)

Philip Morris International (PM) investor relations material
Philip Morris International Barclays 18th Annual Global Consumer Staples Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic and Financial Outlook
Guidance reaffirmed for 13–15% EPS growth for the year, marking the strongest growth since 2011, excluding post-pandemic recovery.
2025 reported diluted EPS forecasted at $7.24–$7.37, with adjusted diluted EPS (excluding currency) at $7.43–$7.56, reflecting 13–15% growth over 2024.
Margin expansion and strong cash flow are expected, supported by smoke-free transformation and robust pricing, especially in combustibles.
Currency tailwinds are aiding financials, supporting deleveraging and potentially enabling share repurchases as leverage approaches 2x.
No immediate M&A needs identified; current product pipeline and capabilities are considered sufficient after the Swedish Match acquisition.
Smoke-free Product Performance and Market Dynamics
Smoke-free products, including IQOS and ZYN, are highly accretive to margins and revenue, with ZYN now present in 47 markets and expanding.
ZYN in the U.S. maintains a 65%+ price premium per pouch over competitors, despite intensified competition and recent inventory normalization.
Marketing and promotional efforts for ZYN are being increased to match competitive activity and drive retail growth.
Oral nicotine pouches are seen as a major growth opportunity, with the U.S. market at only 6–7% penetration and significant potential for expansion.
Multi-category strategy (heat-not-burn, e-vapor, oral) is emphasized to capture diverse consumer preferences and maximize synergies.
Regulatory and Geographic Developments
Favorable fiscal environment with no disruptive tax increases anticipated; EU Tobacco Excise Directive discussions ongoing, with recognition of smoke-free products and long derogation periods.
Taiwan and Malta have recently opened to heat-not-burn products, with more markets expected to follow, likely impacting results more in 2026.
IQOS growth continues despite European flavor bans, with consumer adjustment observed and 15 billion stick annual growth maintained.
U.S. IQOS launch awaits PMTA approval, now expected more likely in 2026.
Japan faces upcoming excise tax hikes in 2025, expected to result in price changes for both combustibles and heat-not-burn products.
Next Philip Morris International earnings date

Next Philip Morris International earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Makers of the most well-known cigarettes in the world—Marlboro
Philip Morris first saw the light of day when Mr. Philip Morris, in 1847, opened a shop on London’s Bond Street, selling tobacco and ready-made cigarettes.
Record-breaking profits
Philip Morris is the leader in manufacturing and selling cigarettes, tobacco, and nicotine-containing products. They are the makers of Marlboro, the world’s best-selling cigarette. Despite operating in an industry plagued by scandal, health concerns, regulations, and taxation, Philip Morris has continuously posted record-breaking profits and sales year after year.
Grown through acquisitions
As this industry is highly controversial, Philip Morris, early on, diversified their interests and expanded into international markets. By acquiring Miller Brewing in 1970, General Foods in 1985, and Kraft Inc. in 1988, Philip Morris became the world’s largest food corporation and beverage company in North America by revenue. Philip Morris is, on their behalf, owned by Altria.
Further reading: The Rise of ZYN: Redefining Nicotine Consumption
Bright future in non-original-smoking products
Today’s Philip Morris expects a bright future for heat-not-burn (HNB) tobacco products sold under its “I Quit Original Smoking” (IQOS) brand. In 2021, the number of adults who have stopped smoking and switched to IQOS reached 15.3 million across 71 markets.
"We are investing behind innovation and delivering sustainable growth from our leading smoke-free products, which are a much better choice than continued smoking." – James Bushnell, Vice President, Investor Relations & Financial Communications
Other companies within the business are British American Tabacco, Japan Tabacco Inc, and Imperial Brands.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage