Delivered 2023
Second-Quarter Reported Diluted EPS of $1.01 and Adjusted Diluted EPS of $1.60, Representing
Currency-Neutral Growth of 16.9%; Targets 2023 Full-Year Reported Diluted EPS of $5.36 to
$5.45 and Adjusted Diluted EPS of $6.13 to $6.22, Representing
Currency-Neutral Growth of 8.0% to 9.5%
Regulatory News:
Philip Morris International Inc. (PMI) (NYSE: PM) today
announces its 2023 second-quarter and first-half results. Growth
rates presented in this press release on an organic basis reflect
adjusted results, excluding currency, acquisitions and disposals.
Further explanation of PMI's use of non-GAAP measures cited in this
document and reconciliations to the most directly comparable U.S.
GAAP measures can be found in the “Non-GAAP Measures and
Reconciliations to Non-GAAP Measures” section of this release, in
Exhibit 99.2 of the company's Form 8-K dated July 20, 2023, and at
www.pmi.com/2023Q2earnings. A glossary of key terms, definitions
and explanatory notes is available in the aforementioned Exhibit
99.2 and on the same webpage, where additional financial schedules,
as well as adjustments and other calculations have also been made
available.
2023 SECOND-QUARTER HIGHLIGHTS
Second-Quarter
Change vs. Q2 2022
Amount
Reported
Adjusted
Total Cig. & HTU Shipment Volume
(units bn)
188.4
3.3%
HTU Shipment Volume (units bn)
31.4
26.6%
Oral Product Shipment Volume (mn cans)
(1)
197.4
+100%
13.8%
(2)
Net Revenues ($ bn)
$9.0
14.5%
10.5%
(3)
Smoke-Free Product Net Revenues ($ bn)
$3.2
34.1%
17.7%
(3)
-% of Total Net Revenues
35.4%
5.2pp
Operating Income ($ bn)
$2.6
(16.0)%
6.9%
(3)
Diluted Earnings per Share
$1.01
(29.4)%
Adjusted Diluted Earnings per Share
$1.60
16.9%
(4)
(1) Excludes snuff, snuff leaf and U.S.
chew
(2) On a pro forma basis (including
Swedish Match in all periods)
(3) On an organic basis
(4) Excluding currency
- Reported net revenues up by 19.0%, excluding currency
- Pro forma (including Swedish Match in all periods) adjusted net
revenue growth of 11.1%, excluding currency
- Combustible tobacco net revenue growth of 6.0%; growth of 7.4%
on an organic basis, driven by pricing of over 9%
- Market share for HTUs in IQOS markets up by 1.6 points to
9.2%
- Adjusted in-market sales volume for HTUs, which excludes the
net favorable impact of estimated distributor and wholesaler
inventory movements, up by an estimated 16%
- Total IQOS users at quarter-end estimated at approximately 27.2
million (up by 1.4 million versus March 2023), of which
approximately 19.4 million had switched to IQOS and stopped
smoking
- ZYN nicotine pouch (NP) shipment volume in the U.S. of 89.9
million cans, representing growth of 53.1% versus second-quarter
2022 Swedish Match shipments of 58.7 million cans
- Declared regular quarterly dividend of $1.27 per share, or an
annualized rate of $5.08 per share
"Our strong business momentum continued with an excellent second
quarter," said Jacek Olczak, Chief Executive Officer. "Total
cigarette and HTU shipment volume grew by 3.3%, underpinning
double-digit growth in net revenues and currency-neutral adjusted
diluted EPS."
"The outstanding performance of Swedish Match – fueled by the
growth of ZYN in the U.S. – is accelerating our smoke-free
transformation and is complementing IQOS in growing our smoke-free
leadership, whilst we also deliver resilient combustibles
performance with enhanced pricing."
"Our strong fundamentals give us further confidence as we enter
the second half of the year, particularly as certain inflationary
and operational pressures ease. We are therefore raising our
full-year 2023 forecast for organic net revenue growth to a range
of 7.5% to 8.5% and currency-neutral adjusted diluted EPS growth to
a range of 8.0% to 9.5%."
"As we look to the longer term, we are complementing our
smoke-free transformation with the further development of our
wellness and healthcare business. While we have experienced some
initial headwinds, we remain committed to wellness and healthcare,
with a focused strategy on several attractive growth
opportunities."
2023 SECOND-QUARTER SUMMARY
Net revenues increased by 10.5% on an organic basis, driven by
total cigarette and HTU shipment volume growth of 3.3% (reflecting
growth of 26.6% for HTUs and a decline of 0.4% for cigarettes), the
favorable product mix impact associated with the increasing
proportion of smoke-free products within PMI's product portfolio,
and combustible tobacco pricing in excess of 9%.
HTU shipment volume in the quarter benefited from the favorable
net estimated impact of both distributor and wholesaler inventory
movements. Excluding these movements, adjusted in-market sales
volume for HTUs increased by an estimated 16%, reflecting continued
strong IQOS momentum.
While excluded from organic financial performance in the
quarter, Swedish Match delivered currency-neutral top-line growth
of 19.1% compared to its second-quarter 2022 results, led by
shipment volume growth for ZYN in the U.S. of over 50%. On a pro
forma basis (including Swedish Match in all periods), PMI's net
revenues increased by 11.1%, excluding currency.
Adjusted operating income increased by 6.9% on an organic basis,
despite global inflationary pressures related to direct materials,
tobacco leaf, energy and wages. Adjusted operating income margin of
39.4% increased by 2.1 points sequentially versus the first
quarter.
Adjusted diluted EPS of $1.60 increased by 16.9%, excluding
currency. This exceeded the company's forecast provided on June
6th, mainly driven by exceptional June volumes for ZYN in the U.S.,
stronger-than-anticipated combustibles performance, the favorable
timing of certain costs (which are now expected to come in the
third quarter), and a lower tax rate.
Second-Quarter
2023
2022
Currency
Var. excl. Currency
Reported Diluted EPS
$
1.01
$
1.43
$
(0.13
)
(20.3
)%
Tax benefit associated with Swedish Match
AB financing
(0.01
)
—
Impairment of goodwill and other
intangibles
0.44
—
Amortization of intangibles
0.04
0.02
Charges related to the war in Ukraine
—
0.04
Costs associated with Swedish Match AB
offer
—
0.02
South Korea indirect tax charge
0.11
—
Fair value adjustment for equity security
investments
0.01
—
Tax items
—
(0.03
)
Adjusted Diluted EPS
$
1.60
$
1.48
$
(0.13
)
16.9
%
2023 FULL-YEAR FORECAST
Full-Year
2023
Forecast
2022
Growth
Reported Diluted EPS
$5.36
-
$5.45
$ 5.81
Adjustments:
Asset impairment and exit costs
0.06
—
Termination of distribution arrangement in
the Middle East
0.04
—
Tax benefit associated with Swedish Match
AB financing
(0.06)
(0.13)
Impairment of goodwill and other
intangibles
0.44
0.06
Amortization of intangibles
0.16
0.09
Costs associated with Swedish Match AB
offer
—
0.06
Charges related to the war in Ukraine
—
0.08
Swedish Match AB acquisition accounting
related item
0.01
0.06
South Korea indirect tax charge
0.11
Fair value adj. for equity security
investments
0.01
(0.02)
Tax items
—
(0.03)
Total Adjustments
0.77
0.17
Adjusted Diluted EPS
$6.13
-
$6.22
$ 5.98
Less: Currency
(0.33)
Adjusted Diluted EPS, excluding
currency
$6.46
-
$6.55
$ 5.98
8.0%
-
9.5%
Reported diluted EPS is forecast to be in a range of $5.36 to
$5.45, at prevailing exchange rates, versus reported diluted EPS of
$5.81 in 2022. Excluding a total 2023 adjustment of $0.77 per share
and an adverse currency impact, at prevailing exchange rates, of
$0.33 per share, this forecast represents a projected increase of
8.0% to 9.5% versus adjusted diluted EPS of $5.98 in 2022, as
outlined in the above table.
The company's forecast for adjusted diluted EPS growth,
excluding currency, represents an increase compared to its June 6,
2023, forecast of 7% to 9%.
