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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Philip Morris International Inc | NYSE:PM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.10 | 0.10% | 97.41 | 98.03 | 96.33 | 97.47 | 5,611,931 | 01:00:00 |
Revises 2021 Full-Year Reported Diluted EPS Forecast to a Range of $5.93 to $6.03, Now Reflecting Adjusted Diluted EPS Growth of Around 11% to 13% on an Organic Basis; Anticipates 2021 Full-Year Heated Tobacco Unit Shipment Volume of 95 to 100 Billion Units
Regulatory News:
Philip Morris International Inc. (NYSE: PM) today announces its 2021 first-quarter results. Growth rates presented in this press release on an organic basis reflect currency-neutral underlying results. Adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures are included in the schedules to this press release.
2021 FIRST-QUARTER HIGHLIGHTS
"We are pleased to have delivered a very strong start to the year, with top- and bottom-line results coming in well ahead of our expectations for the first quarter despite the ongoing challenges of the pandemic," said André Calantzopoulos, Chief Executive Officer.
"This performance was driven by the continued strength of IQOS, in particular, reflecting excellent user, volume and market share momentum, as well as further progress with manufacturing and operating cost efficiencies. Our results also benefited from the timing of specific factors, notably associated with shipments in certain markets and the phasing of commercial investments, which are expected to partially reverse in the second quarter."
"While the speed and shape of the global recovery from the pandemic remains uncertain, we are raising our full-year outlook, on an underlying basis, to reflect the strong results and positive momentum of the first quarter. Our guidance now represents organic adjusted diluted EPS growth of 11% to 13%, reflecting net revenue growth of 5% to 7% on the same basis."
2021 FULL-YEAR FORECAST
Full-Year
2021 Forecast
2020
Organic Growth
Reported Diluted EPS
$5.93
-
$6.03
$ 5.16
Asset impairment and exit costs
0.02
0.08
Fair value adjustment for equity security investments
0.04
Tax items
(0.06
)
Brazil indirect tax credit
(0.05
)
Adjusted Diluted EPS
$5.95
-
$6.05
$ 5.17
Currency
(0.20)
Adjusted Diluted EPS, excluding currency
$5.75
-
$5.85
$ 5.17
11%
-
13%
PMI revises its full-year reported diluted EPS forecast to a range of $5.93 to $6.03, at prevailing exchange rates, representing a projected increase of around 15% to 17% versus reported diluted EPS of $5.16 in 2020. This compares to the previously communicated forecast range of $5.90 to $6.00, provided on February 10, 2021.
On an organic basis, this forecast represents a projected increase of around 11% to 13% versus adjusted diluted EPS of $5.17 in 2020, as outlined in the table above.
The revised full-year guidance reflects:
2021 Full-Year Forecast Assumptions
This forecast assumes:
The foregoing is underpinned by the assumption that, even in the event of prolonged pandemic-related restrictions, there will not be a return to the depressed consumption levels of the second quarter of 2020. This assumption is consistent with the less severe impact on consumption levels observed in the second half of 2020 as COVID-19 spread in a number of markets.
This forecast excludes the impact of any future acquisitions, unanticipated or unquantifiable asset impairment and exit cost charges, future changes in currency exchange rates, further developments pertaining to the judgment in the two Québec Class Action lawsuits and the Companies’ Creditors Arrangement Act (CCAA) protection granted to PMI's Canadian subsidiary, Rothmans, Benson & Hedges, Inc. (RBH), any unusual events, any intensification of the global shortage of semiconductors and the related impact on the supply of our electronic devices, and any COVID-19-related developments different from the assumptions set forth in the company's forecast.
Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.
COVID-19: Business Continuity Update
Since the onset of the COVID-19 pandemic, PMI has undertaken a number of business continuity measures to mitigate potential disruption to its operations and route-to-market in order to preserve the availability of products to its customers and adult consumers.
Currently:
Conference Call
A conference call, hosted by Emmanuel Babeau, Chief Financial Officer, will be webcast at 9:00 a.m., Eastern Time, on April 20, 2021. Access is at www.pmi.com/2021Q1earnings.
CONSOLIDATED SHIPMENT VOLUME & MARKET SHARE
PMI Shipment Volume by Region
First-Quarter
(million units)
2021
2020
Change
Cigarettes
European Union
36,769
40,646
(9.5
)%
Eastern Europe
19,966
21,419
(6.8
)%
Middle East & Africa
27,642
29,996
(7.8
)%
South & Southeast Asia
34,888
37,595
(7.2
)%
East Asia & Australia
11,362
12,299
(7.6
)%
Latin America & Canada
14,885
15,063
(1.2
)%
Total PMI
145,512
157,018
(7.3
)%
Heated Tobacco Units
European Union
6,426
4,661
37.9
%
Eastern Europe
5,635
4,366
29.1
%
Middle East & Africa
396
470
(15.7
)%
South & Southeast Asia
33
—
—
%
East Asia & Australia
9,139
7,122
28.3
%
Latin America & Canada
105
108
(2.8
)%
Total PMI
21,734
16,727
29.9
%
Cigarettes and Heated Tobacco Units
European Union
43,195
45,307
(4.7
)%
Eastern Europe
25,601
25,785
(0.7
)%
Middle East & Africa
28,038
30,466
(8.0
)%
South & Southeast Asia
34,921
37,595
(7.1
)%
East Asia & Australia
20,501
19,421
5.6
%
Latin America & Canada
14,990
15,171
(1.2
)%
Total PMI
167,246
173,745
(3.7
)%
During the quarter, PMI's total shipment volume decreased by 3.7%, due to:
partly offset by
First-Quarter Impact of Inventory Movements
Excluding the net unfavorable impact of estimated distributor inventory movements of approximately 0.9 billion units, PMI’s total in-market sales declined by 3.3%, due to a 6.2% decline in cigarettes, partly offset by a 22.7% increase in heated tobacco units.
