October 19, 2023
Philip Morris International Reports 2023 Third-Quarter and Nine-Month Year-to-Date Results
DownloadDelivers 2023 Third-Quarter Reported Diluted EPS of
2023 THIRD-QUARTER HIGHLIGHTS
|
Third-Quarter |
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|
|
Change vs. Q3 2022 |
|||||
|
Amount |
Reported |
Adjusted |
||||
Total Cig. & HTU Shipment Volume (units bn) |
193.6 |
2.2% |
|
|
|||
HTU Shipment Volume (units bn) |
32.5 |
18.0% |
|
|
|||
Oral Product Shipment Volume (mn cans) (1) |
209.0 |
+100% |
19.4% |
(2) |
|||
Net Revenues ($ bn) |
|
13.8% |
9.3% |
(3) |
|||
Smoke-Free Product Net Revenues ($ bn) |
|
35.6% |
16.5% |
(3) |
|||
- % of Total Net Revenues |
36.2% |
5.8pp |
|
|
|||
Operating Income ($ bn) |
|
13.5% |
11.3% |
(3) |
|||
Diluted Earnings per Share |
|
(1.5)% |
|
|
|||
Adjusted Diluted Earnings per Share |
|
|
20.3% |
(4) |
|||
(1) Excludes snuff, snuff leaf and |
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(2) On a pro forma basis (including |
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(3) On an organic basis |
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(4) Excluding currency |
- Reported net revenues up by 16.4%, excluding currency
- Combustible tobacco net revenue growth of 4.3%; growth of 6.2% on an organic basis, driven by pricing of 9.0%
- Market share for HTUs in IQOS markets up by 1.2 points to 9.0%
- Adjusted in-market sales volume for HTUs, which excludes the net unfavorable impact of estimated distributor and wholesaler inventory movements, up by an estimated 14.4%
- Total IQOS users at quarter-end estimated at approximately 27.4 million (up by 0.2 million versus
June 2023 , reflecting normal seasonal quarterly trends), of which approximately 19.7 million had switched to IQOS and stopped smoking - ZYN nicotine pouch (NP) shipment volume in the
U.S. of 105.4 million cans, representing growth of 65.7% versus third-quarter 2022Swedish Match shipments of 63.6 million cans - Increased regular quarterly dividend by 2.4% to
$1.30 per share, or an annualized rate of$5.20 per share
"We delivered a very strong performance in the third quarter, surpassing
"This reflects continued excellent business momentum, driven by strong IQOS performance, resilient combustible trends and the exceptional growth of ZYN -- which has surpassed our expectations yet again."
"As a result of our strong year-to-date delivery, we are raising our full-year growth outlook for adjusted diluted EPS to a range of 10.0% to 10.5%, excluding currency."
2023 THIRD-QUARTER SUMMARY
Net revenues increased by 9.3% on an organic basis, driven by total cigarette and HTU shipment volume growth of 2.2% (reflecting growth of 18.0% for HTUs and a decline of 0.5% for cigarettes), the favorable product mix impact of smoke-free products, and combustible tobacco pricing of 9%.
Adjusted operating income increased by 11.3% on an organic basis, reflecting a sequential acceleration as supply chain disruptions and ILUMA-related factors continued to dissipate, coupled with the favorable underlying dynamics of the company's shift to smoke-free products. Adjusted operating income margin of 40.8% increased by 1.4 points sequentially versus the second quarter.
Adjusted diluted EPS of
|
|
Third-Quarter |
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|
|
2023 |
|
2022 |
|
Currency |
|
Var. excl. |
||||||
Reported Diluted EPS |
|
$ |
1.32 |
|
$ |
1.34 |
$ |
(0.17 |
) |
11.2 |
% |
|||
Income tax impact associated with |
|
|
0.09 |
|
|
— |
|
|
||||||
Impairment of goodwill and other intangibles |
|
|
— |
|
|
0.06 |
|
|
||||||
Amortization of intangibles (1) |
|
|
0.10 |
|
|
0.02 |
|
|
||||||
Charges related to the war in |
|
|
0.01 |
|
|
— |
|
|
||||||
Costs associated with |
|
|
— |
|
|
0.11 |
|
|
||||||
Termination of agreement with |
|
|
0.07 |
|
|
— |
|
|
||||||
Fair value adjustment for equity security investments |
|
|
(0.03 |
) |
|
— |
|
|
||||||
Tax items (2) |
|
|
0.11 |
|
|
— |
|
|
||||||
Adjusted Diluted EPS |
|
$ |
1.67 |
|
$ |
1.53 |
$ |
(0.17 |
) |
20.3 |
% |
|||
|
|
|
|
|
|
|||||||||
(1) 2023 amount includes |
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(2) 2023 Tax items relate to the unilateral suspension of certain Russian double tax treaties by the Russian government |
2023 FULL-YEAR FORECAST
|
Full-Year |
||||||||||
|
|
2023 |
|
2022 |
|
Growth |
|||||
|
|
|
|
|
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|
|
|
|
||
Reported Diluted EPS |
|
- |
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||
Asset impairment and exit costs |
0.06 |
|
— |
|
|
|
|
|
|||
Termination of distribution arrangement in the |
0.04 |
|
— |
|
|
|
|
|
|||
Income tax impact associated with |
0.03 |
|
(0.13 |
) |
|
|
|
|
|||
Amortization of intangibles (1) |
0.24 |
|
0.09 |
|
|
|
|
|
|||
Impairment of goodwill and other intangibles |
0.44 |
|
0.06 |
|
|
|
|
|
|||
Costs associated with |
— |
|
0.06 |
|
|
|
|
|
|||
Charges related to the war in |
0.01 |
|
0.08 |
|
|
|
|
|
|||
|
0.01 |
|
0.06 |
|
|
|
|
|
|||
Termination of agreement with |
0.07 |
|
— |
|
|
|
|
|
|||
|
0.11 |
|
— |
|
|
|
|
|
|||
Fair value adj. for equity security investments |
(0.02) |
|
(0.02 |
) |
|
|
|
|
|||
Tax items (2) |
0.11 |
|
(0.03 |
) |
|
|
|
|
|||
Total Adjustments |
1.10 |
|
0.17 |
|
|
|
|
|
|||
Adjusted Diluted EPS |
|
- |
|
|
|
|
|
|
|
|
|
Less: Currency |
(0.53) |
|
|
|
|
|
|
||||
Adjusted Diluted EPS, excluding currency |
|
- |
|
|
|
|
|
10.0% |
- |
10.5% |
|
|
|
|
|
|
|
|
|
|
|
||
(1) 2023 amount includes |
|||||||||||
(2) 2023 Tax items relate to the unilateral suspension of certain Russian double tax treaties by the Russian government |
Reported diluted EPS is forecast to be in a range of
Excluding a total 2023 adjustment of
2023 Full-Year Forecast Assumptions
This forecast assumes:
- An estimated total international industry volume decline for cigarettes and HTUs, excluding
China and theU.S. , of 1.5% to 2.0%, compared to 0.5% to 1.5% previously; - Total cigarette and HTU shipment volume growth for PMI of 1.0% to 1.5%, compared to 'up to +1%' previously;
- HTU shipment volume within the lower half of the company's previous 125-to-130-billion-unit range (compared to around the middle of the range previously), reflecting the impact of a further delayed market launch in
Taiwan , very limited growth inRussia andUkraine , as well as some uncertainty related to inventory levels in theEurope Region , as trade partners adjust to the upcoming HTU flavor ban in the EU; - Nicotine pouch shipment volume of 390 to 410 million cans (compared to 370 to 400 million cans previously), reflecting the continued outstanding growth of ZYN in the
U.S. ; - A cigarette shipment volume decline of approximately 1.0% to 2.0%, compared to 1.5% to 2.5% previously;
- Net revenue growth of around 8.0% on an organic basis, compared to approximately 7.5% to 8.5% previously;
- An adjusted operating income margin decline of 50 to 150 basis points on an organic basis, with the decline likely toward the upper (150 basis point) end of the range, notably due to the factors outlined in PMI's second-quarter 2023 results on
July 20, 2023 ; - Incremental investments to drive future growth, including the commercialization of ILUMA and around
$150 million with a broadly even split between theU.S. and the Wellness and Healthcare segment; - Wellness and Healthcare segment net revenues of around
$300 million (including smoking cessation products), with an adjusted operating loss of around$150 million , primarily due to investments in research and development; - No contribution from any potential favorable court ruling related to the legality of a supplemental tax surcharge on HTUs in
Germany , which went into effect in 2022 (see PMI's first-quarter 2023 press release fromApril 20, 2023 , for additional detail). PMI currently expects to have greater visibility on the outcome around the end of the year; - The contribution of the company's operations in
Russia andUkraine for the entire year; - Full-year amortization and impairment of acquired intangibles of
$0.68 per share, which includes amortization related to theSwedish Match acquisition based on preliminary purchase price allocation that may be subject to change; - A full year’s net positive earnings contribution from
Swedish Match including related interest expense, withSwedish Match included in PMI's organic performance as ofNovember 11, 2023 ; - Net financing costs of around
$1.1 billion , compared to$1.2 billion previously; - An effective tax rate, excluding discrete tax events, of approximately 20.5% to 21.5%;
- Operating cash flow of around
$10 billion at prevailing exchange rates, subject to year-end working capital requirements; - Capital expenditures of approximately
$1.3 billion , partly reflecting increased investments behind smoke-free product manufacturing capacity, including for ILUMA consumables andSwedish Match's portfolio; and - No share repurchases in 2023.
Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.
War in
In
PMI is continuously assessing the evolving situation in
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TOTAL MARKET, CONSOLIDATED SHIPMENT VOLUME & MARKET SHARE
Total Market Volume
Third-Quarter
Estimated international industry volume (excluding
Nine Months Year-to-Date
Estimated international industry volume (excluding
Consolidated Shipment Volume
PMI Cigarettes and HTUs |
Third-Quarter |
Nine Months Year-to-Date |
||||||||||
(million units) |
2023 |
2022 |
Change |
2023 |
2022 |
Change |
||||||
Cigarettes |
161,137 |
161,966 |
(0.5)% |
461,855 |
467,882 |
(1.3)% |
||||||
Heated Tobacco Units |
32,471 |
27,508 |
18.0% |
91,291 |
77,148 |
18.3% |
||||||
Total Cigarettes and HTUs |
193,608 |
189,474 |
2.2% |
553,146 |
545,030 |
1.5% |
PMI Oral Products (1) |
Third-Quarter |
Nine Months Year-to-Date |
||||||||||
(million cans) |
2023 |
2022 |
Change |
2023 |
2022 |
Change |
||||||
Nicotine Pouches |
114.6 |
0.8 |
+100% |
295.4 |
2.7 |
+100% |
||||||
Snus |
60.3 |
4.4 |
+100% |
178.5 |
12.0 |
+100% |
||||||
Moist Snuff |
33.2 |
— |
—% |
102.5 |
— |
—% |
||||||
Other |
0.9 |
— |
—% |
3.3 |
— |
—% |
||||||
Total Oral Products |
209.0 |
5.2 |
+100% |
579.8 |
14.7 |
+100% |
||||||
(1) Excluding snuff, snuff leaf and |
||||||||||||
Note: Sum may not foot due to roundings. |
Third-Quarter
PMI's total cigarette and HTU shipment volume increased by 2.2%, reflecting an 18.0% increase in HTU shipments across all regions, partly offset by a 0.5% decline in cigarette shipments (due to the
PMI’s total oral product shipment volume increased by +100%, driven by the
Impact of Inventory Movements
Excluding the net favorable impact of estimated distributor inventory movements (primarily driven by HTUs), PMI’s total in-market sales for cigarettes and HTUs increased by 0.8%, reflecting 10.2% growth for HTUs, partly offset by a decline of 0.7% for cigarettes. The net favorable impact of estimated distributor inventory movements for HTUs was driven primarily by
Adjusted in-market sales for HTUs increased by 14.4%, including growth in
Nine Months Year-to-Date
PMI's total cigarette and HTU shipment volume increased by 1.5%, reflecting an 18.3% increase in HTU shipments across all regions, partly offset by a 1.3% decline in cigarette shipments (due to the
PMI’s total oral product shipment volume increased by +100%, driven by the
Impact of Inventory Movements
Excluding the net favorable impact of estimated distributor inventory movements (primarily driven by HTUs), PMI’s total in-market sales for cigarettes and HTUs increased by 0.9%, reflecting 12.8% growth for HTUs, partly offset by a decline of 1.1% for cigarettes. The net favorable impact of estimated distributor inventory movements for HTUs was driven primarily by
Adjusted in-market sales for HTUs increased by 15.2%, including growth in
International Share of Market - Cigarettes and HTUs
|
Third-Quarter |
|
Nine Months Year-to-Date |
|||||||||
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
||
|
|
|
|
|
|
|
||||||
Total International Market Share (1) |
28.9% |
28.0% |
0.9 |
28.3% |
27.6% |
0.7 |
||||||
Cigarettes |
24.3% |
23.9% |
0.4 |
23.7% |
23.6% |
0.1 |
||||||
HTU |
4.6% |
4.1% |
0.5 |
4.6% |
4.0% |
0.6 |
||||||
|
|
|
|
|
|
|
||||||
Cigarette over Cigarette Market Share (2) |
25.9% |
25.3% |
0.6 |
25.2% |
24.9% |
0.3 |
(1) Defined as PMI's cigarette and heated tobacco unit in-market sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding |
(2) Defined as PMI's cigarette in-market sales volume as a percentage of total industry cigarette sales volume, excluding |
CONSOLIDATED FINANCIAL SUMMARY
Third-Quarter
Quarters Ended |
|
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Revenues |
|
$ |
9,141 |
|
$ |
8,032 |
|
|
13.8 |
% |
9.3 |
% |
|
1,109 |
|
(209 |
) |
568 |
|
513 |
265 |
|
(28 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Cost of Sales (1) |
|
|
(3,165 |
) |
|
(2,935 |
) |
|
(7.8 |
)% |
(3.6 |
)% |
|
(230 |
) |
5 |
|
(129 |
) |
— |
(199 |
) |
93 |
|
|||||||
Marketing, Administration and Research Costs (2) |
|
|
(2,606 |
) |
|
(2,129 |
) |
|
(22.4 |
)% |
(4.5 |
)% |
|
(477 |
) |
(83 |
) |
(299 |
) |
— |
— |
|
(95 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating Income |
|
$ |
3,370 |
|
$ |
2,968 |
|
|
13.5 |
% |
18.5 |
% |
|
402 |
|
(287 |
) |
140 |
|
513 |
66 |
|
(30 |
) |
|||||||
Impairment of |
|
|
— |
|
|
(112 |
) |
|
+100 |
% |
+100 |
% |
|
112 |
|
— |
|
— |
|
— |
— |
|
112 |
|
|||||||
Amortization of Intangibles |
|
|
(205 |
) |
|
(27 |
) |
|
-(100 |
)% |
(11.1 |
)% |
|
(178 |
) |
— |
|
(175 |
) |
— |
— |
|
(3 |
) |
|||||||
Charges related to the war in |
|
|
(19 |
) |
|
(6 |
) |
|
-(100 |
)% |
-(100 |
)% |
|
(13 |
) |
— |
|
— |
|
— |
— |
|
(13 |
) |
|||||||
Costs associated with |
|
|
— |
|
|
(217 |
) |
|
+100 |
% |
+100 |
% |
|
217 |
|
— |
|
— |
|
— |
— |
|
217 |
|
|||||||
Termination of agreement with |
|
|
(140 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(140 |
) |
— |
|
— |
|
— |
— |
|
(140 |
) |
|||||||
Adjusted Operating Income |
|
$ |
3,734 |
|
$ |
3,330 |
|
|
12.1 |
% |
11.3 |
% |
|
404 |
|
(287 |
) |
315 |
|
513 |
66 |
|
(203 |
) |
|||||||
Adjusted Operating Income Margin |
|
|
40.8 |
% |
|
41.5 |
% |
|
(0.7 |
)pp |
0.7 |
pp |
|
|
|
|
|
|
|
||||||||||||
(1) Includes |
|||||||||||||||||||||||||||||||
(2) Includes |
Net revenues increased by 9.3% on an organic basis, mainly reflecting: a favorable pricing variance, primarily driven by higher combustible tobacco pricing; and favorable volume/mix, mainly driven by higher HTU volume and favorable cigarette mix, partially offset by lower cigarette volume.
