke-free business accounted for
38% of our total net revenues and40% of gross profit (up by 1.9pp and 2.2pp respectively, versus third-quarter last year), and continues to deliver superior performance, with net revenues increasing by14.2% (16.8% organically) and gross profit increasing by15.9% (20.2% organically). -
Inhalable smoke-free products: IQOS continues strengthening its overall position as the second largest nicotine ‘brand’ in markets where present (gaining 1.0pp of combined cigarette and HTU industry volumes) and driving the growth of the heat-not-burn category (reaching nearly
77% of global category volumes). HTU adjusted in-market sales (IMS) volume, which excludes the net impact of estimated distributor and wholesaler inventory movements, was up by an estimated14.8% .-
In
Japan , ILUMA i fueled the growth of IQOS, with adjusted IMS up by14.3% , the 8th consecutive quarter of double-digit growth. IQOS HTU adjusted market share increased by 3.2pp to nearly30% , driving the overall category to at least50% of total nicotine offtake share in 8 major cites, includingTokyo andYokohama . -
In
Europe , IQOS HTU adjusted market share increased by 0.8pp to9.5% . Adjusted IMS growth reaccelerated to11.3% , withItaly recovering well and 8 markets growing in excess of20% , includingGreece andGermany . Our portfolio of IQOS consumables continues to expand with both DELIA and LEVIA now being available in 9 markets each, with further launches planned in Q4. -
Outside
Europe andJapan , adjusted IMS growth accelerated and we grew offtake share in key cities across the globe, includingSeoul ,Toronto ,Mexico City ,Cairo , andJakarta . Our strong growth inIndonesia benefits from the expansion of our geographic reach and consumables portfolio, with premium clove and capsule products.
-
In
In the vaping category, our focused strategy is delivering good results with excellent volume momentum and unit cost improvements.
-
Oral SFP2: Shipment volume increased by
24.7% in cans (22.2% in pouches or pouch equivalents), fueled by ZYN nicotine pouch growth in theU.S. , where shipments reached 149.1 million cans, representing growth of41.4% versus prior year as supply constraints start to ease. Outside theU.S. , our nicotine pouch volume in cans grew by nearly70% , with notable contributions fromPakistan andSouth Africa . The number of markets with ZYN presence increased to 30, including recent launches inGreece andCzech Republic . -
Combustibles: Net revenues grew by
5.2% (8.6% organically), driven by another quarter of high single-digit pricing and resilient industry volumes. Both our global brands portfolio andMarlboro achieved their highest quarterly market shares since the 2008 spin-off. -
Dividend: Increased regular quarterly dividend by
3.8% to per share, or an annualized$1.35 per share.$5.40
____________________
1 Explanation of PMI's use of non-GAAP measures cited in this document and reconciliations to the most directly comparable
2 Oral smoke-free products volume excludes snuff, snuff leaf and
Operating Review - Third Quarter |
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Total |
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HTU |
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Oral
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Cigarettes |
Shipment Volume (units bn) |
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203.0 |
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35.3 |
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4.4 |
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163.2 |
vs. Q3 2023 |
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PMI |
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Smoke
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Combustibles |
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Net Revenues ($ bn) |
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reported vs. Q3 2023 |
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organic vs. Q3 2023 |
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Gross Profit ($ bn) |
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reported vs. Q3 2023 |
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organic vs. Q3 2023 |
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Operating Income ($ bn) |
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reported vs. Q3 2023 |
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organic vs. Q3 2023 |
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Reported
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Adjusting
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Adjusted
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Currency
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Adjusted
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EPS |
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vs. Q3 2023 |
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(*) For a list of adjusting items refer to page 21 |
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3 In pouches or pouch equivalents
Full-Year Forecast |
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Full-Year |
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2024 Forecast |
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2023 |
Growth |
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Reported Diluted EPS |
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- |
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Adjustments: |
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Asset impairment and exit costs |
0.09 |
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0.06 |
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Termination of distribution arrangement in the |
— |
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0.04 |
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Impairment of goodwill and other intangibles |
0.01 |
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0.44 |
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Amortization of intangibles(1) |
0.42 |
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0.25 |
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Impairment related to Vectura Group's expected sale |
0.13 |
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— |
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0.03 |
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— |
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Charges related to the war in |
— |
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0.03 |
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Swedish Match AB acquisition accounting related items |
— |
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0.01 |
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Income tax impact associated with Swedish Match AB financing |
(0.01) |
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(0.11) |
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— |
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0.11 |
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Termination of agreement with Foundation for a Smoke-Free World |
— |
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0.07 |
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Fair value adjustment for equity security investments |
(0.39) |
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(0.02) |
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Tax items |
(0.03) |
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0.11 |
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Total Adjustments |
0.25 |
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0.99 |
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Adjusted Diluted EPS |
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- |
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- |
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Less: Currency |
(0.40) |
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Adjusted Diluted EPS, excluding currency |
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- |
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- |
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(1) See forecast assumptions for details |
Reported diluted EPS is forecast to be in a range of
2024 Full-Year Forecast Assumptions
This forecast assumes:
-
An estimated total international industry volume growth of up to
1% for cigarettes and HTUs, excludingChina and theU.S. ; -
Total cigarette, HTU and oral smoke-free product shipment volume growth for PMI of
2% to3% driven by smoke-free products; -
HTU adjusted IMS to deliver around
13% growth for the full year, and HTU shipment volumes of around 140 billion units; -
Nicotine pouch shipment volume in the
U.S. of 570 to 580 million cans; -
Net revenue growth of around
9.5% on an organic basis; -
Organic operating income growth of
14% to14.5% ; - An acceleration in organic smoke-free net revenue and gross profit growth compared to 2023;
- Broadly unchanged net revenue and adjusted operating loss in the Wellness and Healthcare segment compared to 2023;
-
No earnings impact from the May 15, 2024 Fiscal Court in
Dusseldorf ruling related to the legality of a supplemental tax surcharge on HTUs inGermany , which went into effect in 2022. On June 19, 2024, a German subsidiary of PMI submitted an appeal; - No earnings impact from potential impairments of equity holdings, including potential impairment of PMI’s Canadian affiliate, Rothmans, Benson & Hedges Inc.;
-
Full-year amortization of acquired intangibles of
per share, which includes an estimate of amortization of IQOS commercialization rights in the$0.42 U.S. following the closing of the agreement to end our commercial relationship with Altria Group, Inc. covering IQOS in theU.S. effective May 1, 2024; -
Net financing costs of approximately
to$1.1 ;$1.2 billion -
An effective tax rate, excluding discrete tax events, of approximately
21% to22% ; -
Operating cash flow of approximately
at prevailing exchange rates, subject to year-end working capital requirements;$11 billion -
Capital expenditures of around
, including further investments in ZYN capacity in the$1.4 billion U.S. ; - Net debt to adjusted EBITDA ratio improvement of 0.3x to 0.4x at prevailing exchange rates as we continue to target a ratio of around 2x by the end of 2026; and
- No share repurchases in 2024
Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.
