Regulatory News:
Philip Morris International Inc. (PMI) (NYSE: PM) Chief
Financial Officer, Emmanuel Babeau, will address investors today at
the Morgan Stanley Global Consumer & Retail Conference in New
York City.
The session will be webcast live in listen-only mode, beginning
at approximately 9:30 a.m. ET at www.pmi.com/2023morganstanley. The
webcast replay will be available at the same link until Friday,
January 5, 2024. The webcast may also be accessed on mobile devices
by downloading PMI’s Investor Relations App (available for download
at www.pmi.com/irapp).
“Today, we are reaffirming our full-year EPS forecast - with
excellent expected 2023 organic top-line growth and double-digit
currency-neutral adjusted diluted EPS growth. This is underpinned
by the continued strength of our smoke-free portfolio led by our
two blockbuster premium brands: IQOS and ZYN,” said Emmanuel
Babeau, Chief Financial Officer.
2023 Full-Year Forecast
PMI reaffirms its 2023 full-year reported diluted EPS forecast,
announced on October 19, 2023, of $4.95 to $4.98, at
then-prevailing exchange rates. Excluding a total 2023 adjustment
of $1.10 per share and an unfavorable currency impact, at
then-prevailing exchange rates, of $0.53 per share, this forecast
represents a projected currency-neutral increase of 10.0% to 10.5%
versus adjusted diluted EPS of $5.98 in 2022, as outlined in the
below table.
The assumptions underlying this forecast remain unchanged versus
those communicated by PMI in its earnings release of October 19,
2023.
Factors described in the Forward-Looking and Cautionary
Statements section of this release represent continuing risks to
these projections.
Full-Year
2023
Forecast
2022
Growth
Reported Diluted EPS
$4.95
-
$4.98
$ 5.81
Adjustments:
Asset impairment and exit costs
0.06
—
Termination of distribution arrangement in
the Middle East
0.04
—
Income tax impact associated with Swedish
Match AB financing
0.03
(0.13)
Amortization of intangibles
0.24
0.09
Impairment of goodwill and other
intangibles
0.44
0.06
Costs associated with Swedish Match AB
offer
—
0.06
Charges related to the war in Ukraine
0.01
0.08
Swedish Match AB acquisition accounting
related item
0.01
0.06
Termination of agreement with Foundation
for a Smoke-Free World
0.07
—
South Korea indirect tax charge
0.11
—
Fair value adj. for equity security
investments
(0.02)
(0.02)
Tax items
0.11
(0.03)
Total Adjustments
1.10
0.17
Adjusted Diluted EPS
$6.05
-
$6.08
$ 5.98
Less: Currency
(0.53)
Adjusted Diluted EPS, excluding
currency
$6.58
-
$6.61
$ 5.98
10.0% - 10.5%
Forward-Looking and Cautionary Statements
This press release contains projections of future results and
goals and other forward-looking statements, including statements
regarding expected financial or operational performance; capital
allocation plans; investment strategies; regulatory outcomes;
market expectations; and business plans and strategies.
Achievement of future results is subject to risks, uncertainties
and inaccurate assumptions. In the event that risks or
uncertainties materialize, or underlying assumptions prove
inaccurate, actual results could vary materially from those
contained in such forward-looking statements. Pursuant to the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995, PMI is identifying important factors that, individually or
in the aggregate, could cause actual results and outcomes to differ
materially from those contained in any forward-looking statements
made by PMI.
PMI's business risks include: excise tax increases and
discriminatory tax structures; increasing marketing and regulatory
restrictions that could reduce our competitiveness, eliminate our
ability to communicate with adult consumers, or ban certain of our
products in certain markets or countries; health concerns relating
to the use of tobacco and other nicotine-containing products and
exposure to environmental tobacco smoke; litigation related to
tobacco use and intellectual property; intense competition; the
effects of global and individual country economic, regulatory and
political developments, natural disasters and conflicts; the impact
and consequences of Russia's invasion of Ukraine; changes in adult
smoker behavior; the impact of COVID-19 on PMI's business; lost
revenues as a result of counterfeiting, contraband and cross-border
purchases; governmental investigations; unfavorable currency
exchange rates and currency devaluations, and limitations on the
ability to repatriate funds; adverse changes in applicable
corporate tax laws; adverse changes in the cost, availability, and
quality of tobacco and other agricultural products and raw
materials, as well as components and materials for our electronic
devices; and the integrity of its information systems and
effectiveness of its data privacy policies. PMI's future
profitability may also be adversely affected should it be
unsuccessful in its attempts to produce and commercialize
reduced-risk products or if regulation or taxation do not
differentiate between such products and cigarettes; if it is unable
to successfully introduce new products, promote brand equity, enter
new markets or improve its margins through increased prices and
productivity gains; if it is unable to expand its brand portfolio
internally or through acquisitions and the development of strategic
business relationships; if it is unable to attract and retain the
best global talent, including women or diverse candidates; or if it
is unable to successfully integrate and realize the expected
benefits from recent transactions and acquisitions. Future results
are also subject to the lower predictability of our reduced-risk
product category's performance.
PMI is further subject to other risks detailed from time to time
in its publicly filed documents, including PMI’s Annual Report on
Form 10-K for the fourth quarter and year ended December 31, 2022
and Form 10-Q for the nine months ended and the quarter ended
September 30, 2023. PMI cautions that the foregoing list of
important factors is not a complete discussion of all potential
risks and uncertainties. PMI does not undertake to update any
forward-looking statement that it may make from time to time,
except in the normal course of its public disclosure
obligations.
Philip Morris International: Delivering a Smoke-Free
Future
Philip Morris International (PMI) is a leading international
tobacco company working to deliver a smoke-free future and evolving
its portfolio for the long term to include products outside of the
tobacco and nicotine sector. The company’s current product
portfolio primarily consists of cigarettes and smoke-free products.
Since 2008, PMI has invested more than USD 10.5 billion to develop,
scientifically substantiate and commercialize innovative smoke-free
products for adults who would otherwise continue to smoke, with the
goal of completely ending the sale of cigarettes. This includes the
building of world-class scientific assessment capabilities, notably
in the areas of pre-clinical systems toxicology, clinical and
behavioral research, as well as post-market studies. In November
2022, PMI acquired Swedish Match - a leader in oral nicotine
delivery - creating a global smoke-free champion led by the
companies’ IQOS and ZYN brands. The U.S. Food and Drug
Administration has authorized versions of PMI’s IQOS Platform 1
devices and consumables and Swedish Match’s General snus as
Modified Risk Tobacco Products. As of September 30, 2023, PMI's
smoke-free products were available for sale in 82 markets, and PMI
estimates that approximately 19.7 million adults around the world
had already switched to IQOS and stopped smoking. Smoke-free
products accounted for approximately 36.2% of PMI’s total
third-quarter 2023 net revenues. With a strong foundation and
significant expertise in life sciences, PMI announced in February
2021 its ambition to expand into wellness and healthcare areas and,
through its Vectura Fertin Pharma business, aims to enhance life
through the delivery of seamless health experiences. For more
information, please visit www.pmi.com and www.pmiscience.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231205103653/en/
Philip Morris International
Investor Relations: Stamford, CT: +1 (203) 905 2413 Lausanne:
+41 (0)58 242 4666 Email: InvestorRelations@pmi.com
Media: Lausanne: +41 (0)58 242 4500 Email:
David.Fraser@pmi.com
Grafico Azioni Philip Morris (NYSE:PM)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Philip Morris (NYSE:PM)
Storico
Da Mag 2023 a Mag 2024