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PMI posts strong results for Q2

20 Jul 2021. Philip Morris International Inc. (PMI) has released its second quarter results for 2021 with net revenues up 14.2 per cent and a strong performance from IQOS, according to PMI’s press release.

PMI has reported another strong quarter with net revenues up 14.2 per cent to USD 7.6 billion compared to the second quarter in 2020. The operating income lies at USD 3.1 billion, which is up by 14.6 per cent. In the cigarette and heated tobacco sector, PMI sold a total of 180.5 billion units worldwide during the second quarter of 2021, which was 6.1 per cent higher than in 2020. The numbers for the six month year to date were also up by 1.1. per cent to 347.7 billion units.

The amount of heated tobacco units increased notably by 30.2 per cent from 18.7 billion to 24.4 billion units. The number of cigarettes shipped increased by 3.2 per cent to 156.1 billion sticks.

"We delivered strong financial performance in the quarter, with adjusted diluted EPS of USD 1.57 up by 17.8 per cent on an organic basis," said Jacek Olczak, Chief Executive Officer.

"IQOS continued its impressive growth, surpassing an estimated 20 million total users by quarter-end and driving sequential quarterly heated tobacco unit in-market sales volume growth of 8 per cent. We expect this momentum to be bolstered by the launch of IQOS ILUMA, starting next month in Japan."

In the press release, Olczak also mentioned the proposed acquisitions of Fertin Pharma and Vectura Group saying they would reinforce PMI’s “long-term growth potential in the beyond nicotine space.”