2023 Full-Year Forecast Assumptions
This forecast assumes:
- An estimated total international industry volume decline for
cigarettes and HTUs, excluding China and the U.S., of 0.5% to
1.5%;
- Total cigarette and HTU shipment volume growth for PMI of up to
+1%;
- HTU shipment volume of 125 to 130 billion units, broadly in
line with anticipated adjusted in-market sales volume and
reflecting an acceleration in growth versus 2022;
- A cigarette shipment volume decline of approximately 1.5% to
2.5%;
- Net revenue growth of approximately 7.5% to 8.5% on an organic
basis;
- Strong full-year performance for Swedish Match’s existing
operations, underpinned by strong shipment volume growth for ZYN in
the U.S.;
- An adjusted operating income margin decline of 50 to 150 basis
points on an organic basis, with the decline likely toward the
upper (150 basis point) end of the range, notably due to technical
factors;
- Incremental investments to drive future growth, including the
commercialization of ILUMA and around $150 million with a broadly
even split between the U.S. and the Wellness and Healthcare
segment;
- Wellness and Healthcare segment net revenues of around $300
million (including smoking cessation products), with an adjusted
operating loss of around $150 million, primarily due to investments
in research and development;
- No contribution from any potential favorable court ruling
related to the legality of a supplemental tax surcharge on HTUs in
Germany, which went into effect in 2022 (see PMI's first-quarter
2023 press release from April 20, 2023, for additional detail). PMI
expects to have greater visibility on the likely outcome toward the
end of this year;
- The contribution of the company's operations in Russia and
Ukraine for the entire year;
- Full-year amortization and impairment of acquired intangibles
of $0.60 per share, which includes amortization related to the
Swedish Match acquisition based on preliminary purchase price
allocation that may be subject to change;
- A full year’s net positive earnings contribution from Swedish
Match including related interest expense, with Swedish Match
included in PMI's organic performance as of November 11, 2023;
- Net financing costs of around $1.2 billion;
- An effective tax rate, excluding discrete tax events, of
approximately 20.5% to 21.5%;
- Operating cash flow of $10 to $11 billion at prevailing
exchange rates, subject to year-end working capital
requirements;
- Capital expenditures of approximately $1.3 billion, partly
reflecting increased investments behind smoke-free product
manufacturing capacity, including for ILUMA consumables and Swedish
Match's portfolio;
- No share repurchases in 2023;
- Third-quarter adjusted diluted EPS in a range of $1.60 to
$1.65, including an unfavorable currency impact, at prevailing
exchange rates, of $0.06 per share, notably reflecting HTU shipment
volume of around 31 to 33 billion units and high-single-digit
organic top-line growth;
- Strong second-half 2023 organic adjusted operating income
growth that supports second-half adjusted operating income margin
expansion on the same basis, with notably strong performance in the
fourth quarter.
Factors described in the Forward-Looking and Cautionary
Statements section of this release represent continuing risks to
these projections.
Sale of Swedish Match Subsidiary
As previously disclosed, under the EU Merger Regulation,
approval by the European Commission of PMI’s Swedish Match
acquisition was conditional on the subsequent sale of Swedish
Match’s subsidiary, SMD Logistics AB (SMDL). On June 30, 2023, PMI
completed the sale of SMDL.
War in Ukraine
In Ukraine, PMI's main priority remains the safety and security
of its more than 1,300 employees and their families in the country.
The company continues select retail activities where safety allows,
in order to provide product availability and service to adult
consumers, and supplies the market from production centers outside
Ukraine, as well as through a contract manufacturing arrangement.
Production at the company's factory in Kharkiv remains suspended.
On June 20, 2023, PMI announced the investment of $30 million in a
new production facility in the Lviv region, in Western Ukraine.
Preparatory work for the facility began in July 2023 and production
is expected to commence in the first quarter of 2024. As of June
30, 2023, PMI's Ukrainian operations had approximately $0.5 billion
in total assets, excluding intercompany balances.
PMI is continuously assessing the evolving situation in Russia,
including recent regulatory constraints in the market entailing
very complex terms and conditions that must be met for any
divestment transaction to be granted approval by the authorities,
and restrictions resulting from international regulations. As of
June 30, 2023, PMI's Russian operations had approximately $2.4
billion in total assets, excluding intercompany balances, of which
approximately $0.6 billion consisted of cash and equivalents held
mostly in local currency (Russian rubles).
Scientific Update
Regulatory Science Update
PMI has specifically designed a product assessment program to
deliver the pre-market scientific evidence that governmental
authorities need in order to understand and assess novel tobacco
products with the potential to reduce the risk of disease.
PMI received Premarket Tobacco Product Application (PMTA)
authorizations for the IQOS Tobacco Heating System, blade versions
2.4 and 3.0, from the U.S. Food and Drug Administration (FDA) in
2019 and 2020, respectively. The same products were also granted
Modified Risk Tobacco Product authorizations (MRTPAs) allowing
reduced exposure claims, in 2020 and 2022.
PMI is on track for its IQOS ILUMA PMTA submission in the fourth
quarter of 2023 to seek market authorization in the U.S. The PMTA
submission will be followed by a supplemental MRTPA submission for
IQOS ILUMA (also planned in 2023), requesting authorization of the
exposure reduction marketing order previously granted for IQOS
blade versions. The company’s science demonstrates comparable
performance between IQOS ILUMA and the previous blade versions of
IQOS.
Inhaled Aspirin Product Clinical Trial
Results
During the second quarter, the company received its first
clinical trial results for an inhalable aspirin product being
developed by its Wellness and Healthcare business. While it was
observed that the experimental product had a rapid onset of effect,
which is the key medical advantage sought, there was significant
variability in inhaled dose among subjects. The study was therefore
deemed unsuccessful and, as a result, product design improvements
are required. The company had planned to file a new drug
application for this product with the FDA later this year. However,
additional time is now required to evaluate design
improvements.
Other Scientific Matters
Between 2020 and 2023, PMI conducted time trend analysis studies
(TTA Studies), including two in Japan that looked at third-party
hospitalization data for chronic obstructive pulmonary disease and
ischemic heart disease before and after the introduction of several
competing brands of heated tobacco products, including IQOS. As
disclosed contemporaneously with the TTA Studies, ecological
analyses such as these have many inherent limitations and are not
designed to assess cause and effect. Given their inherent
limitations, time trend analysis studies are used primarily to
develop hypotheses for further research. Upon PMI’s
post-publication review of the TTA Studies, which identified
certain inaccuracies in the study methodology, analyses and
presentation of the data, PMI has determined that these TTA Studies
and their conclusions are no longer useful and will no longer be
relying on them for developing hypotheses or any other purpose.
Scientific Evidence for Tobacco Harm
Reduction
The totality of the evidence to date on PMI's smoke-free
products overwhelmingly supports their role in tobacco harm
reduction. PMI’s scientific program has yielded over 500 scientific
publications in peer-reviewed journals, including 14 in 2023.
PMI has a robust roadmap in place for future scientific studies,
including post-market studies, and plans to elaborate further on
these programs during the company's Investor Day on September
28th.
Wellness and Healthcare Reporting Segment Asset Impairment
Charge
During the second quarter of 2023, PMI completed its annual
review of goodwill and non-amortizable intangible assets for
potential impairment. Based on this review, it was determined that
the estimated fair value of the Wellness and Healthcare reporting
segment was below its carrying value, primarily reflecting the
impact of two factors:
- The unsuccessful clinical trial results for the company's
inhalable aspirin product discussed above, given the additional
time now required to evaluate design improvements and the
corresponding less certain outcome.
- Slower-than-anticipated development of the contract development
and manufacturing organization (CDMO) business, including
challenges associated with increased cost related to certain key
products.
Consequently, PMI recorded a total impairment charge in the
Wellness and Healthcare segment of $680 million in the second
quarter. The charge is non-cash.
PMI remains committed to developing its Wellness and Healthcare
business and continues to see attractive growth potential --
leveraging its unique and enabling R&D capabilities -- in areas
such as inhalable drugs, nicotine-replacement therapy (NRT), and
consumer wellness products, including non-recreational cannabinoids
in line with applicable regulatory requirements. The company does,
however, expect the aforementioned factors to postpone its 2025
ambition to reach over $1 billion of net revenues for the Wellness
and Healthcare segment, and result in a corresponding decrease in
the level of investment behind the segment next year.
Further detail on the company's Wellness and Healthcare business
will be presented at PMI's 2023 Investor Day on September 28th.
South Korea Indirect Tax Charge
On July 13, 2023, PMI's South Korean subsidiary, Philip Morris
Korea Inc. (PM Korea), received an adverse ruling from the Supreme
Court of South Korea related to cases alleging underpayment of
excise taxes in connection with a 2015 excise tax increase and
subsequent audit by the South Korean Board of Audit and Inspection
(BAI). The Supreme Court ruling reversed previous decisions that
were in PM Korea’s favor at the trial and appellate levels.
As a result of the ruling, PMI management concluded that an
adverse outcome is probable. Consequently, PMI recorded a non-cash
pre-tax charge of $204 million in its second quarter results,
reflecting the full amount previously paid by PM Korea.
Conference Call
A conference call hosted by Emmanuel Babeau, Chief Financial
Officer, will be webcast at 9:00 a.m., Eastern Time, on July 20,
2023. Access the call at www.pmi.com/2023Q2earnings.
TOTAL MARKET, CONSOLIDATED SHIPMENT VOLUME
& MARKET SHARE
Total Market Volume
Second-Quarter
Estimated international industry volume (excluding China and the
U.S.) for cigarettes and HTUs decreased by 2.1% in the second
quarter, reflecting declines in the South & Southeast Asia,
Commonwealth of Independent States, and Middle East & Africa
(SSEA, CIS & MEA) Region, the Europe Region and the Americas
Region, partly offset by increases in the East Asia, Australia
& PMI Duty Free (EA, AU & PMI DF) Region, as described in
the Regional sections.
Six Months Year-to-Date
Estimated international industry volume (excluding China and the
U.S.) for cigarettes and HTUs decreased by 0.9% in the first half,
reflecting declines in the SSEA, CIS & MEA Region and the
Europe Region, partly offset by increases in the EA, AU & PMI
DF Region and the Americas Region, as described in the Regional
sections.
Consolidated Shipment Volume
PMI Cigarettes and HTUs
Second-Quarter
Six Months
Year-to-Date
(million units)
2023
2022
Change
2023
2022
Change
Cigarettes
157,010
157,678
(0.4)%
300,718
305,916
(1.7)%
Heated Tobacco Units
31,424
24,821
26.6%
58,820
49,640
18.5%
Total Cigarettes and HTUs
188,434
182,499
3.3%
359,538
355,556
1.1%
PMI Oral Products (1)
Second-Quarter
Six Months
Year-to-Date
(million cans)
2023
2022
Change
2023
2022
Change
Nicotine Pouches
99.5
0.9
+100%
180.7
1.9
+100%
Snus
62.6
5.1
+100%
118.2
7.6
+100%
Moist Snuff
34.1
—
—%
69.3
—
—%
Other
1.2
—
—%
2.5
—
—%
Total Oral Products
197.4
6.0
+100%
370.7
9.5
+100%
(1) Excluding snuff, snuff leaf and U.S.
chew
Note: Sum may not foot due to
roundings.
Second-Quarter
PMI's total cigarette and HTU shipment volume increased by 3.3%,
reflecting a 26.6% increase in HTU shipments across all regions,
partly offset by a 0.4% decline in cigarette shipments (due to the
Europe Region, the EA, AU & PMI DF Region and the Americas
Region, partially offset by the SSEA, CIS & MEA Region).
Cigarette shipment volume for Marlboro decreased by 2.9% to 60.8
billion units, due primarily to the Philippines.
PMI’s total oral product shipment volume increased by +100%,
driven by the Swedish Match acquisition. On a pro forma basis
(including Swedish Match in all periods), it increased by 13.8%,
primarily reflecting growth in nicotine pouches (particularly in
the U.S.), partly offset by a decline for snus (mainly in
Scandinavia). Swedish Match's total oral product shipment volume
increased by 15.1% versus its corresponding shipments in the second
quarter of 2022.
Impact of Inventory Movements
Excluding the net favorable impact of estimated distributor
inventory movements (primarily driven by HTUs), PMI’s total
in-market sales for cigarettes and HTUs increased by 2.2%,
reflecting 17.0% growth for HTUs (or 15.5% on an adjusted basis),
partly offset by a decline of 0.2% for cigarettes. The net
favorable impact of estimated distributor inventory movements for
HTUs was driven primarily by Japan (mainly reflecting a favorable
comparison due to HTU capacity constraints in the prior year
period), partly offset by Italy.
Six Months Year-to-Date
PMI's total cigarette and HTU shipment volume increased by 1.1%,
reflecting an 18.5% increase in HTU shipments across all regions,
partly offset by a 1.7% decline in cigarette shipments (mainly due
to the Europe and EA, AU & PMI DF Regions). Cigarette shipment
volume for Marlboro decreased by 2.6% to 116.8 billion units, due
primarily to the Philippines.
PMI’s total oral product shipment volume increased by +100%,
driven by the Swedish Match acquisition. On a pro forma basis
(including Swedish Match in all periods), it increased by 11.8%,
primarily reflecting the same factors as in the quarter. Swedish
Match's total oral product shipment volume increased by 12.6%
versus its corresponding shipments in the first half of 2022.
Impact of Inventory Movements
The net impact of estimated distributor inventory movements on
PMI's total cigarette and HTU shipment volume was immaterial.
International Share of Market - Cigarettes and HTUs
Second-Quarter
Six Months
Year-to-Date
2023
2022
Change (pp)
2023
2022
Change (pp)
Total International Market Share
(1)
28.5%
27.4%
1.1
27.9%
27.4%
0.5
Cigarettes
23.9%
23.5%
0.4
23.3%
23.4%
(0.1)
HTU
4.6%
3.9%
0.7
4.6%
4.0%
0.6
Cigarette over Cigarette Market Share
(2)
25.5%
24.8%
0.7
24.8%
24.7%
0.1
(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
China and the U.S., including cigarillos in Japan
(2) Defined as PMI's cigarette in-market
sales volume as a percentage of total industry cigarette sales
volume, excluding China and the U.S., including cigarillos in
Japan
CONSOLIDATED FINANCIAL SUMMARY
Second-Quarter
Quarters Ended
June 30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis.
Total
Cur- rency
Acqui- sitions
Price
Vol/ Mix
Cost/ Other
(in millions)
Net Revenues
$
8,967
$
7,832
14.5
%
10.5
%
1,135
(351
)
665
459
390
(28
)
Cost of Sales (1)
(3,228
)
(2,648
)
(21.9
)%
(16.2
)%
(580
)
85
(235
)
—
(263
)
(167
)
Marketing, Administration and Research
Costs (2)
(3,173
)
(2,128
)
(49.1
)%
(43.2
)%
(1,045
)
40
(166
)
—
—
(919
)
Operating Income
$
2,566
$
3,056
(16.0
)%
(17.3
)%
(490
)
(226
)
264
459
127
(1,114
)
Impairment of Goodwill and Other
Intangibles
(680
)
—
—
%
—
%
(680
)
—
—
—
—
(680
)
Amortization of
Intangibles
(82
)
(36
)
-(100
)%
8.3
%
(46
)
—
(49
)
—
—
3
Charges related to the war in Ukraine
—
(80
)
+100
%
+100
%
80
—
—
—
—
80
Costs associated with Swedish Match AB
offer
—
(52
)
+100
%
+100
%
52
—
—
—
—
52
South Korea Indirect Tax Charge
(204
)
—
—
%
—
%
(204
)
—
—
—
—
(204
)
Adjusted Operating Income
$
3,532
$
3,224
9.6
%
6.9
%
308
(226
)
313
459
127
(365
)
Adjusted Operating Income
Margin
39.4
%
41.2
%
(1.8
)pp
(1.4
)pp
(1) Includes $22 million in 2023 and $20
million in 2022 related to the special items below.
(2) Includes $944 million in 2023 and $148
million in 2022 related to the special items below.
Net revenues increased by 10.5% on an organic basis, mainly
reflecting: a favorable pricing variance, primarily driven by
higher combustible tobacco pricing, partly offset by lower HTU
(net) pricing; and favorable volume/mix, mainly driven by higher
HTU volume and favorable cigarette mix, partially offset by lower
cigarette volume and unfavorable HTU mix.
Adjusted operating income increased by 6.9% on an organic basis,
mainly reflecting: the favorable pricing variance; and favorable
volume/mix, mainly driven by higher HTU volume, partly offset by
lower cigarette volume, unfavorable HTU mix and unfavorable
cigarette mix; partially offset by higher marketing, administration
and research costs (primarily due to inflationary impacts, notably
related to wages); and higher manufacturing costs (primarily due to
inflationary impacts, notably related to direct materials, tobacco
leaf and energy, partly offset by productivity).