Sale of Vectura Group |
In September 2024, PMI announced the sale of its subsidiary Vectura Group Ltd. (Vectura) to Molex Asia Holdings Ltd., and the establishment of master service agreements to develop Vectura Fertin Pharma’s inhaled therapeutics proprietary pipeline. The transaction is expected to close by the end of 2024, subject to regulatory approval, which may impact the timing, and other customary closing conditions. See PMI's Form 8-K dated September 17, 2024 for additional details. In the third quarter of 2024, PMI recorded an impairment charge of
The remaining units of Vectura Fertin Pharma will continue to operate as a separate company under PMI’s ownership and will be given a new corporate identity. This business will focus on developing and commercializing oral consumer health and wellness offerings and inhaled prescription products for therapy areas that include pain management and cardiovascular emergencies.
Update on CCAA Proceeding in |
In October 2024, PMI was informed by its deconsolidated Canadian affiliate, Rothmans, Benson & Hedges Inc. (RBH), that the court-appointed mediator and monitor in RBH’s Companies’ Creditors Arrangement Act (CCAA) proceeding filed a proposed plan of compromise and arrangement outlining certain terms of a comprehensive resolution of tobacco product-related claims and litigation in
Conference Call |
A conference call hosted by Emmanuel Babeau, Chief Financial Officer, will be webcast at 9:00 a.m., Eastern Time, on October 22, 2024. Access the webcast at www.pmi.com/2024Q3earnings.
Financial Review |
TOTAL MARKET, CONSOLIDATED SHIPMENT VOLUME & MARKET SHARE
Total Market Volume
Third-Quarter
Estimated international industry volume (excluding
Nine Months Year-to-Date
Estimated international industry volume (excluding
Consolidated Shipment Volume
PMI Cigarettes and HTUs |
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Third-Quarter |
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Nine Months Year-to-Date |
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(million units) |
|
2024 |
2023 |
Change |
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2024 |
2023 |
Change |
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Cigarettes |
|
163,238 |
161,137 |
|
|
464,047 |
461,855 |
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Heated Tobacco Units |
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35,347 |
32,471 |
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104,025 |
91,291 |
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Total Cigarettes and HTUs |
|
198,585 |
193,608 |
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|
568,072 |
553,146 |
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PMI Oral SFP(1) |
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Third-Quarter |
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Nine Months Year-to-Date |
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(million cans) |
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2024 |
2023 |
Change |
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2024 |
2023 |
Change |
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Nicotine Pouches |
|
164.6 |
114.6 |
|
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460.2 |
295.4 |
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Snus |
|
61.3 |
60.3 |
|
|
181.5 |
178.5 |
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Moist Snuff |
|
34.1 |
33.2 |
|
|
102.6 |
102.5 |
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Other Oral SFP(2) |
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0.7 |
0.9 |
(20.9)% |
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2.7 |
3.3 |
(17.9)% |
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Total Oral SFP |
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260.7 |
209.0 |
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747.0 |
579.8 |
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(1) Excluding snuff, snuff leaf and |
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(2) Includes chew bags and tobacco bits |
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Note: Sum may not foot due to rounding. |
Third-Quarter
PMI's total cigarette and HTU shipment volume increased by
PMI’s total oral product shipment volume in cans increased by
Adjusted in-market sales for HTUs increased by
Nine Months Year-to-Date
PMI's total cigarette and HTU shipment volume increased by
PMI’s total oral product shipment volume in cans increased by
Adjusted in-market sales for HTUs increased by
International Share of Market - Cigarettes and HTUs
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Third-Quarter |
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Nine Months Year-to-Date |
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2024 |
2023 |
Change (pp) |
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2024 |
2023 |
Change (pp) |
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Total International Market Share(1) |
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0.6 |
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0.4 |
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Cigarettes |
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(0.1) |
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(0.1) |
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HTU |
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0.7 |
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0.6 |
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Cigarette over Cigarette Market Share(2) |
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0.1 |
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0.1 |
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(1) Defined as PMI's cigarette and heated tobacco unit in-market sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding |
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(2) Defined as PMI's cigarette in-market sales volume as a percentage of total industry cigarette sales volume, excluding |
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Note: Sum of share of market by product categories might not foot to total due to rounding. |
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CONSOLIDATED FINANCIAL SUMMARY
Third-Quarter
Financial Summary - Quarters Ended September 30, |
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|
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Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
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2024 |
2023 |
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Total |
Excl.
|
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Total |
Cur-
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Acqui-
|
Price |
Vol/
|
Cost/
|
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(in millions) |
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Net Revenues |
|
$ |
9,911 |
|
$ |
9,141 |
|
|
8.4 |
% |
11.6 |
% |
|
770 |
|
(289 |
) |
— |
689 |
322 |
|
48 |
|
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|
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Cost of Sales(1) |
|
|
(3,366 |
) |
|
(3,165 |
) |
|
(6.4 |
)% |
(9.0 |
)% |
|
(201 |
) |
63 |
|
21 |
— |
(159 |
) |
(126 |
) |
|||||||
Marketing, Administration and Research Costs(2) |
|
|
(2,891 |
) |
|
(2,606 |
) |
|
(10.9 |
)% |
(15.1 |
)% |
|
(285 |
) |
108 |
|
— |
— |
— |
|
(393 |
) |
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Operating Income |
|
$ |
3,654 |
|
$ |
3,370 |
|
|
8.4 |
% |
11.3 |
% |
|
284 |
|
(118 |
) |
21 |
689 |
163 |
|
(471 |
) |
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Amortization of Intangibles |
|
|
(256 |
) |
|
(205 |
) |
|
(24.9 |
)% |
(24.9 |
)% |
|
(51 |
) |
— |
|
— |
— |
— |
|
(51 |
) |
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Impairment related to Vectura Group's expected sale |
|
|
(198 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(198 |
) |
— |
|
— |
— |
— |
|
(198 |
) |
|||||||
|
|
|
(45 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(45 |
) |
— |
|
— |
— |
— |
|
(45 |
) |
|||||||
Charges related to the war in |
|
|
— |
|
|
(19 |
) |
|
+100 |
% |
+100 |
% |
|
19 |
|
— |
|
— |
— |
— |
|
19 |
|
|||||||
Termination of agreement with Foundation for a Smoke-Free World |
|
|
— |
|
|
(140 |
) |
|
+100 |
% |
+100 |
% |
|
140 |
|
— |
|
— |
— |
— |
|
140 |
|
|||||||
Adjusted Operating Income |
|
$ |
4,153 |
|
$ |
3,734 |
|
|
11.2 |
% |
13.8 |
% |
|
419 |
|
(118 |
) |
21 |
689 |
163 |
|
(336 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
41.9 |
% |
|
40.8 |
% |
|
1.1 |
pp |
0.9 |
pp |
|
|
|
|
|
|
|
|||||||||||
(1) Includes |
||||||||||||||||||||||||||||||
(2) Includes |
Net revenues increased by
Adjusted operating income increased by
Nine Months Year-to-Date
Financial Summary - Nine Months Ended September 30, |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||||
|
2024 |
2023 |
|
Total |
Excl.
