Heat not burn stories

Philip Morris International Inc. (PMI) Reports 2022 First-Quarter Results

Philip Morris International Inc. (NYSE: PM) today announces its 2022 first-quarter results. Growth rates presented in this press release on an organic basis reflect currency-neutral adjusted results, excluding acquisitions. Given the uncertainty and volatility regarding the company’s operations in Russia and Ukraine, PMI is also providing figures and comparisons on a pro forma basis, which exclude the company’s operations in these two markets for all periods and provide a more comparable view of PMI's business performance. A glossary of key terms, definitions and explanatory notes is included at the end of this press release. Adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures are included in the schedules to this press release.

Net revenues from smoke-free products accounted for 31.2% of total net revenues, or 30.4% on a pro forma basis
Market share for heated tobacco units in IQOS markets, excluding the U.S., up by 1.1 points to 7.5% on a pro forma basis
Pro forma total IQOS users at quarter-end estimated at approximately 17.9 million (up by more than one million versus December 31, 2021), of which 12.7 million had switched to IQOS and stopped smoking. As of year-end 2021, total IQOS users in Russia and Ukraine were estimated at approximately 4.8 million
Declared regular quarterly dividend of $1.25 per common share, representing an annualized rate of $5.00
Repurchased approximately 2.0 million shares of common stock for $199 million, at an average price of $100.95 per share, representing total repurchases of approximately $1 billion since the start of the current three-year program in July 2021

On March 11, 2022, the U.S. Food and Drug Administration (FDA) authorized the marketing of the IQOS 3 tobacco heating system as a Modified Risk Tobacco Product

Net revenue per unit increased by 5.3% on an organic basis, driven by the increasing proportion of heated tobacco units in PMI’s sales mix, higher device sales and higher pricing. Pricing for combustible products increased by over 3%, or by around 6% excluding Indonesia.

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