8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 28, 2023

Philip Morris International Inc.

(Exact name of registrant as specified in its charter)

Virginia	1-33708	13-3435103
(State or other jurisdiction<br><br>of incorporation)	(Commission File Number)	(I.R.S. Employer<br><br>Identification No.)
677 Washington Blvd, Ste. 1100	Stamford	Connecticut	06901
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(Address of principal executive offices)			(Zip Code)

Registrant's telephone number, including area code: (203) 905-2410

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	PM	New York Stock Exchange
2.125% Notes due 2023	PM23B	New York Stock Exchange
3.600% Notes due 2023	PM23A	New York Stock Exchange		2.875% Notes due 2024	PM24	New York Stock Exchange
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2.875% Notes due 2024	PM24C	New York Stock Exchange
0.625% Notes due 2024	PM24B	New York Stock Exchange
3.250% Notes due 2024	PM24A	New York Stock Exchange
2.750% Notes due 2025	PM25	New York Stock Exchange
3.375% Notes due 2025	PM25A	New York Stock Exchange
2.750% Notes due 2026	PM26A	New York Stock Exchange
2.875% Notes due 2026	PM26	New York Stock Exchange
0.125% Notes due 2026	PM26B	New York Stock Exchange
3.125% Notes due 2027	PM27	New York Stock Exchange
3.125% Notes due 2028	PM28	New York Stock Exchange
2.875% Notes due 2029	PM29	New York Stock Exchange
3.375% Notes due 2029	PM29A	New York Stock Exchange
0.800% Notes due 2031	PM31	New York Stock Exchange
3.125% Notes due 2033	PM33	New York Stock Exchange
2.000% Notes due 2036	PM36	New York Stock Exchange
1.875% Notes due 2037	PM37A	New York Stock Exchange
6.375% Notes due 2038	PM38	New York Stock Exchange
1.450% Notes due 2039	PM39	New York Stock Exchange
4.375% Notes due 2041	PM41	New York Stock Exchange
4.500% Notes due 2042	PM42	New York Stock Exchange
3.875% Notes due 2042	PM42A	New York Stock Exchange
4.125% Notes due 2043	PM43	New York Stock Exchange
4.875% Notes due 2043	PM43A	New York Stock Exchange
4.250% Notes due 2044	PM44	New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company	☐
---	---		If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.	☐
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Item 7.01.	Regulation FD Disclosure.
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(i) Recast Geographic Segment Shipment Volume and Financial Information

As previously reported in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Form 10-K”), filed with the U.S. Securities and Exchange Commission on February 10, 2023 by Philip Morris International Inc. (the “Company” or "PMI"), in January 2023, the Company began managing its business in four geographical segments, down from six previously, in addition to its continuing Swedish Match AB ("Swedish Match") and Wellness and Healthcare segments. The four geographical segments are as follows:

| • | The Europe Region; | | --- | --- || • | The South & Southeast Asia, Commonwealth of Independent States and Middle East & Africa Region (“SSEA, CIS & MEA"); | | --- | --- || • | The East Asia, Australia & PMI Duty Free Region (“EA, AU & PMI DF”); and | | --- | --- || • | The Americas Region. | | --- | --- |

On March 28, 2023, the Company posted on its website certain recast historical shipment volume and financial information that reflects the change in reportable geographical segments described above.

The unaudited recast historical information is being furnished solely to aid investors by providing supplemental information, has no impact on the Company's previously reported consolidated financial position or results of operations, and does not represent a restatement of the Company's previously issued consolidated financial statements that were included in the 2022 Form 10-K. The Company's 2022 and 2021 quarterly and annual recast shipment volume and financial information, previously presented in earnings releases for the same periods, as well as other financial information, is furnished herewith as Exhibit 99.1 and is incorporated in this Item 7.01 by reference. The Company's 2021 and 2020 recast shipment volume and financial information, previously presented in earnings releases for the same periods, as well as other financial information, is furnished herewith as Exhibit 99.2 and is incorporated in this Item 7.01 by reference. As presented in Exhibits 99.1 and 99.2 to this Form 8-K, shipment volumes and financial information for PMI on a consolidated basis, the Wellness & Healthcare segment, and, where applicable, the Swedish Match segment, do not differ from previously disclosed results.

Key terms, definitions and explanatory notes, as well as reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are set forth on Exhibits 99.1 and 99.2.

(ii) Pro Forma Financial Information

Also on March 28, 2023, the Company posted on its website certain unaudited pro forma financial information reflecting the combined fiscal year 2022 results for PMI and Swedish Match, which the Company acquired in November 2022. This information is intended to assist investors in assessing the Company’s historical performance on a combined basis that reflects the Swedish Match acquisition and is furnished herewith as Exhibit 99.3 and is incorporated in this Item 7.01 by reference.

The unaudited pro forma combined financial information was prepared using the acquisition method of accounting as required by ASC 805 Business Combinations and was based on the historical financial information of PMI and Swedish Match as disclosed in Item 8. Note 3. Acquisitions to the Company's 2022 Form 10-K. The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations would have been had the acquisition been completed on January 1, 2021. In addition, the unaudited pro forma financial information is not a projection of future results of operations of the combined company.

The information in this Current Report on Form 8-K, including Exhibits 99.1, 99.2, and 99.3, should be read in conjunction with the Company's 2022 Form 10-K.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2, and 99.3 hereto, is incorporated by reference herein and is being

“furnished” to the Securities and Exchange Commission and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 7.01 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.

| Item 9.01. | Financial Statements and Exhibits. | | --- | --- || (d) | Exhibits. | | --- | --- || 99.1 | Recast Shipment Volume andUnauditedex991recastschedules_2022v.htmFinancial Information - 2022 vs. 2021 | | --- | --- | | 99.2 | Recast Shipment Volume and Unaudited Financial Information - 2021 vs. 2020 | | 99.3 | Fiscal Year 2022 Unaudited Pro Forma Combined Financial Information - PMI and Swedish Match Combined | | 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document and contained in Exhibit 101) |

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PHILIP MORRIS INTERNATIONAL INC.
By:	/s/ EMMANUEL BABEAU
Name:	Emmanuel Babeau
Title:	Chief Financial Officer

Date: March 28, 2023

Document

Exhibit 99.1

Recast Shipment Volume and Unaudited Financial Information

2022 vs. 2021

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Key Terms, Definitions and Explanatory Notes