|
|
Total |
Cur-
|
Acqui-
|
Price |
Vol/
|
Cost/
|
||||||||||||||||||
(in millions) |
|
|
|
|||||||||||||||||||||||||||
Net Revenues |
|
$ |
28,172 |
|
$ |
26,127 |
|
|
7.8 |
% |
11.0 |
% |
|
2,045 |
|
(841 |
) |
— |
1,721 |
1,089 |
|
76 |
|
|||||||
Termination of distribution arrangement in the |
|
|
— |
|
|
(80 |
) |
|
+100 |
% |
+100 |
% |
|
80 |
|
— |
|
— |
— |
— |
|
80 |
|
|||||||
Adjusted Net Revenues |
|
$ |
28,172 |
|
$ |
26,207 |
|
|
7.5 |
% |
10.7 |
% |
|
1,965 |
|
(841 |
) |
— |
1,721 |
1,089 |
|
(4 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Revenues |
|
$ |
28,172 |
|
$ |
26,127 |
|
|
7.8 |
% |
11.0 |
% |
|
2,045 |
|
(841 |
) |
— |
1,721 |
1,089 |
|
76 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Cost of Sales (1) |
|
|
(9,906 |
) |
|
(9,431 |
) |
|
(5.0 |
)% |
(6.8 |
)% |
|
(475 |
) |
134 |
|
33 |
— |
(473 |
) |
(169 |
) |
|||||||
Marketing, Administration and Research Costs (2) |
|
|
(8,123 |
) |
|
(7,364 |
) |
|
(10.3 |
)% |
(9.4 |
)% |
|
(759 |
) |
(70 |
) |
— |
— |
— |
|
(689 |
) |
|||||||
Impairment of Goodwill |
|
|
— |
|
|
(665 |
) |
|
+100 |
% |
+100 |
% |
|
665 |
|
— |
|
— |
— |
— |
|
665 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
10,143 |
|
$ |
8,667 |
|
|
17.0 |
% |
25.6 |
% |
|
1,476 |
|
(777 |
) |
33 |
1,721 |
616 |
|
(117 |
) |
|||||||
Asset Impairment & Exit Costs |
|
|
(168 |
) |
|
(109 |
) |
|
(54.1 |
)% |
(54.1 |
)% |
|
(59 |
) |
— |
|
— |
— |
— |
|
(59 |
) |
|||||||
Impairment related to Vectura Group's expected sale |
|
|
(198 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(198 |
) |
— |
|
— |
— |
— |
|
(198 |
) |
|||||||
|
|
|
(45 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(45 |
) |
— |
|
— |
— |
— |
|
(45 |
) |
|||||||
Termination of distribution arrangement in the |
|
|
— |
|
|
(80 |
) |
|
+100 |
% |
+100 |
% |
|
80 |
|
— |
|
— |
— |
— |
|
80 |
|
|||||||
Impairment of Goodwill and Other Intangibles (4) |
|
|
(27 |
) |
|
(680 |
) |
|
96.0 |
% |
96.0 |
% |
|
653 |
|
— |
|
— |
— |
— |
|
653 |
|
|||||||
Amortization of Intangibles |
|
|
(588 |
) |
|
(368 |
) |
|
(59.8 |
)% |
(59.8 |
)% |
|
(220 |
) |
— |
|
— |
— |
— |
|
(220 |
) |
|||||||
Charges related to the war in |
|
|
— |
|
|
(19 |
) |
|
+100 |
% |
+100 |
% |
|
19 |
|
— |
|
— |
— |
— |
|
19 |
|
|||||||
Swedish Match AB acquisition accounting related items |
|
|
— |
|
|
(18 |
) |
|
+100 |
% |
+100 |
% |
|
18 |
|
— |
|
— |
— |
— |
|
18 |
|
|||||||
South Korea Indirect Tax Charge |
|
|
— |
|
|
(204 |
) |
|
+100 |
% |
+100 |
% |
|
204 |
|
— |
|
— |
— |
— |
|
204 |
|
|||||||
Termination of agreement with Foundation for a Smoke-Free World |
|
|
— |
|
|
(140 |
) |
|
+100 |
% |
+100 |
% |
|
140 |
|
— |
|
— |
— |
— |
|
140 |
|
|||||||
Adjusted Operating Income |
|
$ |
11,169 |
|
$ |
10,285 |
|
|
8.6 |
% |
15.8 |
% |
|
884 |
|
(777 |
) |
33 |
1,721 |
616 |
|
(709 |
) |
|||||||
Adjusted Operating Income Margin |
|
|
39.6 |
% |
|
39.2 |
% |
|
0.4 |
pp |
1.9 |
pp |
|
|
|
|
|
|
|
|||||||||||
(1) Includes |
||||||||||||||||||||||||||||||
(2) Includes |
||||||||||||||||||||||||||||||
(3) Included in Net Revenues above. |
||||||||||||||||||||||||||||||
(4) Includes |
Adjusted net revenues increased by
Adjusted operating income increased by
Total Market, PMI Shipment & Market Share Commentaries
Third-Quarter
The estimated total market for cigarettes and HTUs in the Region increased by
Nine Months Year-to-Date
The estimated total market for cigarettes and HTUs in the Region was broadly stable, reflecting a
Europe Key Data |
|
Third-Quarter |
|
Nine Months Year-to-Date |
||||||||
|
|
|
|
Change |
|
|
|
Change |
||||
|
|
2024 |
2023 |
% / pp |
|
2024 |
2023 |
% / pp |
||||
PMI Shipment Volume (million units) |
|
|
|
|
|
|
|
|
||||
Cigarettes |
|
43,735 |
43,365 |
|
|
124,291 |
126,263 |
(1.6)% |
||||
Heated Tobacco Units |
|
14,199 |
13,155 |
|
|
38,474 |
34,959 |
|
||||
Total |
|
57,934 |
56,520 |
|
|
162,765 |
161,222 |
|
||||
|
|
|
|
|
|
|
|
|
||||
PMI Market Share |
|
|
|
|
|
|
|
|
||||
Cigarettes |
|
|
|
(0.4) |
|
|
|
(0.3) |
||||
Heated Tobacco Units |
|
|
|
0.9 |
|
|
|
0.9 |
||||
Total |
|
|
|
0.5 |
|
|
|
0.7 |
||||
Note: Sum may not foot due to rounding. |
Europe Oral SFP |
|
Third-Quarter |
|
Nine Months Year-to-Date |
||||||||
|
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
||||
PMI Shipment Volume (million cans) |
|
|
|
|
|
|
|
|
||||
Nicotine Pouches |
|
11.2 |
9.1 |
|
|
35.3 |
26.2 |
|
||||
Snus |
|
60.5 |
59.5 |
|
|
179.2 |
175.3 |
|
||||
Other Oral SFP(1) |
|
0.7 |
0.9 |
(22.3)% |
|
2.7 |
3.3 |
(18.2)% |
||||
Total |
|
72.4 |
69.5 |
|
|
217.2 |
204.9 |
|
||||
(1) Includes chew bags and tobacco bits |
||||||||||||
Note: Sum may not foot due to rounding. |
Third-Quarter
PMI's total cigarette and HTU shipment volume in the Region increased by
PMI's estimated HTU adjusted in-market sales volume in the Region increased by
PMI's HTU share of the total cigarette and HTU market in the Region increased by 0.8 pp on an adjusted basis.
