Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 22, 2024

Philip Morris International Inc.

(Exact name of registrant as specified in its charter)

Virginia

1-33708

13-3435103

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

677 Washington Blvd, Ste. 1100

Stamford

Connecticut

06901

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (203) 905-2410

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

New York Stock Exchange

0.625% Notes due 2024

PM24B

New York Stock Exchange

3.250% Notes due 2024

PM24A

New York Stock Exchange

2.750% Notes due 2025

PM25

New York Stock Exchange

3.375% Notes due 2025

PM25A

New York Stock Exchange

2.750% Notes due 2026

PM26A

New York Stock Exchange

2.875% Notes due 2026

PM26

New York Stock Exchange

0.125% Notes due 2026

PM26B

New York Stock Exchange

3.125% Notes due 2027

PM27

New York Stock Exchange

3.125% Notes due 2028

PM28

New York Stock Exchange

2.875% Notes due 2029

PM29

New York Stock Exchange

3.375% Notes due 2029

PM29A

New York Stock Exchange

3.750% Notes due 2031

PM31B

New York Stock Exchange

0.800% Notes due 2031

PM31

New York Stock Exchange

3.125% Notes due 2033

PM33

New York Stock Exchange

2.000% Notes due 2036

PM36

New York Stock Exchange

1.875% Notes due 2037

PM37A

New York Stock Exchange

6.375% Notes due 2038

PM38

New York Stock Exchange

1.450% Notes due 2039

PM39

New York Stock Exchange

4.375% Notes due 2041

PM41

New York Stock Exchange

4.500% Notes due 2042

PM42

New York Stock Exchange

3.875% Notes due 2042

PM42A

New York Stock Exchange

4.125% Notes due 2043

PM43

New York Stock Exchange

4.875% Notes due 2043

PM43A

New York Stock Exchange

4.250% Notes due 2044

PM44

New York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company			☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐


Item 2.02.			Results of Operations and Financial Condition.

On October 22, 2024, Philip Morris International Inc. (the “Company”) issued a press release announcing its financial results for the third quarter and the nine months ended September 30, 2024, as well as the accompanying glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures. The earnings release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02. The glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures is attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 2.02 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.


Item 9.01.			Financial Statements and Exhibits.


(d)			Exhibits.


99.1			Philip Morris International Inc. Press Release, dated October 22, 2024 (furnished pursuant to Item 2.02).


99.2			Glossary of Key Terms, Definitions, Explanatory Notes, Select Financial Information and Reconciliations of Non-GAAP Financial Measures (furnished pursuant to Item 2.02).


104			Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



PHILIP MORRIS INTERNATIONAL INC.

By:						/s/ DARLENE QUASHIE HENRY
Name:						Darlene Quashie Henry
Title:						Vice President, Associate General Counsel & Corporate Secretary

Date: October 22, 2024

Exhibit 99.1


PRESS RELEASE

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

Third-Quarter Reported Diluted EPS grew 49.2% to $1.97,

Adjusted Diluted EPS increased by 14.4% to $1.91 and grew by 18.0% excluding currency

STAMFORD, CT, October 22, 2024 – 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 14% to 15%, excluding currency."


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 and 40% 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 by 14.2% (16.8% organically) and gross profit increasing by 15.9% (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 estimated 14.8%.

•In Japan, ILUMA i fueled the growth of IQOS, with adjusted IMS up by 14.3%, the 8th consecutive quarter of double-digit growth. IQOS HTU adjusted market share increased by 3.2pp to nearly 30%, driving the overall category to at least 50% of total nicotine offtake share in 8 major cites, including Tokyo and Yokohama.

•In Europe, IQOS HTU adjusted market share increased by 0.8pp to 9.5%. Adjusted IMS growth reaccelerated to 11.3%, with Italy recovering well and 8 markets growing in excess of 20%, including Greece and Germany. 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 and Japan, adjusted IMS growth accelerated and we grew offtake share in key cities across the globe, including Seoul, Toronto, Mexico City, Cairo, and Jakarta. Our strong growth in Indonesia benefits

1 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, Glossary and Explanatory Notes” section of this release, in Exhibit 99.2 to the company's Form 8-K dated October 22, 2024, and at www.pmi.com/2024Q3earnings.

from the expansion of our geographic reach and consumables portfolio, with premium clove and capsule products.

In the vaping category, our focused strategy is delivering good results with excellent volume momentum and unit cost improvements. Europe is at the forefront, as the closed pod segment continues to take share from disposables. VEEV continues to lead the closed pod segment in several markets, including Italy, Romania, and the Czech Republic.

•Oral SFP2: Shipment volume increased by 24.7% in cans (22.2% in pouches or pouch equivalents), fueled by ZYN nicotine pouch growth in the U.S., where shipments reached 149.1 million cans, representing growth of 41.4% versus prior year as supply constraints start to ease. Outside the U.S., our nicotine pouch volume in cans grew by nearly 70%, with notable contributions from Pakistan and South Africa. The number of markets with ZYN presence increased to 30, including recent launches in Greece and Czech 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 and Marlboro achieved their highest quarterly market shares since the 2008 spin-off.

•Dividend: Increased regular quarterly dividend by 3.8% to $1.35 per share, or an annualized $5.40 per share.


Operating Review - Third Quarter


	Total	HTU	Oral SFP3	Cigarettes

Shipment Volume (units bn)	203.0	35.3	4.4	163.2
vs. Q3 2023	2.9%	8.9%	22.2%	1.3%


	PMI	Smoke-Free Business	Combustibles

Net Revenues ($ bn)	$9.9	$3.8	$6.1
reported vs. Q3 2023	8.4%	14.2%	5.2%
organic vs. Q3 2023	11.6%	16.8%	8.6%

Gross Profit ($ bn)	$6.5	$2.6	$3.9
reported vs. Q3 2023	9.5%	15.9%	5.7%
organic vs. Q3 2023	13.0%	20.2%	8.7%

Operating Income ($ bn)	$3.7
reported vs. Q3 2023	8.4%
organic vs. Q3 2023	13.8%


	Reported Diluted EPS	Adjusting Items*	Adjusted Diluted EPS	Currency Impact	Adjusted Diluted EPS ex. Currency

EPS	$1.97	$0.06	$1.91	$(0.06)	$1.97
vs. Q3 2023	49.2%		14.4%		18.0%
(*) For a list of adjusting items refer to page 21

2 Oral smoke-free products volume excludes snuff, snuff leaf and U.S. chew

3 In pouches or pouch equivalents

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Full-Year Forecast


	Full-Year
	2024 Forecast			2023	Growth

Reported Diluted EPS	$6.20	-	$6.26	$ 5.02


Adjustments:
Asset impairment and exit costs	0.09			0.06
Termination of distribution arrangement in the Middle East	—			0.04
Impairment of goodwill and other intangibles	0.01			0.44
Amortization of intangibles(1)	0.42			0.25
Impairment related to Vectura Group's expected sale	0.13			—
Egypt sales tax charge	0.03			—
Charges related to the war in Ukraine	—			0.03

Swedish Match AB acquisition accounting related items	—			0.01
Income tax impact associated with Swedish Match AB financing	(0.01)			(0.11)
South Korea indirect tax charge	—			0.11
Termination of agreement with Foundation for a Smoke-Free World	—			0.07
Fair value adjustment for equity security investments	(0.39)			(0.02)
Tax items	(0.03)			0.11
Total Adjustments	0.25			0.99


Adjusted Diluted EPS	$6.45	-	$6.51	$ 6.01	7.3%	-	8.3%
Less: Currency	(0.40)
Adjusted Diluted EPS, excluding currency	$6.85	-	$6.91	$ 6.01	14.0%	-	15.0%

(1) See forecast assumptions for details

Reported diluted EPS is forecast to be in a range of $6.20 to $6.26, at prevailing exchange rates, versus reported diluted EPS of $5.02 in 2023. Excluding a total 2024 adjustment of $0.25 per share, this forecast represents a projected increase of 7.3% to 8.3% versus adjusted diluted EPS of $6.01 in 2023. Also excluding an adverse currency impact of $0.40, at prevailing exchange rates, this forecast represents a projected increase of 14.0% to 15.0% versus adjusted diluted EPS of $6.01 in 2023, as outlined in the above table.

2024 Full-Year Forecast Assumptions

This forecast assumes:

•An estimated total international industry volume growth of up to 1% for cigarettes and HTUs, excluding China and the U.S.;

•Total cigarette, HTU and oral smoke-free product shipment volume growth for PMI of 2% to 3% 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% to 14.5%;

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•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 in Germany, 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 $0.42 per share, which includes an estimate of amortization of IQOS commercialization rights in the U.S. following the closing of the agreement to end our commercial relationship with Altria Group, Inc. covering IQOS in the U.S. effective May 1, 2024;

•Net financing costs of approximately $1.1 to $1.2 billion;

•An effective tax rate, excluding discrete tax events, of approximately 21% to 22%;

•Operating cash flow of approximately $11 billion at prevailing exchange rates, subject to year-end working capital requirements;

•Capital expenditures of around $1.4 billion, including further investments in ZYN capacity in the 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 $198 million (previously estimated to be approximately $220 million at the time of announcement) related to Vectura's classification as held for sale.

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 Canada

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 Canada against RBH and its affiliates. See PMI's Form 8-K dated October 18, 2024 for additional details.

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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.


Investor Relations:			Media:
Stamford, CT: +1 (203) 905 2413			Lausanne: +41 582 424 500
Lausanne, Switzerland: +41 582 424 666			Email: David.Fraser@pmi.com
Email: InvestorRelations@pmi.com


Financial Review

TOTAL MARKET, CONSOLIDATED SHIPMENT VOLUME & MARKET SHARE

Total Market Volume

Third-Quarter

Estimated international industry volume (excluding China and the U.S.) for cigarettes and HTUs increased by 1.3%, reflecting increases in the SSEA, CIS & MEA and Europe Regions, partly offset by decreases in the EA, AU & PMI DF and Americas Regions, as described in the Regional sections below.

Nine Months Year-to-Date

Estimated international industry volume (excluding China and the U.S.) for cigarettes and HTUs increased by 1.2%, reflecting an increase in the SSEA, CIS & MEA Region, partly offset by a decrease in the Americas Region, and broad stability in the EA, AU & PMI DF and Europe Regions, as described in the Regional sections below.

Consolidated Shipment Volume


PMI Cigarettes and HTUs	Third-Quarter				Nine Months Year-to-Date
(million units)	2024	2023	Change		2024	2023	Change





Cigarettes	163,238	161,137	1.3	%	464,047	461,855	0.5	%






Heated Tobacco Units	35,347	32,471	8.9	%	104,025	91,291	13.9	%






Total Cigarettes and HTUs	198,585	193,608	2.6	%	568,072	553,146	2.7	%


PMI Oral SFP(1)	Third-Quarter				Nine Months Year-to-Date
(million cans)	2024	2023	Change		2024	2023	Change
Nicotine Pouches	164.6	114.6	43.6	%	460.2	295.4	55.8	%
Snus	61.3	60.3	1.6	%	181.5	178.5	1.7	%
Moist Snuff	34.1	33.2	2.6	%	102.6	102.5	0.1	%
Other Oral SFP(2)	0.7	0.9	(20.9)	%	2.7	3.3	(17.9)	%
Total Oral SFP	260.7	209.0	24.7	%	747.0	579.8	28.9	%
(1) Excluding snuff, snuff leaf and U.S. chew
(2) Includes chew bags and tobacco bits
Note: Sum may not foot due to rounding.

- 5 -

Third-Quarter

PMI's total cigarette and HTU shipment volume increased by 2.6% (HTU shipments increased by 8.9%, and cigarette shipments increased by 1.3%), with increases across all regions except the Americas Region.