The net unfavorable impact of approximately 0.9 billion units reflected:
partly offset by
PMI's total heated tobacco unit in-market sales volume in the quarter was 21.3 billion units, broadly consistent with heated tobacco unit shipment volume. The company believes that the current level of heated tobacco unit inventory is appropriate based on anticipated sales.
PMI Shipment Volume by Brand
PMI Shipment Volume by Brand
First-Quarter
(million units)
2021
2020
Change
Cigarettes
Marlboro
53,682
59,245
(9.4
)%
L&M
20,367
22,641
(10.0
)%
Chesterfield
12,758
12,903
(1.1
)%
Philip Morris
10,184
11,463
(11.2
)%
Parliament
8,957
7,573
18.3
%
Sampoerna A
8,698
8,548
1.8
%
Dji Sam Soe
5,704
6,175
(7.6
)%
Bond Street
4,527
5,612
(19.3
)%
Lark
3,899
4,025
(3.1
)%
Sampoerna Hijau
2,199
1,477
48.9
%
Others
14,537
17,356
(16.2
)%
Total Cigarettes
145,512
157,018
(7.3
)%
Heated Tobacco Units
21,734
16,727
29.9
%
Total PMI
167,246
173,745
(3.7
)%
Note: Sampoerna A includes Sampoerna; Philip Morris includes Philip Morris/Dubliss; and Lark includes Lark Harmony.
PMI's cigarette shipment volume of the following brands decreased:
PMI's cigarette shipment volume of the following brands increased:
The increase in PMI's heated tobacco unit shipment volume was mainly driven by the EU (notably Italy), Eastern Europe (notably Russia) and Japan.
First-Quarter International Share of Market
PMI's total international market share (excluding China and the U.S.), defined as PMI's cigarette and heated tobacco unit sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, decreased by 0.7 points to 26.8%, reflecting:
PMI's total international cigarette sales volume as a percentage of total industry cigarette sales volume was down by 1.2 points to 24.3%, mainly reflecting: out-switching to heated tobacco units, as well as lower cigarette market share and/or an unfavorable geographic mix impact, notably in Japan, the Philippines, PMI Duty Free and Ukraine, partly offset by Turkey.
CONSOLIDATED FINANCIAL SUMMARY
Financial Summary -
Quarters Ended March 31,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2021
2020
Total
Excl.
Curr.
Total
Cur-
rency
Price
Vol/
Mix
Cost/
Other
(in millions)
Net Revenues
$
7,585
$
7,153
6.0
%
2.9
%
432
225
206
(31
)
32
Cost of Sales
(2,274
)
(2,402
)
5.3
%
9.0
%
128
(87
)
—
29
186
Marketing, Administration and Research Costs
(1,849
)
(1,944
)
4.9
%
2.4
%
95
49
—
—
46
Amortization of Intangibles
(18
)
(18
)
—
%
—
%
—
—
—
—
—
Operating Income
$
3,444
$
2,789
23.5
%
16.8
%
655
187
206
(2
)
264
Asset Impairment & Exit Costs (1)
(48
)
—
—
%
—
%
(48
)
—
—
—
(48
)
Adjusted Operating Income
$
3,492
$
2,789
25.2
%
18.5
%
703
187
206
(2
)
312
Adjusted Operating Income Margin
46.0
%
39.0
%
7.0
pp
5.9
pp
(1) Included in Marketing, Administration and Research Costs above.
During the quarter, net revenues increased by 2.9% on an organic basis, mainly reflecting: a favorable pricing variance (notably driven by Germany, Japan, the Philippines and Turkey, partly offset by Indonesia); and higher fees for certain distribution rights billed to customers in certain markets, shown in "Cost/Other"; partly offset by unfavorable volume/mix, primarily due to lower cigarette volume (mainly in Indonesia, Japan, North Africa, the Philippines, PMI Duty Free and Spain), partially offset by higher heated tobacco unit volume (notably in the EU, Japan and Russia, partly offset by PMI Duty Free).
Operating income increased by 16.8%, excluding currency, primarily reflecting: a favorable pricing variance; lower manufacturing costs (driven by productivity gains related to reduced-risk and combustible products); lower marketing, administration and research costs (largely driven by cost efficiencies, partially offset by the impact of 2021 asset impairment and exit costs of $48 million related to product distribution restructuring in Korea and organizational design optimization); and higher fees for certain distribution rights, as noted above for net revenues.
Adjusted operating income increased by 18.5%, on an organic basis. Adjusted operating income margin increased by 5.9 points on the same basis, as detailed in Schedule 6.
EUROPEAN UNION REGION
Financial Summary -
Quarters Ended March 31,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2021
2020
Total
Excl.
Curr.
Total
Cur-
rency
Price
Vol/
Mix
Cost/
Other
(in millions)
Net Revenues
$
2,909
$
2,535
14.8
%
5.5
%
374
235
37
102
—
Operating Income
$
1,490
$
1,158
28.7
%
15.2
%
332
156
37
101
38
Asset Impairment & Exit Costs (1)
(9
)
—
—
%
—
%
(9
)
—
—
—
(9
)
Adjusted Operating Income
$
1,499
$
1,158
29.4
%
16.0
%
341
156
37
101
47
Adjusted Operating Income Margin
51.5
%
45.7
%
5.8
pp
4.5
pp
(1) Included in marketing, administration and research costs at the consolidated operating income level.
During the quarter, net revenues increased by 5.5% on an organic basis, reflecting: favorable volume/mix, mainly driven by higher heated tobacco unit volume (notably in Germany and Italy), partly offset by lower cigarette volume (notably in Spain); and a favorable pricing variance (driven by higher combustible pricing, particularly in Germany).