Oral SFP shipments increased by
Nine Months Year-to-Date
PMI's total cigarette and HTU shipment volume in the Region increased by
PMI's estimated HTU adjusted in-market sales volume in the Region increased by
PMI's HTU share of the total cigarette and HTU market in the Region increased by 0.9 pp on an adjusted basis.
Oral SFP shipments increased by
Financial Summary
Third-Quarter
Financial Summary - Quarters Ended September 30, |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||
|
2024 |
2023 |
|
Total |
Excl.
|
|
Total |
Cur-
|
Acqui-
|
Price |
Vol/
|
Cost/
|
||||||||||||||||
(in millions) |
|
|
|
|||||||||||||||||||||||||
Net Revenues |
|
$ |
4,121 |
|
$ |
3,823 |
|
|
7.8 |
% |
8.7 |
% |
|
298 |
(35 |
) |
— |
228 |
105 |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating Income |
|
$ |
2,020 |
|
$ |
1,717 |
|
|
17.6 |
% |
15.5 |
% |
|
303 |
37 |
|
— |
228 |
47 |
(9 |
) |
|||||||
Adjustments (1) |
|
|
(40 |
) |
|
(148 |
) |
|
73.0 |
% |
73.0 |
% |
|
108 |
— |
|
— |
— |
— |
108 |
|
|||||||
Adjusted Operating Income |
|
$ |
2,059 |
|
$ |
1,865 |
|
|
10.4 |
% |
8.4 |
% |
|
194 |
37 |
|
— |
228 |
47 |
(117 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Adjusted Operating Income Margin |
|
|
50.0 |
% |
|
48.8 |
% |
|
1.2 |
pp |
(0.1 |
)pp |
|
|
|
|
|
|
|
|||||||||
(1) See Schedule 10 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail. |
Net revenues increased by
Adjusted operating income increased by
Nine Months Year-to-Date
Financial Summary - Nine Months Ended September 30, |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||
|
2024 |
2023 |
|
Total |
Excl.
|
|
Total |
Cur-
|
Acqui-
|
Price |
Vol/
|
Cost/
|
|||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||
Net Revenues |
|
$ |
11,301 |
|
$ |
10,465 |
|
|
8.0 |
% |
7.7 |
% |
|
836 |
34 |
— |
596 |
206 |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Income |
|
$ |
5,136 |
|
$ |
4,551 |
|
|
12.9 |
% |
12.7 |
% |
|
585 |
6 |
— |
596 |
113 |
(130 |
) |
|||||||
Adjustments (1) |
|
|
(120 |
) |
|
(251 |
) |
|
52.1 |
% |
52.1 |
% |
|
131 |
— |
— |
— |
— |
131 |
|
|||||||
Adjusted Operating Income |
|
$ |
5,256 |
|
$ |
4,802 |
|
|
9.5 |
% |
9.3 |
% |
|
454 |
6 |
— |
596 |
113 |
(260 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted Operating Income Margin |
|
|
46.5 |
% |
|
45.9 |
% |
|
0.6 |
pp |
0.7 |
pp |
|
|
|
|
|
|
|
||||||||
(1) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail. |
Net revenues increased by
Adjusted operating income increased by
SSEA, CIS & MEA REGION
Total Market, PMI Shipment & Market Share Commentaries
Third-Quarter
The estimated total market for cigarettes and HTUs in the Region increased by
Nine Months Year-to-Date
The estimated total market for cigarettes and HTUs in the Region increased by
PMI Shipment Volume |
|
Third-Quarter |
|
Nine Months Year-to-Date |
||||||||
(million units) |
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
||||
Cigarettes |
|
91,456 |
89,398 |
|
|
259,038 |
250,344 |
|
||||
Heated Tobacco Units |
|
7,127 |
6,088 |
|
|
20,142 |
17,388 |
|
||||
Total SSEA, CIS & MEA |
|
98,583 |
95,486 |
|
|
279,180 |
267,732 |
|
Third-Quarter
PMI's total cigarette and HTU shipment volume in the Region increased by
Nine Months Year-to-Date
PMI's total cigarette and HTU shipment volume in the Region increased by
Financial Summary
Third-Quarter
Financial Summary - Quarters Ended September 30, |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||||
|
2024 |
2023 |
|
Total |
Excl.
|
|
Total |
Cur-
|
Acqui-
|
Price |
Vol/
|
Cost/
|
|||||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||||
Net Revenues |
|
$ |
2,964 |
|
$ |
2,777 |
|
|
6.7 |
% |
12.1 |
% |
|
187 |
|
(148 |
) |
— |
296 |
39 |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income |
|
$ |
960 |
|
$ |
823 |
|
|
16.6 |
% |
29.8 |
% |
|
137 |
|
(129 |
) |
21 |
296 |
21 |
(72 |
) |
|||||||
Adjustments (1) |
|
|
(50 |
) |
|
(46 |
) |
|
(7.6 |
)% |
(7.6 |
)% |
|
(4 |
) |
— |
|
— |
— |
— |
(4 |
) |
|||||||
Adjusted Operating Income |
|
$ |
1,009 |
|
$ |
869 |
|
|
16.1 |
% |
28.5 |
% |
|
140 |
|
(129 |
) |
21 |
296 |
21 |
(68 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adjusted Operating Income Margin |
|
|
34.0 |
% |
|
31.3 |
% |
|
2.7 |
pp |
4.6 |
pp |
|
|
|
|
|
|
|
||||||||||
(1) See Schedule 10 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail. |
Net revenues increased by
Adjusted operating income increased by
Nine Months Year-to-Date
Financial Summary - Nine Months Ended September 30, |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||
|
2024 |
2023 |
|
Total |
Excl.
