SEEK NET POSITIVE IMPACT IN WELLNESS AND HEALTHCARE
Leverage scientific and development capabilities to generate at least USD 1 billion in annual net revenues from products in wellness and healthcare.
Over the years, many researchers in the field of harm reduction have asked us why we are not using our knowledge in aerosolization and inhalable devices beyond the tobacco harm reduction space. This was the right question to ask, and building upon the research expertise and knowledge we’ve gained from developing and assessing smoke-free products, we are in a really good position to work on, for example, inhaled therapeutics.
2021 performance highlights
- Acquisitions of three innovative and forward-looking companies
- 99 percent of our adjusted R&D expenditure allocated to our smoke-free business and to innovation and pipeline development in the wellness and healthcare business
- Dedication of a further USD 200 million to minority investments in early- and growth-stage companies through PM Equity Partner (PMEP), our corporate venture capital arm
Our scientific and technological leadership has enabled us to reinvent our company in our pursuit of a smoke-free future. We will continue our journey, aiming to generate at least USD 1 billion in annual net revenues from products in wellness and healthcare by 2025, by leveraging and integrating recent acquisitions that give us the capacity to keep developing in areas that have net positive impact. These acquisitions further highlight that our long-term plan is equal parts solid strategy, strong financials, and best-in-class sustainability performance.
Through our venture capital arm, we also plan to invest in and closely follow up on early- and growth-stage companies focused on life science innovation, industrial technologies, product technologies, and consumer engagement technologies that can help us propel progress on our purpose.
Emmanuel Babeau, Chief Financial Officer
Our vision for the wellness and healthcare business is to develop best-in-class consumer health and inhaled prescription products that will improve people’s lives and address some of today’s significant unmet needs. With the acquisition of Vectura, Fertin, and OtiTopic, we have brought the technology platforms and talent on board that—combined with our scientific knowledge in preclinical safety, clinical, and regulatory—have laid the foundation for PMI to evolve into a broader wellness and healthcare company.
Vectura and OtiTopic will form the backbone of our ambition in the inhaled therapeutics and inhaled consumer health space, where we have developed an initial pipeline of products that aim to bring revenue as of 2024. Fertin, with its differentiated, modern oral formulations, will become the driving force behind our ambitions in the self-care wellness space. In addition, we have brought on board senior leaders and other talent from the pharmaceutical and consumer health industry who will help us turn our ambition into reality.
Jorge Insuasty, Vectura Fertin President and Chief Life Sciences Officer
This online content about our Integrated Report should be read in conjunction with PMI’s 2021 Integrated Report. The information and data presented here cover the 2021 calendar year or reflect status at December 31, 2021, worldwide, unless otherwise indicated. Where not specified, data come from PMI estimates. Please also refer to 'This report at a glance' on page 5 of the 2021 Integrated Reportfor more information. Aspirational targets and goals do not constitute financial projections, and achievement of future results is subject to risks, uncertainties and inaccurate assumptions, as outlined in our forward-looking and cautionary statements on page 252. In the 2021 Integrated Report and in related communications, the terms “materiality,” “material,” and similar terms, when used in the context of economic, environmental, and social topics, are defined in the referenced sustainability standards and are not meant to correspond to the concept of materiality under the U.S. securities laws and/or disclosures required by the U.S. Securities and Exchange Commission.