Operating income increased by 15.2%, excluding currency, primarily reflecting: favorable volume/mix, driven by the same factors as for net revenues noted above; lower manufacturing costs (driven mainly by reduced-risk products); and a favorable pricing variance; partly offset by higher marketing, administration and research costs (including the impact of 2021 asset impairment and exit costs related to organizational design optimization).
Adjusted operating income increased by 16.0% on an organic basis. Adjusted operating income margin increased by 4.5 points on the same basis, as detailed in Schedule 6.
Total Market, PMI Shipment & Market Share Commentaries
European Union Key Data
First-Quarter
Change
2021
2020
% / pp
Total Market (billion units)
105.8
109.4
(3.3
)%
PMI Shipment Volume (million units)
Cigarettes
36,769
40,646
(9.5
)%
Heated Tobacco Units
6,426
4,661
37.9
%
Total EU
43,195
45,307
(4.7
)%
PMI Market Share
Marlboro
17.1%
17.6%
(0.5
)
L&M
5.8%
6.5%
(0.7
)
Chesterfield
5.5%
5.6%
(0.1
)
Philip Morris
2.2%
2.6%
(0.4
)
HEETS
5.7%
3.9%
1.8
Others
3.2%
3.2%
—
Total EU
39.5%
39.4%
0.1
Note: HEETS includes HEETS Dimensions.
In the quarter, the estimated total market in the EU decreased by 3.3% to 105.8 billion units, notably driven by:
partly offset by
PMI's total shipment volume decreased by 4.7% to 43.2 billion units, or by 3.0% excluding the net unfavorable impact of estimated distributor inventory movements (notably in Spain), reflecting:
partly offset by
EASTERN EUROPE REGION
Financial Summary -
Quarters Ended March 31,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2021
2020
Total
Excl.
Curr.
Total
Cur-
rency
Price
Vol/
Mix
Cost/
Other
(in millions)
Net Revenues
$
796
$
788
1.0
%
10.5
%
8
(75
)
24
59
—
Operating Income
$
261
$
99
+100
%
+100
%
162
7
24
57
74
Asset Impairment & Exit Costs (1)
(2
)
—
—
%
—
%
(2
)
—
—
—
(2
)
Adjusted Operating Income
$
263
$
99
+100
%
+100
%
164
7
24
57
76
Adjusted Operating Income Margin
33.0
%
12.6
%
20.4
pp
16.8
pp
(1) Included in marketing, administration and research costs at the consolidated operating income level.
During the quarter, net revenues increased by 10.5% on an organic basis, reflecting: favorable volume/mix, driven by higher heated tobacco unit volume (primarily in Russia and Ukraine); partly offset by unfavorable cigarette volume (mainly in Ukraine); and a favorable pricing variance, driven by higher combustible pricing (notably in Ukraine).
Operating income increased by over 100%, excluding currency (note: currency variance includes a favorable comparison due to an adverse transaction currency impact in the first quarter of 2020 related to the revaluation of foreign currency payables in Russia), primarily reflecting: favorable volume/mix, driven by the same factors as for net revenues noted above; lower manufacturing costs (primarily related to reduced-risk products, mainly in Russia); a favorable pricing variance; and lower marketing, administration and research costs.
Adjusted operating income increased by over 100% on an organic basis. Adjusted operating income margin increased by 16.8 points on the same basis, as detailed in Schedule 6.
Total Market, PMI Shipment & Market Share Commentaries
In the quarter, the estimated total market in Eastern Europe decreased, mainly due to:
partly offset by
PMI Shipment Volume
First-Quarter
(million units)
2021
2020
Change
Cigarettes
19,966
21,419
(6.8)%
Heated Tobacco Units
5,635
4,366
29.1%
Total Eastern Europe
25,601
25,785
(0.7)%
PMI's total shipment volume decreased by 0.7% to 25.6 billion units, notably due to:
partly offset by
MIDDLE EAST & AFRICA REGION
Financial Summary -
Quarters Ended March 31,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2021
2020
Total
Excl.
Curr.
Total
Cur-
rency
Price
Vol/
Mix
Cost/
Other
(in millions)
Net Revenues
$
801
$
876
(8.6
)%
(5.9
)%
(75
)
(23
)
77
(159
)
30
Operating Income
$
335
$
321
4.4
%
8.4
%
14
(13
)
77
(130
)
80
Asset Impairment & Exit Costs (1)
(2
)
—
—
%
—
%
(2
)
—
—
—
(2
)
Adjusted Operating Income
$
337
$
321
5.0
%
9.0
%
16
(13
)
77
(130
)
82
Adjusted Operating Income Margin
42.1
%
36.6
%
5.5
pp
5.9
pp
(1) Included in marketing, administration and research costs at the consolidated operating income level.
During the quarter, net revenues decreased by 5.9% on an organic basis, primarily reflecting: unfavorable volume/mix, mainly due to lower cigarette and heated tobacco unit volume in PMI Duty Free, as well as lower cigarette volume in North Africa (particularly Egypt); partly offset by a favorable pricing variance (driven by combustible pricing, mainly in Turkey); and higher fees for certain distribution rights billed to customers in certain markets, shown in "Cost/Other."
Operating income increased by 8.4%, excluding currency, mainly reflecting: a favorable pricing variance; lower marketing, administration and research costs; higher fees for certain distribution rights, as noted above for net revenues; and lower manufacturing costs; partly offset by unfavorable volume/mix, due to the same factors as for net revenues noted above.
Adjusted operating income increased by 9.0% on an organic basis. Adjusted operating income margin increased by 5.9 points on the same basis, as detailed in Schedule 6.
