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Philip Morris International Inc PM Stock Quote

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Morningstar‘s Stock Analysis PM

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Philip Morris International Leads the Way in Reduced Risk Products

Business Strategy and Outlook

| Philip Gorham, CFA, FRM |

Philip Morris International's, or PMI's, Unsmoke campaign signals an intent to go further in replacing cigarettes with reduced risk alternatives. The latest medium-term targets from management imply strong growth over the next three to five years, and the company aims to generate over half of its revenue from noncombustibles by 2025. We regard this as ambitious, perhaps a stretch goal, but we are in no doubt that if events go its way, PMI could be the first Big Tobacco firm since the 1990s to diversify half of its cash flow away from cigarettes. We regard this as a sound strategy from an environmental, social, and governance, or ESG, perspective, and because it's likely to accelerate profitable medium-term growth.

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Company Profile PM

Business Description

Philip Morris International is an international tobacco company with a product portfolio primarily consisting of cigarettes and reduced-risk products, including heat-not-burn, vapor and oral nicotine products, which are sold in markets outside the United States. The company diversified away from nicotine products with the acquisition of Vectura, a provider of innovative inhaled drug delivery solutions, in 2021. The firm has six geographical segments: the European Union; Eastern Europe; Middle East and Africa; South and Southeast Asia; East Asia and Australia; and Americas.

Contact
120 Park Avenue
New York, NY, 10017
T +1 917 663-2000
Industry Tobacco
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 69,600

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