PMI’s total oral product shipment volume in cans increased by 24.7%, predominantly reflecting growth in nicotine pouches.

Adjusted in-market sales for HTUs increased by 14.8%, including growth in Japan of 14.3% and Europe of 11.3%.

Nine Months Year-to-Date

PMI's total cigarette and HTU shipment volume increased by 2.7% (HTU shipments increased by 13.9%, while cigarette shipments were broadly stable).

PMI’s total oral product shipment volume in cans increased by 28.9%, primarily reflecting growth in nicotine pouches.

Adjusted in-market sales for HTUs increased by 12.6%, including growth in Japan of 13.4% and Europe of 9.2%.

International Share of Market - Cigarettes and HTUs


	Third-Quarter					Nine Months Year-to-Date
	2024		2023		Change (pp)	2024		2023		Change (pp)

Total International Market Share(1)	29.5	%	28.9	%	0.6	28.7	%	28.3	%	0.4
Cigarettes	24.2	%	24.3	%	(0.1)	23.6	%	23.7	%	(0.1)
HTU	5.3	%	4.6	%	0.7	5.2	%	4.6	%	0.6

Cigarette over Cigarette Market Share(2)	26.0	%	25.9	%	0.1	25.3	%	25.2	%	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
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,					Change Fav./(Unfav.)		Variance Fav./(Unfav.)
	2024		2023		Total	Excl. Curr. & Acquis.	Total	Cur- rency	Acqui-sitions	Price	Vol/ Mix	Cost/ Other
(in millions)




Net Revenues	$ 9,911		$ 9,141		8.4%	11.6%	770	(289)	—	689	322	48

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)


Operating Income	$ 3,654		$ 3,370		8.4%	11.3%	284	(118)	21	689	163	(471)



Amortization of Intangibles	(256)		(205)		(24.9)%	(24.9)%	(51)	—	—	—	—	(51)
Impairment related to Vectura Group's expected sale	(198)		—		—%	—%	(198)	—	—	—	—	(198)
Egypt sales tax charge	(45)		—		—%	—%	(45)	—	—	—	—	(45)
Charges related to the war in Ukraine	—		(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	%	1.1pp	0.9pp
(1) Includes $14 million in 2024 and $10 million in 2023 related to the special items below.
(2) Includes $485 million in 2024 and $354 million in 2023 related to the special items below.

Net revenues increased by 11.6% on an organic basis, mainly reflecting: a favorable pricing variance, primarily due to higher combustible tobacco pricing; and favorable volume/mix, mainly driven by higher smoke-free products volume.

Adjusted operating income increased by 13.8% on an organic basis, mainly reflecting: the same factors as for net revenues, notwithstanding unfavorable cigarette mix; partly offset by higher manufacturing costs, notably related to tobacco leaf, and higher marketing, administration and research costs.

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Nine Months Year-to-Date


Financial Summary - Nine Months Ended September 30,					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2024		2023		Total		Excl. Curr. & Acquis		Total	Cur- rency	Acqui-sitions	Price	Vol/ Mix	Cost/ Other
(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 Middle East	—		(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)
Egypt sales tax charge	(45)		—		—	%	—	%	(45)	—	—	—	—	(45)
Termination of distribution arrangement in the Middle East (3)	—		(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 Ukraine	—		(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	%	0.4pp		1.9pp
(1) Includes $46 million in 2024 and $72 million in 2023 related to the special items below.
(2) Includes $980 million in 2024 and $801 million in 2023 related to the special items below.
(3) Included in Net Revenues above.
(4) Includes $665 million impairment of goodwill in 2023.

- 8 -

Adjusted net revenues increased by 10.7% on an organic basis, mainly reflecting: a favorable pricing variance, primarily driven by higher combustible tobacco pricing; and favorable volume/mix, driven by higher smoke-free products volume, partly offset by unfavorable cigarette mix.

Adjusted operating income increased by 15.8% on an organic basis, mainly reflecting: the same factors as for net revenues; partly offset by higher marketing, administration and research costs (primarily due to inflationary impacts, notably related to wages, and higher commercial investments), as well as higher manufacturing costs, notably related to tobacco leaf and the impact of the EU single-use plastics directive, partly offset by productivity.

EUROPE REGION

Total Market, PMI Shipment & Market Share Commentaries

Third-Quarter

The estimated total market for cigarettes and HTUs in the Region increased by 1.8% to 148.6 billion units, reflecting a 0.6% increase for cigarettes and continued HTU growth. The increase in the estimated total market was predominantly due to Ukraine (up by 9.4%), Italy (up by 3.5%) and Spain (up by 3.8%), partly offset by France (down by 10.9%), the Netherlands (down by 25.6%), and Belgium (down by 16.2%).

Nine Months Year-to-Date

The estimated total market for cigarettes and HTUs in the Region was broadly stable, reflecting a 1.5% decrease for cigarettes, largely offset by an increase for HTUs. The decrease in the estimated total market was predominantly due to France (down by 12.8%), the United Kingdom (down by 11.0%), and the Netherlands (down by 18.7%), partly offset by Bulgaria (up by 7.9%), Greece (up by 8.2%), and Poland (up by 1.9%).


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		0.9	%	124,291		126,263		(1.6)	%
Heated Tobacco Units	14,199		13,155		7.9	%	38,474		34,959		10.1	%
Total Europe	57,934		56,520		2.5	%	162,765		161,222		1.0	%

PMI Market Share
Cigarettes	30.1	%	30.5	%	(0.4)		30.1	%	30.4	%	(0.3)
Heated Tobacco Units	9.5	%	8.6	%	0.9		9.7	%	8.8	%	0.9
Total Europe	39.6	%	39.1	%	0.5		39.8	%	39.1	%	0.7
Note: Sum may not foot due to rounding.

- 9 -


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	23.5	%	35.3	26.2	34.4	%
Snus	60.5	59.5	1.7	%	179.2	175.3	2.2	%
Other Oral SFP(1)	0.7	0.9	(22.3)	%	2.7	3.3	(18.2)	%
Total Europe	72.4	69.5	4.2	%	217.2	204.9	6.0	%
(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 2.5% to 57.9 billion units. Total cigarette and HTU shipment volume increased notably in Ukraine (up by 12.3%) and Poland (up by 5.7%), and decreased notably in Belgium (down by 25.8%) as well as the Netherlands (down by 24.9%).

PMI's estimated HTU adjusted in-market sales volume in the Region increased by 11.3% in the quarter, reflecting continued growth momentum for IQOS.

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 4.2%, primarily driven by nicotine pouches (up by 23.5%).

Nine Months Year-to-Date

PMI's total cigarette and HTU shipment volume in the Region increased by 1.0% to 162.8 billion units. Total cigarette and HTU shipment volume increased notably in Poland (up by 7.1%) and Ukraine (up by 8.7%), and decreased notably in France (down by 18.4%) as well as the Netherlands (down by 18.2%).

PMI's estimated HTU adjusted in-market sales volume in the Region increased by 9.2%, reflecting continued growth momentum for IQOS, partly offset by the impact from the EU characterizing flavor ban.

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 6.0%, driven by growth of nicotine pouches (up by 34.4%).

- 10 -

Financial Summary

Third-Quarter


Financial Summary - Quarters Ended September 30,					Change Fav./(Unfav.)		Variance Fav./(Unfav.)
	2024		2023		Total	Excl. Curr. & Acquis.	Total	Cur- rency	Acqui-sitions	Price	Vol/ Mix	Cost/ Other
(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	%	1.2pp	(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 8.7% on an organic basis, reflecting: a favorable pricing variance, mainly driven by higher combustible tobacco pricing; and favorable volume/mix, primarily driven by higher HTU volume, partly offset by adverse cigarette mix.

Adjusted operating income increased by 8.4% on an organic basis, primarily reflecting: the same factors as for net revenues; partly offset by higher marketing, administration and research costs.

Nine Months Year-to-Date


Financial Summary - Nine Months Ended September 30,					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2024		2023		Total		Excl. Curr. & Acquis.		Total	Cur- rency	Acqui-sitions	Price	Vol/ Mix	Cost/ Other
(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	%	0.6pp		0.7pp

(1) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 7.7% on an organic basis, primarily driven by the same factors as for the quarter.

Adjusted operating income increased by 9.3% on an organic basis, primarily reflecting: a favorable pricing variance, mainly driven by higher combustible tobacco pricing; and favorable volume/mix, primarily driven by higher HTU volume, notwithstanding lower cigarette volume; partly offset by higher marketing, administration and research costs as well as manufacturing costs, including the impact of the EU single-use plastics directive.

- 11 -

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 2.0% to 399.4 billion units. The increase in the estimated total market was mainly due to Egypt (up by 32.4%), Russia (up by 8.3%), and Turkey (up by 9.4%), partly offset by Bangladesh (down by 30.8%), Indonesia (down by 3.3%), and Thailand (down by 17.0%).

Nine Months Year-to-Date

The estimated total market for cigarettes and HTUs in the Region increased by 2.4% to 1,167.0 billion units. The increase in the estimated total market was mainly due to Turkey (up by 10.4%), Russia (up by 6.4%), and Egypt (up by 9.4%), partly offset by Bangladesh (down by 4.9%), Thailand (down by 15.4%), and the Philippines (down by 5.4%).


PMI Shipment Volume	Third-Quarter				Nine Months Year-to-Date
(million units)	2024	2023	Change		2024	2023	Change
Cigarettes	91,456	89,398	2.3	%	259,038	250,344	3.5	%
Heated Tobacco Units	7,127	6,088	17.1	%	20,142	17,388	15.8	%
Total SSEA, CIS & MEA	98,583	95,486	3.2	%	279,180	267,732	4.3	%

Third-Quarter

PMI's total cigarette and HTU shipment volume in the Region increased by 3.2% to 98.6 billion units, mainly driven by Turkey (up by 13.1%), partly offset by Indonesia (down by 8.9%). PMI's estimated HTU adjusted in-market sales volume increased by 20.9%, with 17.1% HTU shipment volume growth.

Nine Months Year-to-Date

PMI's total cigarette and HTU shipment volume in the Region increased by 4.3% to 279.2 billion units, mainly driven by Turkey (up by 14.9%), partly offset by Indonesia (down by 4.6%). PMI's estimated HTU adjusted in-market sales volume increased by 15.5%, with 15.8% HTU shipment volume growth.

- 12 -

Financial Summary

Third-Quarter


Financial Summary - Quarters Ended September 30,					Change Fav./(Unfav.)		Variance Fav./(Unfav.)
	2024		2023		Total	Excl. Curr. & Acquis.	Total	Cur- rency	Acqui-sitions	Price	Vol/ Mix	Cost/ Other
(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	%	2.7pp	4.6pp


(1) See Schedule 10 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 12.1% on an organic basis, primarily reflecting: a favorable pricing variance, predominantly driven by higher combustible tobacco pricing; and favorable volume/mix, driven by HTU performance.

Adjusted operating income increased by 28.5% on an organic basis, primarily reflecting: the same factors as for net revenues; partly offset by higher manufacturing costs (primarily due to higher cost of tobacco leaf).

- 13 -

Nine Months Year-to-Date


Financial Summary - Nine Months Ended September 30,					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2024		2023		Total		Excl. Curr. & Acquis.		Total	Cur- rency	Acqui-sitions	Price	Vol/ Mix	Cost/ Other
(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		3.6pp

(1) Termination of distribution arrangement in the Middle East.
(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 12.3% on an organic basis, primarily reflecting: a favorable pricing variance, predominantly driven by higher combustible tobacco pricing; and favorable volume/mix, driven by higher cigarette and HTU volume as well as favorable mix.

Adjusted operating income increased by 24.7% on an organic basis, primarily reflecting: a favorable pricing variance, predominantly driven by higher combustible tobacco pricing; and favorable volume/mix, driven by higher cigarette and HTU volume, notwithstanding unfavorable cigarette mix; partly offset by higher manufacturing costs (primarily due to higher cost of tobacco leaf).

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 China, decreased by 1.4% to 82.2 billion units, with a decrease in cigarettes, partly offset by HTU growth. The decrease in the estimated total market was mainly driven by Taiwan (down by 10.0%) and Korea (down by 3.2%), partly offset by International Duty Free (up by 7.2%) and Japan (up by 0.9%).

Nine Months Year-to-Date

The estimated total market for cigarettes and HTUs in the Region, excluding China, was broadly stable, with a decrease in cigarettes, largely offset by HTU growth. The decrease in the estimated total market was mainly driven by Australia (down by 29.0%) and Korea (down by 2.5%), partly offset by International Duty Free (up by 10.9%) and Japan (up by 1.0%).

- 14 -


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	5.8	%	44,937	38,561	16.5	%
Total EA, AU & PMI DF	26,670	26,040	2.4	%	81,183	77,963	4.1	%

Third-Quarter

PMI's total cigarette and HTU shipment volume in the Region increased by 2.4% to 26.7 billion units, driven by Japan (up by 1.5%), partly offset by Australia (down by 30.0%).

PMI's estimated HTU adjusted in-market sales volume in the Region increased by 15.5% in the quarter, including growth in Japan of 14.3%.

Nine Months Year-to-Date

PMI's total cigarette and HTU shipment volume in the Region increased by 4.1% to 81.2 billion units, driven by Japan (up by 8.9%), partly offset by Australia (down by 28.2%).

PMI's estimated HTU adjusted in-market sales volume in the Region increased by 14.7%, including growth in Japan of 13.4%.

Financial Summary

Third-Quarter


Financial Summary - Quarters Ended September 30,					Change Fav./(Unfav.)		Variance Fav./(Unfav.)
	2024		2023		Total	Excl. Curr. & Acquis.	Total	Cur- rency	Acqui-sitions	Price	Vol/ Mix	Cost/ Other
(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 7.4% on an organic basis, reflecting: a favorable pricing variance and favorable volume/mix, mainly driven by higher HTU volume, partly offset by lower cigarette volume.

Adjusted operating income increased by 4.5% on an organic basis, reflecting: favorable pricing variance, partly offset by unfavorable volume/mix, driven by cigarettes, and higher marketing, administration and research costs.

- 15 -

Nine Months Year-to-Date


Financial Summary - Nine Months Ended September 30,					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2024		2023		Total		Excl. Curr. & Acquis.		Total	Cur- rency	Acqui-sitions	Price	Vol/ Mix	Cost/ Other
(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	%	0.1pp		2.2pp

(1) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 10.5% on an organic basis, reflecting: a favorable pricing variance and favorable volume/mix, mainly driven by higher HTU volume, partly offset by lower cigarette volume.

Adjusted operating income increased by 15.8% on an organic basis, primarily driven by the same factors as for net revenues.

AMERICAS REGION

Total Market, PMI Shipment & Market Share Commentaries

Third-Quarter

The estimated total market for cigarettes and HTUs in the Region, excluding the U.S., decreased by 0.7% to 46.5 billion units, primarily reflecting a decline in the cigarette market. The decrease in the estimated total market was mainly due to Canada (down by 15.4%) and Mexico (down by 5.8%), partly offset by Brazil (up by 12.3%).

Nine Months Year-to-Date

The estimated total market for cigarettes and HTUs in the Region, excluding the U.S., decreased by 2.1% to 136.1 billion units, primarily reflecting a decline for cigarettes. The decrease in the estimated total market was mainly due to Argentina (down by 11.5%) and Canada (down by 13.1%), partly offset by Brazil (up by 8.5%).


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	21.7	%	472	383	23.2	%
Total Americas	15,398	15,562	(1.1)	%	44,944	46,229	(2.8)	%
Note: Sum may not foot due to rounding.

- 16 -


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	41.9	%	416.3	268.5	55.0	%
Moist Snuff	34.1	33.2	2.6	%	102.6	102.5	0.1	%
Snus	0.7	0.8	(4.3)	%	2.2	3.2	(30.0)	%
Total Americas	184.4	139.4	32.3	%	521.1	374.2	39.3	%
(1) Excluding U.S. chew; 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 1.1% to 15.4 billion units, mainly due to Mexico (down by 5.9%) and Argentina (down by 4.3%), partly offset by Brazil (up by 13.6%).

Oral products shipments increased by 32.3%, predominantly driven by ZYN nicotine pouches in the U.S.

Nine Months Year-to-Date

PMI's total cigarette and HTU shipment volume in the Region decreased by 2.8% to 44.9 billion units, mainly due to Argentina (down by 11.6%), partly offset by Brazil (up by 10.8%).

Cigar shipment volume decreased by 14.6%, predominantly due to trade inventory movements in the prior-year around the April 2023 price increase. Gross profit for cigars grew robustly.

Oral products shipments increased by 39.3%, predominantly driven by ZYN nicotine pouches in the U.S.

Financial Summary

Third-Quarter


Financial Summary - Quarters Ended September 30,					Change Fav./(Unfav.)		Variance Fav./(Unfav.)
	2024		2023		Total	Excl. Curr. & Acquis.	Total	Cur- rency	Acqui-sitions	Price	Vol/ Mix	Cost/ Other
(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	%	3.7pp	1.5pp

(1) See Schedule 10 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 30.5% on an organic basis, primarily reflecting: a favorable pricing variance and favorable volume/mix, both predominantly driven by nicotine pouches in the U.S., partly offset by lower cigarette volume and unfavorable cigarette mix outside of the U.S.

- 17 -

Adjusted operating income increased by 38.4% on an organic basis, mainly reflecting: favorable volume/mix and price variance, mainly due to the same factors as for net revenues; partly offset by higher marketing, administration and research costs, including incremental investment in the U.S.

Nine Months Year-to-Date


Financial Summary - Nine Months Ended September 30,					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2024		2023		Total		Excl. Curr. & Acquis.		Total	Cur- rency	Acqui-sitions	Price	Vol/ Mix	Cost/ Other
(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	%	3.0pp		0.9pp

(1) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 18.7% on an organic basis, primarily reflecting: favorable volume/mix, mainly due to growth of ZYN nicotine pouches in the U.S., partly offset by cigarette volume declines outside of the U.S.; and favorable cigarette pricing.

Adjusted operating income increased by 22.8% on an organic basis, mainly reflecting: favorable price variance and favorable volume/mix, mainly due to the same factors as for net revenues, partly offset by higher marketing, administration and research costs, including incremental investment in the U.S.

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. Curr. & Acquis.		Total	Cur- rency	Acqui-sitions	Price	Vol/ Mix	Cost/ Other
(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.

- 18 -

Net revenues increased by 2.7% on an organic basis. The adjusted operating loss of $40 million was primarily due to R&D and administration costs.

Nine Months Year-to-Date


Financial Summary - Nine Months Ended September 30,					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2024		2023		Total		Excl. Curr. & Acquis.		Total	Cur- rency	Acqui-sitions	Price	Vol/ Mix	Cost/ Other
(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)	%	6.6pp		7.3pp

(1) See Schedule 11 in Exhibit 99.2 to the Form 8-K dated October 22, 2024, for additional detail.

Net revenues increased by 3.4% on an organic basis. The adjusted operating loss of $72 million was primarily due to R&D and administration costs.

Philip Morris International: Delivering a Smoke-Free Future

Philip Morris International (PMI) is a leading international tobacco company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products. Since 2008, PMI has invested over $12.5 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. In 2022, PMI acquired Swedish Match – a leader in oral nicotine delivery – creating a global smoke-free champion led by the companies’ IQOS and ZYN brands. The U.S. Food and Drug Administration has authorized versions of PMI’s IQOS devices and consumables and Swedish Match’s General snus as Modified Risk Tobacco Products and renewal applications for these products are presently pending before the FDA. As of June 30, 2024, PMI's smoke-free products were available for sale in 90 markets, and PMI estimates that 36.5 million adults around the world use PMI's smoke-free products. The smoke-free business accounted for approximately 38% of PMI’s total first-nine months 2024 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 aims to enhance life through the delivery of seamless health experiences. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., including its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.

- 19 -

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 Russia's invasion of Ukraine; changes in adult smoker behavior; the impact of natural disasters and pandemics on PMI's business; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful in its attempts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; if it is unable to attract and retain the best global talent, including women or diverse candidates; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance.

PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2023, 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 U.S. GAAP measures can be found in Exhibit 99.2 to the Form 8-K dated October 22, 2024, and at www.pmi.com/2024Q3earnings. A glossary of key terms, definitions and explanatory notes is available in the aforementioned Exhibit 99.2 and on

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the same webpage, where additional financial schedules, as well as adjustments and other calculations have also been made available.

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 U.S. GAAP.


Diluted EPS reconciliation



	Third-Quarter
	2024	2023	% Change
Reported Diluted EPS	$ 1.97	$ 1.32	49.2	%



Amortization of intangibles	0.12	0.10


Egypt sales tax charge	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 Ukraine	—	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	%

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																	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	% Change	2024	2023	% Change	2024	2023	% Change	2024	2023	% Change	2024	2023	pp Change	2024	2023	pp Change

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

Europe
France	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)
Germany(3)	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
Italy(3)	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
Poland(3)	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
Spain	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
Egypt	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)
Indonesia	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
Philippines	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
Russia	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
Turkey	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
Australia	1.3	1.8	(28.3)	0.5	0.7	(30.0)	0.5	0.7	(30.0)	—	—	—	37.2	38.1	(0.9)	—	—	—
Japan(2)	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
South Korea	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

Americas
Argentina	6.1	6.6	(6.4)	3.9	4.0	(4.3)	3.9	4.0	(4.3)	—	—	—	62.7	61.4	1.3	—	—	—

Mexico	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 Japan
(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 0.1%


																	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	% Change	2024	2023	% Change	2024	2023	% Change	2024	2023	% Change	2024	2023	pp Change	2024	2023	pp Change

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

Europe
France	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)
Germany(3)	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
Italy(3)	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
Poland(3)	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
Spain	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
Egypt	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
Indonesia	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
Philippines	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
Russia	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
Turkey	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
Australia	4.0	5.6	(29.0)	1.4	2.0	(28.2)	1.4	2.0	(28.2)	—	—	—	35.8	35.4	0.4	—	—	—
Japan(2)	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
South Korea	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

Americas
Argentina	19.1	21.6	(11.5)	11.8	13.4	(11.6)	11.8	13.4	(11.6)	—	—	—	61.9	62.0	(0.1)	—	—	—

Mexico	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 Japan
(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 0.1%

Exhibit 99.2

Philip Morris International Inc.

Glossary of Key Terms, Definitions

and Explanatory Notes; and

Select Financial Information and Reconciliations of

Non-GAAP Financial Measures

2024 Third-Quarter Results

October 22, 2024

Glossary of Key Terms, Definitions

and Explanatory Notes

General

•"PMI" refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized.

•Comparisons are made to the same prior-year period unless otherwise stated.

•References to total industry (or total market), PMI shipment volume and PMI market share performance reflect cigarettes and heated tobacco units, unless otherwise stated.

•As of the first quarter of 2022, total industry volume, PMI in-market sales volume and PMI market share for the following geographies include the cigarillo category in Japan: the total international market, EA, AU & PMI DF Region, and Japanese domestic market.