General<br><br>• “PMI” refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized.<br><br><br><br>• The recast 2022 and 2021 shipment volumes and financial information in this document reflect PMI’s new geographic segmentation, announced on November 25, 2022, effective in January 2023. PMI’s shipment volumes and financials for total PMI, as well as Wellness & Healthcare and Swedish Match segments presented in this document do not differ from previously disclosed results.<br><br><br><br>• Comparisons are made to the same prior-year period unless otherwise stated.<br><br><br><br>• "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.<br><br><br><br>• "Total shipment volume" is defined as the combined total of cigarette shipment volume and heated tobacco unit shipment volume.<br><br><br><br>• In the third quarter of 2021, PMI acquired Fertin Pharma A/S, Vectura Group plc. and OtiTopic, Inc. On March 31, 2022, PMI launched a new Wellness and Healthcare business consolidating these entities, Vectura Fertin Pharma. The operating results of this new business are reported in the Wellness and Healthcare segment. The business operations of PMI's Wellness and Healthcare segment are managed and evaluated separately from the geographical segments.<br><br><br><br>• In the fourth quarter of 2022, Philip Morris Holland Holdings B.V., a wholly owned subsidiary of PMI, acquired a controlling interest in Swedish Match. The operating results of Swedish Match are disclosed as a separate segment. The business operations of the Swedish Match segment are managed and evaluated separately from the geographical segments.<br><br><br><br>Financial<br><br>• Adjusted net revenues exclude the impact related to the Saudi Arabia customs assessments.<br><br><br><br>• "Adjusted Operating Income Margin" is calculated as adjusted operating income divided by adjusted net revenues.<br><br><br><br>• Management reviews net revenues, operating income, operating income margin, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, asset impairment and exit costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI included adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results.	• Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.<br><br><br><br>• Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the relevant schedules provided with this report.<br><br><br><br>Smoke-Free Products<br><br>• Smoke-free products ("SFPs") is the term PMI primarily uses to refer to all of its products that are not combustible tobacco products, such as heat-not-burn, e-vapor, and oral nicotine. In addition, SFPs include wellness and healthcare products, as well as consumer accessories such as lighters and matches.<br><br><br><br>• Reduced-risk products (“RRPs”) is the term PMI uses to refer to products that present, are likely to present, or have the potential to present less risk of harm to smokers who switch to these products versus continuing smoking. PMI has a range of RRPs in various stages of development, scientific assessment and commercialization. PMI's RRPs are smoke-free products that contain and/or generate far lower quantities of harmful and potentially harmful constituents than found in cigarette smoke.<br><br><br><br>• Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems that are included in the operating results of PMI's new Wellness and Healthcare business, Vectura Fertin Pharma.<br><br><br><br>• Following the Swedish Match acquisition and a review of PMI and Swedish Match’s combined product portfolio, PMI reclassified certain of its own products previously reported under its combustible tobacco product category to the newly created smoke-free product category to better reflect the characteristics of these products. Prior years' amounts have been reclassified to conform with the updated presentation for all periods presented.<br><br><br><br>• "Heated tobacco units," or "HTUs," is the term PMI uses to refer to heated tobacco consumables, which include the company's BLENDS, HEETS, HEETS Creations, HEETS Dimensions, HEETS Marlboro and HEETS FROM MARLBORO (defined collectively as HEETS), Marlboro Dimensions, Marlboro HeatSticks, Parliament HeatSticks, SENTIA and TEREA, as well as the KT&G-licensed brands, Fiit and Miix (outside of South Korea).<br><br><br><br>• "SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa.<br><br><br><br>• "EA, AU & PMI DF" stands for East Asia, Australia and PMI Duty Free.
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
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New Geographic Segmentation (effective January 2023)
Europe		South & Southeast Asia, Commonwealth of Independent States & Middle East & Africa<br>(SSEA, CIS & MEA)		East Asia, Australia & PMI Duty Free<br>(EA, AU & PMI DF)	Americas
Albania	Serbia	Afghanistan	Kuwait	Australia	Argentina
Andorra	Slovak Republic	Algeria	Laos	Duty Free	Bolivia
Austria	Slovenia	Angola	Lebanon	Hong Kong	Brazil
Belgium	Spain	Bahrain	Lesotho	Japan	Canada
Bosnia & Herzegovina	Sweden	Bangladesh	Liberia	Macau	Caribbean(5)
Bulgaria	Switzerland	Bhutan	Libya	Malaysia	Chile
Canary Islands	Ukraine	Botswana	Maldives	New Zealand	Colombia
Croatia	United Kingdom	Burkina Faso	Mali	Pacific Islands(4)	Costa Rica
Czech Republic		Cambodia	Mauritania	People's Republic of China	Dominican Republic
Denmark		Cameroon	Morocco	Singapore	Ecuador
Estonia		Cape Verde	Namibia	South Korea	El Salvador
Finland		Caucasus(1)	Nigeria	Taiwan	Guatemala
France		Central Asia(2)	Oman		Honduras
Germany		Djibouti	Pakistan		Mexico
Greece		East Timor	Philippines		Nicaragua
Hungary		Egypt	Qatar		Panama
Italy		Equatorial Guinea	Russia		Paraguay
Kosovo		Gabon	Saudi Arabia		Peru
Latvia		Gambia	Senegal		Trinidad & Tobago
Lithuania		Guinea	Somalia		United States of America
Luxembourg		India	South Africa		Uruguay
Moldova		Indian Ocean Islands(3)	Tanzania		Venezuela
Montenegro		Indonesia	Thailand
Netherlands		Iraq	Togo
North Macedonia		Israel	Tunisia
Norway		Ivory Coast	Turkey
Poland		Jordan	United Arab Emirates
Portugal		Kazakhstan	Vietnam
Romania		Kingdom of Eswatini

(1) Caucasus includes Armenia, Azerbaijan and Georgia

(2) Central Asia includes Kyrgyzstan, Mongolia, Tajikistan and Uzbekistan

(3) Indian Ocean Islands includes Mauritius, Mayotte and Reunion

(4) Pacific Islands includes Christmas Islands, French Polynesia, Kiribati, Marshall Island, Micronesia, Nauru, New Caldedonia, Palau, State of Micronesia, Tonga and Vanuatu

(5) Caribbean includes Aruba, Bermuda, Bonaire, Curacao, French Guyana, Grenada, Guadeloupe, Martinique, St. Maarten (Dutch), St. Martin (French) and other Caribbean markets