Total Market, PMI Shipment & Market Share Commentaries
In the quarter, the estimated total market in the Middle East & Africa decreased, mainly due to:
partly offset by
PMI Shipment Volume
First-Quarter
(million units)
2021
2020
Change
Cigarettes
27,642
29,996
(7.8)%
Heated Tobacco Units
396
470
(15.7)%
Total Middle East & Africa
28,038
30,466
(8.0)%
PMI's total shipment volume decreased by 8.0% to 28.0 billion units, notably due to:
partly offset by
SOUTH & SOUTHEAST ASIA REGION
Financial Summary -
Quarters Ended March 31,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2021
2020
Total
Excl.
Curr.
Total
Cur-
rency
Price
Vol/
Mix
Cost/
Other
(in millions)
Net Revenues
$
1,173
$
1,251
(6.2
)%
(8.5
)%
(78
)
28
(38
)
(68
)
—
Operating Income
$
529
$
599
(11.7
)%
(13.9
)%
(70
)
13
(38
)
(72
)
27
Asset Impairment & Exit Costs (1)
(3
)
—
—
%
—
%
(3
)
—
—
—
(3
)
Adjusted Operating Income
$
532
$
599
(11.2
)%
(13.4
)%
(67
)
13
(38
)
(72
)
30
Adjusted Operating Income Margin
45.4
%
47.9
%
(2.5
)pp
(2.6
)pp
(1) Included in marketing, administration and research costs at the consolidated operating income level.
During the quarter, net revenues decreased by 8.5% on an organic basis, reflecting: unfavorable volume/mix, due to lower cigarette volume in Indonesia and the Philippines, partly offset by favorable cigarette mix in Indonesia and the Philippines; and an unfavorable pricing variance, due to Indonesia, partially offset by the Philippines.
Operating income decreased by 13.9%, excluding currency, primarily reflecting: unfavorable volume/mix, due to the same factors as for net revenues noted above; and an unfavorable pricing variance; partly offset by lower marketing, administration and research costs.
Adjusted operating income decreased by 13.4% on an organic basis. Adjusted operating income margin decreased by 2.6 points on the same basis, as detailed in Schedule 6.
Total Market, PMI Shipment & Market Share Commentaries
In the quarter, the estimated total market in South & Southeast Asia increased, notably due to:
partly offset by
PMI Shipment Volume
First-Quarter
(million units)
2021
2020
Change
Cigarettes
34,888
37,595
(7.2)%
Heated Tobacco Units
33
—
—%
Total South & Southeast Asia
34,921
37,595
(7.1)%
PMI's total shipment volume decreased by 7.1% to 34.9 billion units, notably due to:
partly offset by
EAST ASIA & AUSTRALIA REGION
Financial Summary -
Quarters Ended March 31,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2021
2020
Total
Excl.
Curr.
Total
Cur-
rency
Price
Vol/
Mix
Cost/
Other
(in millions)
Net Revenues
$
1,472
$
1,255
17.3
%
11.6
%
217
71
105
41
—
Operating Income
$
695
$
486
43.0
%
39.3
%
209
18
105
58
28
Asset Impairment & Exit Costs (1)
(31
)
—
—
%
—
%
(31
)
—
—
—
(31
)
Adjusted Operating Income
$
726
$
486
49.4
%
45.7
%
240
18
105
58
59
Adjusted Operating Income Margin
49.3
%
38.7
%
10.6
pp
11.8
pp
(1) Included in marketing, administration and research costs at the consolidated operating income level.
During the quarter, net revenues increased by 11.6% on an organic basis, reflecting: a favorable pricing variance, primarily driven by higher heated tobacco and combustible pricing in Japan; and favorable volume/mix, mainly due to higher heated tobacco unit volume in Japan, partly offset by: lower cigarette volume (mainly in Japan, partially offset by Australia), unfavorable cigarette mix (mainly in Australia and Japan), and unfavorable heated tobacco unit mix in Japan.
Operating income increased by 39.3%, excluding currency, mainly reflecting: a favorable pricing variance; favorable volume/mix, due to the same factors as for net revenues noted above; and lower manufacturing costs (primarily related to reduced-risk products in Japan). Marketing, administration and research costs were essentially stable, despite the unfavorable impact of 2021 asset impairment and exit costs (primarily related to product distribution restructuring in Korea).
Adjusted operating income increased by 45.7% on an organic basis. Adjusted operating income margin increased by 11.8 points on the same basis, as detailed in Schedule 6.
Total Market, PMI Shipment & Market Share Commentaries
In the quarter, the estimated total market in East Asia & Australia, excluding China, decreased, primarily due to:
partly offset by
PMI Shipment Volume
First-Quarter
(million units)
2021
2020
Change
Cigarettes
11,362
12,299
(7.6)%
Heated Tobacco Units
9,139
7,122
28.3%
Total East Asia & Australia
20,501
19,421
5.6%
PMI's total shipment volume increased by 5.6% to 20.5 billion units, or decreased by 0.2% excluding the net favorable impact of estimated distributor inventory movements, notably reflecting:
LATIN AMERICA & CANADA REGION
Financial Summary -
Quarters Ended March 31,
Change
Fav./(Unfav.)
Variance
Fav./(Unfav.)
2021
2020
Total
Excl.
Curr.
Total
Cur-
rency
Price
Vol/
Mix
Cost/
Other
(in millions)
Net Revenues
$
434
$
448
(3.1
)%
(0.7
)%
(14
)
(11
)
1
(6
)
2
Operating Income
$
134
$
126
6.3
%
1.6
%
8
6
1
(16
)
17
Asset Impairment & Exit Costs (1)
(1
)
—
—
%
—
%
(1
)
—
—
—
(1
)
Adjusted Operating Income
$
135
$
126
7.1
%
2.4
%
9
6
1
(16
)
18
Adjusted Operating Income Margin
31.1
%
28.1
%
3.0
pp
0.9
pp
(1) Included in marketing, administration and research costs at the consolidated operating income level.