•References to total international market, defined as worldwide cigarette and heated tobacco unit volume excluding the U.S., total industry (or total market) and market shares are PMI estimates for tax-paid products based on the latest available data from a number of internal and external sources and may, in defined instances, exclude the People's Republic of China and/or PMI's duty free business.

•"Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.

•In-market sales, or "IMS," is defined as sales to the retail channel, depending on the market and distribution model.

•From time to time, PMI’s shipment volumes are subject to the impact of distributor inventory movements (or wholesaler inventory movements in certain markets where PMI does not sell to distributors), and estimated total industry/market volumes are subject to the impact of inventory movements in various trade channels that include estimated trade inventory movements of PMI’s competitors arising from market-specific factors that significantly distort reported volume disclosures. Such factors may include changes to the manufacturing supply chain, shipment methods, consumer demand, timing of excise tax increases or other influences that may affect the timing of sales to customers. In such instances, in addition to reviewing PMI shipment volumes and certain estimated total industry/market volumes on a reported basis, management reviews these measures on an adjusted basis that excludes the impact of distributor and/or estimated trade inventory movements. Management also believes that disclosing PMI shipment volumes and estimated total industry/market volumes in such circumstances on a basis that excludes the impact of distributor and/or estimated trade inventory movements, such as on an IMS basis, improves the comparability of performance and trends for these measures over different reporting periods.

•"Total shipment volume" is defined as the combined total of cigarette shipment volume and heated tobacco unit shipment volume, unless otherwise stated.

•"SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa.

•"EA, AU & PMI DF" stands for East Asia, Australia and PMI Duty Free.

•"Americas" refers to the former Latin America & Canada segment, which was renamed as the Americas segment as of the third quarter of 2021. References to "Americas" may, in defined instances, exclude the U.S.

•In the third quarter of 2021, PMI acquired Fertin Pharma A/S, Vectura Group plc. and OtiTopic, Inc. On March 31, 2022, PMI launched a new Wellness and Healthcare business consolidating these entities, Vectura Fertin Pharma. The operating results of this new business are reported in the Wellness and Healthcare segment. The business operations of PMI's Wellness and Healthcare segment are managed and evaluated separately from the geographical segments.

•On September 17, 2024, PMI announced the execution of a definitive agreement pursuant to which PMI’s direct, wholly-owned subsidiary, Vectura Fertin Pharma Inc., agreed to sell Vectura Group Ltd. (formerly Vectura Group plc.) to Molex Asia Holdings Ltd. 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.

•Following the combination and the progress in 2023 toward integration of the Swedish Match business into the existing PMI regional segment structure, PMI updated in January 2024 its segment reporting by including Swedish Match results in the four existing geographical regions. As of the first quarter of 2024, PMI began reporting on this basis.

•Following the deconsolidation of PMI's Canadian subsidiary, Rothmans, Benson & Hedges, Inc. (RBH) on March 22, 2019, PMI continues to report the volume and corresponding royalty revenues of brands sold by RBH for which other PMI subsidiaries are the trademark owner. These include HEETS, Next, Philip Morris and Rooftop. The volume and corresponding royalty revenues for these brands sold by RBH were not material to PMI for all periods presented.

•Within the tables and schedules presented throughout this earnings release, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes.

Financial

•"Adjusted net revenues" exclude the impact related to the termination of a distribution arrangement in the Middle East in 2023.

•"Cost of sales" consists principally of: tobacco leaf, non-tobacco raw materials, labor and manufacturing costs; shipping and handling costs; and the cost of devices produced by third-party electronics manufacturing service providers. Estimated costs associated with device warranty programs are generally provided for in cost of sales in the period the related revenues are recognized.

•"Marketing, administration and research costs" include the costs of marketing and selling our products, other costs generally not related to the manufacture of our products (including general corporate expenses), and costs incurred to develop new products. The most significant components of our marketing, administration and research costs are marketing and sales expenses and general and administrative expenses.

•"Cost/Other" in the Consolidated Financial Summary table of total PMI and the five segments of this release reflects the currency and acquisition-neutral variances of: cost of sales (excluding the volume/mix cost component); marketing, administration and research costs (including asset impairment and exit costs); and amortization and impairment of intangibles. “Cost/Other” also includes the currency and acquisition-neutral net revenue variance, unrelated to volume/mix and price components, attributable to: fees for certain distribution rights billed to customers in certain markets in the SSEA, CIS & MEA Region and the revenue adjustment for the termination of a distribution arrangement in the Middle East.

•"Adjusted Operating Income Margin" is calculated as adjusted operating income, divided by adjusted net revenues.

•"Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation, amortization and equity (income)/loss in unconsolidated subsidiaries, excluding asset impairment and exit costs, impairment of intangibles, and unusual items.

•"Net debt" is defined as total debt, less cash and cash equivalents.

•Growth rates presented on an organic basis reflect adjusted results, excluding currency, acquisitions and disposals.

•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.

•When PMI provides its expectation for adjusted net revenues, adjusted operating income and margin, adjusted earnings per share and adjusted operating cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures, as described above, generally is not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as asset impairment and exit costs, amortization and impairment of acquired intangibles and other special items, changes in currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

•Non-GAAP measures used by PMI should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the "Select Financial Information and Reconciliations of Non-GAAP Financial Measures" section of this document.

•U.S. GAAP Treatment of a country as a Highly Inflationary Economy: following the categorization of a country by the International Practices Task Force of the Center for Audit Quality as having a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with U.S. GAAP. For such countries, PMI accounts for the operations of its local affiliates as highly inflationary, and to treat the U.S. dollar as the functional currency of the affiliates. Such treatment was effective July 1, 2018, for Argentina, and April 1, 2022, for Turkey.

•"Fair value adjustment for equity security investments" reflects the adjustment resulting from share price movements in passive investments for publicly traded entities that are not controlled or influenced by PMI. Under U.S. GAAP, such adjustments are required, since January 1, 2018, to be reflected directly in the income statement. Adjustments reflect share price movements in PMI's investments in India and Sri Lanka.

•"Swedish Match AB acquisition accounting related items" refers to expenses associated with fair-value adjustments on Swedish Match inventories. In the fourth quarter of 2022, PMI recorded a total fair value step-up adjustment for inventories of $146 million related to the acquisition, of which $125 million was recognized in cost of sales in the fourth quarter of 2022, with the remaining amount recognized in the first quarter of 2023.

•"Income tax impact associated with Swedish Match AB financing" reflects a deferred tax benefit (cost) for unrealized foreign currency losses (gains) on intercompany loans related to the Swedish Match acquisition financing reflected in PMI's consolidated statements of earnings. The underlying pre-tax foreign currency movements fully offset in the consolidated statements of earnings and were reflected as currency translation adjustments in PMI's consolidated statements of stockholders' (deficit) equity.

•Termination of agreement with Foundation for a Smoke-Free World: On September 29, 2023, PMI and the Foundation for a Smoke-Free World (the "Foundation") entered into the Final Grant Agreement and Termination of the Second Amended and Restated Pledge Agreement ("Agreement"). Under the terms of the Agreement, PMI paid $140 million in the third quarter of 2023 in return for the termination of the pledge agreement between the parties. As a result, PMI recorded a pre-tax charge of $140 million in the quarter, commensurate with the early termination of this pledge agreement.

•Russia tax item: In the third quarter of 2023, PMI recorded a tax charge associated with an increase in deferred tax liabilities related to the unremitted earnings of PMI’s Russian subsidiaries ($173 million) due to the unilateral suspension of certain Russian double tax treaties by the Russian government on August 8, 2023, with respect to certain payments including dividends.

•Egypt sales tax charge: In the third quarter of 2024, following a ruling issued by the Higher Administrative Court in Egypt and subsequent evaluation of available remedies, PMI concluded that an adverse outcome was probable and recorded a pre-tax charge of $45 million in relation to tax assessments for general sales tax deducted on imported cutfiller for the years 2014 to 2016.

•Impairment related to Vectura Group's expected sale: In September 2024, PMI announced the execution of a definitive agreement to sell Vectura to Molex Asia Holdings Ltd. As a result, PMI recorded in the third quarter of 2024 an impairment charge of $198 million related to Vectura's classification as held for sale.

Smoke-Free

•Smoke-free business ("SFB”) is the term PMI uses to refer to all of its smoke-free products. SFB also includes wellness and healthcare products, as well as consumer accessories, such as lighters and matches.

•Smoke-free products ("SFPs”) is the term PMI uses to refer to all of its products that provide nicotine without combusting tobacco, such as heat-not-burn, e-Vapor, and oral smokeless, and that therefore generate far lower levels of harmful chemicals. As such, these products have the potential to present less risk of harm versus continued smoking.

•Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems that are included in the operating results of PMI's new Wellness and Healthcare business, Vectura Fertin Pharma.

•"Heated tobacco units" or "HTU" is the term PMI uses to refer to heated tobacco consumables, which include our BLENDS, DELIA, HEETS, HEETS Creations, HEETS Dimensions (defined collectively as "HEETS"), SENTIA, TEREA, TEREA CRAFTED, and TEREA Dimensions, as well as the KT&G-licensed brands, Fiit and Miix (outside of South Korea). HTU's also include zero tobacco heat-not-burn consumables (LEVIA).

•Unless otherwise stated, market share for HTUs is defined as the in-market sales volume for HTUs as a percentage of the total estimated industry sales volume for cigarettes and HTUs. For Japan, total estimated industry sales volume also includes cigarillos.

•"Adjusted market share for HTUs" is defined as the total in-market sales volume for PMI HTUs as a percentage of the total estimated sales volume for cigarettes and HTUs, excluding the impact of estimated distributor and wholesaler inventory movements.

•Unless otherwise stated, all references to IQOS are to PMI's Platform 1 IQOS devices and heated tobacco consumables.

•IQOS heat-not-burn devices are precisely controlled heating devices into which a specially designed and proprietary tobacco units are inserted and heated to generate an aerosol.

•"PMI heat-not-burn products" include licensed KT&G heat-not-burn products.

•"PMI HTUs" or "IQOS HTUs" include licensed KT&G HTUs.

•“Total PMI SFPs users” is defined as the sum of “Total IQOS users”, “Total oral smokeless users", “Total e-Vapor users” of PMI products minus “Poly-users across PMI SFPs categories”.

•“Total IQOS users” is defined as the estimated number of Legal Age (minimum 18 years1) users of PMI heat-not-burn products, for which PMI HTUs represented at least a portion of their daily tobacco consumption over the past seven days.

The estimated number of adults who have "switched to IQOS and stopped smoking" reflects:

•for markets where there are no heat-not-burn products other than PMI heat-not-burn products: daily individual consumption of PMI HTUs represents the totality of their daily tobacco consumption in the past seven days;

•for markets where PMI heat-not-burn products are among other heat-not-burn products: daily individual consumption of HTUs represents the totality of their daily tobacco consumption in the past seven days, of which at least 70% is PMI HTUs.

•“Total PMI oral smokeless users” are defined as the estimated number of Legal Age (minimum 21 years in the U.S and minimum 18 years1 outside the U.S) users of oral smokeless products who consumed at least one of PMI oral smokeless products (nicotine pouches in the U.S., and nicotine pouches or snus outside the U.S) over the past seven days.

1 Minimum 18 years or older depending on market regulation

•“Total PMI e-Vapor users” is defined as the estimated number of Legal Age (minimum 18 years1) users of e-Vapor products, who consumed at least one of PMI
e-Vapor products in the past seven days.

