Philip Morris International Inc


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Philip Morris International delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings. The company reported a robust and better-than-expected performance in Q3, with significant contributions from IQOS and ZYN. Philip Morris continued its positive trend in total volumes, achieving over 2% growth in Q3, positioning them to realize their third consecutive year of growth. Notably, ZYN showcased exceptional growth, with US volumes surging by 66% in Q3 and over 50% year-to-date, along with a substantial increase in market share. IQOS also had a strong quarter, with HTU shipment growth of 18%, in line with year-to-date trends. HTU volumes proved to be economically favorable compared to cigarettes, contributing to a 16.5% organic net revenue growth from smoke-free products, driving high single-digit organic top-line growth and double-digit organic operating income growth. Smoke-free products accounted for more than 36% of total net revenue in the quarter, marking progress towards the company’s goal of being substantially smoke-free by 2030. The company further introduced a tobacco-free stick designed for utilization with its “heat-not-burn” gadget IQOS. This innovation has the potential to assist the firm in circumventing tax and regulatory measures that impact its tobacco products in some areas.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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