During the quarter, net revenues decreased by 0.7% on an organic basis, mainly reflecting: unfavorable volume/mix, notably due to lower cigarette volume in Colombia, partly offset by Brazil.
Operating income increased by 1.6%, excluding currency, primarily reflecting: lower marketing, administration and research costs (mainly related to combustible products); partly offset by unfavorable volume/mix, due to the same factors as for net revenues noted above.
Adjusted operating income increased by 2.4% on an organic basis. Adjusted operating income margin increased by 0.9 points on the same basis, as detailed in Schedule 6.
Total Market, PMI Shipment & Market Share Commentaries
In the quarter, the estimated total market in Latin America & Canada increased, mainly due to:
PMI Shipment Volume
First-Quarter
(million units)
2021
2020
Change
Cigarettes
14,885
15,063
(1.2)%
Heated Tobacco Units
105
108
(2.8)%
Total Latin America & Canada
14,990
15,171
(1.2)%
PMI's total shipment volume decreased by 1.2% to 15.0 billion units, notably due to:
partly offset by
Excluding the net unfavorable impact of estimated distributor inventory movements, PMI's heated tobacco unit in-market sales volume in the Region increased by 10.1%.
Philip Morris International: Delivering a Smoke-Free Future
Philip Morris International (PMI) is leading a transformation in the tobacco industry to create a smoke-free future and ultimately replace cigarettes with smoke-free products to the benefit of adults who would otherwise continue to smoke, society, the company and its shareholders. PMI is a leading international tobacco company engaged in the manufacture and sale of cigarettes, as well as smoke-free products, associated electronic devices and accessories, and other nicotine-containing products in markets outside the U.S. In addition, PMI ships versions of its IQOS Platform 1 device and consumables to Altria Group, Inc. for sale under license in the U.S., where these products have received marketing authorizations from the U.S. Food and Drug Administration (FDA) under the premarket tobacco product application (PMTA) pathway; the FDA has also authorized the marketing of a version of IQOS and its consumables as a Modified Risk Tobacco Product (MRTP), finding that an exposure modification order for these products is appropriate to promote the public health. PMI is building a future on a new category of smoke-free products that, while not risk-free, are a much better choice than continuing to smoke. Through multidisciplinary capabilities in product development, state-of-the-art facilities and scientific substantiation, PMI aims to ensure that its smoke-free products meet adult consumer preferences and rigorous regulatory requirements. PMI's smoke-free product portfolio includes heat-not-burn and nicotine-containing vapor products. As of March 31, 2021, PMI's smoke-free products are available for sale in 66 markets in key cities or nationwide, and PMI estimates that approximately 14.0 million adults around the world have already switched to IQOS and stopped smoking. For more information, please visit www.pmi.com and www.pmiscience.com.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and other forward-looking statements. 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; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; changes in adult smoker behavior; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful in its attempts to produce and commercialize reduced-risk products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; or if it is unable to attract and retain the best global talent. Future results are also subject to the lower predictability of our reduced-risk product category's performance.
The COVID-19 pandemic has created significant societal and economic disruption, and resulted in closures of stores, factories and offices, and restrictions on manufacturing, distribution and travel, all of which will adversely impact our business, results of operations, cash flows and financial position during the continuation of the pandemic. Our business continuity plans and other safeguards may not be effective to mitigate the impact of the pandemic. Currently, significant risks include our diminished ability to convert adult smokers to our RRPs, significant volume declines in our duty-free business and certain other key markets, disruptions or delays in our manufacturing and supply chain, increased currency volatility, and delays in certain cost saving, transformation and restructuring initiatives. Our business could also be adversely impacted if key personnel or a significant number of employees or business partners become unavailable due to the COVID-19 outbreak. The significant adverse impact of COVID-19 on the economic or political conditions in markets in which we operate could result in changes to the preferences of our adult consumers and lower demand for our products, particularly for our mid-price or premium-price brands. Continuation of the pandemic could disrupt our access to the credit markets or increase our borrowing costs. Governments may temporarily be unable to focus on the development of science-based regulatory frameworks for the development and commercialization of RRPs or on the enforcement or implementation of regulations that are significant to our business. In addition, messaging about the potential negative impacts of the use of our products on COVID-19 risks may lead to increasingly restrictive regulatory measures on the sale and use of our products, negatively impact demand for our products, the willingness of adult consumers to switch to our RRPs and our efforts to advocate for the development of science-based regulatory frameworks for the development and commercialization of RRPs.
The impact of these risks also depends on factors beyond our knowledge or control, including the duration and severity of the pandemic, its recurrence in our key markets, actions taken to contain its spread and to mitigate its public health effects, and the ultimate economic consequences thereof.
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including the Form 10-K for the year ended December 31, 2020. 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.
Key Terms, Definitions and Explanatory Notes
General
Financial
Reduced-Risk Products
Note: as of December 2020, PMI heat-not-burn products and HTUs include licensed KT&G heat-not-burn products and HTUs, respectively.