Note: The list of markets by region is not exhaustive

																		Schedule 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Shipment Volume by Product Category
(million units) / (unaudited)
	Quarters<br>Ended March 31				Quarters<br>Ended June 30				Quarters<br>Ended September 30				Quarters<br>Ended December 31				Full Year<br>Ended December 31
	2022	2021	%<br>Change		2022	2021	%<br>Change		2022	2021	%<br>Change		2022	2021	%<br>Change		2022	2021	%<br>Change
Cigarettes
Europe	40,849	41,077	(0.6)	%	45,166	46,674	(3.2)	%	45,304	47,818	(5.3)	%	39,339	42,492	(7.4)	%	170,658	178,061	(4.2)	%
SSEA, CIS & MEA	78,246	77,089	1.5	%	82,365	81,881	0.6	%	86,495	87,514	(1.2)	%	83,920	84,355	(0.5)	%	331,026	330,839	0.1	%
EA, AU & PMI DF	14,348	12,461	15.1	%	14,067	12,370	13.7	%	13,501	13,517	(0.1)	%	12,335	13,040	(5.4)	%	54,251	51,388	5.6	%
Americas	14,795	14,885	(0.6)	%	16,080	15,213	5.7	%	16,666	15,994	4.2	%	18,432	18,495	(0.3)	%	65,973	64,587	2.1	%
Total PMI	148,238	145,512	1.9	%	157,678	156,138	1.0	%	161,966	164,843	(1.7)	%	154,026	158,382	(2.8)	%	621,908	624,875	(0.5)	%
Heated Tobacco Units
Europe	10,269	7,842	30.9	%	10,542	8,514	23.8	%	11,685	8,655	35.0	%	12,921	9,412	37.3	%	45,417	34,423	31.9	%
SSEA, CIS & MEA	5,013	4,553	10.1	%	5,642	5,652	(0.2)	%	5,830	5,025	16.0	%	6,122	6,013	1.8	%	22,607	21,243	6.4	%
EA, AU & PMI DF	9,429	9,234	2.1	%	8,531	10,050	(15.1)	%	9,868	9,588	2.9	%	12,785	9,862	29.6	%	40,613	38,734	4.9	%
Americas	108	105	2.9	%	106	140	(24.3)	%	125	221	(43.4)	%	193	110	75.5	%	532	576	(7.6)	%
Total PMI	24,819	21,734	14.2	%	24,821	24,356	1.9	%	27,508	23,489	17.1	%	32,021	25,397	26.1	%	109,169	94,976	14.9	%
Cigarettes and Heated Tobacco Units
Europe	51,118	48,919	4.5	%	55,708	55,188	0.9	%	56,989	56,473	0.9	%	52,260	51,904	0.7	%	216,075	212,484	1.7	%
SSEA, CIS & MEA	83,259	81,642	2.0	%	88,007	87,533	0.5	%	92,325	92,539	(0.2)	%	90,042	90,368	(0.4)	%	353,633	352,082	0.4	%
EA, AU & PMI DF	23,777	21,695	9.6	%	22,598	22,420	0.8	%	23,369	23,105	1.1	%	25,120	22,902	9.7	%	94,864	90,122	5.3	%
Americas	14,903	14,990	(0.6)	%	16,186	15,353	5.4	%	16,791	16,215	3.6	%	18,625	18,605	0.1	%	66,505	65,163	2.1	%
Total PMI	173,057	167,246	3.5	%	182,499	180,494	1.1	%	189,474	188,332	0.6	%	186,047	183,779	1.2	%	731,077	719,851	1.6	%
								Schedule 2 (1/5)
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PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues	Net Revenues excluding<br>Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended<br>March 31	Net<br>Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions
2022				Combustible Tobacco	2021	% Change
1,937	$ 2,065	$ —	$ 2,065	Europe	$ 2,069	(6.4)	%	(0.2)	%	(0.2)	%
2,195	2,424	—	2,424	SSEA, CIS & MEA	2,247	(2.3)	%	7.9	%	7.9	%
769	814	—	814	EA, AU & PMI DF	713	7.8	%	14.2	%	14.2	%
402	415	—	415	Americas	401	0.4	%	3.5	%	3.5	%
5,304	$ 5,718	$ —	$ 5,718	Total Combustible Tobacco	$ 5,430	(2.3)	%	5.3	%	5.3	%
2022				Smoke-free excl. W&H	2021	% Change
1,287	$ 1,370	$ 4	$ 1,367	Europe	$ 1,053	22.2	%	30.2	%	29.8	%
250	275	—	275	SSEA, CIS & MEA	239	4.5	%	15.1	%	15.1	%
818	885	—	885	EA, AU & PMI DF	830	(1.4)	%	6.6	%	6.6	%
22	22	—	22	Americas	33	(34.7)	%	(33.5)	%	(33.5)	%
2,376	$ 2,552	$ 4	$ 2,548	Total Smoke-free excl. W&H	$ 2,155	10.3	%	18.4	%	18.3	%
2022				Wellness & Healthcare	2021	% Change
66	$ 66	$ 66	$ —	Wellness & Healthcare	$ —	—	%	—	%	—	%
2022				Smoke-free incl. W&H	2021	% Change
2,442	$ 2,618	$ 70	$ 2,548	Total Smoke-free incl. W&H	$ 2,155	13.4	%	21.5	%	18.3	%
2022				PMI	2021	% Change
3,224	$ 3,435	$ 4	$ 3,431	Europe	$ 3,122	3.3	%	10.0	%	9.9	%
2,445	2,699	—	2,699	SSEA, CIS & MEA	2,486	(1.6)	%	8.6	%	8.6	%
1,587	1,699	—	1,699	EA, AU & PMI DF	1,543	2.9	%	10.1	%	10.1	%
424	437	—	437	Americas	434	(2.3)	%	0.7	%	0.7	%
66	66	66	—	Wellness & Healthcare	—	—	%	—	%	—	%
7,746	$ 8,336	$ 70	$ 8,266	Total PMI	$ 7,585	2.1	%	9.9	%	9.0	%
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

								Schedule 2 (2/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues	Net Revenues excluding<br>Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended<br>June 30	NetRevenues	Total		Excluding Currency		Excluding Currency & Acquisitions
2022				Combustible Tobacco	2021	% Change
2,062	$ 2,273	$ (1)	$ 2,274	Europe	2,300	(10.3)	%	(1.1)	%	(1.1)	%
2,203	2,245	—	2,245	SSEA, CIS & MEA	1,904	15.7	%	17.9	%	17.9	%
754	807	—	807	EA, AU & PMI DF	688	9.6	%	17.3	%	17.3	%
444	440	—	440	Americas	398	11.7	%	10.7	%	10.7	%
5,463	$ 5,765	$ (1)	$ 5,766	Total Combustible Tobacco	5,290	3.3	%	9.0	%	9.0	%
2022				Smoke-free excl. W&H	2021	% Change
1,247	$ 1,379	$ 4	$ 1,375	Europe	1,058	17.8	%	30.3	%	29.9	%
311	306	—	306	SSEA, CIS & MEA	300	4.0	%	2.2	%	2.2	%
710	782	—	782	EA, AU & PMI DF	914	(22.3)	%	(14.4)	%	(14.4)	%
25	25	—	25	Americas	32	(23.3)	%	(23.1)	%	(23.1)	%
2,293	$ 2,492	$ 4	$ 2,488	Total Smoke-free excl. W&H	2,304	(0.5)	%	8.1	%	8.0	%
2022				Wellness & Healthcare	2021	% Change
76	$ 76	$ 76	$ —	Wellness & Healthcare	—	—	%	—	%	—	%
2022				Smoke-free incl. W&H	2021	% Change
2,369	$ 2,568	$ 80	$ 2,488	Total Smoke-free incl. W&H	2,304	2.8	%	11.4	%	8.0	%
2022				PMI	2021	% Change
3,309	$ 3,652	$ 3	$ 3,649	Europe	3,358	(1.5)	%	8.8	%	8.7	%
2,514	2,551	—	2,551	SSEA, CIS & MEA	2,204	14.1	%	15.7	%	15.7	%
1,464	1,589	—	1,589	EA, AU & PMI DF	1,602	(8.6)	%	(0.8)	%	(0.8)	%
469	465	—	465	Americas	430	9.1	%	8.1	%	8.1	%
76	76	76	—	Wellness & Healthcare	—	—	%	—	%	—	%
7,832	$ 8,333	$ 79	$ 8,254	Total PMI	7,594	3.1	%	9.7	%	8.7	%
(a) Includes a reduction in net revenues of 246 million related to the Saudi Arabia customs assessment
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

