A future without cigarettes is within reach—we are playing our part to get there as soon as possible.
Our progress
Led by science and innovation, PMI’s goal is to end the sale of cigarettes.
We are delivering smoke-free products that are a better choice for adults than continued smoking.
Our ambition is to become substantially smoke-free by 2030, with our smoke-free business generating over two-thirds of total net revenues.
Our progress toward a smoke-free future as of 2025 Q1
-
![C24002_Spotlight_icons_150x150_PMI_process-;age_icon_150x150_1]()
42 percent
of PMI’s total net revenues came from our smoke-free business.
-
![C24002_Spotlight_icons_150x150_PMI_process-page_icon_150x150_6]()
38.6 million
estimated total adult users of PMI’s smoke-free products¹.
-
![C24002_Spotlight_icons_150x150_PMI_process-;age_icon_150x150_4]()
95 markets
where our smoke-free products are available, providing better alternatives for legal-age adults.
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![C24002_Spotlight_icons_150x150_PMI_process-;age_icon_150x150_5]()
USD >14 billion
invested to develop, scientifically substantiate, and commercialize smoke-free products since 2008¹.
1 As of December 31, 2024. Important Note: This information should be read in conjunction with the Philip Morris International Inc. earnings release dated April 23, 2025, as well as the accompanying glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures, both of which are available on our Investor Relations pages. “PMI,” “We,” “Our,” & “Us” refers to the entire Philip Morris International family of companies.
Highlights of PMI's Q1 2025 results
Emmanuel Babeau, Chief Financial Officer for Philip Morris International, discusses the highlights of the Q1 2025 earnings reports.
Emmanuel Babeau shares his highlights from our Q1 Results
Emmanuel Babeau, Chief Financial Officer for Philip Morris International, speaks to camera:
Our first quarter results are out.
In Q1, we delivered a very strong start to the year
supported by three powerful growth drivers,
namely pricing power,
positive smoke-free category mix
and volume growth.
Overall, the strong and increasingly profitable underlying growth
of our smoke-free business was coupled with
very solid combustible results.
Turning to the numbers, we delivered double digit
organic net revenue growth of plus 10.2%,
reaching $9.3 billion in total.
Our smoke free business performed exceptionally well
across all areas, with excellent organic revenue
and gross profit growth from all three smoke-free categories.
With a presence in 95 markets,
our smoke-free products now account for
42% of our total net revenue,
and 44% of our total gross profit,
as we continue to deploy our multi-category strategy
across markets and broaden our growth opportunities.
IQOS continues to strengthen its overall position
as the second largest nicotine brand in markets where present,
driving the growth of the heat-not-burn category.
This is supported by commercial initiatives around brand building
and continuous innovation on device and consumable,
as we progressively roll out Iluma i
a new consumable variants of Terea, Levia and Delia.
ZYN, once again, delivered strong growth in the U.S.
with shipments increasing by an impressive plus 53%
to reach 200 million cans, exceeding our initial expectation.
as demand remained strong
and production capacity increased ahead of schedule,
supported by the outstanding effort of our team on the ground.
In e-vapor, VEEV Q1 performance was impressive,
with shipments more than doubling year on year,
demonstrating its increasing contribution
within our multi-category offering.
Within combustible,
overall volume growth, coupled with strong pricing
and ongoing cost initiatives drove a robust performance.
In summary, following an excellent start to the year,
we are on track for another year
of strong performance in 2025.
While no company is immune to macroeconomic volatility,
we believe we are well-positioned to navigate external dynamics
and we look to the year ahead with continued excitement and enthusiasm.
Celebrating 10 years of smoke-free progress
Our “PMI: A Story of Innovation” video series takes a fascinating deep dive into the early days of our transformation, the successes we’ve achieved, and the problems we’ve overcome since launching our leading heated tobacco product a decade ago.
PMI: A story of innovation
André Calantzopoulos, Chairman of the Board, Philip Morris International (PMI), sitting in an office, speaking to camera:
It was a very interesting journey, a very exciting journey with frustrations
from time to time, with setbacks. But I think we did the right thing.
Music rises and graphics appear showing early designs and the evolution of PMI's heated tobacco products from 1990 to 2023.