Adjusted operating income increased by 11.3% on an organic basis, mainly reflecting: the favorable pricing variance; and favorable volume/mix, mainly driven by higher HTU volume, partly offset by lower cigarette volume and unfavorable cigarette mix; partially offset by higher marketing, administration and research costs (primarily due to inflationary impacts, notably related to wages).
Nine Months Year-to-Date
Nine Months Ended |
|
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Revenues |
|
$ |
26,127 |
|
$ |
23,610 |
|
|
10.7 |
% |
7.4 |
% |
|
2,517 |
|
(1,034 |
) |
1,814 |
|
1,309 |
614 |
|
(186 |
) |
|||||||
Termination of distribution arrangement in the |
|
|
(80 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(80 |
) |
— |
|
— |
|
— |
— |
|
(80 |
) |
|||||||
Adjusted Net Revenues |
|
$ |
26,207 |
|
$ |
23,610 |
|
|
11.0 |
% |
7.7 |
% |
|
2,597 |
|
(1,034 |
) |
1,814 |
|
1,309 |
614 |
|
(106 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net Revenues |
|
$ |
26,127 |
|
$ |
23,610 |
|
|
10.7 |
% |
7.4 |
% |
|
2,517 |
|
(1,034 |
) |
1,814 |
|
1,309 |
614 |
|
(186 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Cost of Sales (1) |
|
|
(9,431 |
) |
|
(8,191 |
) |
|
(15.1 |
)% |
(10.3 |
)% |
|
(1,240 |
) |
206 |
|
(605 |
) |
— |
(652 |
) |
(189 |
) |
|||||||
Marketing, Administration and Research Costs (2) |
|
|
(8,029 |
) |
|
(6,097 |
) |
|
(31.7 |
)% |
(22.6 |
)% |
|
(1,932 |
) |
56 |
|
(612 |
) |
— |
— |
|
(1,376 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating Income |
|
$ |
8,667 |
|
$ |
9,322 |
|
|
(7.0 |
)% |
(5.1 |
)% |
|
(655 |
) |
(772 |
) |
597 |
|
1,309 |
(38 |
) |
(1,751 |
) |
|||||||
Asset Impairment & Exit Costs |
|
|
(109 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(109 |
) |
— |
|
— |
|
— |
— |
|
(109 |
) |
|||||||
Termination of distribution arrangement in the |
|
|
(80 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(80 |
) |
— |
|
— |
|
— |
— |
|
(80 |
) |
|||||||
Impairment of |
|
|
(680 |
) |
|
(112 |
) |
|
-(100 |
)% |
-(100 |
)% |
|
(568 |
) |
— |
|
— |
|
— |
— |
|
(568 |
) |
|||||||
Amortization of Intangibles |
|
|
(368 |
) |
|
(101 |
) |
|
-(100 |
)% |
6.9 |
% |
|
(267 |
) |
— |
|
(274 |
) |
— |
— |
|
7 |
|
|||||||
Charges related to the war in |
|
|
(19 |
) |
|
(128 |
) |
|
85.2 |
% |
85.2 |
% |
|
109 |
|
— |
|
— |
|
— |
— |
|
109 |
|
|||||||
Costs associated with |
|
|
— |
|
|
(269 |
) |
|
+100 |
% |
+100 |
% |
|
269 |
|
— |
|
— |
|
— |
— |
|
269 |
|
|||||||
|
|
|
(18 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(18 |
) |
— |
|
(18 |
) |
— |
— |
|
— |
|
|||||||
South Korea Indirect Tax Charge |
|
|
(204 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(204 |
) |
— |
|
— |
|
— |
— |
|
(204 |
) |
|||||||
Termination of agreement with |
|
|
(140 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(140 |
) |
— |
|
— |
|
— |
— |
|
(140 |
) |
|||||||
Adjusted Operating Income |
|
$ |
10,285 |
|
$ |
9,932 |
|
|
3.6 |
% |
2.4 |
% |
|
353 |
|
(772 |
) |
889 |
|
1,309 |
(38 |
) |
(1,035 |
) |
|||||||
Adjusted Operating Income Margin |
|
|
39.2 |
% |
|
42.1 |
% |
|
(2.9 |
)pp |
(2.1 |
)pp |
|
|
|
|
|
|
|
||||||||||||
(1) Includes |
|||||||||||||||||||||||||||||||
(2) Includes |
|||||||||||||||||||||||||||||||
(3) Included in Net Revenues above. |
Adjusted net revenues increased by 7.7% on an organic basis, mainly reflecting: a favorable pricing variance, primarily driven by higher combustible tobacco pricing, partly offset by lower HTU (net) pricing; and favorable volume/mix, mainly driven by higher HTU volume and favorable cigarette mix, partially offset by lower cigarette volume and unfavorable HTU mix; partly offset by lower fees for certain distribution rights billed to customers in certain markets, shown in "Cost/Other."
Adjusted operating income increased by 2.4% on an organic basis, mainly reflecting: the favorable pricing variance; partly offset by higher marketing, administration and research costs (primarily due to inflationary impacts, notably related to wages, and lower commercial investments in the prior year period); higher manufacturing costs (primarily due to inflationary impacts, notably related to direct materials, tobacco leaf and energy, partly offset by productivity); and the impact of lower fees for certain distribution rights, as noted for net revenues. Volume/mix was slightly unfavorable, mainly reflecting lower cigarette volume, as well as unfavorable HTU and cigarette mix, largely offset by higher HTU volume.
Total Market, PMI Shipment & Market Share Commentaries
Third-Quarter
The estimated total market for cigarettes and HTUs in the Region decreased by 2.9% to 146.3 billion units, reflecting a 4.5% decline for cigarettes, partly offset by a 13.9% increase for HTUs. The decrease in the estimated total market was notably due to
Nine Months Year-to-Date
The estimated total market for cigarettes and HTUs in the Region decreased by 1.4% to 411.6 billion units, reflecting a 3.2% decline for cigarettes, partly offset by a 16.6% increase for HTUs. The decrease in the estimated total market was notably due to the
Europe Key Data |
Third-Quarter |
Nine Months Year-to-Date |
||||||||||||||||
|
|
|
Change |
|
|
Change |
||||||||||||
|
2023 |
|
2022 |
|
% / pp |
2023 |
|
2022 |
|
% / pp |
||||||||
PMI Shipment Volume (million units) |
|
|
|
|
|
|
||||||||||||
Cigarettes |
43,365 |
|
45,304 |
|
(4.3 |
)% |
126,263 |
|
131,319 |
|
(3.9 |
)% |
||||||
Heated Tobacco Units |
13,155 |
|
11,685 |
|
12.6 |
% |
34,959 |
|
32,496 |
|
7.6 |
% |
||||||
Total |
56,520 |
|
56,989 |
|
(0.8 |
)% |
161,222 |
|
163,815 |
|
(1.6 |
)% |
||||||
|
|
|
|
|
|
|
||||||||||||
PMI Market Share |
|
|
|
|
|
|
||||||||||||
Cigarettes |
30.4 |
% |
30.8 |
% |
(0.4 |
) |
30.4 |
% |
31.3 |
% |
(0.9 |
) |
||||||
Heated Tobacco Units |
8.6 |
% |
7.5 |
% |
1.1 |
|
8.8 |
% |
7.5 |
% |
1.3 |
|
||||||
Total |
39.0 |
% |
38.2 |
% |
0.8 |
|
39.1 |
% |
38.8 |
% |
0.3 |
|
||||||
Note: Sum may not foot due to roundings. |
Third-Quarter
PMI's total cigarette and HTU shipment volume in the Region decreased by 0.8% to 56.5 billion units, mainly due to
PMI's estimated HTU adjusted in-market sales volume in the Region increased by 16.1% in the quarter, reflecting the strong continued growth momentum for IQOS (including in
PMI's HTU share of the total cigarette and HTU market in the Region increased by 1.1 points, or by 1.3 points on an adjusted basis.
