SWITZERLAND
PMI releases results for Q3

Philip Morris International Inc. (PMI) has released its third quarter results for 2022 with adjusted net revenues up 6.9 per cent on a pro forma basis, according to PMI’s press release.

The press release states, that given the uncertainty and volatility regarding the company’s operations in Russia and Ukraine, it is also providing figures and comparisons on a pro forma basis, which exclude the company’s operations in these two markets for all periods.
On a pro forma basis, adjusted net revenues increased by 6.9 per cent in organic terms, primarily driven by total shipment volume growth of 2.3 per cent, the continued favourable mix shift from cigarettes to smoke-free products, and a favourable total pricing variance, according to the press release.
Smoke-free product pro forma net revenues increased by 14.2 on an organic basis, mainly driven by HTU shipment volume growth of 21.9 per cent (to reach 22.4 billion units), partly offset by lower device revenues and the impact of HTU pricing comparisons.
Combustible product pro forma adjusted net revenues increased by 4.1 per cent on an organic basis, driven by a favourable pricing variance of 4.9 per cent. Pro forma cigarette shipment volume declined slightly (-0.2 per cent), while international cigarette share increased by 0.2 points to 25.3 per cent on the same basis, including a 0.1 point increase for Marlboro.
“We delivered very strong performance in the third quarter, driving quarterly adjusted diluted EPS of $1.53 per share despite pressures related to currency, the supply chain and inflation,” said Jacek Olczak, Chief Executive Officer.
“Importantly, our smoke-free transformation continues at a rapid pace, reinforcing our aim to become a majority smoke-free company by net revenues in 2025. Today’s exciting announcement regarding IQOS in the U.S. furthers this ambition, giving PMI full rights to commercialize IQOS in the largest smoke-free market globally as of April 30, 2024.”
“Furthermore, we believe the best and final price in our revised offer for Swedish Match, announced earlier today, provides very compelling value for both sets of shareholders. Should the offer fail, we are well prepared to proceed autonomously to develop IQOS and the rest of our smoke-free portfolio in the U.S,” Olczak concluded.

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