•“Poly-users across PMI SFPs categories” are defined as the estimated number of Legal Age (minimum 18 years1) users who used multiple PMI SFPs over the past seven days.2

•The above SFPs user metrics reflect PMI estimates, which are based on PMI's proprietary Nicotine Containing Products Tracker (NCPT). The methodology relies on NCPT e-Vapor, oral smokeless (except the U.S.) and poly-usage data, which is calibrated using Total IQOS users data, leveraging our deeper understanding of PMI’s heat-not-burn category and its size. Total PMI oral smokeless users in the U.S. are approximated through volume-based estimations, as NCPT data for the U.S. is not currently available.

Note: PMI SFPs user estimates are derived from sample-based estimations from NCPT at 95% Confidence Interval. The accuracy and reliability of PMI SFPs users estimates may vary based on sample size, market maturity and availability of information.

•"Oral smoke-free product volume" excludes snuff, snuff leaf and U.S. chew and is measured in cans or, for the purposes of total shipment volumes, in pouches or pouch equivalents.

•Oral smoke-free products conversion: (i) nicotine pouches: 15 pouches per can in the U.S. and weighted average 21 pouches per can outside the U.S.; (ii) snus products: weighted average 21 pouches equivalent per can; (iii) moist snuff products: weighted average 17 pouches equivalent per can; (iv) tobacco bits products: weighted average 30 pouches equivalent per can; (v) chew bags products: weighted average 20 pouches per can.

12Minimum 18 years or older depending on market regulation

Select Financial Information and Reconciliations of Non-GAAP Financial Measures


								Schedule 1 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Diluted Earnings Per Share (EPS)
($ in millions, except per share data) / (Unaudited)

		Quarters Ended			Diluted EPS		Nine Months Ended
	September 30,					September 30,
			$ 1.97		2024 Diluted Earnings Per Share (1)			$ 4.89
			$ 1.32		2023 Diluted Earnings Per Share (1)			$ 3.61
			$ 0.65		Change			$ 1.28
			49.2	%	% Change			35.5%

					Reconciliation:
			$ 1.32		2023 Diluted Earnings Per Share (1)			$ 3.61
			—		2023 Asset impairment and exit costs			0.06
			0.10		2023 Amortization of intangibles			0.18
			—		2023 Impairment of goodwill and other intangibles			0.44
			0.01		2023 Charges related to the war in Ukraine			0.01
			—		2023 Termination of distribution arrangement in the Middle East			0.04
			—		2023 South Korea indirect tax charge			0.11
			0.07		2023 Termination of agreement with Foundation for a Smoke-Free World			0.07
			—		2023 Swedish Match AB acquisition accounting related items			0.01
			0.09		2023 Income tax impact associated with Swedish Match AB financing			0.03
			(0.03)		2023 Fair value adjustment for equity security investments			(0.02)
			0.11		2023 Tax Items			0.11
			—		2024 Asset impairment and exit costs			(0.09)

			(0.03)		2024 Egypt sales tax charge			(0.03)
			(0.13)		2024 Impairment related to Vectura Group's expected sale			(0.13)
			—		2024 Impairment of other intangibles			(0.01)
			(0.12)		2024 Amortization of intangibles			(0.29)


			0.10		2024 Income tax impact associated with Swedish Match AB financing			0.01




			0.24		2024 Fair value adjustment for equity security investments			0.39
			—		2024 Tax Items			0.03

			(0.06)		Currency			(0.44)
			0.04		Interest			—
			0.04		Change in tax rate			(0.03)

			0.22		Operations (2)			0.83
			$ 1.97		2024 Diluted Earnings Per Share (1)			$ 4.89


					Schedule 1 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Diluted Earnings Per Share (EPS)
($ in millions, except per share data) / (Unaudited)


(1) Basic and diluted EPS were calculated using the following (in millions):

	Quarters Ended			Nine Months Ended
	September 30,			September 30,
	2024	2023		2024		2023
	$ 3,082	$ 2,054	Net Earnings attributable to PMI	$ 7,636		$ 5,617
	9	6	Less: Distributed and undistributed earnings attributable to share-based payment awards	22		17
	$ 3,073	$ 2,048	Net Earnings for basic and diluted EPS	$ 7,614		$ 5,600

	1,555	1,552	Weighted-average shares for basic EPS	1,554		1,552
	1	2	Plus Contingently Issuable Performance Stock Units (3)	2		1
	1,556	1,554	Weighted-average shares for diluted EPS	1,556		1,553

(2) Includes the impact of shares outstanding and share-based payments
(3) Including rounding adjustment
Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year


										Schedule 2
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,
and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency
(Unaudited)

	Quarters Ended September 30,					Nine Months Ended September 30,
	2024	2023	% Change			2024	2023	% Change
	$ 1.97	$ 1.32	49.2	%	Reported Diluted EPS	$ 4.89	$ 3.61	35.5	%
	(0.06)				Less: Currency	(0.44)
	$ 2.03	$ 1.32	53.8	%	Reported Diluted EPS, excluding Currency	$ 5.33	$ 3.61	47.6	%


	Quarters Ended September 30,					Nine Months Ended September 30,					Year Ended
	2024	2023	% Change			2024	2023	% Change			2023
	$ 1.97	$ 1.32	49.2	%	Reported Diluted EPS	$ 4.89	$ 3.61	35.5	%		$ 5.02
	—	—			Asset impairment and exit costs	0.09	0.06				0.06
	—	—			Termination of distribution arrangement in the Middle East	—	0.04				0.04
	0.03	—			Egypt sales tax charge	0.03	—				—
	0.13	—			Impairment related to Vectura Group's expected sale	0.13	—				—
	—	—			Impairment of goodwill and other intangibles	0.01	0.44				0.44
	0.12	0.10			Amortization of intangibles	0.29	0.18				0.25
	—	0.01			Charges related to the war in Ukraine	—	0.01				0.03

	—	—			Swedish Match AB acquisition accounting related items	—	0.01				0.01
	(0.10)	0.09			Income tax impact associated with Swedish Match AB financing	(0.01)	0.03				(0.11)
	—	—			South Korea indirect tax charge	—	0.11				0.11
	—	0.07			Termination of agreement with Foundation for a Smoke-Free World	—	0.07				0.07
	(0.24)	(0.03)			Fair value adjustment for equity security investments	(0.39)	(0.02)				(0.02)
	—	0.11			Tax items	(0.03)	0.11				0.11
	$ 1.91	$ 1.67	14.4	%	Adjusted Diluted EPS	$ 5.01	$ 4.65	7.7	%		$ 6.01
	(0.06)				Less: Currency	(0.44)
	$ 1.97	$ 1.67	18.0	%	Adjusted Diluted EPS, excluding Currency	$ 5.45	$ 4.65	17.2	%

	Note: EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year


									Schedule 3


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)

Net Revenues	Currency	Net Revenues excluding Currency	Acqui- sitions	Net Revenues excl. Currency & Acquisitions	Quarters Ended September 30,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions

2024					Combustible Tobacco	2023	% Change
$ 2,322	$ (21)	$ 2,343	$ —	$ 2,343	Europe	$ 2,160	7.5	%	8.5	%	8.5	%
2,612	(142)	2,755	—	2,755	SSEA, CIS & MEA	2,485	5.1	%	10.9	%	10.9	%
673	(18)	691	—	691	EA, AU & PMI DF	678	(0.8)	%	1.8	%	1.8	%
527	(19)	546	—	546	Americas	509	3.4	%	7.2	%	7.2	%

$ 6,134	$ (201)	$ 6,335	$ —	$ 6,335	Total Combustible Tobacco	$ 5,832	5.2	%	8.6	%	8.6	%

2024					Smoke-free excl. W&H	2023	% Change
$ 1,799	$ (14)	$ 1,813	$ —	$ 1,813	Europe	$ 1,663	8.2	%	9.0	%	9.0	%
352	(6)	357	—	357	SSEA, CIS & MEA	292	20.3	%	22.2	%	22.2	%
929	(67)	996	—	996	EA, AU & PMI DF	893	4.1	%	11.6	%	11.6	%
621	(1)	622	—	622	Americas	386	61.1	%	61.3	%	61.3	%

$ 3,701	$ (87)	$ 3,788	$ —	$ 3,788	Total Smoke-free excl. W&H	$ 3,234	14.5	%	17.2	%	17.2	%

2024					Wellness and Healthcare	2023	% Change
$ 76	$ (1)	$ 77	$ —	$ 77	Wellness and Healthcare	$ 75	1.3	%	2.7	%	2.7	%

2024					Smoke-free incl. W&H	2023	% Change
$ 3,777	$ (88)	$ 3,865	$ —	$ 3,865	Smoke-free incl. W&H	$ 3,309	14.2	%	16.8	%	16.8	%

2024					PMI	2023	% Change
$ 4,121	$ (35)	$ 4,156	$ —	$ 4,156	Europe	$ 3,823	7.8	%	8.7	%	8.7	%
2,964	(148)	3,112	—	3,112	SSEA, CIS & MEA	2,777	6.7	%	12.1	%	12.1	%
1,602	(85)	1,687	—	1,687	EA, AU & PMI DF	1,571	2.0	%	7.4	%	7.4	%
1,148	(20)	1,168	—	1,168	Americas	895	28.3	%	30.5	%	30.5	%

76	(1)	77	—	77	Wellness and Healthcare	75	1.3	%	2.7	%	2.7	%
$ 9,911	$ (289)	$ 10,200	$—	$ 10,200	Total PMI	$ 9,141	8.4	%	11.6	%	11.6	%


Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million


										Schedule 4
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)

Net Revenues	Currency	Net Revenues excluding Currency	Acqui- sitions	Net Revenues excl. Currency & Acquisitions	Nine Months Ended September 30,	Net Revenues		Total		Excluding Currency		Excluding Currency & Acquisitions

2024					Combustible Tobacco	2023		% Change
$ 6,467	$ 21	$ 6,445	$ —	$ 6,445	Europe	$ 6,084		6.3	%	5.9	%	5.9	%
7,390	(485)	7,875	—	7,875	SSEA, CIS & MEA	6,988	(1)	5.7	%	12.7	%	12.7	%
1,889	(67)	1,957	—	1,957	EA, AU & PMI DF	2,091		(9.6)	%	(6.4)	%	(6.4)	%
1,653	29	1,623	—	1,623	Americas	1,682		(1.7)	%	(3.5)	%	(3.5)	%
$ 17,399	$ (502)	$ 17,901	$—	$ 17,901	Total Combustible Tobacco	$ 16,845		3.3	%	6.3	%	6.3	%

2024					Smoke-free excl. W&H	2023		% Change
$ 4,834	$ 13	$ 4,822	$ —	$ 4,822	Europe	$ 4,381		10.4	%	10.1	%	10.1	%
1,003	(108)	1,111	—	1,111	SSEA, CIS & MEA	934		7.4	%	19.0	%	19.0	%
3,070	(247)	3,316	—	3,316	EA, AU & PMI DF	2,680		14.5	%	23.7	%	23.7	%
1,620	2	1,619	—	1,619	Americas	1,050		54.3	%	54.1	%	54.1	%
$ 10,527	$ (340)	$ 10,867	$ —	$ 10,867	Total Smoke-free excl. W&H	$ 9,045		16.4	%	20.2	%	20.2	%

2024					Wellness and Healthcare	2023		% Change
$ 246	$ 1	$245	$—	$ 245	Wellness and Healthcare	$ 237		3.8	%	3.4	%	3.4	%

2024					Smoke-free incl. W&H	2023		% Change
$ 10,773	$ (339)	$ 11,112	$ —	$ 11,112	Smoke-free incl. W&H	$ 9,282		16.1	%	19.7	%	19.7	%