Nine Months Year-to-Date
PMI's total cigarette and HTU shipment volume in the Region decreased by 1.6% to 161.2 billion units, mainly due to
PMI's estimated HTU adjusted in-market sales volume in the Region increased by 19.3% in the first nine months, including growth in
PMI's HTU share of the total cigarette and HTU market in the Region increased by 1.3 points, or by 1.5 points on an adjusted basis.
Financial Summary
Third-Quarter
Quarters Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Revenues |
|
$ |
3,672 |
|
$ |
3,272 |
|
|
12.2 |
% |
6.1 |
% |
|
400 |
202 |
— |
176 |
22 |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Income |
|
$ |
1,708 |
|
$ |
1,415 |
|
|
20.7 |
% |
11.9 |
% |
|
293 |
124 |
— |
176 |
11 |
(18 |
) |
|||||||
Adjustments (1) |
|
|
(89 |
) |
|
(115 |
) |
|
22.6 |
% |
22.6 |
% |
|
26 |
— |
— |
— |
— |
26 |
|
|||||||
Adjusted Operating Income |
|
$ |
1,797 |
|
$ |
1,530 |
|
|
17.5 |
% |
9.3 |
% |
|
267 |
124 |
— |
176 |
11 |
(44 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted Operating Income Margin |
|
|
48.9 |
% |
|
46.8 |
% |
|
2.1 |
pp |
1.4 |
pp |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(1) See Schedule 8 in Exhibit 99.2 to the Form 8-K dated |
Net revenues increased by 6.1% on an organic basis, reflecting: a favorable pricing variance, mainly driven by higher combustible tobacco pricing; and favorable volume/mix, primarily driven by higher HTU volume, partly offset by lower cigarette volume, as well as unfavorable cigarette and HTU mix.
Adjusted operating income increased by 9.3% on an organic basis, primarily reflecting: the favorable pricing variance; partly offset by higher marketing, administration and research costs (primarily due to inflationary impacts). Volume/mix was slightly favorable, mainly reflecting higher HTU volume and favorable device mix, largely offset by lower cigarette volume, as well as unfavorable HTU and cigarette mix.
Nine Months Year-to-Date
Nine Months Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
|||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
9,984 |
|
$ |
9,805 |
|
|
1.8 |
% |
1.9 |
% |
|
179 |
|
(6 |
) |
— |
353 |
(168 |
) |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
4,446 |
|
$ |
4,447 |
|
|
— |
% |
(1.5 |
)% |
|
(1 |
) |
64 |
|
— |
353 |
(225 |
) |
(193 |
) |
|||||||
Adjustments (1) |
|
|
(158 |
) |
|
(280 |
) |
|
43.6 |
% |
43.6 |
% |
|
122 |
|
— |
|
— |
— |
— |
|
122 |
|
|||||||
Adjusted Operating Income |
|
$ |
4,604 |
|
$ |
4,727 |
|
|
(2.6 |
)% |
(4.0 |
)% |
|
(123 |
) |
64 |
|
— |
353 |
(225 |
) |
(315 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
46.1 |
% |
|
48.2 |
% |
|
(2.1 |
)pp |
(2.8 |
)pp |
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(1) See Schedule 9 in Exhibit 99.2 to the Form 8-K dated |
Net revenues increased by 1.9% on an organic basis, reflecting: a favorable pricing variance, mainly driven by higher combustible tobacco pricing, partly offset by lower HTU (net) pricing (primarily in the first-half of 2023 related to the supplemental tax surcharge in
Adjusted operating income decreased by 4.0% on an organic basis, primarily reflecting: unfavorable volume/mix, mainly due to the same factors as for net revenues; higher marketing, administration and research costs (mainly due to inflationary impacts and lower commercial investments in the prior year period); and higher manufacturing costs (primarily due to inflationary impacts); partly offset by the favorable pricing variance.
SSEA, CIS & MEA REGION
Total Market, PMI Shipment & Market Share Commentaries
Third-Quarter
The estimated total market for cigarettes and HTUs in the Region decreased by around 3%, primarily reflecting a decline for cigarettes. The decrease in the estimated total market was mainly due to
Nine Months Year-to-Date
The estimated total market for cigarettes and HTUs in the Region decreased by around 2%, primarily reflecting a decline for cigarettes. The decrease in the estimated total market was mainly due to
PMI Shipment Volume |
Third-Quarter |
Nine Months Year-to-Date |
||||||||||
(million units) |
2023 |
2022 |
Change |
2023 |
2022 |
Change |
||||||
Cigarettes |
89,398 |
86,495 |
3.4% |
250,344 |
247,106 |
1.3% |
||||||
Heated Tobacco Units |
6,088 |
5,830 |
4.4% |
17,388 |
16,485 |
5.5% |
||||||
Total SSEA, CIS & MEA |
95,486 |
92,325 |
3.4% |
267,732 |
263,591 |
1.6% |
Third-Quarter
PMI's total cigarette and HTU shipment volume in the Region increased by 3.4% to 95.5 billion units, mainly driven by
Nine Months Year-to-Date
PMI's total cigarette and HTU shipment volume in the Region increased by 1.6% to 267.7 billion units, mainly driven by
Financial Summary
Third-Quarter
Quarters Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
|||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
2,777 |
|
$ |
2,822 |
|
|
(1.6 |
)% |
12.6 |
% |
|
(45 |
) |
(401 |
) |
— |
265 |
118 |
|
(27 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
801 |
|
$ |
1,086 |
|
|
(26.2 |
)% |
1.9 |
% |
|
(285 |
) |
(306 |
) |
— |
265 |
(74 |
) |
(170 |
) |
|||||||
Adjustments (1) |
|
|
(49 |
) |
|
(67 |
) |
|
26.9 |
% |
26.9 |
% |
|
18 |
|
— |
|
— |
— |
— |
|
18 |
|
|||||||
Adjusted Operating Income |
|
$ |
850 |
|
$ |
1,153 |
|
|
(26.3 |
)% |
0.3 |
% |
|
(303 |
) |
(306 |
) |
— |
265 |
(74 |
) |
(188 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
30.6 |
% |
|
40.9 |
% |
|
(10.3 |
)pp |
(4.5 |
)pp |
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(1) See Schedule 8 in Exhibit 99.2 to the Form 8-K dated |
Net revenues increased by 12.6% on an organic basis, primarily reflecting: a favorable pricing variance, mainly driven by higher combustible tobacco pricing; and favorable volume/mix, primarily driven by favorable cigarette mix.
Adjusted operating income increased by 0.3% on an organic basis, primarily reflecting: the favorable pricing variance, largely offset by higher marketing, administration and research costs; higher manufacturing costs (primarily due to inflationary impacts); and unfavorable volume/mix, mainly due to an unfavorable cigarette volume impact and unfavorable cigarette mix.
