Philip Morris International rings the NYSE closing bell to mark 15 years as a publicly owned company10 Mar 2023 · 2 min read
PMI leaders rang the closing bell at the New York Stock Exchange (NYSE) to celebrate our 15th anniversary as a publicly owned company.
Chief Executive Officer, Jacek Olczak, and our Board of Directors carried out the tradition on Thursday, March 9, heralding the end of the day’s trading session. Since 1995, the NYSE has invited special guests to ring the closing bell at 4pm local time.
For PMI, the date of the event marked an important milestone, enabling us to reflect on the transformation we’ve undergone as a company—and the distance we’ve travelled on our smoke-free journey.
Laying the foundations
It all started in 2008 when Louis Camilleri, then Chief Executive Officer of the old Philip Morris conglomerate, made the bold decision to spin-out PMI as a separately listed public company—allowing us to forge our own path and lay the foundations of our smoke-free aspirations.
Recognizing that better alternatives to cigarettes represented the future of the tobacco industry, Louis and his successor André Calantzopoulos championed the development of smoke-free products from the outset.
This culminated in 2016 with André, then CEO, announcing PMI’s ambition to deliver a smoke-free future by replacing cigarettes with scientifically substantiated alternative products that, while not risk-free, are a far better choice for adults who would otherwise continue to smoke.
Our transformation as a business had begun.
Since then, we have accelerated year-on-year toward achieving this public health goal.
So much so, in 2021 our current CEO Jacek announced our new ambition for smoke-free products to account for more than 50 percent of our total net revenues by 2025.
André Calantzopoulos, Executive Chairman of the Board and Jacek Olczak, CEO, Philip Morris International
From a pipedream to a reality
We are getting closer to that landmark. As of December 31, 2022, these innovations accounted for almost one-third of our total net revenues.
At the end of 2022 there were 24.9 million total users of our heated tobacco products, of which approximately 17.8 million had switched to our heated tobacco products and stopped smoking.
We are continuing to grow our smoke-free portfolio—which includes heated tobacco, e-vapor, and oral smokeless products—to cater to the diverse taste, usage, technology, and price preferences of all adults who would otherwise continue to smoke.
Last year, we acquired Swedish Match and its leading oral nicotine portfolio, bringing our vision of a smoke-free future into sharper focus.
Furthermore, we are exploring growth opportunities beyond products that provide nicotine. Bolstered by the acquisitions of Fertin Pharma, OtiTopic, and Vectura in 2021, PMI aims to generate at least USD 1 billion in annual net revenues from products in the wellness and healthcare space by 2025.
This shows the extraordinary progress we’ve made since 2008.
Back then, delivering a world in which cigarettes no longer exist was more of a pipedream. Today, thanks to the unprecedented advances we’ve made over the past 15 years, it’s fast becoming a reality within society’s grasp.