Six Months Year-to-Date
Six Months Ended
June 30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis
Total
Cur- rency
Acqui- sitions
Price
Vol/ Mix
Cost/ Other
(in millions)
Net Revenues
$
16,986
$
15,578
9.0
%
6.3
%
1,408
(825
)
1,246
796
349
(158
)
Termination of distribution arrangement in
the Middle East
(80
)
—
—
%
—
%
(80
)
—
—
—
—
(80
)
Adjusted Net Revenues
$
17,066
$
15,578
9.6
%
6.8
%
1,488
(825
)
1,246
796
349
(78
)
Net Revenues
$
16,986
$
15,578
9.0
%
6.3
%
1,408
(825
)
1,246
796
349
(158
)
Cost of Sales (1)
(6,266
)
(5,256
)
(19.2
)%
(14.0
)%
(1,010
)
201
(476
)
—
(453
)
(282
)
Marketing, Administration and Research
Costs (2)
(5,423
)
(3,968
)
(36.7
)%
(32.3
)%
(1,455
)
139
(313
)
—
—
(1,281
)
Operating Income
$
5,297
$
6,354
(16.6
)%
(16.2
)%
(1,057
)
(485
)
457
796
(104
)
(1,721
)
Asset Impairment & Exit Costs
(109
)
—
—
%
—
%
(109
)
—
—
—
—
(109
)
Termination of distribution arrangement in
the Middle East (3)
(80
)
—
—
%
—
%
(80
)
—
—
—
—
(80
)
Impairment of Goodwill and Other
Intangibles
(680
)
—
—
%
—
%
(680
)
—
—
—
—
(670
)
Amortization of Intangibles
(163
)
(74
)
-(100
)%
13.5
%
(89
)
—
(99
)
—
—
10
Charges related to the war in Ukraine
—
(122
)
+100
%
+100
%
122
—
—
—
—
122
Costs associated with Swedish Match AB
offer
—
(52
)
+100
%
+100
%
52
—
—
—
—
52
Swedish Match AB acquisition accounting
related items
(18
)
—
—
%
—
%
(18
)
—
(18
)
—
—
—
South Korea Indirect Tax Charge
(204
)
—
—
%
—
%
(204
)
—
—
—
—
(204
)
Adjusted Operating Income
$
6,551
$
6,602
(0.8
)%
(2.1
)%
(51
)
(485
)
574
796
(104
)
(832
)
Adjusted Operating Income
Margin
38.4
%
42.4
%
(4.0
)pp
(3.6
)pp
(1) Includes $62 million in 2023 and $46
million in 2022 related to the special items below.
(2) Includes $1,112 million in 2023 and
$202 million in 2022 related to the special items below.
(3) Included in Net Revenues above.
Adjusted net revenues increased by 6.8% on an organic basis,
mainly reflecting: a favorable pricing variance, primarily driven
by higher combustible tobacco pricing, partly offset by lower HTU
(net) pricing; and favorable volume/mix, mainly driven by higher
HTU volume and favorable cigarette mix, partially offset by lower
cigarette volume and unfavorable smoke-free product mix.
Adjusted operating income decreased by 2.1% on an organic basis,
mainly reflecting: higher marketing, administration and research
costs (primarily due to inflationary impacts, notably related to
wages, and lower commercial investments in the prior year period);
higher manufacturing costs (primarily due to inflationary impacts,
notably related to direct materials, tobacco leaf and energy,
partly offset by productivity); and unfavorable volume/mix, mainly
due to lower cigarette volume, as well as unfavorable HTU and
cigarette mix, partly offset by higher HTU volume; partially offset
by the favorable pricing variance.
EUROPE REGION
Total Market, PMI Shipment & Market Share
Commentaries
Second-Quarter
The estimated total market for cigarettes and HTUs in the Region
decreased by 1.5% to 140.7 billion units, reflecting a 3.7% decline
for cigarettes, partly offset by a 22.4% increase for HTUs. The
decrease in the estimated total market was notably due to France
(down by 10.4%) and the UK (down by 13.3%), partly offset by
Ukraine (up by 13.4%).
Six Months Year-to-Date
The estimated total market for cigarettes and HTUs in the Region
decreased by 0.5% to 266.2 billion units, reflecting a 2.3% decline
for cigarettes, partly offset by a 18.1% increase for HTUs. The
decrease in the estimated total market was notably due to France
(down by 7.3%) and the UK (down by 13.7%), partly offset by Poland
(up by 3.3%).
Europe Key Data
Second-Quarter
Six Months
Year-to-Date
Change
Change
2023
2022
% / pp
2023
2022
% / pp
PMI Shipment Volume (million
units)
Cigarettes
43,741
45,166
(3.2
)%
82,898
86,015
(3.6
)%
Heated Tobacco Units
11,705
10,542
11.0
%
21,804
20,811
4.8
%
Total Europe
55,446
55,708
(0.5
)%
104,702
106,826
(2.0
)%
PMI Market Share
Cigarettes
30.2
%
31.1
%
(0.9
)
30.2
%
31.5
%
(1.3
)
Heated Tobacco Units
8.8
%
7.1
%
1.7
8.8
%
7.6
%
1.2
Total Europe
39.0
%
38.2
%
0.8
39.1
%
39.1
%
—
Note: Sum may not foot due to
roundings.
Second-Quarter
PMI's total cigarette and HTU shipment volume in the Region
decreased by 0.5% to 55.4 billion units, mainly due to Italy (down
by 10.2%; or by 3.0% excluding the net unfavorable impact of
estimated distributor inventory movements), partly offset by Poland
(up by 8.5%) and Ukraine (up by 50.3%).
PMI's estimated HTU adjusted in-market sales volume in the
Region increased by approximately 19.7% in the quarter, reflecting
the strong continued growth momentum for IQOS (supported by the
further roll-out of ILUMA), including in Germany and Italy, with
growth of approximately 36.9% and 16.0%, respectively.
PMI's HTU share of the total cigarette and HTU market in the
Region increased by 1.7 points, or by 1.6 points on an adjusted
basis. Adjusted HTU share for Germany reached 5.4%, an increase of
1.5 points versus the second quarter of 2022. See Appendix 1 for
additional detail.
Six Months Year-to-Date
PMI's total cigarette and HTU shipment volume in the Region
decreased by 2.0% to 104.7 billion units, mainly due to Germany
(down by 6.3%, or by 0.1% excluding the net unfavorable impact of
estimated wholesaler inventory movements), Italy (down by 9.5%; or
by 0.5% excluding the net unfavorable impact of estimated
distributor inventory movements) and Spain (down by 8.3%, or by
5.5% excluding the net unfavorable impact of estimated distributor
inventory movements), partly offset by Poland (up by 11.8%).
PMI's estimated HTU adjusted in-market sales volume in the
Region increased by approximately 21.4% in the first half,
including growth in Germany and Italy of approximately 36.2% and
16.0%, respectively.
PMI's HTU share of the total cigarette and HTU market in the
Region increased by 1.2 points, or by 1.6 points on an adjusted
basis.
Financial Summary
Second-Quarter
Quarters Ended
June 30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis.
Total
Cur- rency
Acqui- sitions
Price
Vol/ Mix
Cost/ Other
(in millions)
Net Revenues
$
3,402
$
3,309
2.8
%
3.1
%
93
(11
)
—
149
(45
)
—
Operating Income
$
1,563
$
1,474
6.0
%
3.9
%
89
31
—
149
(56
)
(35
)
Adjustments (1)
(10
)
(113
)
91.2
%
91.2
%
103
—
—
—
—
103
Adjusted Operating Income
$
1,573
$
1,587
(0.9
)%
(2.8
)%
(14
)
31
—
149
(56
)
(138
)
Adjusted Operating Income
Margin
46.2
%
48.0
%
(1.8
)pp
(2.8
)pp
(1) See Schedule 8 in Exhibit 99.2 to the
Form 8-K dated July 20, 2023, for additional detail.
Net revenues increased by 3.1% on an organic basis, reflecting:
a favorable pricing variance, mainly driven by higher combustible
tobacco pricing, partly offset by lower HTU (net) pricing
(primarily related to the supplemental tax surcharge in Germany);
partially offset by unfavorable volume/mix, mainly due to lower
cigarette volume, as well as unfavorable cigarette and HTU mix,
partly offset by higher HTU volume.
Adjusted operating income decreased by 2.8% on an organic basis,
primarily reflecting: higher manufacturing costs (primarily due to
inflationary impacts); higher marketing, administration and
research costs (primarily due to inflationary impacts); and
unfavorable volume/mix, mainly due to the same factors as for net
revenues; partly offset by favorable pricing.
Six Months Year-to-Date
Six Months
Ended
June
30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis.
Total
Cur- rency
Acqui- sitions
Price
Vol/ Mix
Cost/ Other
(in millions)
Net Revenues
$
6,312
$
6,533
(3.4
)%
(0.2
)%
(221
)
(208
)
—
177
(190
)
—
Operating Income
$
2,738
$
3,032
(9.7
)%
(7.7
)%
(294
)
(60
)
—
177
(236
)
(175
)
Adjustments (1)
(69
)
(165
)
58.2
%
58.2
%
96
—
—
—
—
96
Adjusted Operating Income
$
2,807
$
3,197
(12.2
)%
(10.3
)%
(390
)
(60
)
—
177
(236
)
(271
)
Adjusted Operating Income
Margin
44.5
%
48.9
%
(4.4
)pp
(4.9
)pp
(1) See Schedule 9 in Exhibit 99.2 to the
Form 8-K dated July 20, 2023, for additional detail.