Nine Months Year-to-Date
Nine Months Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
|||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
7,922 |
|
$ |
7,781 |
|
|
1.8 |
% |
11.2 |
% |
|
141 |
|
(733 |
) |
— |
751 |
303 |
|
(180 |
) |
|||||||
Adjustment (1) |
|
|
(80 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(80 |
) |
— |
|
— |
— |
— |
|
(80 |
) |
|||||||
Adjusted Net Revenues |
|
$ |
8,002 |
|
$ |
7,781 |
|
|
2.8 |
% |
12.3 |
% |
|
221 |
|
(733 |
) |
— |
751 |
303 |
|
(100 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Revenues |
|
$ |
7,922 |
|
$ |
7,781 |
|
|
1.8 |
% |
11.2 |
% |
|
141 |
|
(733 |
) |
— |
751 |
303 |
|
(180 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
2,371 |
|
$ |
3,009 |
|
|
(21.2 |
)% |
(6.3 |
)% |
|
(638 |
) |
(448 |
) |
— |
751 |
(188 |
) |
(753 |
) |
|||||||
Adjustments (2) |
|
|
(173 |
) |
|
(94 |
) |
|
(84.0 |
)% |
(84.0 |
)% |
|
(79 |
) |
— |
|
— |
— |
— |
|
(79 |
) |
|||||||
Adjusted Operating Income |
|
$ |
2,544 |
|
$ |
3,103 |
|
|
(18.0 |
)% |
(3.6 |
)% |
|
(559 |
) |
(448 |
) |
— |
751 |
(188 |
) |
(674 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
31.8 |
% |
|
39.9 |
% |
|
(8.1 |
)pp |
(5.6 |
)pp |
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(1) Termination of distribution arrangement in the |
||||||||||||||||||||||||||||||
(2) See Schedule 9 in Exhibit 99.2 to the Form 8-K dated |
Adjusted net revenues increased by 12.3% on an organic basis, primarily reflecting: a favorable pricing variance, mainly driven by higher combustible tobacco pricing, with HTU pricing also higher; and favorable volume/mix, primarily driven by favorable cigarette mix, as well as higher volume for HTUs and devices, partly offset by an unfavorable cigarette volume impact; partially offset by lower fees for certain distribution rights billed to customers in certain markets, shown in "Cost/Other."
Adjusted operating income decreased by 3.6% on an organic basis, primarily reflecting: higher marketing, administration and research costs; higher manufacturing costs (primarily due to inflationary impacts); unfavorable volume/mix, mainly due to an unfavorable cigarette volume impact and unfavorable cigarette mix, partly offset by higher HTU volume; and the impact of lower fees for certain distribution rights, as noted for net revenues; partially offset by the favorable pricing variance.
EA, AU AND PMI DF REGION
Total Market, PMI Shipment & Market Share Commentaries
Third-Quarter
The estimated total market for cigarettes and HTUs in the Region, excluding
Nine Months Year-to-Date
The estimated total market for cigarettes and HTUs in the Region, excluding
PMI Shipment Volume |
Third-Quarter |
Nine Months Year-to-Date |
||||||||||
(million units) |
2023 |
2022 |
Change |
2023 |
2022 |
Change |
||||||
Cigarettes |
12,941 |
13,501 |
(4.1)% |
39,402 |
41,916 |
(6.0)% |
||||||
Heated Tobacco Units |
13,099 |
9,868 |
32.7% |
38,561 |
27,828 |
38.6% |
||||||
Total EA, AU & PMI DF |
26,040 |
23,369 |
11.4% |
77,963 |
69,744 |
11.8% |
Third-Quarter
PMI's total cigarette and HTU shipment volume in the Region increased by 11.4% to 26.0 billion units, mainly driven by
PMI's estimated HTU adjusted in-market sales volume in the Region increased by 14.1% in the quarter, including growth in
Nine Months Year-to-Date
PMI's total cigarette and HTU shipment volume in the Region increased by 11.8% to 78.0 billion units, mainly driven by
PMI's estimated HTU adjusted in-market sales volume in the Region increased by 16.0% in the first nine months, including growth in
Financial Summary
Third-Quarter
Quarters Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Revenues |
|
$ |
1,571 |
|
$ |
1,407 |
|
|
11.7 |
% |
15.3 |
% |
|
164 |
(51 |
) |
— |
36 |
179 |
— |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Income |
|
$ |
753 |
|
$ |
533 |
|
|
41.3 |
% |
54.0 |
% |
|
220 |
(68 |
) |
— |
36 |
170 |
82 |
|||||||
Adjustments (1) |
|
|
(28 |
) |
|
(46 |
) |
|
39.1 |
% |
39.1 |
% |
|
18 |
— |
|
— |
— |
— |
18 |
|||||||
Adjusted Operating Income |
|
$ |
781 |
|
$ |
579 |
|
|
34.9 |
% |
46.6 |
% |
|
202 |
(68 |
) |
— |
36 |
170 |
64 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted Operating Income Margin |
|
|
49.7 |
% |
|
41.2 |
% |
|
8.5 |
pp |
11.1 |
pp |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(1) See Schedule 8 in Exhibit 99.2 to the Form 8-K dated |
Net revenues increased by 15.3% on an organic basis, reflecting: favorable volume/mix, mainly driven by higher HTU volume, partly offset by lower cigarette volume; and a favorable pricing variance, driven by higher combustible tobacco pricing.
Adjusted operating income increased by 46.6% on an organic basis, mainly reflecting: favorable volume/mix, primarily driven by the same factors as for net revenues; and lower supply chain costs (primarily related to
Nine Months Year-to-Date
Nine Months Ended |
|
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Revenues |
|
$ |
4,771 |
|
$ |
4,458 |
|
|
7.0 |
% |
15.0 |
% |
|
313 |
|
(354 |
) |
— |
73 |
594 |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income |
|
$ |
1,920 |
|
$ |
1,746 |
|
|
10.0 |
% |
27.9 |
% |
|
174 |
|
(313 |
) |
— |
73 |
459 |
(45 |
) |
|||||||
Adjustments (1) |
|
|
(254 |
) |
|
(59 |
) |
|
-(100 |
)% |
-(100 |
)% |
|
(195 |
) |
— |
|
— |
— |
— |
(195 |
) |
|||||||
Adjusted Operating Income |
|
$ |
2,174 |
|
$ |
1,805 |
|
|
20.4 |
% |
37.8 |
% |
|
369 |
|
(313 |
) |
— |
73 |
459 |
150 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adjusted Operating Income Margin |
|
|
45.6 |
% |
|
40.5 |
% |
|
5.1 |
pp |
8.0 |
pp |
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(1) See Schedule 9 in Exhibit 99.2 to the Form 8-K dated |
Net revenues increased by 15.0% on an organic basis, reflecting: favorable volume/mix, mainly driven by higher HTU volume, partly offset by lower cigarette volume and unfavorable smoke-free product mix (for HTUs and devices); and a favorable pricing variance, driven by higher combustible tobacco and device pricing, partly offset by lower HTU (net) pricing (primarily related to
Adjusted operating income increased by 37.8% on an organic basis, mainly reflecting favorable volume/mix, primarily driven by higher HTU volume and the favorable impact on profitability of lower device volume, partly offset by lower cigarette volume and unfavorable HTU mix; the favorable pricing variance; and lower supply chain costs (primarily related to
Total Market, PMI Shipment & Market Share Commentaries
Third-Quarter
The estimated total market for cigarettes and HTUs in the Region, excluding the
Nine Months Year-to-Date
The estimated total market for cigarettes and HTUs in the Region, excluding the
PMI Shipment Volume |
Third-Quarter |
Nine Months Year-to-Date |
||||||||||
(million units) |
2023 |
2022 |
Change |
2023 |
2022 |
Change |
||||||
Cigarettes |
15,433 |
16,666 |
(7.4)% |
45,846 |
47,541 |
(3.6)% |
||||||
Heated Tobacco Units |
129 |
125 |
3.2% |
383 |
339 |
13.0% |
||||||
Total |
15,562 |
16,791 |
(7.3)% |
46,229 |
47,880 |
(3.4)% |
Third-Quarter
PMI's total cigarette and HTU shipment volume in the Region decreased by 7.3% to 15.6 billion units, mainly due to
Nine Months Year-to-Date
PMI's total cigarette and HTU shipment volume in the Region decreased by 3.4% to 46.2 billion units, mainly due to
Financial Summary
Third-Quarter
Quarters Ended |
|
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
|||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
478 |
|
$ |
474 |
|
|
0.8 |
% |
(7.2 |
)% |
|
4 |
|
38 |
|
— |
21 |
(54 |
) |
(1 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
5 |
|
$ |
85 |
|
|
(94.1 |
)% |
(49.4 |
)% |
|
(80 |
) |
(38 |
) |
— |
21 |
(41 |
) |
(22 |
) |
|||||||
Adjustments (1) |
|
|
(9 |
) |
|
(13 |
) |
|
30.8 |
% |
30.8 |
% |
|
4 |
|
— |
|
— |
— |
— |
|
4 |
|
|||||||
Adjusted Operating Income |
|
$ |
14 |
|
$ |
98 |
|
|
(85.7 |
)% |
(46.9 |
)% |
|
(84 |
) |
(38 |
) |
— |
21 |
(41 |
) |
(26 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
2.9 |
% |
|
20.7 |
% |
|
(17.8 |
)pp |
(8.9 |
)pp |
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(1) See Schedule 8 in Exhibit 99.2 to the Form 8-K dated |
Net revenues decreased by 7.2% on an organic basis, primarily reflecting: unfavorable volume/mix, mainly due to lower cigarette volume and unfavorable cigarette mix; partly offset by a favorable pricing variance, driven by higher combustible tobacco pricing.
