Philip Morris International Inc. Presents at 2023 Consumer Analyst Group of New York (CAGNY) Conference;
22 Februar 2023 - 2:00PM
Business Wire
Reaffirms 2023
Full-Year Forecast for Reported Diluted EPS of $6.09 to $6.21 and Adjusted Diluted EPS of $6.25 to
$6.37, Representing Currency-Neutral
Growth of 7% to 9%
Regulatory News:
Philip Morris International Inc.’s (PMI) (NYSE: PM) Chief
Financial Officer, Emmanuel Babeau, will address investors today at
the 2023 Consumer Analyst Group of New York (CAGNY) Conference.
The event will be webcast live in listen-only mode, beginning at
approximately 11:00 a.m. ET, at www.pmi.com/2023cagny and on the
PMI Investor Relations Mobile Application (accessible on iOS or
Android devices). Presentation slides will also be available on the
same site and the App. An archived copy of the webcast will be
available until 5:00 p.m. ET on Thursday, March 23, 2023, also at
www.pmi.com/2023cagny.
The presentation will cover:
- PMI’s progress to date on becoming a predominantly smoke-free
business by 2025;
- the powerful financial model underlying the company’s
smoke-free transformation;
- the company’s strong multi-category portfolio with leading
premium brands in heat-not-burn and oral nicotine;
- PMI’s near-term plans for investing in the commercialization of
IQOS in the U.S. and nicotine pouches internationally;
- the role of the company’s combustible tobacco portfolio in its
smoke-free transformation;
- PMI’s leadership on sustainability, with a continued focus on
the health impact of its products; and
- the company’s capital allocation priorities and unwavering
commitment to shareholder returns.
2023 Full-Year Forecast
PMI reaffirms its 2023 full-year reported diluted EPS forecast,
announced on February 9th, of $6.09 to $6.21, at then-prevailing
exchange rates. Excluding a total 2023 adjustment of $0.16 per
share and an unfavorable currency impact, at then-prevailing
exchange rates, of $0.15 per share, this forecast represents a
projected currency-neutral increase of 7% to 9% versus adjusted
diluted EPS of $5.98 in 2022, as outlined in the below table.
Full-Year
2023 Forecast
2022
Growth
Reported Diluted EPS
$6.09
-
$6.21
$5.81
Adjustments
Amortization and impairment of
intangibles
0.16
0.15
Costs associated with Swedish Match AB
offer
-
0.06
Swedish Match AB acquisition accounting
related item
-
0.06
Tax benefit associated with Swedish Match
AB financing
-
(0.13
)
Charges related to the war in Ukraine
-
0.08
Fair value adj. for equity security
investments
-
(0.02
)
Tax Items
-
(0.03
)
Total Adjustments
0.16
0.17
Adjusted Diluted EPS
$6.25
-
$6.37
$5.98
Less Currency
(0.15)
Adjusted Diluted EPS, excluding
currency
$6.40
-
$6.52
$5.98
7%
-
9%
The assumptions underlying this forecast remain unchanged versus
those communicated by PMI in its earnings release of February 9,
2023.
Factors described in the Forward-Looking and Cautionary
Statements section of this release represent continuing risks to
these projections.
Forward-Looking & Cautionary Statements
The presentation, related discussion and this press release
contain projections of future results and goals and other
forward-looking statements, including statements regarding 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.
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 (FDA) has authorized versions of PMI’s IQOS Platform
1 devices and consumables and Swedish Match’s General snus as
Modified Risk Tobacco Products (MRTPs). As of December 31, 2022,
PMI's smoke-free products were available for sale in 73 markets,
and PMI estimates that approximately 17.8 million adults around the
world had already switched to IQOS and stopped smoking. Smoke-free
products accounted for approximately 32% of PMI’s total full-year
2022 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 subsidiary, 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/20230221005881/en/
Philip Morris International
Investor Relations: Stamford, CT: +1 (203) 904 2410 Lausanne:
+41 (0)58 242 4666 Email: InvestorRelations@pmi.com
Media: David Fraser Lausanne: +41 (0)58 242 4500 Email:
David.Fraser@pmi.com
Philip Morris (NYSE:PM)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Philip Morris (NYSE:PM)
Historical Stock Chart
Von Apr 2023 bis Apr 2024