Net revenues decreased by 0.2% on an organic basis, reflecting:
unfavorable volume/mix, mainly due to lower cigarette volume, as
well as unfavorable HTU and cigarette mix, partly offset by higher
HTU volume (despite the adverse net impact of estimated wholesaler
and distributor HTU inventory movements in Germany and Italy,
respectively, which was concentrated in the first quarter); largely
offset by a favorable pricing variance, mainly driven by higher
combustible tobacco pricing, partly offset by lower HTU (net)
pricing (primarily related to the supplemental tax surcharge in
Germany).
Adjusted operating income decreased by 10.3% on an organic
basis, primarily reflecting: unfavorable volume/mix, mainly due to
the same factors as for net revenues; higher marketing,
administration and research costs (mainly due to inflationary
impacts and lower commercial investments in the prior year period);
and higher manufacturing costs (primarily due to inflationary
impacts); partly offset by the favorable pricing variance.
SSEA, CIS & MEA REGION
Total Market, PMI Shipment & Market Share
Commentaries
Second-Quarter
The estimated total market for cigarettes and HTUs in the Region
decreased by around 3%, primarily reflecting a decline for
cigarettes. The decrease in the estimated total market was mainly
due to Egypt (down by 28.7%), Indonesia (down by 4.7%) and Pakistan
(down by 49.5%), partly offset by Turkey (up by 14.4%).
Six Months Year-to-Date
The estimated total market for cigarettes and HTUs in the Region
decreased by around 2%, primarily reflecting a decline for
cigarettes. The decrease in the estimated total market was mainly
due to Egypt (down by 16.3%), Indonesia (down by 5.6%), Pakistan
(down by 41.8%) and the Philippines (down by 19.7%), partly offset
by Bangladesh (up by 26.6%) and Turkey (up by 12.4%).
PMI Shipment Volume
Second-Quarter
Six Months
Year-to-Date
(million units)
2023
2022
Change
2023
2022
Change
Cigarettes
84,415
82,365
2.5%
160,946
160,611
0.2%
Heated Tobacco Units
5,853
5,642
3.7%
11,300
10,655
6.1%
Total SSEA, CIS & MEA
90,268
88,007
2.6%
172,246
171,266
0.6%
Second-Quarter
PMI's total cigarette and HTU shipment volume in the Region
increased by 2.6% to 90.3 billion units, mainly driven by Egypt (up
by 23.2%) and Turkey (up by 27.6%), partly offset by Pakistan (down
by 57.7%) and the Philippines (down by 19.8%).
Six Months Year-to-Date
PMI's total cigarette and HTU shipment volume in the Region
increased by 0.6% to 172.2 billion units, mainly driven by Algeria
(up by 39.9%), Egypt (up by 15.0%) and Turkey (up by 22.7%), partly
offset by Indonesia (down by 4.1%), Pakistan (down by 50.5%) and
the Philippines (down by 26.3%).
Financial Summary
Second-Quarter
Quarters Ended
June 30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis.
Total
Cur- rency
Acqui- sitions
Price
Vol/ Mix
Cost/ Other
(in millions)
Net Revenues
$
2,668
$
2,514
6.1
%
14.9
%
154
(221
)
—
253
149
(27
)
Operating Income
$
858
$
958
(10.4
)%
(0.2
)%
(100
)
(98
)
—
253
(35
)
(220
)
Adjustments (1)
(5
)
(21
)
76.2
%
76.2
%
16
—
—
—
—
16
Adjusted Operating Income
$
863
$
979
(11.8
)%
(1.8
)%
(116
)
(98
)
—
253
(35
)
(236
)
Adjusted Operating Income
Margin
32.3
%
38.9
%
(6.6
)pp
(5.6
)pp
(1) See Schedule 8 in Exhibit 99.2 to the
Form 8-K dated July 20, 2023, for additional detail.
Net revenues increased by 14.9% on an organic basis, primarily
reflecting: a favorable pricing variance, mainly driven by higher
combustible tobacco pricing, with HTU pricing also higher; and
favorable volume/mix, primarily driven by favorable cigarette mix,
as well as higher volume for cigarettes, HTUs and devices.
Adjusted operating income decreased by 1.8% on an organic basis,
primarily reflecting: higher manufacturing costs (primarily due to
inflationary impacts); higher marketing, administration and
research costs; and unfavorable volume/mix, mainly due to
cigarettes; partly offset by the favorable pricing variance.
Six Months Year-to-Date
Six Months
Ended
June
30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis.
Total
Cur- rency
Acqui- sitions
Price
Vol/ Mix
Cost/ Other
(in millions)
Net Revenues
$
5,145
$
4,959
3.8
%
10.4
%
186
(332
)
—
486
185
(153
)
Adjustment (1)
(80
)
—
—
%
—
%
(80
)
—
—
—
—
(80
)
Adjusted Net Revenues
$
5,225
$
4,959
5.4
%
12.1
%
266
(332
)
—
486
185
(73
)
Net Revenues
$
5,145
$
4,959
3.8
%
10.4
%
186
(332
)
—
486
185
(153
)
Operating Income
$
1,570
$
1,923
(18.4
)%
(11.0
)%
(353
)
(142
)
—
486
(114
)
(583
)
Adjustments (2)
(124
)
(27
)
-(100
)%
-(100
)%
(97
)
—
—
—
—
(97
)
Adjusted Operating Income
$
1,694
$
1,950
(13.1
)%
(5.8
)%
(256
)
(142
)
—
486
(114
)
(486
)
Adjusted Operating Income
Margin
32.4
%
39.3
%
(6.9
)pp
(6.3
)pp
(1) Termination of distribution
arrangement in the Middle East
(2) See Schedule 9 in Exhibit 99.2 to the
Form 8-K dated July 20, 2023, for additional detail.
Adjusted net revenues increased by 12.1% on an organic basis,
primarily reflecting: a favorable pricing variance, mainly driven
by higher combustible tobacco pricing, with HTU pricing also
higher; and favorable volume/mix, primarily driven by favorable
cigarette volume/mix, as well as higher volume for HTUs and
devices; partly offset by lower fees for certain distribution
rights billed to customers in certain markets, shown in
"Cost/Other."
Adjusted operating income decreased by 5.8% on an organic basis,
primarily reflecting: higher manufacturing costs (primarily due to
inflationary impacts); higher marketing, administration and
research costs; unfavorable volume/mix, mainly due to cigarettes,
partly offset by higher HTU volume; and the impact of lower fees
for certain distribution rights, as noted for net revenues;
partially offset by the favorable pricing variance.
EA, AU AND PMI DF REGION
Total Market, PMI Shipment & Market Share
Commentaries
Second-Quarter
The estimated total market for cigarettes and HTUs in the
Region, excluding China, increased by around 2%, reflecting growth
for HTUs, partly offset by a decline for cigarettes. The increase
in the estimated total market was mainly driven by International
Duty Free (up by 41.4%), partly offset by Australia (down by
15.3%).
Six Months Year-to-Date
The estimated total market for cigarettes and HTUs in the
Region, excluding China, increased by around 2%, reflecting growth
for HTUs, partly offset by a decline for cigarettes. The increase
in the estimated total market was mainly driven by Japan (up by
1.4%) and International Duty Free (up by 42.7%), partly offset by
Australia (down by 14.9%).
PMI Shipment Volume
Second-Quarter
Six Months
Year-to-Date
(million units)
2023
2022
Change
2023
2022
Change
Cigarettes
13,351
14,067
(5.1)%
26,461
28,415
(6.9)%
Heated Tobacco Units
13,714
8,531
60.8%
25,462
17,960
41.8%
Total EA, AU & PMI DF
27,065
22,598
19.8%
51,923
46,375
12.0%
Second-Quarter
PMI's total cigarette and HTU shipment volume in the Region
increased by 19.8% to 27.1 billion units, mainly driven by Japan
(up by 38.7%).
Excluding the net favorable impact of estimated distributor
inventory movements (notably driven by cigarettes and HTUs in
Japan), PMI’s total in-market sales volume for cigarettes and HTUs
increased by 6.8% (reflecting a 16.6% increase for HTUs, partly
offset by a 0.6% decline for cigarettes). PMI's total in-market
sales volume in Japan increased by 6.0%, reflecting a 14.7%
increase for HTUs, partly offset by an 8.0% decline for
cigarettes.