								Schedule 2 (3/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues	Net Revenues excluding<br>Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended<br>September 30	Net<br>Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions
2022				Combustible Tobacco	2021	% Change
1,996	$ 2,297	$ 1	$ 2,296	Europe	$ 2,333	(14.4)	%	(1.5)	%	(1.6)	%
2,454	2,494	—	2,494	SSEA, CIS & MEA	2,284	7.4	%	9.2	%	9.2	%
692	762	—	762	EA, AU & PMI DF	733	(5.6)	%	4.0	%	4.0	%
450	456	—	456	Americas	417	7.8	%	9.4	%	9.4	%
5,591	$ 6,010	$ 1	$ 6,009	Total Combustible Tobacco	$ 5,767	(3.0)	%	4.2	%	4.2	%
2022				Smoke-free excl. W&H	2021	% Change
1,276	$ 1,477	$ 2	$ 1,475	Europe	$ 1,100	15.9	%	34.3	%	34.1	%
368	328	—	328	SSEA, CIS & MEA	271	36.1	%	21.0	%	21.0	%
715	822	—	822	EA, AU & PMI DF	945	(24.3)	%	(13.0)	%	(13.0)	%
24	25	—	25	Americas	39	(37.5)	%	(36.4)	%	(36.4)	%
2,384	$ 2,651	$ 2	$ 2,649	Total Smoke-free excl. W&H	$ 2,355	1.2	%	12.6	%	12.5	%
2022				Wellness & Healthcare	2021	% Change
57	$ 58	$ 47	$ 11	Wellness & Healthcare	$ —	—	%	—	%	—	%
2022				Smoke-free incl. W&H	2021	% Change
2,441	$ 2,709	$ 49	$ 2,660	Total Smoke-free incl. W&H	$ 2,355	3.6	%	15.1	%	13.0	%
2022				PMI	2021	% Change
3,272	$ 3,774	$ 3	$ 3,771	Europe	$ 3,433	(4.7)	%	9.9	%	9.8	%
2,822	2,822	—	2,822	SSEA, CIS & MEA	2,555	10.5	%	10.5	%	10.5	%
1,407	1,584	—	1,584	EA, AU & PMI DF	1,678	(16.2)	%	(5.6)	%	(5.6)	%
474	481	—	481	Americas	456	3.9	%	5.5	%	5.5	%
57	58	47	11	Wellness & Healthcare	—	—	%	—	%	—	%
8,032	$ 8,719	$ 50	$ 8,669	Total PMI	$ 8,122	(1.1)	%	7.4	%	6.7	%
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

								Schedule 2 (4/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues	Net Revenues excluding<br>Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended<br>December 31	Net<br>Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions
2022				Combustible Tobacco	2021	% Change
1,698	$ 1,989	$ —	$ 1,989	Europe	$ 2,065	(17.8)	%	(3.7)	%	(3.7)	%
2,321	2,465	—	2,465	SSEA, CIS & MEA	2,298	1.0	%	7.3	%	7.3	%
617	691	—	691	EA, AU & PMI DF	727	(15.1)	%	(4.9)	%	(4.9)	%
508	506	—	506	Americas	490	3.6	%	3.3	%	3.3	%
70	70	70	—	Swedish Match	—	—	%	—	%	—	%
5,214	$ 5,722	$ 70	$ 5,652	Total Combustible Tobacco	$ 5,579	(6.6)	%	2.6	%	1.3	%
2022				Smoke-free excl. W&H	2021	% Change
1,366	$ 1,595	$ —	$ 1,595	Europe	$ 1,177	16.0	%	35.5	%	35.5	%
365	349	—	349	SSEA, CIS & MEA	315	15.7	%	10.6	%	10.6	%
861	1,008	—	1,008	EA, AU & PMI DF	898	(4.1)	%	12.2	%	12.2	%
28	29	—	29	Americas	33	(14.4)	%	(12.1)	%	(12.1)	%
246	246	246	—	Swedish Match	—	—	%	—	%	—	%
2,866	$ 3,226	$ 246	$ 2,980	Total Smoke-free excl. W&H	$ 2,424	18.3	%	33.1	%	23.0	%
2022				Wellness & Healthcare	2021	% Change
72	$ 82	$ —	$ 82	Wellness & Healthcare	$ 101	(28.7)	%	(18.8)	%	(18.8)	%
2022				Smoke-free incl. W&H	2021	% Change
2,938	$ 3,308	$ 246	$ 3,062	Total Smoke-free incl. W&H	$ 2,525	16.4	%	31.0	%	21.3	%
2022				PMI	2021	% Change
3,064	$ 3,584	$ —	$ 3,584	Europe	$ 3,242	(5.5)	%	10.5	%	10.5	%
2,686	2,814	—	2,814	SSEA, CIS & MEA	2,613	2.8	%	7.7	%	7.7	%
1,478	1,699	—	1,699	EA, AU & PMI DF	1,625	(9.0)	%	4.6	%	4.6	%
536	535	—	535	Americas	523	2.5	%	2.3	%	2.3	%
316	316	316	—	Swedish Match	—	—	%	—	%	—	%
72	82	—	82	Wellness & Healthcare	101	(28.7)	%	(18.8)	%	(18.8)	%
8,152	$ 9,030	$ 316	$ 8,714	Total PMI	$ 8,104	0.6	%	11.4	%	7.5	%
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

