PMI and BAT Announce Global Patent Settlement
02 Fevereiro 2024 - 9:00AM
Business Wire
Philip Morris International Inc (PMI) (NYSE: PM) is pleased to
announce that it has reached a global settlement with British
American Tobacco p.l.c. (BAT) that resolves all ongoing patent
infringement litigation between the parties related to our heated
tobacco and vapor products.
Patent protection is a critical component of the innovation
driving PMI’s strategies and the company welcomes this settlement
as the best path forward for its business plans.
The settlement includes non-monetary provisions between PMI and
BAT that resolve all ongoing global patent infringement litigation,
encompassing all related injunctions and exclusion orders, and
prevents future claims against current heated tobacco and vapor
products. The settlement also allows each party to innovate and
introduce product iterations. PMI is committed to continued
innovation in reduced-risk products to further advance Tobacco Harm
Reduction.
"We are pleased that this matter has been resolved to the mutual
satisfaction of both parties,” said Jacek Olczak, Chief Executive
Officer. “There is a clear and growing global desire from adults
who smoke to choose from a range of smoke-free products, and we
believe continued reduced-risk category innovation can accelerate
declines in the harms associated with smoking to the benefit of
consumers and public health at large - as we continue PMI’s journey
to end the sale of cigarettes."
EDITOR’S NOTE
A summary of the settlement between the parties will be
available on the website of the Securities and Exchange Commission
(SEC) in our Form 8-K filing to be filed today. Our SEC filings are
available here.
Forward-Looking & 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; 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 year ended December 31, 2022, and the Form 10-Q
for the third quarter ended September 30, 2023. 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.
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 has authorized versions of PMI’s IQOS Platform 1
devices and consumables and Swedish Match’s General snus as
Modified Risk Tobacco Products. As of September 30, 2023, PMI's
smoke-free products were available for sale in 82 markets, and PMI
estimates that approximately 19.7 million adults around the world
had already switched to IQOS and stopped smoking. Smoke-free
products accounted for approximately 36.2% of PMI’s total
third-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.
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Philip Morris International Investor Relations: Stamford,
CT: +1 (203) 904 2410 Lausanne: +41 (0)58 242 4666 Email:
InvestorRelations@pmi.com
Media: David Fraser Lausanne: +41 (0)58 242 4500 Email:
David.Fraser@pmi.com
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