2024					PMI	2023		% Change
$ 11,301	$ 34	$ 11,267	$ —	$ 11,267	Europe	$ 10,465		8.0	%	7.7	%	7.7	%
8,393	(593)	8,986	—	8,986	SSEA, CIS & MEA	7,922	(1)	5.9	%	13.4	%	13.4	%
4,959	(314)	5,273	—	5,273	EA, AU & PMI DF	4,771		3.9	%	10.5	%	10.5	%
3,273	31	3,242	—	3,242	Americas	2,732		19.8	%	18.7	%	18.7	%
246	1	245	—	245	Wellness and Healthcare	237		3.8	%	3.4	%	3.4	%
$ 28,172	$ (841)	$ 29,013	$—	$ 29,013	Total PMI	$ 26,127		7.8	%	11.0	%	11.0	%


(1) Includes a reduction in net revenues of $80 million related to the termination of distribution arrangement in the Middle East
Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million


															Schedule 5


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
($ in millions) / (Unaudited)

Net Revenues	Special Items	Adjusted Net Revenues	Currency	Adjusted Net Revenues excluding Currency	Acqui- sitions	Adjusted Net Revenues excluding Currency & Acqui- sitions			Net Revenues	Special Items		Adjusted Net Revenues	Total		Excluding Currency		Excluding Currency & Acqui- sitions

2024							Quarters Ended September 30,		2023				% Change
$ 4,121	$ —	$ 4,121	$ (35)	$ 4,156	$ —	$ 4,156		Europe	$ 3,823	$ —		$ 3,823	7.8	%	8.7	%	8.7	%
2,964	—	2,964	(148)	3,112	—	3,112		SSEA, CIS & MEA	2,777	—		2,777	6.7	%	12.1	%	12.1	%
1,602	—	1,602	(85)	1,687	—	1,687		EA, AU & PMI DF	1,571	—		1,571	2.0	%	7.4	%	7.4	%
1,148	—	1,148	(20)	1,168	—	1,168		Americas	895	—		895	28.3	%	30.5	%	30.5	%

76	—	76	(1)	77	—	77		Wellness and Healthcare	75	—		75	1.3	%	2.7	%	2.7	%
$ 9,911	$ —	$ 9,911	$ (289)	$ 10,200	$ —	$ 10,200		Total PMI	$ 9,141	$ —		$ 9,141	8.4	%	11.6	%	11.6	%

2024							Nine Months Ended September 30,		2023				% Change
$ 11,301	$ —	$ 11,301	$ 34	$ 11,267	$ —	$ 11,267		Europe	$ 10,465	$ —		$ 10,465	8.0	%	7.7	%	7.7	%
8,393	—	8,393	(593)	8,986	—	8,986		SSEA, CIS & MEA	7,922	(80)	(1)	8,002	4.9	%	12.3	%	12.3	%
4,959	—	4,959	(314)	5,273	—	5,273		EA, AU & PMI DF	4,771	—		4,771	3.9	%	10.5	%	10.5	%
3,273	—	3,273	31	3,242	—	3,242		Americas	2,732	—		2,732	19.8	%	18.7	%	18.7	%
246	—	246	1	245	—	245		Wellness and Healthcare	237	—		237	3.8	%	3.4	%	3.4	%
$ 28,172	$ —	$ 28,172	$ (841)	$ 29,013	$ —	$ 29,013		Total PMI	$ 26,127	$ (80)		$ 26,207	7.5	%	10.7	%	10.7	%
(1) Reflects a reduction in net revenues of $80 million related to the termination of distribution arrangement in the Middle East


													Schedule 6
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions
($ in millions) / (Unaudited)

Gross Profit	Special Items (1)	Adjusted Gross Profit	Currency	Adjusted Gross Profit excluding Currency	Acqui- sitions	Adjusted Gross Profit excl. Currency & Acquisitions	Quarters Ended September 30,	Gross Profit	Special Items (1)	Adjusted Gross Profit	Total		Excluding Currency		Excluding Currency & Acquisitions

2024								2023			% Change






$ 3,947	$ —	$ 3,947	$ (145)	$ 4,092	$ 21	$ 4,071	Combustible Tobacco	$ 3,734	$ (11)	$ 3,745	5.4	%	9.3	%	8.7	%













2024								2023			% Change
$ 2,598	$ (14)	$ 2,612	$ (81)	$ 2,693	$ —	$ 2,693	Smoke-free incl. W&H	$ 2,242	$ 1	$ 2,241	16.5	%	20.2	%	20.2	%

2024								2023			% Change






$ 6,545	$ (14)	$ 6,559	$ (226)	$ 6,785	$ 21	$ 6,764	Total PMI	$ 5,976	$ (10)	$ 5,986	9.6	%	13.3	%	13.0	%

(1) 2024 third-quarter reflects amortization of intangibles in Smoke-free incl. W&H, all amounts are related to cost of goods sold. 2023 third-quarter includes charges related to the war Ukraine ($11 million in Combustible Tobacco) and mainly amortization of intangibles in cost of goods sold ($1 million in Smoke-free incl. W&H).
Note: Sum of product categories and special items might not foot due to roundings.


													Schedule 7
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Gross Profit by Product Category to Adjusted Gross Profit, excluding Currency and Acquisitions
($ in millions) / (Unaudited)

Gross Profit	Special Items (1)	Adjusted Gross Profit	Currency	Adjusted Gross Profit excluding Currency	Acqui- sitions	Adjusted Gross Profit excl. Currency & Acquisitions	Nine Months Ended September 30,	Gross Profit	Special Items (1)	Adjusted Gross Profit	Total		Excluding Currency		Excluding Currency & Acquisitions

2024								2023			% Change






$ 11,173	$ —	$ 11,173	$ (374)	$ 11,547	$ 33	$ 11,514	Combustible Tobacco	$ 10,793	$ (109)	$ 10,903	2.5	%	5.9	%	5.6	%













2024								2023			% Change
$ 7,093	$ (46)	$ 7,139	$ (333)	$ 7,472	$ —	$ 7,472	Smoke-free incl. W&H	$ 5,903	$ (43)	$ 5,945	20.1	%	25.7	%	25.7	%

2024								2023			% Change






$ 18,266	$ (46)	$ 18,312	$ (707)	$ 19,019	$ 33	$ 18,986	Total PMI	$ 16,696	$ (152)	$ 16,848	8.7	%	12.9	%	12.7	%

(1) 2024 nine months ended September 30 reflects amortization of intangibles in Smoke-free incl. W&H, all amounts are related to cost of goods sold. 2023 nine months ended September 30 includes termination of distribution arrangement in the Middle East ($80 million in Combustible Tobacco), Swedish Match AB acquisition accounting related items ($18 million in Combustible Tobacco), charges related to the war in Ukraine ($11 million on Combustible Tobacco) and amortization of intangibles in cost of goods sold ($43 million in Smoke-free incl. W&H)
Note: Sum of product categories and special items might not foot due to roundings.


														Schedule 8


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)

Operating Income	Currency	Operating Income excluding Currency	Acqui-sitions	Operating Income excluding Currency & Acquisitions				Operating Income		Total	Excluding Currency	Excluding Currency & Acquisitions

2024						Quarters Ended September 30,		2023		% Change
$ 2,020		$ 37	$ 1,983	$ —	$ 1,983		Europe		$ 1,717			17.6	%	15.5	%	15.5	%
960		(129)	1,089	21	1,068		SSEA, CIS & MEA		823			16.6	%	32.3	%	29.8	%
788		(41)	829	—	829		EA, AU & PMI DF		769			2.5	%	7.8	%	7.8	%
137		19	118	—	118		Americas		98			39.8	%	20.4	%	20.4	%
(251)		(4)	(247)	—	(247)		Wellness and Healthcare		(37)			-(100)%		-(100)%		-(100)%
$ 3,654		$ (118)	$ 3,772	$ 21	$ 3,751		Total PMI		$ 3,370			8.4	%	11.9	%	11.3	%

2024						Nine Months Ended September 30,		2023		% Change
$ 5,136		$ 6	$ 5,130	$ —	$ 5,130		Europe		$ 4,551			12.9	%	12.7	%	12.7	%
2,623		(600)	3,223	33	3,190		SSEA, CIS & MEA		2,437			7.6	%	32.3	%	30.9	%
2,304		(257)	2,561	—	2,561		EA, AU & PMI DF		1,963			17.4	%	30.5	%	30.5	%
419		76	343	—	343		Americas		524			(20.0)	%	(34.5)	%	(34.5)	%
(339)		(2)	(337)	—	(337)		Wellness and Healthcare		(808)			58.0	%	58.3	%	58.3	%
$ 10,143		$ (777)	$ 10,920	$ 33	$ 10,887		Total PMI		$ 8,667			17.0	%	26.0	%	25.6	%


																Schedule 9


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
($ in millions) / (Unaudited)

Operating Income	Special Items (1)	Adjusted Operating Income	Currency	Adjusted Operating Income excluding Currency	Acqui- sitions	Adjusted Operating Income excluding Currency & Acqui- sitions			Operating Income	Special Items (1)	Adjusted Operating Income	Total	Excluding Currency	Excluding Currency & Acqui- sitions

2024							Quarters Ended September 30,		2023			% Change
$ 2,020	$ (40)		$ 2,059	$ 37	$ 2,022	$ —	$ 2,022	Europe		$ 1,717	$ (148)	$ 1,865		10.4	%	8.4	%	8.4	%
960	(50)		1,009	(129)	1,138	21	1,117	SSEA, CIS & MEA		823	(46)	869		16.1	%	31.0	%	28.5	%
788	(1)		789	(41)	830	—	830	EA, AU & PMI DF		769	(25)	794		(0.6)	%	4.5	%	4.5	%
137	(198)		336	19	317	—	317	Americas		98	(131)	229		46.7	%	38.4	%	38.4	%
(251)	(211)		(40)	(4)	(36)	—	(36)	Wellness and Healthcare		(37)	(14)	(23)		(73.9)	%	(56.5)	%	(56.5)	%
$ 3,654	$ (499)		$ 4,153	$ (118)	$ 4,271	$ 21	$ 4,250	Total PMI		$ 3,370	$ (364)	$ 3,734		11.2	%	14.4	%	13.8	%

2024							Nine Months Ended September 30,		2023			% Change
$ 5,136	$ (120)		$ 5,256	$ 6	$ 5,250	$ —	$ 5,250	Europe		$ 4,551	$ (251)	$ 4,802		9.5	%	9.3	%	9.3	%
2,623	(59)		2,682	(600)	3,282	33	3,249	SSEA, CIS & MEA		2,437	(168)	2,605		3.0	%	26.0	%	24.7	%
2,304	(2)		2,306	(257)	2,563	—	2,563	EA, AU & PMI DF		1,963	(250)	2,213		4.2	%	15.8	%	15.8	%
419	(578)		997	76	921	—	921	Americas		524	(226)	750		32.9	%	22.8	%	22.8	%
(339)	(266)		(72)	(2)	(70)	—	(70)	Wellness and Healthcare		(808)	(723)	(85)		15.3	%	17.6	%	17.6	%
$ 10,143	$ (1,026)		$ 11,169	$ (777)	$ 11,946	$ 33	$ 11,913	Total PMI		$ 8,667	$ (1,618)	$ 10,285		8.6	%	16.1	%	15.8	%

(1) See Schedule 10 and 11 for Special Items details
Note: Sum of product categories and special items might not foot due to roundings.