IQOS in the United States
Appendix 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Key Market Data
Quarters Ended March 31,
Market
Total Market,
bio units
PMI Shipments, bio units
PMI Market Share, % (1)
Total
Cigarette
HTU
Total
HTU
2021
2020
% Change
2021
2020
% Change
2021
2020
% Change
2021
2020
% Change
2021
2020
pp Change
2021
2020
pp Change
Total
611.2
615.6
(0.7
)
167.2
173.7
(3.7
)
145.5
157.0
(7.3
)
21.7
16.7
29.9
26.8
27.5
(0.7
)
3.5
2.8
0.7
European Union
France
8.2
8.3
(2.1
)
3.8
4.0
(6.4
)
3.7
4.0
(6.8
)
0.1
—
—
43.6
44.5
(0.9
)
0.6
0.4
0.2
Germany
17.4
16.0
8.5
7.1
6.7
5.1
6.5
6.4
1.8
0.6
0.4
60.3
40.9
42.2
(1.3
)
3.6
2.4
1.2
Italy
15.9
15.7
1.4
9.6
9.2
4.7
7.5
7.8
(3.7
)
2.2
1.4
50.2
52.8
51.9
0.9
11.3
7.4
3.9
Poland
10.8
10.8
(0.8
)
4.0
4.3
(8.8
)
3.4
3.9
(13.0
)
0.6
0.5
25.3
36.7
40.0
(3.3
)
5.4
4.3
1.1
Spain
9.6
10.4
(7.7
)
2.7
3.7
(26.1
)
2.6
3.5
(26.0
)
0.1
0.1
(28.0
)
31.2
30.9
0.3
1.2
0.9
0.3
Eastern Europe
Russia
48.6
46.9
3.6
15.7
15.0
4.2
12.1
12.4
(2.4
)
3.6
2.6
35.4
31.3
32.3
(1.0
)
7.7
6.5
1.2
Middle East & Africa
Saudi Arabia
5.5
4.3
27.1
2.2
1.1
+100
2.2
1.0
+100
—
—
—
42.1
40.6
1.5
0.8
—
0.8
Turkey
25.2
25.9
(2.8
)
11.0
10.2
7.9
11.0
10.2
7.9
—
—
—
43.4
38.9
4.5
—
—
—
South & Southeast Asia
Indonesia
70.8
67.4
4.9
19.9
20.4
(2.7
)
19.9
20.4
(2.7
)
—
—
—
28.1
30.3
(2.2
)
—
—
—
Philippines
13.1
15.3
(14.4
)
8.2
10.7
(23.9
)
8.1
10.7
(24.2
)
—
—
—
62.4
70.1
(7.7
)
0.2
—
0.2
East Asia & Australia
Australia
2.4
2.5
(4.3
)
0.8
0.7
11.8
0.8
0.7
11.8
—
—
—
32.7
28.0
4.7
—
—
—
Japan
32.6
35.5
(8.0
)
13.8
12.8
7.8
5.9
6.8
(13.7
)
7.9
6.0
32.4
39.2
36.3
2.9
23.4
19.1
4.3
Korea
16.8
16.2
3.7
3.4
3.5
(4.1
)
2.2
2.4
(8.3
)
1.1
1.1
5.6
20.1
21.8
(1.7
)
6.8
6.6
0.2
Latin America & Canada
Argentina
9.1
8.0
14.2
5.3
5.3
(0.2
)
5.3
5.3
(0.2
)
—
—
—
57.6
65.9
(8.3
)
—
—
—
Mexico
6.8
6.7
1.7
4.0
4.1
(0.7
)
4.0
4.1
(1.0
)
—
—
—
59.6
61.0
(1.4
)
0.3
0.2
0.1
(1) Market share estimates are calculated using IMS data
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%
Schedule 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Diluted Earnings Per Share (EPS)
($ in millions, except per share data) / (Unaudited)
Diluted EPS
Quarters Ended
March 31,
2021 Diluted Earnings Per Share (1)
$
1.55
2020 Diluted Earnings Per Share (1)
$
1.17
Change
$
0.38
% Change
32.5
%
Reconciliation:
2020 Diluted Earnings Per Share (1)
$
1.17
2020 Asset impairment and exit costs
—
2020 Fair value adjustment for equity security investments
0.04
2020 Tax items
—
2021 Asset impairment and exit costs
(0.02
)
2021 Tax items
—
Currency
0.10
Interest
(0.02
)
Change in tax rate
0.04
Operations (2)
0.24
2021 Diluted Earnings Per Share (1)
$
1.55
(1) Basic and diluted EPS were calculated using the following (in millions):
Quarters Ended
March 31,
2021
2020
Net Earnings attributable to PMI
$
2,418
$
1,826
Less: Distributed and undistributed earnings attributable to share-based payment awards
7
5
Net Earnings for basic and diluted EPS
$
2,411
$
1,821
Weighted-average shares for basic EPS
1,558
1,557
Plus Contingently Issuable Performance Stock Units
2
1
Weighted-average shares for diluted EPS
1,560
1,558
(2) Includes the impact of shares outstanding and share-based payments
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 March 31,
2021
2020
% Change
Reported Diluted EPS
$
1.55
$
1.17
32.5
%
Less: Currency
0.10
Reported Diluted EPS, excluding Currency
$
1.45
$
1.17
23.9
%
Quarters Ended March 31,
Year Ended
2021
2020
% Change
2020
Reported Diluted EPS
$
1.55
$
1.17
32.5
%
$
5.16
Asset impairment and exit costs
0.02
—
0.08
Fair value adjustment for equity security investments
—
0.04
0.04
Tax items
—
—
(0.06
)
Brazil indirect tax credit
—
—
(0.05
)
Adjusted Diluted EPS
$
1.57
$
1.21
29.8
%
$
5.17
Less: Currency
0.10
Adjusted Diluted EPS, excluding Currency
$
1.47
$
1.21
21.5
%
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
Acquisitions
Net Revenues excluding Currency & Acquisitions
Quarters Ended March 31,
Net Revenues
Total
Excluding Currency
Excluding Currency & Acquisitions
2021
Combustible Products
2020
% Change
$ 1,950
$ 160
$ 1,791
$ —
$ 1,791
European Union
$ 1,911
2.1%
(6.3)%
(6.3)%
492
(31)
522
—
522
Eastern Europe
523
(6.0)%
(0.1)%
(0.1)%
780
(23)
803
—
803
Middle East & Africa
832
(6.3)%
(3.5)%
(3.5)%
1,171
28
1,144
—
1,144
South & Southeast Asia
1,251
(6.4)%
(8.6)%
(8.6)%
648
35
613
—
613
East Asia & Australia
642
1.0%
(4.5)%
(4.5)%
422
(11)
433
—
433
Latin America & Canada
440
(4.1)%
(1.6)%
(1.6)%
$ 5,463
$ 158
$ 5,306
$ —
$ 5,306
Total Combustible
$ 5,598
(2.4)%
(5.2)%
(5.2)%
2021
Reduced-Risk Products
2020
% Change
$ 959
$ 75
$ 883
$ —
$ 883
European Union
$ 624
53.5%
41.4%
41.4%