								Schedule 2 (5/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues	Net Revenues excluding<br>Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Full Year Ended<br>December 31	NetRevenues	Total		Excluding Currency		Excluding Currency & Acquisitions
2022				Combustible Tobacco	2021	% Change
7,694	$ 8,624	$ —	$ 8,624	Europe	8,767	(12.2)	%	(1.6)	%	(1.6)	%
9,173	9,629	—	9,629	SSEA, CIS & MEA	8,734	5.0	%	10.2	%	10.2	%
2,831	3,074	—	3,074	EA, AU & PMI DF	2,861	(1.0)	%	7.5	%	7.5	%
1,804	1,818	—	1,818	Americas	1,706	5.8	%	6.5	%	6.5	%
70	70	70	—	Swedish Match	—	—	%	—	%	—	%
21,572	$ 23,214	$ 70	$ 23,144	Total Combustible Tobacco	22,067	(2.2)	%	5.2	%	4.9	%
2022				Smoke-free excl. W&H	2021	% Change
5,175	$ 5,821	$ 10	$ 5,811	Europe	4,388	17.9	%	32.6	%	32.4	%
1,294	1,257	—	1,257	SSEA, CIS & MEA	1,124	15.1	%	11.8	%	11.8	%
3,105	3,497	—	3,497	EA, AU & PMI DF	3,587	(13.5)	%	(2.5)	%	(2.5)	%
99	100	—	100	Americas	137	(28.0)	%	(26.8)	%	(26.8)	%
246	246	246	—	Swedish Match	—	—	%	—	%	—	%
9,919	$ 10,922	$ 256	$ 10,666	Total Smoke-free excl. W&H	9,237	7.4	%	18.2	%	15.5	%
2022				Wellness & Healthcare	2021	% Change
271	$ 282	$ 189	$ 93	Wellness & Healthcare	101	+100%		+100%		(7.9)	%
2022				Smoke-free incl. W&H	2021	% Change
10,190	$ 11,204	$ 445	$ 10,759	Total Smoke-free incl. W&H	9,338	9.1	%	20.0	%	15.2	%
2022				PMI	2021	% Change
12,869	$ 14,445	$ 10	$ 14,435	Europe	13,155	(2.2)	%	9.8	%	9.7	%
10,467	10,886	—	10,886	SSEA, CIS & MEA	9,858	6.2	%	10.4	%	10.4	%
5,936	6,571	—	6,571	EA, AU & PMI DF	6,448	(7.9)	%	1.9	%	1.9	%
1,903	1,918	—	1,918	Americas	1,843	3.3	%	4.1	%	4.1	%
316	316	316	—	Swedish Match	—	—	%	—	%	—	%
271	282	189	93	Wellness & Healthcare	101	+100%		+100%		(7.9)	%
31,762	$ 34,418	$ 515	$ 33,903	Total PMI	31,405	1.1	%	9.6	%	8.0	%
(a) Includes a reduction in net revenues of 246 million related to the Saudi Arabia customs assessment
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

												Schedule 3
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues	Adjusted Net<br>Revenues	Currency	Adjusted Net<br>Revenues excluding Currency	Acqui-<br>sitions	Adjusted NetRevenues excluding Currency & Acqui-sitions		Net<br>Revenues	Special Items (a)	Adjusted Net<br>Revenues	Total		Excluding Currency		Excluding Currency<br>& Acqui-<br>sitions
2022							2021			% Change
3,309	$ 3,309	$ (343)	$ 3,652	$ 3	3,649	Europe	$ 3,358	$ —	$ 3,358	(1.5)	%	8.8	%	8.7	%
2,514	2,514	(37)	2,551	—	2,551	SSEA, CIS & MEA	2,204	(246)	2,450	2.6	%	4.1	%	4.1	%
1,464	1,464	(125)	1,589	—	1,589	EA, AU & PMI DF	1,602	—	1,602	(8.6)	%	(0.8)	%	(0.8)	%
469	469	4	465	—	465	Americas	430	—	430	9.1	%	8.1	%	8.1	%
—	—	—	—	—	—	Swedish Match	—	—	—	—	%	—	%	—	%
76	76	—	76	76	—	Wellness & Healthcare	—	—	—	—	%	—	%	—	%
7,832	$ 7,832	$ (501)	$ 8,333	$ 79	8,254	Total PMI	$ 7,594	$ (246)	$ 7,840	(0.1)	%	6.3	%	5.3	%
2022							2021			% Change
12,869	$ 12,869	$ (1,576)	$ 14,445	$ 10	14,435	Europe	$ 13,155	$ —	$ 13,155	(2.2)	%	9.8	%	9.7	%
10,467	10,467	(419)	10,886	—	10,886	SSEA, CIS & MEA	9,858	(246)	10,104	3.6	%	7.7	%	7.7	%
5,936	5,936	(635)	6,571	—	6,571	EA, AU & PMI DF	6,448	—	6,448	(7.9)	%	1.9	%	1.9	%
1,903	1,903	(15)	1,918	—	1,918	Americas	1,843	—	1,843	3.3	%	4.1	%	4.1	%
316	316	—	316	316	—	Swedish Match	—	—	—	—	%	—	%	—	%
271	271	(11)	282	189	93	Wellness & Healthcare	101	—	101	+100%		+100%		(7.9)	%
31,762	$ 31,762	$ (2,656)	$ 34,418	$ 515	33,903	Total PMI	$ 31,405	$ (246)	$ 31,651	0.4	%	8.7	%	7.1	%
(a) Represents the reduction in net revenues of 246 million related to the Saudi Arabia customs assessment impacting only second quarter and full-year

All values are in US Dollars.

								Schedule 4 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income	Operating Income excluding Currency	Acquisitions	Operating Income excluding Currency & Acquisitions		Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions
2022				Quarters Ended<br>March 31	2021	% Change
1,558	$ 1,706	$ (2)	$ 1,708	Europe	$ 1,573	(1.0)	%	8.5	%	8.6	%
965	1,158	—	1,158	SSEA, CIS & MEA	1,011	(4.5)	%	14.5	%	14.5	%
685	757	—	757	EA, AU & PMI DF	726	(5.6)	%	4.3	%	4.3	%
121	123	—	123	Americas	134	(9.7)	%	(8.2)	%	(8.2)	%
(31)	(31)	(24)	(7)	Wellness & Healthcare	—	—	%	—	%	—	%
3,298	$ 3,713	$ (26)	$ 3,739	Total PMI	$ 3,444	(4.2)	%	7.8	%	8.6	%
2022				Quarters Ended<br>June 30	2021	% Change
1,474	$ 1,732	$ —	$ 1,732	Europe	$ 1,713	(14.0)	%	1.1	%	1.1	%
958	912	—	912	SSEA, CIS & MEA	552	73.6	%	65.2	%	65.2	%
528	619	—	619	EA, AU & PMI DF	752	(29.8)	%	(17.7)	%	(17.7)	%
130	126	—	126	Americas	112	16.1	%	12.5	%	12.5	%
(34)	(34)	(24)	(10)	Wellness & Healthcare	—	—	%	—	%	—	%
3,056	$ 3,355	$ (24)	$ 3,379	Total PMI	$ 3,129	(2.3)	%	7.2	%	8.0	%
2022				Quarters Ended<br>September 30	2021	% Change
1,415	$ 1,766	$ —	$ 1,766	Europe	$ 1,770	(20.1)	%	(0.2)	%	(0.2)	%
1,086	1,017	—	1,017	SSEA, CIS & MEA	888	22.3	%	14.5	%	14.5	%
533	633	—	633	EA, AU & PMI DF	727	(26.7)	%	(12.9)	%	(12.9)	%
85	83	—	83	Americas	121	(29.8)	%	(31.4)	%	(31.4)	%
(151)	(153)	(24)	(129)	Wellness & Healthcare	(51)	-(100)%		-(100)%		-(100)%
2,968	$ 3,346	$ (24)	$ 3,370	Total PMI	$ 3,455	(14.1)	%	(3.2)	%	(2.5)	%

