Philip Morris International Presents at 2024 CAGNY Conference; Reaffirms 2024 Full-Year Forecast for Reported Diluted EPS of $5.90 to $6.02 and Adjusted Diluted EPS of $6.32 to $6.44, Representing Currency-Neutral Growth of 7% to 9%

Financial Forecast and Performance - The company reaffirms its 2024 full-year reported diluted EPS forecast of $5.90 to $6.02, representing a currency-neutral increase of 7% to 9% compared to the adjusted diluted EPS of $6.01 in 2023 [2] - Adjustments for 2024 include asset impairment, termination costs, tax impacts, and other items totaling $0.42 per share, with an additional unfavorable currency impact of $0.11 per share [2][3] - Adjusted diluted EPS for 2024 is projected to be $6.32 to $6.44, excluding adjustments and currency impacts [3] Smoke-Free Transformation and Product Portfolio - The company is progressing towards becoming a substantially smoke-free business by 2030, with smoke-free products accounting for approximately 37% of total full-year 2023 net revenues [3][8] - PMI has invested $12.5 billion since 2008 to develop and commercialize smoke-free products, aiming to end cigarette sales [8] - As of December 31, 2023, PMI's smoke-free products were available in 84 markets, with an estimated 20.8 million adults having switched to IQOS and stopped smoking [8] - The company's multi-category portfolio includes leading premium brands in heat-not-burn and oral nicotine, such as IQOS and ZYN [3][8] Strategic Initiatives and Acquisitions - PMI completed the acquisition of Swedish Match in 2022, creating a global smoke-free champion with a focus on oral nicotine delivery [8] - The company is conducting a strategic review of the U.S. cigar business as part of its integration efforts with Swedish Match [3] - PMI aims to expand into wellness and healthcare areas through its Vectura Fertin Pharma business, leveraging its expertise in life sciences [8] Market and Regulatory Environment - The U.S. Food and Drug Administration has authorized versions of PMI's IQOS Platform 1 devices and Swedish Match's General snus as Modified Risk Tobacco Products [8] - The company faces challenges such as excise tax increases, regulatory restrictions, and health concerns related to tobacco and nicotine products [6] - PMI is subject to risks from global economic, regulatory, and political developments, as well as the impact of conflicts like Russia's invasion of Ukraine [6]