304
(44)
349
—
349
Eastern Europe
265
14.7%
31.4%
31.4%
21
—
21
—
21
Middle East & Africa
44
(51.5)%
(52.0)%
(52.0)%
2
—
1
—
1
South & Southeast Asia
—
—%
—%
—%
824
36
788
—
788
East Asia & Australia
613
34.4%
28.5%
28.5%
12
—
12
—
12
Latin America & Canada
8
49.3%
51.2%
51.2%
$ 2,122
$ 67
$ 2,054
$ —
$ 2,054
Total RRPs
$ 1,555
36.5 %
32.1 %
32.1 %
2021
PMI
2020
% Change
$ 2,909
$ 235
$ 2,674
$ —
$ 2,674
European Union
$ 2,535
14.8%
5.5%
5.5%
796
(75)
871
—
871
Eastern Europe
788
1.0%
10.5%
10.5%
801
(23)
824
—
824
Middle East & Africa
876
(8.6)%
(5.9)%
(5.9)%
1,173
28
1,145
—
1,145
South & Southeast Asia
1,251
(6.2)%
(8.5)%
(8.5)%
1,472
71
1,401
—
1,401
East Asia & Australia
1,255
17.3%
11.6%
11.6%
434
(11)
445
—
445
Latin America & Canada
448
(3.1)%
(0.7)%
(0.7)%
$ 7,585
$ 225
$ 7,360
$ —
$ 7,360
Total PMI
$ 7,153
6.0 %
2.9 %
2.9 %
Note: Sum of product categories or Regions might not foot to Total PMI due to roundings. “-“ indicates amounts between -$0.5 million and +$0.5 million
Schedule 4
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income
Currency
Operating Income excluding Currency
Acquisitions
Operating Income excluding Currency & Acquisitions
Operating Income
Total
Excluding Currency
Excluding Currency & Acquisitions
2021
Quarters Ended March 31,
2020
% Change
$ 1,490
(1)
$ 156
$ 1,334
$ —
$ 1,334
European Union
$ 1,158
28.7%
15.2%
15.2%
261
(1)
7
254
—
254
Eastern Europe
99
+100%
+100%
+100%
335
(1)
(13)
348
—
348
Middle East & Africa
321
4.4%
8.4%
8.4%
529
(1)
13
516
—
516
South & Southeast Asia
599
(11.7)%
(13.9)%
(13.9)%
695
(1)
18
677
—
677
East Asia & Australia
486
43.0%
39.3%
39.3%
134
(1)
6
128
—
128
Latin America & Canada
126
6.3%
1.6%
1.6%
$ 3,444
$ 187
$ 3,257
$ —
$ 3,257
Total PMI
$ 2,789
23.5%
16.8%
16.8%
(1) Includes asset impairment and exit costs of $48 million: EU ($9 million), EE ($2 million), ME&A ($2 million), S&SA ($3 million), EA&A ($31 million) and LA&C ($1 million)
Schedule 5
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income
Asset Impairment & Exit Costs
Adjusted Operating Income
Currency
Adjusted Operating Income excluding Currency
Acqui- sitions
Adjusted Operating Income excluding Currency & Acqui- sitions
Operating Income
Asset Impairment & Exit Costs
Adjusted Operating Income
Total
Excluding Currency
Excluding Currency & Acqui- sitions
2021
Quarters Ended March 31,
2020
% Change
$ 1,490
$ (9)
$ 1,499
$ 156
$ 1,343
$ —
$ 1,343
European Union
$ 1,158
$ —
$ 1,158
29.4%
16.0%
16.0%
261
(2)
263
7
256
—
256
Eastern Europe
99
—
99
+100%
+100%
+100%
335
(2)
337
(13)
350
—
350
Middle East & Africa
321
—
321
5.0%
9.0%
9.0%
529
(3)
532
13
519
—
519
South & Southeast Asia
599
—
599
(11.2)%
(13.4)%
(13.4)%
695
(31)
726
18
708
—
708
East Asia & Australia
486
—
486
49.4%
45.7%
45.7%
134
(1)
135
6
129
—
129
Latin America & Canada
126
—
126
7.1%
2.4%
2.4%
$ 3,444
$ (48)
$ 3,492
$ 187
$ 3,305
$ —
$ 3,305
Total PMI
$ 2,789
$ —
$ 2,789
25.2 %
18.5 %
18.5 %
Schedule 6
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)
Net Revenues
Adjusted Operating Income Margin
Adjusted Operating Income excluding Currency (1)
Net Revenues excluding Currency (2)
Adjusted Operating Income Margin excluding Currency
Adjusted Operating Income excluding Currency & Acqui- sitions (1)
Net Revenues excluding Currency & Acqui- sitions (2)
Adjusted Operating Income Margin excluding Currency & Acqui- sitions
Adjusted Operating Income (1)
Net Revenues
Adjusted Operating Income Margin
Adjusted Operating Income Margin
Adjusted Operating Income Margin excluding Currency
Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2021
Quarters Ended March 31,
2020
% Points Change
$ 1,499
$ 2,909
51.5%
$ 1,343
$ 2,674
50.2%
$ 1,343
$ 2,674
50.2%
European Union
$ 1,158
$ 2,535
45.7%
5.8
4.5
4.5
263
796
33.0%
256
871
29.4%
256
871
29.4%
Eastern Europe
99
788
12.6%
20.4
16.8
16.8
337
801
42.1%
350
824
42.5%
350
824
42.5%
Middle East & Africa
321
876
36.6%
5.5
5.9
5.9
532
1,173
45.4%
519
1,145
45.3%
519
1,145
45.3%
South & Southeast Asia
599
1,251
47.9%
(2.5)
(2.6)
(2.6)
726
1,472
49.3%
708
1,401
50.5%
708
1,401
50.5%
East Asia & Australia
486
1,255
38.7%
10.6
11.8
11.8
135
434
31.1%
129
445
29.0%
129
445
29.0%
Latin America & Canada
126
448
28.1%
3.0
0.9
0.9
$ 3,492
$ 7,585
46.0 %
$ 3,305
$ 7,360
44.9 %
$ 3,305
$ 7,360
44.9 %
Total PMI
$ 2,789
$ 7,153
39.0 %
7.0
5.9
5.9
(1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 5
(2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3
Schedule 7
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Condensed Statements of Earnings
($ in millions, except per share data) / (Unaudited)
Quarters Ended March 31,
2021
2020
Change
Fav./(Unfav.)