Adjusted operating income decreased by 46.9% on an organic basis, mainly reflecting: unfavorable volume/mix, mainly due to the same factors as for net revenues; and higher marketing, administration and research costs (including incremental investments in the
Nine Months Year-to-Date
Nine Months Ended |
|
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
|||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
1,399 |
|
$ |
1,367 |
|
|
2.3 |
% |
(2.1 |
)% |
|
32 |
|
61 |
|
— |
94 |
(115 |
) |
(8 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
141 |
|
$ |
336 |
|
|
(58.0 |
)% |
(36.0 |
)% |
|
(195 |
) |
(74 |
) |
— |
94 |
(84 |
) |
(131 |
) |
|||||||
Adjustments (1) |
|
|
(18 |
) |
|
(19 |
) |
|
5.3 |
% |
5.3 |
% |
|
1 |
|
— |
|
— |
— |
— |
|
1 |
|
|||||||
Adjusted Operating Income |
|
$ |
159 |
|
$ |
355 |
|
|
(55.2 |
)% |
(34.4 |
)% |
|
(196 |
) |
(74 |
) |
— |
94 |
(84 |
) |
(132 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
11.4 |
% |
|
26.0 |
% |
|
(14.6 |
)pp |
(8.6 |
)pp |
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(1) See Schedule 9 in Exhibit 99.2 to the Form 8-K dated |
Net revenues decreased by 2.1% on an organic basis, primarily reflecting: unfavorable volume/mix, mainly due to lower cigarette volume and unfavorable cigarette mix; partly offset by a favorable pricing variance, driven by higher combustible tobacco pricing.
Adjusted operating income decreased by 34.4% on an organic basis, mainly reflecting: higher marketing, administration and research costs (notably reflecting the same factors as in the quarter); unfavorable volume/mix, mainly due to the same factors as for net revenues; and higher manufacturing costs; partly offset by the favorable pricing variance.
PMI Shipment Commentary
Swedish Match Oral Product Shipment Volume (1) |
Third-Quarter |
Nine Months Year-to-Date |
||||||||||
(million cans) |
2023 |
2022 |
Change |
2023 |
2022 |
Change |
||||||
Nicotine Pouches |
|
|
|
|
|
|
||||||
|
105.4 |
— |
—% |
268.5 |
— |
—% |
||||||
Scandinavia |
7.5 |
— |
—% |
21.6 |
— |
—% |
||||||
Other |
1.3 |
— |
—% |
3.6 |
— |
—% |
||||||
Total Nicotine Pouches |
114.2 |
— |
—% |
293.8 |
— |
—% |
||||||
|
|
|
|
|
|
|
||||||
Snus |
|
|
|
|
|
|
||||||
Scandinavia |
55.2 |
— |
—% |
162.6 |
— |
—% |
||||||
Other |
1.4 |
— |
—% |
5.2 |
— |
—% |
||||||
Total Snus |
56.6 |
— |
—% |
167.8 |
— |
—% |
||||||
Moist Snuff |
33.2 |
— |
—% |
102.5 |
— |
—% |
||||||
|
|
|
|
|
|
|
||||||
Other |
0.9 |
— |
—% |
3.3 |
— |
—% |
||||||
|
|
|
|
|
|
|
||||||
Total Oral Products |
204.9 |
— |
—% |
567.4 |
— |
—% |
||||||
(1) Excluding |
|
|
|
|
|
|
Volume comparisons versus
Third-Quarter
Nicotine pouch shipment volume increased by 58.8% compared to
Shipment volume for snus declined by 11.6% compared to
Nine Months Year-to-Date
Nicotine pouch shipment volume increased by 50.3% compared to
Shipment volume for snus declined by 12.4% compared to
Swedish Match Combustible Product Shipment Volume |
Third-Quarter |
Nine Months Year-to-Date |
||||||||||
(million units) |
2023 |
2022 |
Change |
2023 |
2022 |
Change |
||||||
Cigars |
334.3 |
— |
—% |
1,241.4 |
— |
—% |
Third-Quarter
Cigar shipment volume declined by 21.3% compared to
Nine Months Year-to-Date
Cigar shipment volume declined by 7.3% compared to
Financial Summary
The segment's third-quarter results include the impact of financial statement presentation reclassifications recorded on a year-to-date basis primarily associated with the alignment of accounting policies related to the company's post-acquisition evaluation of sales incentives, excise taxes and acquired contracts. Net revenues were unfavorably impacted by these reclassifications, some of which are associated with the first and second quarter of 2023. These reclassifications are not material to the condensed consolidated results of the current period or the period in which they relate.
Third-Quarter
Quarters Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Revenues |
|
$ |
568 |
|
$ |
— |
|
— |
% |
— |
% |
|
568 |
|
— |
568 |
|
— |
— |
— |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Income |
|
$ |
140 |
|
$ |
— |
|
— |
% |
— |
% |
|
140 |
|
— |
140 |
|
— |
— |
— |
|||||||
Adjustments (1) |
|
|
(175 |
) |
|
— |
|
— |
% |
— |
% |
|
(175 |
) |
— |
(175 |
) |
— |
— |
— |
|||||||
Adjusted Operating Income |
|
$ |
315 |
|
$ |
— |
|
— |
% |
— |
% |
|
315 |
|
— |
315 |
|
— |
— |
— |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted Operating Income Margin |
|
|
55.5 |
% |
|
n/a |
|
— |
pp |
— |
pp |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(1) See Schedule 8 in Exhibit 99.2 to the Form 8-K dated |
PMI recorded net revenues of
PMI recorded adjusted operating income of
Nine Months Year-to-Date
Nine Months Ended |
|
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Revenues |
|
$ |
1,814 |
|
$ |
— |
|
— |
% |
— |
% |
|
1,814 |
|
— |
1,814 |
|
— |
— |
— |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Income |
|
$ |
597 |
|
$ |
— |
|
— |
% |
— |
% |
|
597 |
|
— |
597 |
|
— |
— |
— |
|||||||
Adjustments (1) |
|
|
(292 |
) |
|
— |
|
— |
% |
— |
% |
|
(292 |
) |
— |
(292 |
) |
— |
— |
— |
|||||||
Adjusted Operating Income |
|
$ |
889 |
|
$ |
— |
|
— |
% |
— |
% |
|
889 |
|
— |
889 |
|
— |
— |
— |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted Operating Income Margin |
|
|
49.0 |
% |
|
n/a |
|
— |
pp |
— |
pp |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(1) See Schedule 9 in Exhibit 99.2 to the Form 8-K dated |
PMI recorded net revenues of
PMI recorded adjusted operating income of
WELLNESS AND HEALTHCARE
The operating results of PMI’s Vectura Fertin Pharma business are reported in the Wellness and Healthcare segment.