Text shows title of video: PMI - A Story of Innovation - #05: Never Stop
Moira Gilchrist, Chief Communications Officer, PMI, sat in an office, speaking to camera:
Being there from the very, very beginning,
since it was just an idea that was sketched out on a flip chart to where we are now.
And that's, a sense of enormous pride at what we've done.
Shea Lih Goh, President, PMI Japan, speaks to camera:
Every function within the company has undergone some sort of transformation.
Lisa Hook, Member of the Board of Directors, PMI, speaks to camera:
It is extraordinary to get to be on this ride.
Video cuts to the PMI office building in Lausanne, Switzerland
André Calantzopoulos speaks:
I have never regretted for a second that we went into this product.
What I regret is we didn't have the knowledge and the understanding,
I can blame myself for that, to avoid certain of the difficulties and the problems we had in the initial years.
Jacek Olczak, CEO of PMI, sat in an office speaking to camera:
Knowledge of anything today and you go back in time, you could do things differently.
But the knowledge today is the result of
experiences you build over the last period.
Graphic shows human brain which changes to stacked cubes with text: Knowledge is the result of experiences you build.
Lisa Hook speaks:
There has never been a moment where the board or the management team
has hesitated to keep pushing forward.
Urs Bringold, VP Content & Owned Media, PMI, speaks:
There was once sort of a visual just to illustrate what one day we would have.
The illustration was: you saw a tobacconist shop and you had a side
that was like ‘cigarettes’ and on the other hand, you had ‘IQOS’ and all that.
And I swear it, a lot of people internally before it launched were like,
'It will never happen' and all that. And now it is, you know.
Graphic shows tobacconist shop and text to the left 'Cigarettes' and to the right 'Smoke-free products'.
Stefano Volpetti, President Smoke-free Inhalable Products & Chief Commercial Officer, PMI, speaks:
The only gift here would be the gift of all the learnings that we had in the last ten years,
have it as of day one. Because that would have accelerated this journey.
André Calantzopoulos speaks:
As executive of a company, you always say, 'If I knew when I started what I know when I finished,
that would be a very different company.'
Video cuts to the PMI office building in Lausanne.
Moira Gilchrist speaks:
So, where do we go from here?
I think now it's about continuing to build on the science.
It's about continuing to listen adults who smoke.
Serge Maeder, Global Head of RRP System Innovation, PMI, sat in open-plan office, speaking to camera:
We have just opened a small door, but I think we have a lot of options to make this product better.
But yes, you're talking to the wrong guy,
you’re to talking to the guy whose job is to improve the product going forward.
Mimi Kurniawan, Chief Diversity Officer, PMI, speaks:
What is the next product, what next innovation? What else?
Graphic shows early designs and the evolution of PMI's heated tobacco products from 1990 to 2023.
Text reads: What is the next product/innovation?
Karlygash Bismeldinova, AGC, Commercial Development Law, PMI, speaks to camera:
Never stop. And this is what I really like about PMI. We're always in the process of progress.
Emmanuel Babeau, CFO of PMI, speaking to camera:
Ten years ago, the level of skepticism, cynicism sometimes, on our ambition to unsmoke the world
and become a smoke-free company was very high.
Ten years after, I believe that nobody today can seriously challenge how genuine we are in delivering this ambition.
Graphic shows a cigarette broken in half and text: 10 years ago/after cynicism of our ambition
Graphic changes to a parcel box and text reads: Nobody today can challenge how genuine we are.
Serge Maeder speaks:
We have a chance, in the next 10 years to go full smoke-free products in PMI.
Stefano Volpetti speaks:
If you take Tokyo, more than 50% of the volume is in smoke-free products.
The direction is set.
Shea Lih Goh speaks:
I think today, as we said, we have many things to be proud of in Japan.
But we are not resting on our laurels. Obviously, we want to do more.
So, I'm very, very sure in the next 10 years, there will be a lot of significant achievements.
Jean-Claude Schneider, Global Head, New Business Opportunities, PMI, sat in open plan office, speaks to the camera:
Innovation is coming. I don't know what we're going to have maybe in three, four, five years.
But I know something is going to be available, that we're going to have a constant evolution.
Moira Gilchrist speaks:
We've made incredible progress, but there's a world still of a billion smokers.
So, we're kind of one smoker at a time.
Stefano Volpetti speaks:
We are sitting on something that can change the trajectory of public health.