Revenues including Excise Taxes
$
19,355
$
18,253
6.0
%
Excise Taxes on products
11,770
11,100
(6.0
)%
Net Revenues
7,585
7,153
6.0
%
Cost of sales
2,274
2,402
5.3
%
Gross profit
5,311
4,751
11.8
%
Marketing, administration and research costs (1)
1,849
1,944
4.9
%
Amortization of intangibles
18
18
Operating Income
3,444
2,789
23.5
%
Interest expense, net
167
129
(29.5
)%
Pension and other employee benefit costs
28
23
(21.7
)%
Earnings before income taxes
3,249
2,637
23.2
%
Provision for income taxes
697
596
(16.9
)%
Equity investments and securities (income)/loss, net
(43
)
54
Net Earnings
2,595
1,987
30.6
%
Net Earnings attributable to noncontrolling interests
177
161
Net Earnings attributable to PMI
$
2,418
$
1,826
32.4
%
Per share data (2):
Basic Earnings Per Share
$
1.55
$
1.17
32.5
%
Diluted Earnings Per Share
$
1.55
$
1.17
32.5
%
(1) Includes in 2021 asset impairment and exit costs ($48 million).
(2) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters ended March 31, 2021 and 2020 are shown on Schedule 1, Footnote 1
Schedule 8
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Condensed Balance Sheets
($ in millions, except ratios) / (Unaudited)
March 31,
December 31,
2021
2020
Assets
Cash and cash equivalents
$
3,902
$
7,280
All other current assets
14,008
14,212
Property, plant and equipment, net
5,952
6,365
Goodwill
5,768
5,964
Other intangible assets, net
1,952
2,019
Equity investments
4,637
4,798
Other assets
3,585
4,177
Total assets
$
39,804
$
44,815
Liabilities and Stockholders' (Deficit) Equity
Short-term borrowings
$
192
$
244
Current portion of long-term debt
1,930
3,124
All other current liabilities
13,093
16,247
Long-term debt
27,276
28,168
Deferred income taxes
511
684
Other long-term liabilities
6,376
6,979
Total liabilities
49,378
55,446
Total PMI stockholders' deficit
(11,548
)
(12,567
)
Noncontrolling interests
1,974
1,936
Total stockholders' (deficit) equity
(9,574
)
(10,631
)
Total liabilities and stockholders' (deficit) equity
$
39,804
$
44,815
Schedule 9
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 March 31, 2021
Year Ended December 31, 2020
April ~ December
January ~ March
12 months
2020
2021
rolling
Net Earnings
$
6,605
$
2,595
$
9,200
$
8,592
Equity investments and securities (income)/loss, net
(70
)
(43
)
(113
)
(16
)
Provision for income taxes
1,781
697
2,478
2,377
Interest expense, net
489
167
656
618
Depreciation and amortization
740
245
985
981
Asset impairment and exit costs and Others (1)
30
48
78
30
Adjusted EBITDA
$
9,575
$
3,709
$
13,284
$
12,582
March 31,
December 31,
2021
2020
Short-term borrowings
$
192
$
244
Current portion of long-term debt
1,930
3,124
Long-term debt
27,276
28,168
Total Debt
$
29,398
$
31,536
Cash and cash equivalents
3,902
7,280
Net Debt
$
25,496
$
24,256
Ratios:
Total Debt to Adjusted EBITDA
2.21
2.51
Net Debt to Adjusted EBITDA
1.92
1.93
(1) For the period April 2020 to December 2020 and for the year ended December 31, 2020, “Others” include the Brazil indirect tax credit $119 million that was recorded in the fourth quarter of 2020.
Schedule 10
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Cash Flow to Operating Cash Flow, excluding Currency
($ in millions) / (Unaudited)
Quarters Ended March 31,
2021
2020
% Change
Net cash provided by operating activities (1)
$
435
$
1,111
(60.8
)%
Less: Currency
177
Net cash provided by operating activities, excluding currency
$
258
$
1,111
(76.8
)%
(1) Operating cash flow
View source version on businesswire.com: https://www.businesswire.com/news/home/20210420005602/en/
Investor Relations: New York: +1 (917) 663 2233 Lausanne: +41 (0)58 242 4666 InvestorRelations@pmi.com
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