All values are in US Dollars.

								Schedule 4 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income	Operating Income excluding Currency	Acquisitions	Operating Income excluding Currency & Acquisitions		Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions
2022				Quarters Ended<br>December 31	2021	% Change
1,355	$ 1,627	$ —	$ 1,627	Europe	$ 1,353	0.1	%	20.3	%	20.3	%
855	876	—	876	SSEA, CIS & MEA	844	1.3	%	3.8	%	3.8	%
678	791	—	791	EA, AU & PMI DF	631	7.4	%	25.4	%	25.4	%
100	115	—	115	Americas	120	(16.7)	%	(4.2)	%	(4.2)	%
(22)	(22)	(22)	—	Swedish Match	—	—	%	—	%	—	%
(42)	(48)	—	(48)	Wellness & Healthcare	(1)	-(100)%		-(100)%		-(100)%
2,924	$ 3,339	$ (22)	$ 3,361	Total PMI	$ 2,947	(0.8)	%	13.3	%	14.0	%
2022				Full Year Ended<br>December 31	2021	% Change
5,802	$ 6,831	$ (2)	$ 6,833	Europe	$ 6,409	(9.5)	%	6.6	%	6.6	%
3,864	3,963	—	3,963	SSEA, CIS & MEA	3,295	17.3	%	20.3	%	20.3	%
2,424	2,800	—	2,800	EA, AU & PMI DF	2,836	(14.5)	%	(1.3)	%	(1.3)	%
436	447	—	447	Americas	487	(10.5)	%	(8.2)	%	(8.2)	%
(22)	(22)	(22)	—	Swedish Match	—	—	%	—	%	—	%
(258)	(266)	(72)	(194)	Wellness & Healthcare	(52)	-(100)%		-(100)%		-(100)%
12,246	$ 13,753	$ (96)	$ 13,849	Total PMI	$ 12,975	(5.6)	%	6.0	%	6.7	%

All values are in US Dollars.

												Schedule 5
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Net Revenues and Operating Income: Price, Volume/Mix and Cost/Other Variances
( in millions) / (Unaudited)
			Quarters<br>Ended June 30			Quarters<br>Ended September 30			Quarters<br>Ended December 31			Full Year<br>Ended December 31
	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other
Net Revenues
Europe	$ 320	$ —	$ (31)	$ 322	$ —	$ 8	$ 330	$ —	$ (88)	$ 430	$ —	$ (122)	$ 1,402	$ —
SSEA, CIS & MEA	130	11	120	(23)	250	190	61	16	200	25	(24)	582	193	253
EA, AU & PMI DF	128	—	29	(42)	—	(23)	(71)	—	(58)	132	—	(24)	147	—
Americas	(16)	—	24	8	3	30	(4)	(1)	29	(11)	(6)	102	(23)	(4)
Wellness & Healthcare	—	—	—	—	—	11	—	—	(21)	—	2	(10)	—	2
Total PMI	$ 562	$ 11	$ 142	$ 265	$ 253	$ 216	$ 316	$ 15	$ 62	$ 576	$ (28)	$ 528	$ 1,719	$ 251
Operating Income
Europe	$ 222	$ (76)	$ (31)	$ 199	$ (149)	$ 8	$ 212	$ (224)	$ (88)	$ 285	$ 77	$ (122)	$ 918	$ (372)
SSEA, CIS & MEA	69	6	120	(55)	295	190	(34)	(27)	200	(92)	(76)	582	(112)	198
EA, AU & PMI DF	(18)	21	29	(162)	—	(23)	(53)	(18)	(58)	63	155	(24)	(170)	158
Americas	(9)	(21)	24	1	(11)	30	3	(71)	29	(1)	(33)	102	(6)	(136)
Wellness & Healthcare	—	(7)	—	—	(10)	11	—	(89)	(21)	—	(26)	(10)	—	(132)
Total PMI	$ 264	$ (77)	$ 142	$ (17)	$ 125	$ 216	$ 128	$ (429)	$ 62	$ 255	$ 97	$ 528	$ 630	$ (284)

All values are in US Dollars.