Six Months Year-to-Date
PMI's total cigarette and HTU shipment volume in the Region
increased by 12.0% to 51.9 billion units, mainly driven by Japan
(up by 19.8%) and International Duty Free (up by 10.5%).
Excluding the net favorable impact of estimated distributor
inventory movements (notably due to HTUs in Japan, partly offset by
cigarettes in Japan and International Duty Free), PMI’s total
in-market sales for cigarettes and HTUs increased by 7.5%
(reflecting a 17.2% increase for HTUs and a 0.2% increase for
cigarettes). PMI's total in-market sales volume in Japan increased
by 7.5%, reflecting a 16.3% increase for HTUs, partly offset by a
6.6% decline for cigarettes.
Financial Summary
Second-Quarter
Quarters Ended
June 30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis.
Total
Cur- rency
Acqui- sitions
Price
Vol/ Mix
Cost/ Other
(in millions)
Net Revenues
$
1,680
$
1,464
14.8
%
23.8
%
216
(133
)
—
23
326
—
Operating Income
$
544
$
528
3.0
%
27.7
%
16
(130
)
—
23
244
(121
)
Adjustments (1)
(205
)
(12
)
-(100
)%
-(100
)%
(193
)
—
—
—
—
(193
)
Adjusted Operating Income
$
749
$
540
38.7
%
62.8
%
209
(130
)
—
23
244
72
Adjusted Operating Income
Margin
44.6
%
36.9
%
7.7
pp
11.6
pp
(1) See Schedule 8 in Exhibit 99.2 to the
Form 8-K dated July 20, 2023, for additional detail.
Net revenues increased by 23.8% on an organic basis, reflecting:
favorable volume/mix, mainly driven by higher HTU volume, partly
offset by lower cigarette volume. Pricing variance was favorable,
driven by higher cigarette pricing largely offset by lower HTU
(net) pricing (primarily related to Japan).
Adjusted operating income increased by 62.8% on an organic
basis, mainly reflecting: favorable volume/mix, primarily driven by
the same factors as for net revenues; and lower supply chain
costs.
Six Months Year-to-Date
Six Months
Ended
June
30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis.
Total
Cur- rency
Acqui- sitions
Price
Vol/ Mix
Cost/ Other
(in millions)
Net Revenues
$
3,200
$
3,051
4.9
%
14.8
%
149
(303
)
—
37
415
—
Operating Income
$
1,167
$
1,213
(3.8
)%
16.4
%
(46
)
(245
)
—
37
289
(127
)
Adjustments (1)
(226
)
(13
)
-(100
)%
-(100
)%
(213
)
—
—
—
—
(213
)
Adjusted Operating Income
$
1,393
$
1,226
13.6
%
33.6
%
167
(245
)
—
37
289
86
Adjusted Operating Income
Margin
43.5
%
40.2
%
3.3
pp
6.6
pp
(1) See Schedule 9 in Exhibit 99.2 to the
Form 8-K dated July 20, 2023, for additional detail.
Net revenues increased by 14.8% on an organic basis, reflecting
favorable volume/mix, mainly driven by higher HTU volume, partly
offset by lower cigarette volume and unfavorable smoke-free product
mix (for HTUs and devices). Pricing variance was favorable, driven
by higher cigarette and device pricing largely offset by lower HTU
(net) pricing (primarily related to Japan).
Adjusted operating income increased by 33.6% on an organic
basis, mainly reflecting favorable volume/mix, primarily driven by
the same factors as for net revenues, and lower supply chain
costs.
AMERICAS REGION
Total Market, PMI Shipment & Market Share
Commentaries
Second-Quarter
The estimated total market for cigarettes and HTUs in the
Region, excluding the U.S., decreased by around 2%, primarily
reflecting a decline for cigarettes. The decrease in the estimated
total market was mainly due to Canada (down by 7.3%) and Mexico
(down by 7.6%), partly offset by Brazil (up by 2.9%).
Six Months Year-to-Date
The estimated total market for cigarettes and HTUs in the
Region, excluding the U.S., increased by less than one percent,
primarily reflecting growth for cigarettes. The increase in the
estimated total market was mainly driven by Brazil (up by 8.7%),
partly offset by Canada (down by 11.5%) and Mexico (down by
6.8%).
PMI Shipment Volume
Second-Quarter
Six Months
Year-to-Date
(million units)
2023
2022
Change
2023
2022
Change
Cigarettes
15,503
16,080
(3.6)%
30,413
30,875
(1.5)%
Heated Tobacco Units
152
106
43.4%
254
214
18.7%
Total Americas
15,655
16,186
(3.3)%
30,667
31,089
(1.4)%
Second-Quarter
PMI's total cigarette and HTU shipment volume in the Region
decreased by 3.3% to 15.7 billion units, mainly due to Argentina
(down by 4.3%) and Mexico (down by 10.2%), partly offset by Brazil
(up by 11.6%).
Six Months Year-to-Date
PMI's total cigarette and HTU shipment volume in the Region
decreased by 1.4% to 30.7 billion units, mainly due to Argentina
(down by 2.5%) and Mexico (down by 9.8%), partly offset by Brazil
(up by 15.5%).
Financial Summary
Second-Quarter
Quarters Ended
June 30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis.
Total
Cur- rency
Acqui- sitions
Price
Vol/ Mix
Cost/ Other
(in millions)
Net Revenues
$
476
$
469
1.5
%
(1.5
)%
7
14
—
36
(40
)
(3
)
Operating Income
$
70
$
130
(46.2
)%
(26.2
)%
(60
)
(26
)
—
36
(26
)
(44
)
Adjustments (1)
(2
)
(4
)
50.0
%
50.0
%
2
—
—
—
—
2
Adjusted Operating Income
$
72
$
134
(46.3
)%
(26.9
)%
(62
)
(26
)
—
36
(26
)
(46
)
Adjusted Operating Income
Margin
15.1
%
28.6
%
(13.5
)pp
(7.4
)pp
(1) See Schedule 8 in Exhibit 99.2 to the
Form 8-K dated July 20, 2023, for additional detail.
Net revenues decreased by 1.5% on an organic basis, primarily
reflecting: unfavorable volume/mix, mainly due to lower cigarette
volume and unfavorable cigarette mix; partly offset by a favorable
pricing variance, driven by higher combustible tobacco pricing.
Adjusted operating income decreased by 26.9% on an organic
basis, mainly reflecting: higher marketing, administration and
research costs (including incremental investments in the U.S. in
preparation for smoke-free product commercialization); unfavorable
volume/mix, mainly due to the same factors as for net revenues; and
higher manufacturing costs; partly offset by the favorable pricing
variance.
Six Months Year-to-Date
Six Months
Ended
June
30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis.
Total
Cur- rency
Acqui- sitions
Price
Vol/ Mix
Cost/ Other
(in millions)
Net Revenues
$
921
$
893
3.1
%
0.6
%
28
23
—
73
(61
)
(7
)
Operating Income
$
136
$
251
(45.8
)%
(31.5
)%
(115
)
(36
)
—
73
(43
)
(109
)
Adjustments (1)
(9
)
(6
)
(50.0
)%
(50.0
)%
(3
)
—
—
—
—
(3
)
Adjusted Operating Income
$
145
$
257
(43.6
)%
(29.6
)%
(112
)
(36
)
—
73
(43
)
(106
)
Adjusted Operating Income
Margin
15.7
%
28.8
%
(13.1
)pp
(8.6
)pp
(1) See Schedule 9 in Exhibit 99.2 to the
Form 8-K dated July 20, 2023, for additional detail.
Net revenues increased by 0.6% on an organic basis, primarily
reflecting: a favorable pricing variance, driven by higher
combustible tobacco pricing; partly offset by unfavorable
volume/mix, mainly due to lower cigarette volume and unfavorable
cigarette mix.
Adjusted operating income decreased by 29.6% on an organic
basis, mainly reflecting: higher marketing, administration and
research costs (including incremental investments in the U.S. in
preparation for smoke-free product commercialization); unfavorable
volume/mix, mainly due to the same factors as for net revenues; and
higher manufacturing costs; partly offset by the favorable pricing
variance.
SWEDISH MATCH
PMI Shipment Commentary
Swedish Match Oral Product Shipment
Volume (1)
Second-Quarter
Six Months
Year-to-Date
(million cans)
2023
2022
Change
2023
2022
Change
Nicotine Pouches
U.S.
