Philip Morris International Inc.: Is The Focus on Smoke-Free Product Portfolio Paying Off? 

Philip Morris International has presented its 2024 first-quarter results, revealing significant strides in revenue and operating income facilitated by robust volume growth and effective operational execution. The company has demonstrated a marked improvement in its performance across various sectors, including both its traditional combustible products and newer, smoke-free alternatives. In a detailed analysis of the financial figures, Philip Morris International reported a 3.6% increase in shipment volume, which propelled an 11% rise in organic net revenue, or an 8.6% increase considering currency impacts. The growth in the smoke-free product segment was particularly strong, with a 25% increase in organic net revenues from this category, emphasizing the company’s successful shift towards less harmful alternatives like IQOS and ZYN. Additionally, the operating income grew by 22.2% organically, reflecting not only higher sales but also improved operational efficiencies.