|
|
Total |
Cur-
|
Acqui-
|
Price |
Vol/
|
Cost/
|
||||||||||||||||
(in millions) |
|
|
|
|||||||||||||||||||||||||
Net Revenues |
|
$ |
8,393 |
|
$ |
7,922 |
|
|
5.9 |
% |
13.4 |
% |
|
471 |
(593 |
) |
— |
680 |
306 |
78 |
|
|||||||
Adjustment (1) |
|
|
— |
|
|
(80 |
) |
|
+100 |
% |
+100 |
% |
|
80 |
— |
|
— |
— |
— |
80 |
|
|||||||
Adjusted Net Revenues |
|
$ |
8,393 |
|
$ |
8,002 |
|
|
4.9 |
% |
12.3 |
% |
|
391 |
(593 |
) |
— |
680 |
306 |
(2 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Revenues |
|
$ |
8,393 |
|
$ |
7,922 |
|
|
5.9 |
% |
13.4 |
% |
|
471 |
(593 |
) |
— |
680 |
306 |
78 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating Income |
|
$ |
2,623 |
|
$ |
2,437 |
|
|
7.6 |
% |
30.9 |
% |
|
186 |
(600 |
) |
33 |
680 |
117 |
(44 |
) |
|||||||
Adjustments (2) |
|
|
(59 |
) |
|
(168 |
) |
|
64.8 |
% |
64.8 |
% |
|
109 |
— |
|
— |
— |
— |
109 |
|
|||||||
Adjusted Operating Income |
|
$ |
2,682 |
|
$ |
2,605 |
|
|
3.0 |
% |
24.7 |
% |
|
77 |
(600 |
) |
33 |
680 |
117 |
(152 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Adjusted Operating Income Margin |
|
|
32.0 |
% |
|
32.6 |
% |
|
(0.6 |
)pp |
3.6 |
pp |
|
|
|
|
|
|
|
|||||||||
(1) Termination of distribution arrangement in the |
||||||||||||||||||||||||||||
(2) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail. |
Adjusted net revenues increased by
Adjusted operating income increased by
EA, AU AND PMI DF REGION
Total Market, PMI Shipment & Market Share Commentaries
Third-Quarter
The estimated total market for cigarettes and HTUs in the Region, excluding
Nine Months Year-to-Date
The estimated total market for cigarettes and HTUs in the Region, excluding
PMI Shipment Volume |
|
Third-Quarter |
|
Nine Months Year-to-Date |
||||||||
(million units) |
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
||||
Cigarettes |
|
12,806 |
12,941 |
(1.0)% |
|
36,246 |
39,402 |
(8.0)% |
||||
Heated Tobacco Units |
|
13,864 |
13,099 |
|
|
44,937 |
38,561 |
|
||||
Total EA, AU & PMI DF |
|
26,670 |
26,040 |
|
|
81,183 |
77,963 |
|
Third-Quarter
PMI's total cigarette and HTU shipment volume in the Region increased by
PMI's estimated HTU adjusted in-market sales volume in the Region increased by
Nine Months Year-to-Date
PMI's total cigarette and HTU shipment volume in the Region increased by
PMI's estimated HTU adjusted in-market sales volume in the Region increased by
Financial Summary
Third-Quarter
Financial Summary - Quarters Ended September 30, |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||||
|
2024 |
2023 |
|
Total |
Excl.
|
|
Total |
Cur-
|
Acqui-
|
Price |
Vol/
|
Cost/
|
||||||||||||||||||
(in millions) |
|
|
|
|
||||||||||||||||||||||||||
Net Revenues |
|
$ |
1,602 |
|
$ |
1,571 |
|
|
2.0 |
% |
7.4 |
% |
|
31 |
|
(85 |
) |
— |
71 |
45 |
|
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
788 |
|
$ |
769 |
|
|
2.5 |
% |
7.8 |
% |
|
19 |
|
(41 |
) |
— |
71 |
(21 |
) |
10 |
|
|||||||
Adjustments (1) |
|
|
(1 |
) |
|
(25 |
) |
|
97.2 |
% |
97.2 |
% |
|
24 |
|
— |
|
— |
— |
— |
|
24 |
|
|||||||
Adjusted Operating Income |
|
$ |
789 |
|
$ |
794 |
|
|
(0.6 |
)% |
4.5 |
% |
|
(5 |
) |
(41 |
) |
— |
71 |
(21 |
) |
(14 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
49.3 |
% |
|
50.5 |
% |
|
(1.2 |
)pp |
(1.3 |
)pp |
|
|
|
|
|
|
|
|||||||||||
(1) See Schedule 10 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail. |
Net revenues increased by
Adjusted operating income increased by
Nine Months Year-to-Date
Financial Summary - Nine Months Ended September 30, |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||
|
2024 |
2023 |
|
Total |
Excl.
|
|
Total |
Cur-
|
Acqui-
|
Price |
Vol/
|
Cost/
|
|||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||
Net Revenues |
|
$ |
4,959 |
|
$ |
4,771 |
|
|
3.9 |
% |
10.5 |
% |
|
188 |
(314 |
) |
— |
289 |
213 |
— |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Income |
|
$ |
2,304 |
|
$ |
1,963 |
|
|
17.4 |
% |
30.5 |
% |
|
341 |
(257 |
) |
— |
289 |
53 |
256 |
|||||||
Adjustments (1) |
|
|
(2 |
) |
|
(250 |
) |
|
99.1 |
% |
99.1 |
% |
|
248 |
— |
|
— |
— |
— |
248 |
|||||||
Adjusted Operating Income |
|
$ |
2,306 |
|
$ |
2,213 |
|
|
4.2 |
% |
15.8 |
% |
|
93 |
(257 |
) |
— |
289 |
53 |
8 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted Operating Income Margin |
|
|
46.5 |
% |
|
46.4 |
% |
|
0.1 |
pp |
2.2 |
pp |
|
|
|
|
|
|
|
||||||||
(1) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail. |
Net revenues increased by
Adjusted operating income increased by
Total Market, PMI Shipment & Market Share Commentaries
Third-Quarter
The estimated total market for cigarettes and HTUs in the Region, excluding the
Nine Months Year-to-Date
The estimated total market for cigarettes and HTUs in the Region, excluding the
PMI Shipment Volume |
|
Third-Quarter |
|
Nine Months Year-to-Date |
||||||||
(million units) |
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
||||
Cigarettes |
|
15,241 |
15,433 |
(1.2)% |
|
44,472 |
45,846 |
(3.0)% |
||||
Heated Tobacco Units |
|
157 |
129 |
|
|
472 |
383 |
|
||||
Total |
|
15,398 |
15,562 |
(1.1)% |
|
44,944 |
46,229 |
(2.8)% |
||||
Note: Sum may not foot due to rounding. |
Americas Oral SFP1 |
|
Third-Quarter |
|
Nine Months Year-to-Date |
||||||||
|
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
||||
PMI Shipment Volume (million cans) |
|
|
|
|
|
|
|
|
||||
Nicotine Pouches |
|
149.6 |
105.4 |
|
|
416.3 |
268.5 |
|
||||
Moist Snuff |
|
34.1 |
33.2 |
|
|
102.6 |
102.5 |
|
||||
Snus |
|
0.7 |
0.8 |
(4.3)% |
|
2.2 |
3.2 |
(30.0)% |
||||
Total |
|
184.4 |
139.4 |
|
|
521.1 |
374.2 |
|
||||
(1) Excluding Note: Volumes of other oral SFP introduced in Q3'24 are not material. Sum may not foot due to rounding. |
Third-Quarter
PMI's total cigarette and HTU shipment volume in the Region decreased by
Oral products shipments increased by
Nine Months Year-to-Date
PMI's total cigarette and HTU shipment volume in the Region decreased by
Cigar shipment volume decreased by
Oral products shipments increased by
Financial Summary
Third-Quarter
Financial Summary - Quarters Ended September 30, |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||||
|
2024 |
2023 |
|
Total |
Excl.
|
|
Total |
Cur-
|
Acqui-
|
Price |
Vol/
|
Cost/
|
|||||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||||
Net Revenues |
|
$ |
1,148 |
|
$ |
895 |
|
|
28.3 |
% |
30.5 |
% |
|
253 |
|
(20 |
) |
— |
92 |
133 |
48 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income |
|
$ |
137 |
|
$ |
98 |
|
|
39.8 |
% |
20.4 |
% |
|
39 |
|
19 |
|
— |
92 |
116 |
(188 |
) |
|||||||
Adjustments (1) |
|
|
(198 |
) |
|
(131 |
) |
|
(51.3 |
)% |
(51.3 |
)% |
|
(67 |
) |
— |
|
— |
— |
— |
(67 |
) |
|||||||
Adjusted Operating Income |
|
$ |
336 |
|
$ |
229 |
|
|
46.7 |
% |
38.4 |
% |
|
107 |
|
19 |
|
— |
92 |
116 |
(121 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adjusted Operating Income Margin |
|
|
29.3 |
% |
|
25.6 |
% |
|
3.7 |
pp |
1.5 |
pp |
|
|
|
|
|
|
|
||||||||||
(1) See Schedule 10 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail. |
Net revenues increased by
Adjusted operating income increased by
Nine Months Year-to-Date
Financial Summary - Nine Months Ended September 30, |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||
|
2024 |
2023 |
|
Total |
Excl.
|
|
Total |
Cur-
|
Acqui-
|
Price |
Vol/
|
Cost/
|
||||||||||||||||
(in millions) |
|
|
|
|||||||||||||||||||||||||
Net Revenues |
|
$ |
3,273 |
|
$ |
2,732 |
|
|
19.8 |
% |
18.7 |
% |
|
541 |
|
31 |
— |
146 |
364 |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating Income |
|
$ |
419 |
|
$ |
524 |
|
|
(20.0 |
)% |
(34.5 |
)% |
|
(105 |
) |
76 |
— |
146 |
333 |
(660 |
) |
|||||||
Adjustments (1) |
|
|
(578 |
) |
|
(226 |
) |
|
-(100 |
)% |
-(100 |
)% |
|
(352 |
) |
— |
— |
— |
— |
(352 |
) |
|||||||
Adjusted Operating Income |
|
$ |
997 |
|
$ |
750 |
|
|
32.9 |
% |
22.8 |
% |
|
247 |
|
76 |
— |
146 |
333 |
(309 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Adjusted Operating Income Margin |
|
|
30.5 |
% |
|
27.5 |
% |
|
3.0 |
pp |
0.9 |
pp |
|
|
|
|
|
|
|
|||||||||
(1) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail. |
Net revenues increased by
Adjusted operating income increased by
WELLNESS AND HEALTHCARE
The results of PMI’s Vectura Fertin Pharma business are reported in the Wellness and Healthcare segment.
Third-Quarter
Financial Summary - Quarters Ended September 30, |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||||
|
2024 |
2023 |
|
Total |
Excl.
|
|
Total |
Cur-
|
Acqui-
|
Price |
Vol/
|
Cost/
|
|||||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||||
Net Revenues |
|
$ |
76 |
|
$ |
75 |
|
|
1.3 |
% |
2.7 |
% |
|
1 |
|
(1 |
) |
— |
2 |
— |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income / (Loss) |
|
$ |
(251 |
) |
$ |
(37 |
) |
|
-(100 |
)% |
-(100 |
)% |
|
(214 |
) |
(4 |
) |
— |
2 |
— |
(212 |
) |
|||||||
Adjustments (1) |
|
|
(211 |
) |
|
(14 |
) |
|
-(100 |
)% |
-(100 |
)% |
|
(197 |
) |
— |
|
— |
— |
— |
(197 |
) |
|||||||
Adjusted Operating Income / (Loss) |
|
$ |
(40 |
) |
$ |
(23 |
) |
|
(73.9 |
)% |
(56.5 |
)% |
|
(17 |
) |
(4 |
) |
— |
2 |
— |
(16 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adjusted Operating Income / (Loss) Margin |
|
|
(52.6 |
)% |
|
(30.7 |
)% |
|
(21.9 |
)pp |
(16.1 |
)pp |
|
|
|
|
|
|
|
||||||||||
(1) See Schedule 10 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail. |
Net revenues increased by
Nine Months Year-to-Date
Financial Summary - Nine Months Ended September 30, |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||
|
2024 |
2023 |
|
Total |
Excl.
|
|
Total |
Cur-
|
Acqui-
|
Price |
Vol/
|
Cost/
|
||||||||||||||||
(in millions) |
|
|
|
|||||||||||||||||||||||||
Net Revenues |
|
$ |
246 |
|
$ |
237 |
|
|
3.8 |
% |
3.4 |
% |
|
9 |
1 |
|
— |
10 |
— |
(2 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating Income / (Loss) |
|
$ |
(339 |
) |
$ |
(808 |
) |
|
58.0 |
% |
58.3 |
% |
|
469 |
(2 |
) |
— |
10 |
— |
461 |
|
|||||||
Adjustments (1) |
|
|
(266 |
) |
|
(723 |
) |
|
63.2 |
% |
63.2 |
% |
|
457 |
— |
|
— |
— |
— |
457 |
|
|||||||
Adjusted Operating Income / (Loss) |
|
$ |
(72 |
) |
$ |
(85 |
) |
|
15.3 |
% |
17.6 |
% |
|
13 |
(2 |
) |
— |
10 |
— |
4 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Adjusted Operating Income / (Loss) Margin |
|
|
(29.3 |
)% |
|
(35.9 |
)% |
|
6.6 |
pp |
7.3 |
pp |
|
|
|
|
|
|
|
|||||||||
(1) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail. |
Net revenues increased by
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
Forward-Looking and Cautionary Statements
This press release contains projections of future results and goals and other forward-looking statements, including statements regarding expected financial or operational performance; capital allocation plans; investment strategies; regulatory outcomes; market expectations; 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
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, Quarterly Report on Form 10-Q for the second quarter ended June 30, 2024, and the Quarterly Report on Form 10-Q for the third quarter ended September 30, 2024, which will be filed in the coming days. 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.
Non-GAAP Measures, Glossary and Explanatory Notes
Reconciliations of non-GAAP measures in this release to the most directly comparable
Management reviews net revenues, gross profit, operating income, operating income margin, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, asset impairment and exit costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results. Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.
Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with
Diluted EPS reconciliation |
|
|
|
|
||||||||
|
Third-Quarter |
||||||||||
|
|
2024 |
|
|
2023 |
|
% Change |
||||
Reported Diluted EPS |
$ |
1.97 |
|
$ |
1.32 |
|
49.2 |
% |
|||
Amortization of intangibles |
|
0.12 |
|
|
0.10 |
|
|
||||
|
|
0.03 |
|
|
— |
|
|
||||
Impairment related to Vectura Group's expected sale |
|
0.13 |
|
|
— |
|
|
||||
Income tax impact associated with Swedish Match AB financing |
|
(0.10 |
) |
|
0.09 |
|
|
||||
Charges related to the war in |
|
— |
|
|
0.01 |
|
|
||||
Termination of agreement with Foundation for a Smoke-Free World |
|
— |
|
|
0.07 |
|
|
||||
Fair value adjustment for equity security investments |
|
(0.24 |
) |
|
(0.03 |
) |
|
||||
Tax items |
|
— |
|
|
0.11 |
|
|
||||
Adjusted Diluted EPS |
$ |
1.91 |
|
$ |
1.67 |
|
14.4 |
% |
|||
Less: Currency |
|
(0.06 |
) |
|
|
||||||
Adjusted Diluted EPS, excluding Currency |
$ |
1.97 |
|
$ |
1.67 |
|
18.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appendix 1 |
|
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
|||||||||||||||||||||||||
Key Market Data |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended September 30, |
|||||||||||||||||||||||||
Market |
|
Total Market, bio units |
|
PMI Shipments, bio units |
|
PMI Market Share(2), % |
|||||||||||||||||||
|
|
Total |
|
Cigarette |
|
HTU |
|
Total |
|
HTU |
|||||||||||||||
|
2024 |
2023 |
%
|
|
2024 |
2023 |
%
|
|
2024 |
2023 |
%
|
|
2024 |
2023 |
%
|
|
2024 |
2023 |
pp
|
|
2024 |
2023 |
pp
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total(1)(2) |
|
676.7 |
667.8 |
1.3 |
|
198.6 |
193.6 |
2.6 |
|
163.2 |
161.1 |
1.3 |
|
35.3 |
32.5 |
8.9 |
|
29.5 |
28.9 |
0.6 |
|
5.3 |
4.6 |
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
6.8 |
7.6 |
(10.9) |
|
2.4 |
2.7 |
(9.0) |
|
2.4 |
2.6 |
(9.4) |
|
— |
— |
— |
|
41.0 |
42.2 |
(1.2) |
|
0.6 |
0.7 |
(0.1) |
|
|
|
19.7 |
19.3 |
2.1 |
|
7.0 |
6.9 |
0.3 |
|
5.9 |
6.0 |
(2.7) |
|
1.1 |
0.9 |
20.9 |
|
37.9 |
38.4 |
(0.5) |
|
5.9 |
4.9 |
1.0 |
|
|
|
20.1 |
19.4 |
3.5 |
|
10.5 |
10.4 |
0.9 |
|
7.2 |
6.8 |
5.0 |
|
3.3 |
3.6 |
(6.8) |
|
54.9 |
53.5 |
1.4 |
|
16.6 |
16.0 |
0.6 |
|
|
|
15.4 |
15.2 |
1.1 |
|
6.9 |
6.5 |
5.7 |
|
5.5 |
5.2 |
7.0 |
|
1.3 |
1.3 |
0.8 |
|
44.0 |
42.0 |
2.0 |
|
8.6 |
8.4 |
0.2 |
|
|
|
12.3 |
11.9 |
3.8 |
|
3.6 |
3.5 |
3.6 |
|
3.2 |
3.1 |
2.5 |
|
0.4 |
0.3 |
14.3 |
|
29.6 |
29.9 |
(0.3) |
|
2.7 |
2.3 |
0.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SSEA, CIS & MEA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
21.5 |
16.2 |
32.4 |
|
6.5 |
6.4 |
2.1 |
|
6.0 |
6.1 |
(1.5) |
|
0.5 |
0.2 |
92.8 |
|
30.4 |
40.2 |
(9.8) |
|
1.9 |
2.0 |
(0.1) |
|
|
|
75.5 |
78.1 |
(3.3) |
|
20.7 |
22.7 |
(8.9) |
|
20.3 |
22.5 |
(9.7) |
|
0.3 |
0.2 |
99.9 |
|
27.4 |
29.0 |
(1.6) |
|
0.4 |
0.2 |
0.2 |
|
|
|
10.4 |
10.5 |
(0.9) |
|
5.3 |
5.7 |
(7.9) |
|
5.2 |
5.6 |
(8.3) |
|
0.1 |
0.1 |
39.4 |
|
50.7 |
54.5 |
(3.8) |
|
0.7 |
0.5 |
0.2 |
|
|
|
58.8 |
54.3 |
8.3 |
|
19.0 |
17.1 |
11.4 |
|
14.5 |
12.9 |
11.9 |
|
4.6 |
4.2 |
9.9 |
|
32.9 |
31.8 |
1.1 |
|
8.1 |
7.7 |
0.4 |
|
|
|
41.2 |
37.7 |
9.4 |
|
21.4 |
18.9 |
13.1 |
|
21.4 |
18.9 |
13.1 |
|
— |
— |
— |
|
52.0 |
50.3 |
1.7 |
|
— |
— |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EA, AU & PMI DF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
1.3 |
1.8 |
(28.3) |
|
0.5 |
0.7 |
(30.0) |
|
0.5 |
0.7 |
(30.0) |
|
— |
— |
— |
|
37.2 |
38.1 |
(0.9) |
|
— |
— |
— |
|
|
|
38.6 |
38.2 |
0.9 |
|
15.7 |
15.5 |
1.5 |
|
4.2 |
4.3 |
(3.0) |
|
11.5 |
11.2 |
3.2 |
|
41.4 |
39.5 |
1.9 |
|
30.0 |
26.5 |
3.5 |
|
|
|
18.2 |
18.8 |
(3.2) |
|
3.7 |
3.7 |
(1.2) |
|
2.2 |
2.4 |
(9.0) |
|
1.5 |
1.3 |
12.6 |
|
19.9 |
19.6 |
0.3 |
|
8.2 |
7.1 |
1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
6.1 |
6.6 |
(6.4) |
|
3.9 |
4.0 |
(4.3) |
|
3.9 |
4.0 |
(4.3) |
|
— |
— |
— |
|
62.7 |
61.4 |
1.3 |
|
— |
— |
— |
|
|
|
7.3 |
7.7 |
(5.8) |
|
4.6 |
4.9 |
(5.9) |
|
4.5 |
4.8 |
(6.2) |
|
0.1 |
— |
— |
|
62.7 |
62.7 |
— |
|
0.7 |
0.5 |