Graphic appears showing a speedometer and text reads: Get there faster, help from stakeholders, health regulators
Stefano Volpetti voice over graphic:
We're going to get there faster if society, antis, stakeholders, health regulators help us to go in that direction,
but not because they need to help PMI,
but because we have a responsibility to consumers out there to provide them with better alternatives.
Video cuts to the PMI office building in Lausanne
Bin Li, Chief Product Officer, speaks:
Ten, 15 years ago, we said that, 'We may be able to do it, to replace cigarettes.
To give smokers a better alternative.'
Graphic appears showing a cigarette and an IQOS device.
Text reads: We may be able to replace cigarettes. Better alternative
Scott Coutts, Senior Vice President, Operations:
When we say we want to do something, we can change the industry as we're doing today.
Lisa Hook speaks:
I think it’s the most extraordinary achievement I've ever seen any corporation accomplish.
Mimi Kurniawan speaks:
This is showing that we are achieving the bold vision and the bold milestone that we set for ourselves.
Shea Lih Goh speaks:
I'm just proud to be part of this journey and this beautiful history.
Jacek Olczak speaks:
I have no regrets. There were a lot of hard days. But I have no regrets.
André Calantzopoulos speaks:
All these things have taken lot of time. But are important milestones in your filmography.
It's many happy endings, but still it's many episodes to come.
Jacek Olczak speaks:
This is a great movie. You don't want this movie to finish, I want to see more of this, more of this.
Video cuts to Moira Gilchrist sitting in a chair, filmed by a camera, writing on a notepad.
André Calantzopoulos sitting in a chair, being filmed by a camera crew member, asks:
Female voice behind camera:
Everyone happy? Yeah. Go.
André Calantzopoulos sitting in a chair, being filmed by camera crew members, asks:
What was your question?
Female voice behind camera:
Your proudest moment?
Bin Li sitting in a chair, being filmed by camera crew members, speaks:
Two words come to my mind.
Video shows Jean-Claude Schneider's notepad
Female voice behind camera speaks:
Lowest moment?
Jacek Olczak speaks:
Oh, lowest?
Female voice behind camera speaks:
Yeah.
Jacek Olczak speaks:
You know me very well, I am a born optimist, okay.
Mimi Kurniawan speaks:
Sorry. I changed.
Video shows Karlygash Bismeldinova's notepad.
Karlygash Bismeldinova speaks:
Future is always difficult.
André Calantzopoulos speaks:
What was the toughest moment?
Video shows Lisa Hook's notepad.
Lisa Hook speaks:
Can you give me some ideas?
Jean-Claude Schneider speaks:
That was simple.
Video shows Scott Coutts's notepad.
Scott Coutts speaks:
Our hope for the future.
Shea Lih Goh speaks:
Full name?
Video shows Stefano Volpetti's notepad. Male voice behind camera speaks:
That's wonderful handwriting.
Stefano Volpetti speaks:
Wonderful or terrible?
Urs Bringold speaks:
Oh, no. I have to take a new...
Bin Li speaks:
Do I sign?
Jacek Olczak speaks:
You ready?
Video shows graphics of everyone's notes from their notepads alongside a short video of them writing in their notepads in the following order:
Jacek Olczak, Mimi Kurniawan, Moira Gilchrist, André Calantzopoulos, Jean-Claude Schneider, Shea Lih Goh, Bin Li, Serge Maeder.
Graphic appears: PMI A story of innovation
Jacek Olczak speaks:
I think we did the right thing.
Philip Morris International logo appears with text underneath reading: The End!
We’re accelerating toward our smoke-free ambitions
*Smoke-free business net revenues as of Q3 2014. **Smoke-free business net revenues as of Q4 2024. Important note: This information should be read in conjunction with the Philip Morris International Inc. earnings release dated February 6, 2025, as well as the accompanying glossary of key terms, definitions, explanatory notes, select financial information and reconciliations of non-GAAP financial measures, both of which are available on our Investor Relations pages. “PMI,” “We,” “Our,” & “Us” refers to the entire Philip Morris International family of companies.
We're making progress across our business
We're making progress across our business
Philip Morris International celebrates a decade of progress with 2024 Integrated Report
The release showcases our smoke-free journey, business transformation, and key sustainability achievements—giving CEO Jacek Olczak “profound optimism” for the future.
Read more