89.9
—
—%
163.1
—
—%
Scandinavia
7.5
—
—%
14.1
—
—%
Other
1.3
—
—%
2.3
—
—%
Total Nicotine Pouches
98.7
—
—%
179.5
—
—%
Snus
Scandinavia
56.9
—
—%
107.4
—
—%
Other
1.8
—
—%
3.8
—
—%
Total Snus
58.7
—
—%
111.2
—
—%
Moist Snuff
34.1
—
—%
69.3
—
—%
Other
1.2
—
—%
2.5
—
—%
Total Oral Products
192.7
—
—%
362.5
—
—%
(1) Excluding U.S. chew
Volume comparisons versus Swedish Match's
second-quarter 2022 results reflect data sourced from its
disclosures, available at www.swedishmatch.com/investors.
Second-Quarter
Swedish Match's total shipment volume for oral products
increased by 15.1% versus its corresponding shipments of 167.4
million cans in the second quarter of 2022.
Nicotine pouch shipment volume increased by 47.5% compared to
Swedish Match's second-quarter 2022 shipment volume of 66.9 million
cans, mainly driven by 53.1% growth for ZYN in the U.S. -- an
outstanding performance that reflected broad strength across the
country. In Scandinavia, shipment volume for nicotine pouches grew
by 4.5%.
Shipment volume for snus declined by 10.2% compared to Swedish
Match's second-quarter 2022 shipment volume of 65.4 million cans.
The decrease was primarily due to Scandinavia, mainly reflecting
the comparison versus an exceptionally strong total market in the
prior year period.
Six Months Year-to-Date
Swedish Match's total shipment volume for oral products
increased by 12.6% versus its corresponding shipments of 321.9
million cans in the first six months of 2022.
Nicotine pouch shipment volume increased by 45.4% compared to
Swedish Match's first-half 2022 shipment volume of 123.5 million
cans, reflecting 50.1% growth for ZYN in the U.S. In Scandinavia,
shipment volume for nicotine pouches grew by 9.6%.
Shipment volume for snus declined by 12.9% compared to Swedish
Match's first-half 2022 shipment volume of 127.6 million cans.
Swedish Match's performance in the first-half primarily
reflected the same factors as in the quarter, coupled with the
impact of excise tax and price increases on snus in Scandinavia in
the first quarter (including related inventory movements).
Swedish Match Combustible Product
Shipment Volume
Second-Quarter
Six Months
Year-to-Date
(million units)
2023
2022
Change
2023
2022
Change
Cigars
430.3
—
—%
907.1
—
—%
Second-Quarter
Cigar shipment volume declined by 6.0% compared to Swedish
Match's second-quarter 2022 cigar shipment volume of 457.7 million
units, primarily due to the impact of price increases partly offset
by higher share of market in the natural leaf segment.
Six Months Year-to-Date
Cigar shipment volume declined by 0.9% compared to Swedish
Match's first-half 2022 cigar shipment volume of 915.1 million
units, mainly due to the same factors as in the quarter.
Financial Summary
Second-Quarter
Quarters Ended
June 30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis.
Total
Cur- rency
Acqui- sitions
Price
Vol/
Mix
Cost/
Other
(in millions)
Net Revenues
$
665
$
—
—
%
—
%
665
—
665
—
—
—
Operating Income
$
264
$
—
—
%
—
%
264
—
264
—
—
—
Adjustments (1)
(49
)
—
—
%
—
%
(49
)
—
(49
)
—
—
—
Adjusted Operating Income
$
313
$
—
—
%
—
%
313
—
313
—
—
—
Adjusted Operating Income
Margin
47.1
%
n/a
—
pp
—
pp
(1) See Schedule 8 in Exhibit 99.2 to the
Form 8-K dated July 20, 2023, for additional detail.
PMI recorded net revenues of $665 million in the Swedish Match
segment for the quarter, with smoke-free products accounting for
over 77% of the segment's total net revenues. Compared to Swedish
Match's second-quarter 2022 results, net revenues increased by
19.1%, excluding currency, mainly driven by the strong growth of
smoke-free products, led by nicotine pouch volume growth in the
U.S., as well as higher pricing for cigars.
PMI recorded adjusted operating income of $313 million in the
segment, reflecting an adjusted operating income margin of
47.1%.
Six Months Year-to-Date
Six Months
Ended
June
30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis.
Total
Cur- rency
Acqui- sitions
Price
Vol/ Mix
Cost/ Other
(in millions)
Net Revenues
$
1,246
$
—
—
%
—
%
1,246
—
1,246
—
—
—
Operating Income
$
457
$
—
—
%
—
%
457
—
457
—
—
—
Adjustments (1)
(117
)
—
—
%
—
%
(117
)
—
(117
)
—
—
—
Adjusted Operating Income
$
574
$
—
—
%
—
%
574
—
574
—
—
—
Adjusted Operating Income
Margin
46.1
%
n/a
—
pp
—
pp
(1) See Schedule 9 in Exhibit 99.2 to the
Form 8-K dated July 20, 2023, for additional detail.
PMI recorded net revenues of $1.2 billion in the Swedish Match
segment in the first half, with smoke-free products accounting for
over 77% of the segment's total net revenues. Compared to Swedish
Match's first-half 2022 results, net revenues increased by 16.8%,
excluding currency, mainly driven by the same factors as in the
quarter.
PMI recorded adjusted operating income of $574 million in the
segment, reflecting an adjusted operating income margin of
46.1%.
WELLNESS AND HEALTHCARE
The operating results of PMI’s Vectura Fertin Pharma business
are reported in the Wellness and Healthcare segment.
Financial Summary
Second-Quarter
Quarters
Ended
June
30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis.
Total
Cur- rency
Acqui- sitions
Price
Vol/ Mix
Cost/ Other
(in millions)
Net Revenues
$
76
$
76
—
%
—
%
—
—
—
(2
)
—
2
Operating Income / (Loss)
$
(733
)
$
(34
)
-(100
)%
-(100
)%
(699
)
(3
)
—
(2
)
—
(694
)
Adjustments (1)
(695
)
(18
)
-(100
)%
-(100
)%
(677
)
—
—
—
—
(677
)
Adjusted Operating Income /
(Loss)
$
(38
)
$
(16
)
-(100
)%
-(100
)%
(22
)
(3
)
—
(2
)
—
(17
)
Adjusted Operating Income / (Loss)
Margin
(50.0
)%
(21.1
)%
(28.9
)pp
(25.0
)pp
(1) See Schedule 8 in Exhibit 99.2 to the
Form 8-K dated July 20, 2023, for additional detail.
Net revenues were flat on an organic basis, notably reflecting
higher net revenues for smoking cessation products, offset by the
unfavorable impact of phasing for select inhalation products.
The adjusted operating loss of $38 million was primarily due to
investments in research and development.
Six Months Year-to-Date
Six Months
Ended
June
30,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2023
2022
Total
Excl. Curr. &
Acquis.
Total
Cur- rency
Acqui- sitions
Price
Vol/ Mix
Cost/ Other
(in millions)
Net Revenues
$
162
$
142
14.1
%
17.6
%
20
(5
)
—
23
—
2
Operating Income / (Loss)
$
(771
)
$
(65
)
-(100
)%
-(100
)%
(706
)
(2
)
—
23
—
(727
)
Adjustments (1)
(709
)
(37
)
-(100
)%
-(100
)%
(672
)
—
—
—
—
(672
)
Adjusted Operating Income /
(Loss)
$
(62
)
$
(28
)
-(100
)%
-(100
)%
(34
)
(2
)
—
23
—
(55
)
Adjusted Operating Income / (Loss)
Margin
(38.3
)%
(19.7
)%
(18.6
)pp
(16.2
)pp
(1) See Schedule 9 in Exhibit 99.2 to the
Form 8-K dated July 20, 2023, for additional detail.
Net revenues increased by 17.6% on an organic basis, notably
driven by the favorable impact of phasing for select inhalation
products (notably in the first quarter), coupled with higher net
revenues for smoking cessation products.
The adjusted operating loss of $62 million was primarily due to
investments in research and development.
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.
Since 2008, PMI has invested more than USD 10.5 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 November
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 (FDA) has authorized versions of PMI’s IQOS Platform
1 devices and consumables and Swedish Match’s General snus as
Modified Risk Tobacco Products (MRTPs). As of June 30, 2023, PMI's
smoke-free products were available for sale in 80 markets, and PMI
estimates that approximately 19.4 million adults around the world
had already switched to IQOS and stopped smoking. Smoke-free
products accounted for approximately 35.4% of PMI’s total
second-quarter 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
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 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 COVID-19 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 produce and commercialize
reduced-risk 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 reduced-risk
product category's 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, 2022,
Quarterly Report on Form 10-Q for the first quarter ended March 31,
2023, and Quarterly Report on Form 10-Q for the second quarter
ended June 30, 2023, 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 and Reconciliations to Non-GAAP
Measures
Reconciliations of non-GAAP measures in this release to the most
directly comparable U.S. GAAP measures can be found in Exhibit 99.2
to the Form 8-K dated July 20, 2023, and at
www.pmi.com/2023Q2earnings.