Financial Summary
Third-Quarter
Quarters Ended |
|
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Revenues |
|
$ |
75 |
|
$ |
57 |
|
|
31.6 |
% |
26.3 |
% |
|
18 |
3 |
— |
15 |
— |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Income / (Loss) |
|
$ |
(37 |
) |
$ |
(151 |
) |
|
75.5 |
% |
74.8 |
% |
|
114 |
1 |
— |
15 |
— |
98 |
|
|||||||
Adjustments (1) |
|
|
(14 |
) |
|
(121 |
) |
|
88.4 |
% |
88.4 |
% |
|
107 |
— |
— |
— |
— |
107 |
|
|||||||
Adjusted Operating Income / (Loss) |
|
$ |
(23 |
) |
$ |
(30 |
) |
|
23.3 |
% |
20.0 |
% |
|
7 |
1 |
— |
15 |
— |
(9 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted Operating Income / (Loss) Margin |
|
|
(30.7 |
)% |
|
(52.6 |
)% |
|
21.9 |
pp |
19.3 |
pp |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(1) See Schedule 8 in Exhibit 99.2 to the Form 8-K dated |
Net revenues increased by 26.3% on an organic basis, notably reflecting higher net revenues for smoking cessation products and select inhalation products.
The adjusted operating loss of
Nine Months Year-to-Date
Nine Months Ended |
|
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||
|
2023 |
|
2022 |
|
Total |
|
Excl. |
|
Total |
|
Cur- rency |
|
Acqui- |
|
Price |
|
Vol/ Mix |
|
Cost/ Other |
||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Revenues |
|
$ |
237 |
|
$ |
199 |
|
|
19.1 |
% |
20.1 |
% |
|
38 |
|
(2 |
) |
— |
38 |
— |
2 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income / (Loss) |
|
$ |
(808 |
) |
$ |
(216 |
) |
|
-(100 |
)% |
-(100 |
)% |
|
(592 |
) |
(1 |
) |
— |
38 |
— |
(629 |
) |
|||||||
Adjustments (1) |
|
|
(723 |
) |
|
(158 |
) |
|
-(100 |
)% |
-(100 |
)% |
|
(565 |
) |
— |
|
— |
— |
— |
(565 |
) |
|||||||
Adjusted Operating Income / (Loss) |
|
$ |
(85 |
) |
$ |
(58 |
) |
|
(46.6 |
)% |
(44.8 |
)% |
|
(27 |
) |
(1 |
) |
— |
38 |
— |
(64 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adjusted Operating Income / (Loss) Margin |
|
|
(35.9 |
)% |
|
(29.1 |
)% |
|
(6.8 |
)pp |
(6.0 |
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(1) See Schedule 9 in Exhibit 99.2 to the Form 8-K dated |
Net revenues increased by 20.1% on an organic basis, notably reflecting the same factors as in the quarter.
The adjusted operating loss of
Forward-Looking and Cautionary Statements
This press release contains projections of future results and goals and other forward-looking statements, including statements regarding expected financial or operational performance; capital allocation plans; investment strategies; regulatory outcomes; market expectations; and business plans and strategies. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.
PMI's business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; the impact and consequences of
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended
Non-GAAP Measures, Glossary and Explanatory Notes
Reconciliations of non-GAAP measures in this release to the most directly comparable
Management reviews net revenues, operating income, operating income margin, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, asset impairment and exit costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results. Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.
Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with
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Appendix 1 |
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Key Market Data |
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Quarters Ended |
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Market |
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Total Market, bio units |
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PMI Shipments, bio units |
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PMI Market Share, % (2) |
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Total |
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Cigarette |
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HTU |
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Total |
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HTU |
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2023 |
2022 |
% |
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2023 |
2022 |
% |
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2023 |
2022 |
% |
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2023 |
2022 |
% |
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2023 |
2022 |
pp |
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2023 |
2022 |
pp |
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Total (1) (2) |
|
668.3 |
684.2 |
(2.3) |
|
193.6 |
189.5 |
2.2 |
|
161.1 |
162.0 |
(0.5) |
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32.5 |
27.5 |
18.0 |
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28.9 |
28.0 |
0.9 |
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4.6 |
4.1 |
0.5 |
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7.6 |
8.5 |
(10.6) |
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2.7 |
3.5 |
(22.5) |
|
2.6 |
3.4 |
(22.3) |
|
— |
0.1 |
(34.7) |
|
42.2 |
43.3 |
(1.1) |
|
0.7 |
0.7 |
— |
|
|
|
19.3 |
20.2 |
(4.7) |
|
6.9 |
7.3 |
(5.4) |
|
6.0 |
6.6 |
(8.2) |
|
0.9 |
0.7 |
19.2 |
|
38.4 |
38.3 |
0.1 |
|
4.9 |
3.7 |
1.2 |
|
|
|
19.5 |
19.4 |
0.3 |
|
10.4 |
10.0 |
4.0 |
|
6.8 |
7.2 |
(5.5) |
|
3.6 |
2.8 |
28.8 |
|
53.4 |
53.9 |
(0.5) |
|
16.0 |
13.7 |
2.3 |
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15.2 |
15.4 |
(1.3) |
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6.5 |
6.2 |
4.3 |
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5.2 |
4.7 |
9.1 |
|
1.3 |
1.5 |
(10.7) |
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42.7 |
40.4 |
2.3 |
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8.7 |
9.7 |
(1.0) |
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11.9 |
12.4 |
(4.3) |
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3.5 |
3.6 |
(2.5) |
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3.1 |
3.3 |
(4.4) |
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0.3 |
0.3 |
21.4 |
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29.8 |
30.6 |
(0.8) |
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2.3 |
1.7 |
0.6 |
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SSEA, CIS & MEA |
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|||
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|
16.2 |
23.0 |
(29.3) |
|
6.4 |
5.0 |
28.0 |
|
6.1 |
4.8 |
28.4 |
|
0.2 |
0.2 |
20.6 |
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40.2 |
21.7 |
18.5 |
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2.0 |
0.9 |
1.1 |
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77.9 |