											Schedule 10 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)

	Quarters Ended September 30,		Change Fav./(Unfav.)				Variance Fav./(Unfav.)
PMI	2024	2023	Total		Excl. Curr. & Acquisitions		Total	Currency	Acquisitions	Price	Vol/Mix	Cost/Other
Reported Operating Income	$ 3,654	$ 3,370	8.4	%	11.3	%	$ 284	$ (118)	$ 21	$ 689	$ 163	$ (471)



Impairment related to Vectura Group's expected sale	(198)	—	—	%	—	%	(198)	—	—	—	—	(198)
Amortization of intangibles	(256)	(205)	(24.9)	%	(24.9)	%	(51)	—	—	—	—	(51)
Charges related to the war in Ukraine	—	(19)	100.0	%	100.0	%	19	—	—	—	—	19
Egypt sales tax charge	(45)	—	—	%	—	%	(45)	—	—	—	—	(45)


Termination of agreement with Foundation for a Smoke-Free World	—	(140)	100.0	%	100.0	%	140	—	—	—	—	140
Adjusted Operating Income	$ 4,153	$ 3,734	11.2	%	13.8	%	$ 419	$ (118)	$ 21	$ 689	$ 163	$ (336)

Europe
Reported Operating Income	$ 2,020	$ 1,717	17.6	%	15.5	%	$ 303	$ 37	$ —	$ 228	$ 47	$ (9)

Amortization of intangibles	(40)	(69)	42.1	%	42.1	%	29	—	—	—	—	29
Charges related to the war in Ukraine	—	(19)	100.0	%	100.0	%	19	—	—	—	—	19

Termination of agreement with Foundation for a Smoke-Free World	—	(60)	100.0	%	100.0	%	60	—	—	—	—	60
Adjusted Operating Income	$ 2,059	$ 1,865	10.4	%	8.4	%	$ 194	$ 37	$ —	$ 228	$ 47	$ (117)

SSEA, CIS & MEA
Reported Operating Income	$ 960	$ 823	16.6	%	29.8	%	$ 137	$ (129)	$ 21	$ 296	$ 21	$ (72)


Amortization of intangibles	(4)	(5)	17.3	%	17.3	%	1	—	—	—	—	1
Egypt sales tax charge	(45)	—	—	%	—	%	(45)	—	—	—	—	(45)
Termination of agreement with Foundation for a Smoke-Free World	—	(41)	100.0	%	100.0	%	41	—	—	—	—	41
Adjusted Operating Income	$ 1,009	$ 869	16.1	%	28.5	%	$ 140	$ (129)	$ 21	$ 296	$ 21	$ (68)


											Schedule 10 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)

	Quarters Ended September 30,		Change Fav./(Unfav.)				Variance Fav./(Unfav.)
EA, AU & PMI DF	2024	2023	Total		Excl. Curr. & Acquisitions		Total	Currency	Acqui-sitions	Price	Vol/Mix	Cost/Other
Reported Operating Income	$ 788	$ 769	2.5	%	7.8	%	$ 19	$ (41)	$ —	$ 71	$ (21)	$ 10

Amortization of intangibles	(1)	(1)	28.9	%	28.9	%	—	—	—	—	—	—


Termination of agreement with Foundation for a Smoke-Free World	—	(24)	100.0	%	100.0	%	24	—	—	—	—	24
Adjusted Operating Income	$ 789	$ 794	(0.6)	%	4.5	%	$ (5)	$ (41)	$ —	$ 71	$ (21)	$ (14)

Americas
Reported Operating Income	$ 137	$ 98	39.8	%	20.4	%	$ 39	$ 19	$ —	$ 92	$ 116	$ (188)

Amortization of intangibles	(198)	(116)	(70.9)	%	(70.9)	%	(82)	—	—	—	—	(82)

Termination of agreement with Foundation for a Smoke-Free World	—	(15)	100.0	%	100.0	%	15	—	—	—	—	15
Adjusted Operating Income	$ 336	$ 229	46.7	%	38.4	%	$ 107	$ 19	$ —	$ 92	$ 116	$ (121)

Wellness & Healthcare
Reported Operating Income / (Loss)	$ (251)	$ (37)	-(100)%		-(100)%		$ (214)	$ (4)	$ —	$ 2	$ —	$ (212)


Impairment related to Vectura Group's expected sale	(198)	—	—	%	—	%	(198)	—	—	—	—	(198)
Amortization of intangibles	(13)	(14)	8.5	%	8.5	%	1	—	—	—	—	1
Adjusted Operating Income / (Loss)	$ (40)	$ (23)	(73.9)	%	(56.5)	%	$ (17)	$ (4)	$ —	$ 2	$ —	$ (16)

Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment.


											Schedule 11 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)

	Nine Months Ended September 30,		Change Fav./(Unfav.)				Variance Fav./(Unfav.)
PMI	2024	2023	Total		Excl. Curr. & Acquisitions		Total	Currency	Acquisitions	Price	Vol/Mix	Cost/Other
Reported 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)
Termination of distribution arrangement in the Middle East	—	(80)	100.0	%	100.0	%	80	—	—	—	—	80
Impairment of goodwill and other intangibles	(27)	(680)	96.0	%	96.0	%	653	—	—	—	—	653
Egypt sales tax charge	(45)	—	—	%	—	%	(45)	—	—	—	—	(45)
Impairment related to Vectura Group's expected sale	(198)	—	—	%	—	%	(198)	—	—	—	—	(198)
Amortization of intangibles	(588)	(368)	(59.8)	%	(59.8)	%	(220)	—	—	—	—	(220)
Charges related to the war in Ukraine	—	(19)	100.0	%	100.0	%	19	—	—	—	—	19
Swedish Match AB acquisition accounting related items	—	(18)	100.0	%	100.0	%	18	—	—	—	—	18
South Korea Indirect Tax Charge	—	(204)	100.0	%	100.0	%	204	—	—	—	—	204
Termination of agreement with Foundation for a Smoke-Free World	—	(140)	100.0	%	100.0	%	140	—	—	—	—	140
Adjusted Operating Income	$ 11,169	$ 10,285	8.6	%	15.8	%	$ 884	$ (777)	$ 33	$ 1,721	$ 616	$ (709)

Europe
Reported Operating Income	$ 5,136	$ 4,551	12.9	%	12.7	%	$ 585	$ 6	$ —	$ 596	$ 113	$ (130)
Asset Impairment & Exit Costs	—	(47)	100.0	%	100.0	%	47	—	—	—	—	47

Amortization of intangibles	(120)	(125)	3.8	%	3.8	%	5	—	—	—	—	5
Charges related to the war in Ukraine	—	(19)	100.0	%	100.0	%	19	—	—	—	—	19

Termination of agreement with Foundation for a Smoke-Free World	—	(60)	100.0	%	100.0	%	60	—	—	—	—	60
Adjusted Operating Income	$ 5,256	$ 4,802	9.5	%	9.3	%	$ 454	$ 6	$ —	$ 596	$ 113	$ (260)

SSEA, CIS & MEA
Reported Operating Income	$ 2,623	$ 2,437	7.6	%	30.9	%	$ 186	$ (600)	$ 33	$ 680	$ 117	$ (44)
Asset Impairment & Exit Costs	—	(32)	100.0	%	100.0	%	32	—	—	—	—	32
Termination of distribution arrangement in the Middle East	—	(80)	100.0	%	100.0	%	80	—	—	—	—	80

Amortization of intangibles	(14)	(15)	8.4	%	8.4	%	1	—	—	—	—	1
Egypt sales tax charge	(45)	—	—	%	—	%	(45)	—	—	—	—	(45)
Termination of agreement with Foundation for a Smoke-Free World	—	(41)	100.0	%	100.0	%	41	—	—	—	—	41
Adjusted Operating Income	$ 2,682	$ 2,605	3.0	%	24.7	%	$ 77	$ (600)	$ 33	$ 680	$ 117	$ (152)


											Schedule 11 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)

	Nine Months Ended September 30,		Change Fav./(Unfav.)				Variance Fav./(Unfav.)
EA, AU & PMI DF	2024	2023	Total		Excl. Curr. & Acquisitions		Total	Currency	Acquisitions	Price	Vol/Mix	Cost/Other
Reported Operating Income	$ 2,304	$ 1,963	17.4	%	30.5	%	$ 341	$ (257)	$ —	$ 289	$ 53	$ 256
Asset Impairment & Exit Costs	—	(19)	100.0	%	100.0	%	19	—	—	—	—	19

Amortization of intangibles	(2)	(3)	28.8	%	28.8	%	1	—	—	—	—	1

South Korea Indirect Tax Charge	—	(204)	100.0	%	100.0	%	204	—	—	—	—	204
Termination of agreement with Foundation for a Smoke-Free World	—	(24)	100.0	%	100.0	%	24	—	—	—	—	24
Adjusted Operating Income	$ 2,306	$ 2,213	4.2	%	15.8	%	$ 93	$ (257)	$ —	$ 289	$ 53	$ 8

Americas
Reported Operating Income	$ 419	$ 524	(20.0)	%	(34.5)	%	$ (105)	$ 76	$ —	$ 146	$ 333	$ (660)
Asset Impairment & Exit Costs	(168)	(11)	-(100)%		-(100)%		(157)	—	—	—	—	(157)

Amortization of intangibles	(410)	(182)	-(100)%		-(100)%		(228)	—	—	—	—	(228)
Swedish Match AB acquisition accounting related items	—	(18)	100.0	%	100.0	%	18	—	—	—	—	18
Termination of agreement with Foundation for a Smoke-Free World	—	(15)	100.0	%	100.0	%	15	—	—	—	—	15
Adjusted Operating Income	$ 997	$ 750	32.9	%	22.8	%	$ 247	$ 76	$ —	$ 146	$ 333	$ (309)

Wellness & Healthcare
Reported Operating Income / (Loss)	$ (339)	$ (808)	58.0	%	58.3	%	$ 469	$ (2)	$ —	$ 10	$ —	$ 461

Impairment of goodwill and other intangibles	(26)	(680)	96.1	%	96.1	%	654	—	—	—	—	654
Impairment related to Vectura Group's expected sale	(198)	—	—	%	—	%	(198)	—	—	—	—	(198)
Amortization of intangibles	(42)	(43)	1.9	%	1.9	%	1	—	—	—	—	1
Adjusted Operating Income / (Loss)	$ (72)	$ (85)	15.3	%	17.6	%	$ 13	$ (2)	$ —	$ 10	$ —	$ 4

Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment.