												Schedule 6 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income	Adjusted Operating Income	Currency	Adjusted Operating Income excluding Currency	Acquisitions	Adjusted Operating Income excluding Currency & Acquisitions		Operating Income	Special Items (a)	Adjusted Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions
2022						Quarters Ended<br>March 31	2021			% Change
1,558	$ 1,610	$ (148)	$ 1,758	$ (2)	$ 1,760	Europe	$ 1,573	$ (19)	$ 1,592	1.1	%	10.4	%	10.5	%
965	971	(193)	1,164	—	1,164	SSEA, CIS & MEA	1,011	(12)	1,023	(5.1)	%	13.8	%	13.8	%
685	686	(72)	758	—	758	EA, AU & PMI DF	726	(32)	758	(9.5)	%	—	%	—	%
121	123	(2)	125	—	125	Americas	134	(3)	137	(10.2)	%	(8.8)	%	(8.8)	%
(31)	(12)	—	(12)	(5)	(7)	Wellness & Healthcare	—	—	—	—	%	—	%	—	%
3,298	$ 3,378	$ (415)	$ 3,793	$ (7)	$ 3,800	Total PMI	$ 3,444	$ (66)	$ 3,510	(3.8)	%	8.1	%	8.3	%
2022						Quarters Ended<br>June 30	2021			% Change
1,474	$ 1,587	$ (258)	$ 1,845	$ —	$ 1,845	Europe	$ 1,713	$ (45)	$ 1,758	(9.7)	%	4.9	%	4.9	%
958	979	46	933	—	933	SSEA, CIS & MEA	552	(274)	826	18.5	%	13.0	%	13.0	%
528	540	(91)	631	—	631	EA, AU & PMI DF	752	(18)	770	(29.9)	%	(18.1)	%	(18.1)	%
130	134	4	130	—	130	Americas	112	(7)	119	12.6	%	9.2	%	9.2	%
(34)	(16)	—	(16)	(6)	(10)	Wellness & Healthcare	—	—	—	—	%	—	%	—	%
3,056	$ 3,224	$ (299)	$ 3,523	$ (6)	$ 3,529	Total PMI	$ 3,129	$ (344)	$ 3,473	(7.2)	%	1.4	%	1.6	%
2022						Quarters Ended<br>September 30	2021			% Change
1,415	$ 1,530	$ (351)	$ 1,881	$ —	$ 1,881	Europe	$ 1,770	$ (22)	$ 1,792	(14.6)	%	5.0	%	5.0	%
1,086	1,153	69	1,084	—	1,084	SSEA, CIS & MEA	888	(14)	902	27.8	%	20.2	%	20.2	%
533	579	(100)	679	—	679	EA, AU & PMI DF	727	(22)	749	(22.7)	%	(9.3)	%	(9.3)	%
85	98	2	96	—	96	Americas	121	(3)	124	(21.0)	%	(22.6)	%	(22.6)	%
(151)	(30)	2	(32)	(17)	(15)	Wellness & Healthcare	(51)	(51)	—	—	%	—	%	—	%
2,968	$ 3,330	$ (378)	$ 3,708	$ (17)	$ 3,725	Total PMI	$ 3,455	$ (112)	$ 3,567	(6.6)	%	4.0	%	4.4	%
(a) For details on Special Items, refer to Schedule 7

All values are in US Dollars.

												Schedule 6 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income	Adjusted Operating Income	Currency	Adjusted Operating Income excluding Currency	Acquisitions	Adjusted Operating Income excluding Currency & Acquisitions		Operating Income	Special Items (a)	Adjusted Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions
2022						Quarters Ended<br>December 31	2021			% Change
1,355	$ 1,317	$ (272)	$ 1,589	$ —	$ 1,589	Europe	$ 1,353	$ (23)	$ 1,376	(4.3)	%	15.5	%	15.5	%
855	817	(21)	838	—	838	SSEA, CIS & MEA	844	(19)	863	(5.3)	%	(2.9)	%	(2.9)	%
678	647	(113)	760	—	760	EA, AU & PMI DF	631	(23)	654	(1.1)	%	16.2	%	16.2	%
100	95	(15)	110	—	110	Americas	120	(4)	124	(23.4)	%	(11.3)	%	(11.3)	%
(22)	129	—	129	129	—	Swedish Match	—	—	—	—	%	—	%	—	%
(42)	(29)	6	(35)	—	(35)	Wellness & Healthcare	(1)	(18)	17	(100.0)	%	(100.0)	%	(100.0)	%
2,924	$ 2,976	$ (415)	$ 3,391	$ 129	$ 3,262	Total PMI	$ 2,947	$ (87)	$ 3,034	(1.9)	%	11.8	%	7.5	%
2022						Full Year Ended<br>December 31	2021			% Change
5,802	$ 6,044	$ (1,029)	$ 7,073	$ (2)	$ 7,075	Europe	$ 6,409	$ (109)	$ 6,518	(7.3)	%	8.5	%	8.5	%
3,864	3,920	(99)	4,019	—	4,019	SSEA, CIS & MEA	3,295	(319)	3,614	8.5	%	11.2	%	11.2	%
2,424	2,452	(376)	2,828	—	2,828	EA, AU & PMI DF	2,836	(95)	2,931	(16.3)	%	(3.5)	%	(3.5)	%
436	450	(11)	461	—	461	Americas	487	(17)	504	(10.7)	%	(8.5)	%	(8.5)	%
(22)	129	—	129	129	—	Swedish Match	—	—	—	—	%	—	%	—	%
(258)	(87)	8	(95)	(28)	(67)	Wellness & Healthcare	(52)	(69)	17	(100.0)	%	(100.0)	%	(100.0)	%
12,246	$ 12,908	$ (1,507)	$ 14,415	$ 99	$ 14,316	Total PMI	$ 12,975	$ (609)	$ 13,584	(5.0)	%	6.1	%	5.4	%
(a) For details on Special Items, refer to Schedule 7

All values are in US Dollars.

				Schedule 7 (1/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (Unaudited)
	Quarter<br>Ended June 30,	Quarter<br>Ended September 30	Quarter<br>Ended December 31	Full Year<br>Ended December 31
	2022	2022	2022	2022
PMI
Reported Operating Income	$ 3,056	$ 2,968	$ 2,924	$ 12,246
Amortization and impairment of intangibles	(36)	(139)	(58)	(271)
Cost associated to Swedish Match AB offer	(52)	(217)	154	(115)
Swedish Match AB acquisition accounting related item	—	—	(125)	(125)
Charges related to the war in Ukraine	(80)	(6)	(23)	(151)
Adjusted Operating Income	$ 3,224	$ 3,330	$ 2,976	$ 12,908
Europe
Reported Operating Income	$ 1,474	$ 1,415	$ 1,355	$ 5,802
Cost associated to Swedish Match AB offer	(24)	(100)	71	(53)
Charges related to the war in Ukraine	(80)	(6)	(23)	(151)
Amortization and impairment of intangibles	(9)	(9)	(10)	(38)
Adjusted Operating Income	$ 1,587	$ 1,530	$ 1,317	$ 6,044
SSEA, CIS & MEA
Reported Operating Income	$ 958	$ 1,086	$ 855	$ 3,864
Cost associated to Swedish Match AB offer	(15)	(61)	43	(33)
Amortization and impairment of intangibles	(6)	(6)	(5)	(23)
Adjusted Operating Income	$ 979	$ 1,153	$ 817	$ 3,920
EA, AU & PMI DF
Reported Operating Income	$ 528	$ 533	$ 678	$ 2,424
Cost associated to Swedish Match AB offer	(11)	(45)	32	(24)
Amortization and impairment of intangibles	(1)	(1)	(1)	(4)
Adjusted Operating Income	$ 540	$ 579	$ 647	$ 2,452

All values are in US Dollars.

