Investment Thesis - Philip Morris is transitioning from a cigarette-centric business model to a focus on smoke-free products, aiming to become substantially smokeless by 2030, with smoke-free products expected to generate over two-thirds of total net revenues [2][13] - The company reported strong performance in Q2 2024, with revenues of $9.47 billion, exceeding analyst estimates of $9.19 billion, driven by increased demand for Zyn nicotine pouches and other smokeless solutions [2][5] - Adjusted earnings per share (EPS) growth is now projected between 11% and 13%, an increase from the previous range of 10% to 12% [2][5] - The total shipment volume of smoke-free products increased by 20.2% year-over-year in the first half of 2024, supported by strong demand in key markets like Japan and Europe [2][4] Market Performance - Philip Morris's revenue growth year-over-year stands at 12.21%, significantly outperforming the sector median of 2.34% [5] - The company reported a 22.2% year-over-year increase in gross profit for smoke-free products, compared to a 4.8% increase in combustibles [5][6] - Smoke-free products accounted for $5.86 billion in net revenues in Q2 2024, up from $5.41 billion in the previous quarter [4] User Adoption - As of June 30, 2024, there were 36.5 million adult users of Philip Morris's smoke-free products, reflecting an addition of 3.2 million users in the first half of the year [6][9] - The company claims to have transitioned 20.8 million people from smoking cigarettes to smokeless devices, indicating a significant public health impact [2][8] Production and Investment - Philip Morris has invested $12.5 billion since 2008 in developing smoke-free products and plans to invest $600 million in a new manufacturing facility in Colorado to meet rising demand [4][7] - The company is expanding production capabilities to address supply constraints, with expectations of increased production volumes in Q4 2024 [11][12] Valuation - Philip Morris's forward PEG ratio is 1.87, indicating it may be undervalued relative to earnings growth prospects compared to the sector median of 2.11 [10] - The company's 3-5 year EPS Compound Annual Growth Rate (CAGR) is projected at 9.24%, slightly above the sector median of 8.03% [10]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33708 Philip Morris International Inc. | --- | --- | --- | --- | |------------------------------------------|-- ...

Key TakeawaysPhilip Morris beat second-quarter profit and sales forecasts and boosted its full-year outlook on strong demand for its smokeless products.Sales of cans of its nicotine pouches jumped more than 50% on the strength of its Zyn brand.The company also posted gains in heated tobacco product shipments.Philip Morris shares rose to their highest level in more than two years after the earnings report Tuesday. Philip Morris International (PM) shares rose Tuesday to their highest level in more than two ye ...

Philip Morris International Inc. (PM) posted strong second-quarter 2024 results, with the top and bottom lines exceeding the Zacks Consensus Estimate and revenues increasing year over year. While the bottom line dipped marginally, it showed double-digit growth, excluding currency headwinds. Philip Morris continues to benefit from solid pricing and success in its smoke-free business, especially IQOS and ZYN. This Zacks Rank #2 (Buy) company expects to witness a robust second-half performance and raise its fu ...

Philip Morris International Inc. (NYSE:PM) Q2 2024 Results Conference Call July 23, 2024 9:00 AM ET Company Participants James Bushnell - VP, IR, and Financial Communications Emmanuel Babeau - Chief Financial Officer Conference Call Participants Gaurav Jain - Barclays Bonnie Herzog - Goldman Sachs Matt Smith - Stifel Faham Baig - UBS Owen Bennett - Jefferies Callum Elliott - Bernstein Priya Ohri-Gupta - Barclays Operator Good day, and thank you for standing by. Welcome to the Philip Morris International Inc ...

The Consumer Staples group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Philip Morris (PM) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Consumer Staples sector should help us answer this question.Philip Morris is one of 185 companies in the Consumer Staples ...

Philip Morris (PM) came out with quarterly earnings of $1.59 per share, beating the Zacks Consensus Estimate of $1.55 per share. This compares to earnings of $1.60 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.58%. A quarter ago, it was expected that this seller of Marlboro and other cigarette brands would post earnings of $1.41 per share when it actually produced earnings of $1.50, delivering a surprise of 6.38%.Over the ...

Exhibit 99.2 Philip Morris International Inc. Glossary of Key Terms, Definitions and Explanatory Notes; and Select Financial Information and Reconciliations of Non-GAAP Financial Measures 2024 Second-Quarter Results July 23, 2024 1 Glossary of Key Terms, Definitions and Explanatory Notes 2 General • "PMI" refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized. • Comparisons are ...

Urupong Investment Thesis For transparency, I own a certain stake in Altria Group (MO), which I often refer to within this analysis. I am a happy holder. Currently, I am not selling or buying. On the other hand, I don't own Philip Morris International (NYSE:PM), but after reviewing its business, I consider adding it to my portfolio, even though its valuation multiple significantly exceeds MO's multiple. Considering PM's: impressive and ongoing progress towards the non-smokeable product portfolio decent ...

MADRID, SPAIN - 2023/10/24: Pedestrians walk past the heated tobacco and electronic cigarette ... [+] products brand and manufactured by Philip Morris International (PMI), IQOS, seen in Madrid. (Photo by Xavi Lopez/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesPhilip Morris (NYSE: PM) is scheduled to report its Q2 2024 results on Tuesday, July 23. We expect the company to post revenue and earnings marginally below the consensus estimates. We expect the company to garner $9 ...