																			Schedule 12


PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
($ in millions) / (Unaudited)

Adjusted Operating Income (1)	Adjusted Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income excluding Currency (1)	Adjusted Net Revenues excluding Currency (2)	Adjusted Operating Income Margin excluding Currency		Adjusted Operating Income excluding Currency & Acqui- sitions (1)	Adjusted Net Revenues excluding Currency & Acqui- sitions (2)	Adjusted Operating Income Margin excluding Currency & Acqui- sitions				Adjusted Operating Income (1)	Adjusted Net Revenues (2)	Adjusted Operating Income Margin		Adjusted Operating Income Margin	Adjusted Operating Income Margin excluding Currency	Adjusted Operating Income Margin excluding Currency & Acqui- sitions

2024												Quarters Ended September 30,		2023				% Points Change
$ 2,059	$ 4,121	50.0	%	$ 2,022	$ 4,156	48.7	%	$ 2,022	$ 4,156	48.7	%		Europe	$ 1,865	$ 3,823	48.8	%	1.2	(0.1)	(0.1)
1,009	2,964	34.0	%	1,138	3,112	36.6	%	1,117	3,112	35.9	%		SSEA, CIS & MEA	869	2,777	31.3	%	2.7	5.3	4.6
789	1,602	49.3	%	830	1,687	49.2	%	830	1,687	49.2	%		EA, AU & PMI DF	794	1,571	50.5	%	(1.2)	(1.3)	(1.3)
336	1,148	29.3	%	317	1,168	27.1	%	317	1,168	27.1	%		Americas	229	895	25.6	%	3.7	1.5	1.5

(40)	76	(52.6)	%	(36)	77	(46.8)	%	(36)	77	(46.8)	%		Wellness and Healthcare	(23)	75	(30.7)	%	(21.9)	(16.1)	(16.1)
$ 4,153	$ 9,911	41.9	%	$ 4,271	$ 10,200	41.9	%	$ 4,250	$ 10,200	41.7	%		Total PMI	$ 3,734	$ 9,141	40.8	%	1.1	1.1	0.9

2024												Nine Months Ended September 30,		2023				% Points Change
$ 5,256	$ 11,301	46.5	%	$ 5,250	$ 11,267	46.6	%	$ 5,250	$ 11,267	46.6	%		Europe	$ 4,802	$ 10,465	45.9	%	0.6	0.7	0.7
2,682	8,393	32.0	%	3,282	8,986	36.5	%	3,249	8,986	36.2	%		SSEA, CIS & MEA	2,605	8,002	32.6	%	(0.6)	3.9	3.6
2,306	4,959	46.5	%	2,563	5,273	48.6	%	2,563	5,273	48.6	%		EA, AU & PMI DF	2,213	4,771	46.4	%	0.1	2.2	2.2
997	3,273	30.5	%	921	3,242	28.4	%	921	3,242	28.4	%		Americas	750	2,732	27.5	%	3.0	0.9	0.9
(72)	246	(29.3)	%	(70)	245	(28.6)	%	(70)	245	(28.6)	%		Wellness and Healthcare	(85)	237	(35.9)	%	6.6	7.3	7.3
$ 11,169	$ 28,172	39.6	%	$ 11,946	$ 29,013	41.2	%	$ 11,913	$ 29,013	41.1	%		Total PMI	$ 10,285	$ 26,207	39.2	%	0.4	2.0	1.9


(1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 8 and 9
(2) For the calculation of Adjusted Net Revenues excluding currency and acquisitions refer to Schedule 5


								Schedule 13
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Condensed Statements of Earnings
($ in millions, except per share data) / (Unaudited)

	Quarters Ended September 30,					Nine Months Ended September 30,
	2024	2023	Change Fav./(Unfav.)			2024	2023	Change Fav./(Unfav.)


	$ 9,911	$ 9,141	8.4	%	Net Revenues	$ 28,172	$ 26,127	7.8	%
	3,366	3,165	(6.4)	%	Cost of sales	9,906	9,431	(5.0)	%
	6,545	5,976	9.5	%	Gross profit	18,266	16,696	9.4	%
	2,891	2,606	(10.9)	%	Marketing, administration and research costs	8,123	7,364	(10.3)	%
	—	—	—		Impairment of goodwill	—	665	100.0	%
	3,654	3,370	8.4	%	Operating Income	10,143	8,667	17.0	%
	189	261	27.6	%	Interest expense, net	817	788	(3.7)	%
	15	8	(87.5)	%	Pension and other employee benefit costs	44	36	(22.2)	%
	3,450	3,101	11.3	%	Earnings before income taxes	9,282	7,843	18.3	%
	735	1,031	28.7	%	Provision for income taxes	2,145	2,019	(6.2)	%
	(500)	(101)	+100%		Equity investments and securities (income)/loss, net	(852)	(131)	+100%
	3,215	2,171	48.1	%	Net Earnings	7,989	5,955	34.2	%
	133	117	13.7	%	Net Earnings attributable to noncontrolling interests	353	338	4.4	%
	$ 3,082	$ 2,054	50.0	%	Net Earnings attributable to PMI	$ 7,636	$ 5,617	35.9	%

					Per share data: (1)
	$ 1.98	$ 1.32	50.0	%	Basic Earnings Per Share	$ 4.90	$ 3.61	35.7	%
	$ 1.97	$ 1.32	49.2	%	Diluted Earnings Per Share	$ 4.89	$ 3.61	35.5	%


(1) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters and nine months ended September 30, 2024 and 2023 are shown on Schedule 1, Footnote 1



				Schedule 14
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Condensed Balance Sheets
($ in millions) / (Unaudited)

	September 30,			December 31,
	2024			2023
Assets
Cash and cash equivalents		$	4,258		$	3,060
All other current assets		16,538			16,695
Property, plant and equipment, net		7,548			7,516
Goodwill		17,144			16,779
Other intangible assets, net		11,916			9,864
Equity investments		5,631			4,929
Other assets		3,857			6,461
Total assets		$	66,892		$	65,304

Liabilities and Stockholders' (Deficit) Equity
Short-term borrowings		$	152		$	1,968
Current portion of long-term debt		4,833			4,698
All other current liabilities		18,381			19,717
Long-term debt		44,237			41,243
Deferred income taxes		2,547			2,335
Other long-term liabilities		4,455			4,789
Total liabilities		74,605			74,750

Total PMI stockholders' deficit		(9,694)			(11,225)
Noncontrolling interests		1,981			1,779
Total stockholders' (deficit) equity		(7,713)			(9,446)
Total liabilities and stockholders' (deficit) equity		$	66,892		$	65,304



											Schedule 15
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Calculation of Total Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA Ratios
($ in millions, except ratios) / (Unaudited)

	Year Ended September 30, 2024									Year Ended December 31, 2023
	October ~ December			January ~ September			12 months
	2023			2024			rolling
Net Earnings		$	2,313		$	7,989		$	10,302			$	8,268
Equity investments and securities (income)/loss, net		(26)			(852)			(878)				(157)
Provision for income taxes		320			2,145			2,465				2,339
Interest expense, net		273			817			1,090				1,061
Depreciation, amortization and impairment of goodwill and other intangibles		369			1,337			1,706				2,078
Asset impairment and exit costs and Others (1)		34			411			445				604
Adjusted EBITDA		$	3,283		$	11,847		$	15,130			$	14,193

							September 30,			December 31,
							2024			2023
Short-term borrowings								$	152			$	1,968
Current portion of long-term debt								4,833				4,698
Long-term debt								44,237				41,243
Total Debt								$	49,222			$	47,909
Cash and cash equivalents								4,258				3,060
Net Debt								$	44,964			$	44,849

Ratios:
Total Debt to Adjusted EBITDA								3.25				3.38
Net Debt to Adjusted EBITDA								2.97				3.16

(1) For the period October 2023 to December 2023 "Others" includes charges related to the war in Ukraine. For the period January 2024 to September 2024 "Others" includes impairment related to Vectura Group's expected sale ($198 million) and Egypt sales tax charge ($45 million)



								Schedule 16
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Cash Flow to Operating Cash Flow, excluding Currency
($ in millions) / (Unaudited)

	Quarters Ended September 30,					Nine Months Ended September 30,
	2024	2023	% Change			2024	2023	% Change
	$ 3,342	$ 3,415	(2.1)	%	Net cash provided by operating activities (1)	$ 8,215	$ 5,902	39.2	%
	(422)				Less: Currency	(1,091)
	$ 3,764	$ 3,415	10.2	%	Net cash provided by operating activities, excluding currency	$ 9,306	$ 5,902	57.7	%

(1) Operating cash flow

Document and Entity Information	Oct. 22, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 22, 2024
Entity Registrant Name	Philip Morris International Inc.
Entity Central Index Key	0001413329
Amendment Flag	false
Entity Incorporation, State or Country Code	VA
Entity File Number	1-33708
Entity Tax Identification Number	13-3435103
Entity Address, Address Line One	677 Washington Blvd, Ste. 1100
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06901
City Area Code	203
Local Phone Number	905-2410
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	PM
Security Exchange Name	NYSE
0.625% Notes due 2024 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.625% Notes due 2024
Trading Symbol	PM24B
Security Exchange Name	NYSE
3.250% Notes due 2024 [Member]
Entity Information [Line Items]
Title of 12(b) Security	3.250% Notes due 2024
Trading Symbol	PM24A
Security Exchange Name	NYSE
2.750% Notes due 2025 [Member]
Entity Information [Line Items]
Title of 12(b) Security	2.750% Notes due 2025
Trading Symbol	PM25
Security Exchange Name	NYSE
3.375% Notes due 2025 [Member]
Entity Information [Line Items]
Title of 12(b) Security	3.375% Notes due 2025
Trading Symbol	PM25A
Security Exchange Name	NYSE
2.750% Notes due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	2.750% Notes due 2026
Trading Symbol	PM26A
Security Exchange Name	NYSE
2.875% Notes due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	2.875% Notes due 2026
Trading Symbol	PM26
Security Exchange Name	NYSE
0.125% Notes due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.125% Notes due 2026
Trading Symbol	PM26B
Security Exchange Name	NYSE
3.125% Notes due 2027 [Member]
Entity Information [Line Items]
Title of 12(b) Security	3.125% Notes due 2027
Trading Symbol	PM27
Security Exchange Name	NYSE
3.125% Notes due 2028 [Member]
Entity Information [Line Items]
Title of 12(b) Security	3.125% Notes due 2028
Trading Symbol	PM28
Security Exchange Name	NYSE
2.875% Notes due 2029 [Member]
Entity Information [Line Items]
Title of 12(b) Security	2.875% Notes due 2029
Trading Symbol	PM29
Security Exchange Name	NYSE
3.375% Notes due 2029 [Member]
Entity Information [Line Items]
Title of 12(b) Security	3.375% Notes due 2029
Trading Symbol	PM29A
Security Exchange Name	NYSE
0.800% Notes due 2031 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.800% Notes due 2031
Trading Symbol	PM31
Security Exchange Name	NYSE
3.125% Notes due 2033 [Member]
Entity Information [Line Items]
Title of 12(b) Security	3.125% Notes due 2033
Trading Symbol	PM33
Security Exchange Name	NYSE
2.000% Notes due 2036 [Member]
Entity Information [Line Items]
Title of 12(b) Security	2.000% Notes due 2036
Trading Symbol	PM36
Security Exchange Name	NYSE
1.875% Notes due 2037 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2037
Trading Symbol	PM37A
Security Exchange Name	NYSE
6.375% Notes due 2038 [Member]
Entity Information [Line Items]
Title of 12(b) Security	6.375% Notes due 2038
Trading Symbol	PM38
Security Exchange Name	NYSE
1.450% Notes due 2039 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.450% Notes due 2039
Trading Symbol	PM39
Security Exchange Name	NYSE
4.375% Notes due 2041 [Member]
Entity Information [Line Items]
Title of 12(b) Security	4.375% Notes due 2041
Trading Symbol	PM41
Security Exchange Name	NYSE
4.500% Notes due 2042 [Member]
Entity Information [Line Items]
Title of 12(b) Security	4.500% Notes due 2042
Trading Symbol	PM42
Security Exchange Name	NYSE
3.875% Notes due 2042 [Member]
Entity Information [Line Items]
Title of 12(b) Security	3.875% Notes due 2042
Trading Symbol	PM42A
Security Exchange Name	NYSE
4.125% Notes due 2043 [Member]
Entity Information [Line Items]
Title of 12(b) Security	4.125% Notes due 2043
Trading Symbol	PM43
Security Exchange Name	NYSE
4.875% Notes due 2043 [Member]
Entity Information [Line Items]
Title of 12(b) Security	4.875% Notes due 2043
Trading Symbol	PM43A
Security Exchange Name	NYSE
4.250% Notes due 2044 [Member]
Entity Information [Line Items]
Title of 12(b) Security	4.250% Notes due 2044
Trading Symbol	PM44
Security Exchange Name	NYSE
3.750% Notes due 2031
Entity Information [Line Items]
Title of 12(b) Security	3.750% Notes due 2031
Trading Symbol	PM31B
Security Exchange Name	NYSE

Philip Morris (NYSE:PM)
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