Management reviews net revenues, 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. 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 U.S. GAAP.
Appendix 1
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Key Market Data
Quarters Ended June
30,
Market
Total Market,
bio units
PMI Shipments, bio
units
PMI Market Share,% (2)
Total
Cigarette
HTU
Total
HTU
2023
2022
% Change
2023
2022
% Change
2023
2022
% Change
2023
2022
% Change
2023
2022
pp Change
2023
2022
pp Change
Total (1) (2)
649.9
663.7
(2.1)
188.4
182.5
3.3
157.0
157.7
(0.4)
31.4
24.8
26.6
28.5
27.4
1.1
4.6
3.9
0.7
Europe
France
7.6
8.5
(10.4)
3.7
3.8
(1.3)
3.7
3.7
(1.4)
0.1
0.1
7.9
42.4
42.8
(0.4)
0.8
0.7
0.1
Germany (3)
17.9
18.0
(0.5)
6.9
7.0
(1.7)
6.1
6.5
(6.2)
0.7
0.5
62.8
39.2
38.7
0.5
5.4
3.9
1.5
Italy
18.4
18.8
(2.2)
9.8
10.9
(10.2)
7.0
7.8
(10.4)
2.8
3.1
(9.7)
53.6
54.0
(0.4)
17.0
14.4
2.6
Poland
15.0
14.8
1.4
6.1
5.6
8.5
4.9
4.5
8.0
1.2
1.1
10.4
40.6
37.9
2.7
8.2
7.5
0.7
Spain
11.3
11.5
(2.3)
3.6
3.7
(3.4)
3.3
3.5
(4.3)
0.3
0.2
9.9
29.2
30.1
(0.9)
2.2
1.7
0.5
SSEA, CIS & MEA
Egypt
16.1
22.5
(28.7)
6.0
4.9
23.2
5.7
4.7
21.5
0.3
0.2
66.1
37.2
23.1
14.1
1.8
0.8
1.0
Indonesia
72.0
75.6
(4.7)
20.8
21.4
(2.5)
20.8
21.4
(2.5)
—
—
—
28.9
28.3
0.6
—
—
—
Philippines
10.0
11.2
(10.5)
5.7
7.1
(19.8)
5.6
7.0
(20.0)
—
—
—
56.5
63.1
(6.6)
0.5
0.4
0.1
Russia
53.0
54.6
(3.0)
16.5
16.8
(1.7)
12.6
12.9
(2.1)
3.9
3.9
(0.3)
32.1
30.5
1.6
7.7
6.9
0.8
Turkey
36.1
31.6
14.4
18.5
14.5
27.6
18.5
14.5
27.6
—
—
—
51.3
46.0
5.3
—
—
—
EA, AU & PMI DF
Australia
1.9
2.3
(15.3)
0.6
0.7
(13.5)
0.6
0.7
(13.5)
—
—
—
32.5
31.9
0.6
—
—
—
Japan (2)
37.5
37.5
0.1
16.7
12.0
38.7
4.9
5.1
(3.2)
11.8
7.0
69.2
39.4
37.3
2.1
26.4
23.0
3.4
South Korea
18.5
18.7
(1.1)
3.6
3.6
1.9
2.3
2.4
(5.5)
1.3
1.1
18.1
19.5
19.0
0.5
7.0
5.9
1.1
Americas
Argentina
7.3
7.3
(0.1)
4.5
4.7
(4.3)
4.5
4.7
(4.3)
—
—
—
61.6
64.3
(2.7)
—
—
—
Mexico
7.4
8.0
(7.6)
4.6
5.2
(10.2)
4.6
5.1
(10.2)
—
—
—
63.0
64.8
(1.8)
0.4
0.4
—
(1) Market share estimates are calculated
using IMS data, unless otherwise stated
(2) Total market and market share
estimates include cigarillos in Japan
(3) PMI market share reflects estimated
adjusted in-market sales volume share. Historical HTU adjusted
in-market sales volume share: Q3, 2022 (3.7%); Q4, 2022 (4.7%); Q1,
2023 (5.4%). Historical total adjusted in-market sales volume
share: Q3, 2022 (38.3%); Q4, 2022 (39.7%); Q1, 2023 (39.4%)
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 0.1%
Appendix 2
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Key Market Data
Six Months Ended June
30,
Market
Total Market,
bio units
PMI Shipments, bio
units
PMI Market Share,%(2)
Total
Cigarette
HTU
Total
HTU
2023
2022
% Change
2023
2022
% Change
2023
2022
% Change
2023
2022
% Change
2023
2022
pp Change
2023
2022
pp Change
Total (1) (2)
1,265.4
1,276.4
(0.9)
359.5
355.6
1.1
300.7
305.9
(1.7)
58.8
49.6
18.5
27.9
27.4
0.5
4.6
4.0
0.6
Europe
France
15.1
16.3
(7.3)
7.5
7.3
2.8
7.4
7.2
2.6
0.1
0.1
15.5
42.3
43.8
(1.5)
0.8
0.7
0.1
Germany (3)
33.7
34.0
(0.9)
12.9
13.8
(6.3)
11.6
12.4
(6.1)
1.3
1.4
(8.5)
39.3
38.9
0.4
5.4
3.9
1.5
Italy
35.6
35.6
—
18.7
20.7
(9.5)
13.9
14.9
(6.8)
4.8
5.7
(16.6)
53.8
54.1
(0.3)
17.2
14.6
2.6
Poland
28.5
27.5
3.3
11.6
10.4
11.8
9.2
8.3
10.2
2.5
2.1
18.1
40.8
37.7
3.1
8.6
7.5
1.1
Spain
21.2
21.6
(2.0)
6.5
7.0
(8.3)
6.0
6.6
(9.3)
0.4
0.4
8.7
29.1
30.2
(1.1)
2.2
1.6
0.6
SSEA, CIS & MEA
Egypt
38.5
46.0
(16.3)
11.7
10.2
15.0
11.3
9.9
14.2
0.5
0.3
37.9
30.4
22.5
7.9
1.4
0.8
0.6
Indonesia
141.1
149.5
(5.6)
40.5
42.3
(4.1)
40.5
42.3
(4.1)
—
—
—
28.7
28.3
0.4
—
—
—
Philippines
21.3
26.5
(19.7)
12.3
16.7
(26.3)
12.2
16.6
(26.6)
0.1
0.1
17.7
57.8
63.0
(5.2)
0.5
0.3
0.2
Russia
97.9
100.3
(2.4)
31.2
30.9
1.0
23.5
23.6
(0.4)
7.7
7.3
5.4
31.7
30.5
1.2
8.0
7.7
0.3
Turkey
62.3
55.5
12.4
31.3
25.5
22.7
31.3
25.5
22.7
—
—
—
50.3
46.1
4.2
—
—
—
EA, AU & PMI DF
Australia
3.8
4.5
(14.9)
1.3
1.5
(11.6)
1.3
1.5
(11.6)
—
—
—
34.2
32.9
1.3
—
—
—
Japan (2)
72.9
71.9
1.4
31.5
26.3
19.8
9.6
11.2
(14.4)
21.9
15.1
45.2
39.5
37.2
2.3
26.3
23.0
3.3
South Korea
35.4
35.6
(0.4)
6.9
6.8
1.1
4.4
4.6
(4.4)
2.5
2.2
12.6
19.5
19.3
0.2
6.9
6.2
0.7
Americas
Argentina
15.0
14.9
0.6
9.4
9.6
(2.5)
9.4
9.6
(2.5)
—
—
—
62.3
64.3
(2.0)
—
—
—
Mexico
13.5
14.5
(6.8)
8.3
9.2
(9.8)
8.3
9.2
(9.8)
0.1
0.1
2.3
61.9
63.9
(2.0)
0.4
0.4
—
(1) Market share estimates are calculated
using IMS data, unless otherwise stated
(2) Total market and market share
estimates include cigarillos in Japan
(3) PMI market share reflects estimated
adjusted in-market sales volume share
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 0.1%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230719235864/en/
Philip Morris International Investor Relations: Stamford,
CT: +1 (203) 905 2413 Lausanne: +41 (0)58 242 4666
InvestorRelations@pmi.com
Media: Lausanne: +41 (0)58 242 4500 David.Fraser@pmi.com
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