81.1 |
(3.9) |
|
22.5 |
23.3 |
(3.5) |
|
22.5 |
23.3 |
(3.5) |
|
— |
— |
— |
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28.9 |
28.8 |
0.1 |
|
— |
— |
— |
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|
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10.5 |
13.0 |
(19.4) |
|
5.7 |
7.8 |
(26.6) |
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5.6 |
7.7 |
(26.8) |
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0.1 |
0.1 |
(10.1) |
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54.5 |
59.9 |
(5.4) |
|
0.5 |
0.5 |
— |
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|
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55.2 |
56.4 |
(2.2) |
|
17.1 |
17.7 |
(3.5) |
|
12.9 |
13.7 |
(5.7) |
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4.2 |
4.0 |
3.9 |
|
31.2 |
31.7 |
(0.5) |
|
7.5 |
7.3 |
0.2 |
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37.5 |
30.2 |
24.3 |
|
18.9 |
14.9 |
27.6 |
|
18.9 |
14.9 |
27.6 |
|
— |
— |
— |
|
50.5 |
49.1 |
1.4 |
|
— |
— |
— |
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EA, AU & PMI DF |
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|||
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1.8 |
2.1 |
(14.8) |
|
0.7 |
0.7 |
(7.5) |
|
0.7 |
0.7 |
(7.5) |
|
— |
— |
— |
|
38.1 |
35.1 |
3.0 |
|
— |
— |
— |
|
|
|
38.2 |
38.6 |
(1.0) |
|
15.5 |
13.2 |
17.6 |
|
4.3 |
4.9 |
(11.7) |
|
11.2 |
8.3 |
35.0 |
|
39.5 |
37.9 |
1.6 |
|
26.5 |
24.1 |
2.4 |
|
|
|
18.8 |
19.4 |
(3.0) |
|
3.7 |
3.7 |
(1.1) |
|
2.4 |
2.6 |
(8.4) |
|
1.3 |
1.2 |
14.9 |
|
19.6 |
19.0 |
0.6 |
|
7.1 |
5.9 |
1.2 |
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6.6 |
7.6 |
(13.1) |
|
4.0 |
4.8 |
(15.8) |
|
4.0 |
4.8 |
(15.8) |
|
— |
— |
— |
|
61.2 |
63.2 |
(2.0) |
|
— |
— |
— |
|
|
|
7.7 |
8.1 |
(4.7) |
|
4.9 |
5.3 |
(7.8) |
|
4.8 |
5.2 |
(8.0) |
|
— |
— |
— |
|
62.9 |
65.1 |
(2.2) |
|
0.5 |
0.4 |
0.1 |
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|||||||||||||||||||||||||
(1) Market share estimates are calculated using IMS data, unless otherwise stated |
|||||||||||||||||||||||||
(2) Total market and market share estimates include cigarillos in |
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(3) PMI market share reflects estimated adjusted in-market sales volume share. Historical HTU adjusted in-market sales volume share: Q4, 2022 (4.7%); Q1, 2023 (5.4%); Q2, 2023 (5.4%). Historical total adjusted in-market sales volume share: Q4, 2022 (39.7%); Q1, 2023 (39.4%); Q2, 2023 (39.2%) |
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Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below 0.1% |
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Appendix 2 |
|||||||||||||||||||
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||||||||||||||||||||||||||||||||||||
Key Market Data |
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||||||||||||||||||
Nine Months Ended |
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Market |
Total Market, bio units |
PMI Shipments, bio units |
PMI Market Share, % (2) |
|||||||||||||||||||||||||||||||||
Total |
Cigarette |
HTU |
Total |
HTU |
||||||||||||||||||||||||||||||||
2023 |
2022 |
% |
2023 |
2022 |
% |
2023 |
2022 |
% |
2023 |
2022 |
% |
2023 |
2022 |
pp |
2023 |
2022 |
pp |
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||||||||||||||||||
Total (1) (2) |
1,929.9 |
1,961.1 |
(1.6) |
553.1 |
545.0 |
1.5 |
461.9 |
467.9 |
(1.3) |
91.3 |
77.1 |
18.3 |
28.3 |
27.6 |
0.7 |
4.6 |
4.0 |
0.6 |
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|
|||||||||||||||||||
|
22.7 |
24.8 |
(8.4) |
10.2 |
10.8 |
(5.3) |
10.0 |
10.6 |
(5.4) |
0.2 |
0.2 |
(1.2) |
42.3 |
43.7 |
(1.4) |
0.7 |
0.7 |
— |
||||||||||||||||||
|
53.0 |
54.2 |
(2.3) |
19.8 |
21.1 |
(6.0) |
17.7 |
19.0 |
(6.8) |
2.2 |
2.1 |
1.2 |
39.0 |
38.7 |
0.3 |
5.2 |
3.8 |
1.4 |
||||||||||||||||||
|
55.1 |
55.0 |
0.1 |
29.1 |
30.7 |
(5.1) |
20.8 |
22.2 |
(6.4) |
8.4 |
8.5 |
(1.7) |
53.7 |
54.0 |
(0.3) |
16.8 |
14.3 |
2.5 |
||||||||||||||||||
|
43.7 |
42.9 |
1.7 |
18.1 |
16.6 |
9.0 |
14.3 |
13.0 |
9.8 |
3.8 |
3.6 |
6.1 |
41.4 |
38.7 |
2.7 |
8.7 |
8.3 |
0.4 |
||||||||||||||||||
|
33.0 |
34.0 |
(2.9) |
9.9 |
10.6 |
(6.3) |
9.2 |
9.9 |
(7.7) |
0.8 |
0.7 |
13.6 |
29.4 |
30.3 |
(0.9) |
2.2 |
1.6 |
0.6 |
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SSEA, CIS & MEA |
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|
|||||||||||||||||||
|
54.8 |
69.0 |
(20.6) |
18.1 |
15.2 |
19.3 |
17.4 |
14.6 |
18.8 |
0.7 |
0.5 |
31.4 |
33.3 |
22.2 |
11.1 |
1.6 |
0.8 |
0.8 |
||||||||||||||||||
|
219.1 |
230.6 |
(5.0) |
63.1 |
65.6 |
(3.9) |
63.1 |
65.6 |
(3.9) |
— |
— |
— |
28.8 |
28.5 |
0.3 |
— |
— |
— |
||||||||||||||||||
|
32.2 |
40.4 |
(20.4) |
18.0 |
24.5 |
(26.4) |
17.8 |
24.3 |
(26.6) |
0.2 |
0.2 |
6.3 |
56.0 |
60.6 |
(4.6) |
0.5 |
0.4 |
0.1 |
||||||||||||||||||
|
152.0 |
156.7 |
(3.0) |
48.3 |
48.6 |
(0.7) |
36.5 |
37.3 |
(2.3) |
11.8 |
11.3 |
4.9 |
31.7 |
30.9 |
0.8 |
7.9 |
7.6 |
0.3 |
||||||||||||||||||
|
101.1 |
85.6 |
18.0 |
50.3 |
40.4 |
24.5 |
50.3 |
40.4 |
24.5 |
— |
— |
— |
49.8 |
47.2 |
2.6 |
— |
— |
— |
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EA, AU & PMI DF |
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|
5.6 |
6.6 |
(14.9) |
2.0 |
2.2 |
(10.2) |
2.0 |
2.2 |
(10.2) |
— |
— |
— |
35.4 |
33.6 |
1.8 |
— |
— |
— |
||||||||||||||||||
|
111.1 |
110.5 |
0.6 |
47.0 |
39.5 |
19.0 |
13.9 |
16.1 |
(13.6) |
33.0 |
23.3 |
41.6 |
39.5 |
37.5 |
2.0 |
26.4 |
23.4 |
3.0 |
||||||||||||||||||
|
54.3 |
55.0 |
(1.3) |
10.6 |
10.6 |
0.3 |
6.8 |
7.2 |
(5.8) |
3.8 |
3.4 |
13.4 |
19.5 |
19.2 |
0.3 |
7.0 |
6.1 |
0.9 |
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|
21.6 |
22.5 |
(3.9) |
13.4 |
14.4 |
(6.9) |
13.4 |
14.4 |
(6.9) |
— |
— |
— |
61.9 |
63.9 |
(2.0) |
— |
— |
— |
||||||||||||||||||
|
21.2 |
22.6 |
(6.0) |
13.2 |
14.5 |
(9.1) |
13.1 |
14.4 |
(9.2) |
0.1 |
0.1 |
10.6 |
62.2 |
64.3 |
(2.1) |
0.5 |
0.4 |
0.1 |
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||||||||||||||||||
(1) Market share estimates are calculated using IMS data, unless otherwise stated |
||||||||||||||||||||||||||||||||||||
(2) Total market and market share estimates include cigarillos in |
||||||||||||||||||||||||||||||||||||
(3) PMI market share reflects estimated adjusted in-market sales volume share |
||||||||||||||||||||||||||||||||||||
Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below 0.1% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231018364450/en/
Investor Relations:
Lausanne: +41 (0)58 242 4666
InvestorRelations@pmi.com
Media:
Lausanne: +41 (0)58 242 4500
David.Fraser@pmi.com
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