0.2 |
|
(1) Market share estimates are calculated using IMS data, unless otherwise stated |
|||||||||||||||||||||||||
(2) Total market and market share estimates include cigarillos in |
|||||||||||||||||||||||||
(3) PMI market share reflects estimated adjusted IMS volume share; Total Market is based on reported IMS |
|||||||||||||||||||||||||
Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appendix 2 |
|
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
|||||||||||||||||||||||||
Key Market Data |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|||||||||||||||||||||||||
Market |
|
Total Market, bio units |
|
PMI Shipments, bio units |
|
PMI Market Share(2), % |
|||||||||||||||||||
|
|
Total |
|
Cigarette |
|
HTU |
|
Total |
|
HTU |
|||||||||||||||
|
2024 |
2023 |
%
|
|
2024 |
2023 |
%
|
|
2024 |
2023 |
%
|
|
2024 |
2023 |
%
|
|
2024 |
2023 |
pp
|
|
2024 |
2023 |
pp
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total(1)(2) |
|
1,952.0 |
1,929.4 |
1.2 |
|
568.1 |
553.1 |
2.7 |
|
464.0 |
461.9 |
0.5 |
|
104.0 |
91.3 |
13.9 |
|
28.7 |
28.3 |
0.4 |
|
5.2 |
4.6 |
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
19.8 |
22.7 |
(12.8) |
|
8.3 |
10.2 |
(18.4) |
|
8.2 |
10.0 |
(18.3) |
|
0.1 |
0.2 |
(22.1) |
|
40.9 |
42.3 |
(1.4) |
|
0.6 |
0.7 |
(0.1) |
|
|
|
53.0 |
53.0 |
— |
|
20.1 |
19.8 |
1.3 |
|
17.0 |
17.7 |
(4.0) |
|
3.1 |
2.2 |
44.7 |
|
38.8 |
39.0 |
(0.2) |
|
6.1 |
5.2 |
0.9 |
|
|
|
55.7 |
55.1 |
1.2 |
|
29.0 |
29.1 |
(0.3) |
|
20.9 |
20.8 |
0.8 |
|
8.1 |
8.4 |
(2.9) |
|
53.7 |
53.6 |
0.1 |
|
17.0 |
16.6 |
0.4 |
|
|
|
44.5 |
43.7 |
1.9 |
|
19.4 |
18.1 |
7.1 |
|
15.4 |
14.3 |
7.5 |
|
4.0 |
3.8 |
5.7 |
|
43.5 |
41.3 |
2.2 |
|
8.9 |
8.8 |
0.1 |
|
|
|
33.3 |
33.0 |
0.7 |
|
9.9 |
9.9 |
(0.6) |
|
9.0 |
9.2 |
(1.9) |
|
0.9 |
0.8 |
15.1 |
|
29.2 |
29.4 |
(0.2) |
|
2.7 |
2.2 |
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SSEA, CIS & MEA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
59.9 |
54.8 |
9.4 |
|
18.5 |
18.1 |
2.0 |
|
17.4 |
17.4 |
(0.1) |
|
1.1 |
0.7 |
55.0 |
|
30.6 |
33.3 |
(2.7) |
|
1.9 |
1.6 |
0.3 |
|
|
|
221.4 |
219.5 |
0.9 |
|
60.5 |
63.5 |
(4.6) |
|
59.7 |
63.1 |
(5.3) |
|
0.8 |
0.4 |
+100 |
|
27.3 |
28.9 |
(1.6) |
|
0.4 |
0.2 |
0.2 |
|
|
|
30.4 |
32.2 |
(5.4) |
|
15.8 |
18.0 |
(12.2) |
|
15.6 |
17.8 |
(12.6) |
|
0.2 |
0.2 |
33.2 |
|
52.0 |
56.0 |
(4.0) |
|
0.7 |
0.5 |
0.2 |
|
|
|
160.7 |
151.0 |
6.4 |
|
51.9 |
48.3 |
7.5 |
|
38.9 |
36.5 |
6.6 |
|
13.0 |
11.8 |
10.3 |
|
32.3 |
31.9 |
0.4 |
|
8.5 |
7.9 |
0.6 |
|
|
|
111.7 |
101.2 |
10.4 |
|
57.8 |
50.3 |
14.9 |
|
57.8 |
50.3 |
14.9 |
|
— |
— |
— |
|
51.7 |
49.7 |
2.0 |
|
— |
— |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EA, AU & PMI DF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
4.0 |
5.6 |
(29.0) |
|
1.4 |
2.0 |
(28.2) |
|
1.4 |
2.0 |
(28.2) |
|
— |
— |
— |
|
35.8 |
35.4 |
0.4 |
|
— |
— |
— |
|
|
|
112.2 |
111.1 |
1.0 |
|
51.1 |
47.0 |
8.9 |
|
12.6 |
13.9 |
(9.6) |
|
38.5 |
33.0 |
16.7 |
|
41.1 |
39.5 |
1.6 |
|
29.6 |
26.4 |
3.2 |
|
|
|
52.9 |
54.3 |
(2.5) |
|
10.6 |
10.6 |
(0.1) |
|
6.3 |
6.8 |
(6.8) |
|
4.3 |
3.8 |
12.0 |
|
20.0 |
19.5 |
0.5 |
|
8.0 |
7.0 |
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
19.1 |
21.6 |
(11.5) |
|
11.8 |
13.4 |
(11.6) |
|
11.8 |
13.4 |
(11.6) |
|
— |
— |
— |
|
61.9 |
62.0 |
(0.1) |
|
— |
— |
— |
|
|
|
21.0 |
21.3 |
(1.4) |
|
12.9 |
13.2 |
(2.1) |
|
12.8 |
13.1 |
(2.6) |
|
0.2 |
0.1 |
61.2 |
|
61.6 |
62.1 |
(0.5) |
|
0.8 |
0.5 |
0.3 |
|
(1) Market share estimates are calculated using IMS data, unless otherwise stated |
|||||||||||||||||||||||||
(2) Total market and market share estimates include cigarillos in |
|||||||||||||||||||||||||
(3) PMI market share reflects estimated adjusted IMS volume share; Total Market is based on reported IMS |
|||||||||||||||||||||||||
Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241021238001/en/
Philip Morris International
Investor Relations:
Lausanne,
Email: InvestorRelations@pmi.com
Media:
Lausanne: +41 582 424 500
Email: David.Fraser@pmi.com
Source: Philip Morris International
FAQ
What was Philip Morris International's (PM) reported diluted EPS for Q3 2024?
How much did Philip Morris International's (PM) smoke-free business grow in Q3 2024?
What is Philip Morris International's (PM) revised full-year 2024 guidance for adjusted diluted EPS?
How much did ZYN nicotine pouch shipments grow in the U.S. for Philip Morris International (PM) in Q3 2024?