				Schedule 7 (2/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (Unaudited)
	Quarter<br>Ended June 30,	Quarter<br>Ended September 30	Quarter<br>Ended December 31	Full Year<br>Ended December 31
	2022	2022	2022	2022
Americas
Reported Operating Income	$ 130	$ 85	$ 100	$ 436
Cost associated to Swedish Match AB offer	(2)	(11)	8	(5)
Amortization and impairment of intangibles	(2)	(2)	(3)	(9)
Adjusted Operating Income	$ 134	$ 98	$ 95	$ 450
Swedish Match
Reported Operating Income	$ —	$ —	$ (22)	$ (22)
Swedish Match AB acquisition accounting related item	—	—	(125)	(125)
Amortization and impairment of intangibles	—	—	(26)	(26)
Adjusted Operating Income	$ —	$ —	$ 129	$ 129
Wellness & Healthcare
Reported Operating Income	$ (34)	$ (151)	$ (42)	$ (258)
Amortization and impairment of intangibles	(18)	(121)	(13)	(171)
Adjusted Operating Income	$ (16)	$ (30)	$ (29)	$ (87)

All values are in US Dollars.

				Schedule 7 (3/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (Unaudited)
	Quarter<br>Ended June 30,	Quarter<br>Ended September 30	Quarter<br>Ended December 31	Full Year<br>Ended December 31
	2021	2021	2021	2021
PMI
Reported Operating Income	$ 3,129	$ 3,455	$ 2,947	$ 12,975
Asset impairment and exit costs	(79)	(43)	(46)	(216)
Amortization and impairment of intangibles	(19)	(18)	(41)	(96)
Asset acquisition cost	—	(51)	—	(51)
Saudi Arabia customs assessments	(246)	—	—	(246)
Adjusted Operating Income	$ 3,473	$ 3,567	$ 3,034	$ 13,584
Europe
Reported Operating Income	$ 1,713	$ 1,770	$ 1,353	$ 6,409
Asset impairment and exit costs	(36)	(13)	(13)	(72)
Amortization and impairment of intangibles	(9)	(9)	(10)	(37)
Adjusted Operating Income	$ 1,758	$ 1,792	$ 1,376	$ 6,518
SSEA, CIS & MEA
Reported Operating Income	$ 552	$ 888	$ 844	$ 3,295
Asset impairment and exit costs	(22)	(8)	(9)	(45)
Saudi Arabia customs assessments	(246)	—	—	(246)
Amortization and impairment of intangibles	(6)	(6)	(10)	(28)
Adjusted Operating Income	$ 826	$ 902	$ 863	$ 3,614
EA, AU & PMI DF
Reported Operating Income	$ 752	$ 727	$ 631	$ 2,836
Asset impairment and exit costs	(17)	(21)	(22)	(91)
Amortization and impairment of intangibles	(1)	(1)	(1)	(4)
Adjusted Operating Income	$ 770	$ 749	$ 654	$ 2,931

All values are in US Dollars.

				Schedule 7 (4/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (Unaudited)
	Quarter<br>Ended June 30,	Quarter<br>Ended September 30	Quarter<br>Ended December 31	Full Year<br>Ended December 31
	2021	2021	2021	2021
Americas
Reported Operating Income	$ 112	$ 121	$ 120	$ 487
Asset impairment and exit costs	(4)	(1)	(2)	(8)
Amortization and impairment of intangibles	(3)	(2)	(2)	(9)
Adjusted Operating Income	$ 119	$ 124	$ 124	$ 504
Wellness & Healthcare
Reported Operating Income	$ —	$ (51)	$ (1)	$ (52)
Asset acquisition cost	—	(51)	—	(51)
Amortization and impairment of intangibles	—	—	(18)	(18)
Adjusted Operating Income	$ —	$ —	$ 17	$ 17

All values are in US Dollars.

																	Schedule 8 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Adjusted Operating Income (a)	Adjusted Operating Income Margin		Adjusted Operating Income excluding Currency<br>(a)	Adjusted Net Revenues excluding Currency<br>(b)	Adjusted Operating Income Margin excluding Currency		Adjusted Operating Income excluding Currency & Acqui- sitions<br>(a)	Adjusted Net Revenues excluding Currency & Acqui- sitions<br>(b)	Adjusted Operating Income Margin excluding Currency & Acqui- sitions			Adjusted Operating Income (a)	Adjusted Net Revenues (b)	Adjusted Operating Income<br>Margin		Adjusted Operating Income<br>Margin	Adjusted Operating Income Margin excluding Currency	Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2022											Quarters Ended<br>March 31	2021				% Points Change
1,610	49.9	%	$ 1,758	$ 3,435	51.2	%	$ 1,760	$ 3,431	51.3	%	Europe	$ 1,592	$ 3,122	51.0	%	(1.1)	0.2	0.3
971	39.7	%	1,164	2,699	43.1	%	1,164	2,699	43.1	%	SSEA, CIS & MEA	1,023	2,486	41.2	%	(1.5)	1.9	1.9
686	43.2	%	758	1,699	44.6	%	758	1,699	44.6	%	EA, AU & PMI DF	758	1,543	49.1	%	(5.9)	(4.5)	(4.5)
123	29.0	%	125	437	28.6	%	125	437	28.6	%	Americas	137	434	31.6	%	(2.6)	(3.0)	(3.0)
(12)	(18.2)	%	(12)	66	(18.2)	%	(7)	—	—	%	Wellness & Healthcare	—	—	—	%	—	—	—
3,378	43.6	%	$ 3,793	$ 8,336	45.5	%	$ 3,800	$ 8,266	46.0	%	Total PMI	$ 3,510	$ 7,585	46.3	%	(2.7)	(0.8)	(0.3)
2022											Quarters Ended<br>June 30	2021				% Points Change
1,587	48.0	%	$ 1,845	$ 3,652	50.5	%	$ 1,845	$ 3,649	50.6	%	Europe	$ 1,758	$ 3,358	52.4	%	(4.4)	(1.9)	(1.8)
979	38.9	%	933	2,551	36.6	%	933	2,551	36.6	%	SSEA, CIS & MEA	826	2,450	33.7	%	5.2	2.9	2.9
540	36.9	%	631	1,589	39.7	%	631	1,589	39.7	%	EA, AU & PMI DF	770	1,602	48.1	%	(11.2)	(8.4)	(8.4)
134	28.6	%	130	465	28.0	%	130	465	28.0	%	Americas	119	430	27.7	%	0.9	0.3	0.3
(16)	(21.1)	%	(16)	76	(21.1)	%	(10)	—	—	%	Wellness & Healthcare	—	—	—	%	—	—	—
3,224	41.2	%	$ 3,523	$ 8,333	42.3	%	$ 3,529	$ 8,254	42.8	%	Total PMI	$ 3,473	$ 7,840	44.3	%	(3.1)	(2.0)	(1.5)
2022											Quarters Ended<br>September 30	2021				% Points Change
1,530	46.8	%	$ 1,881	$ 3,774	49.8	%	$ 1,881	$ 3,771	49.9	%	Europe	$ 1,792	$ 3,433	52.2	%	(5.4)	(2.4)	(2.3)
1,153	40.9	%	1,084	2,822	38.4	%	1,084	2,822	38.4	%	SSEA, CIS & MEA	902	2,555	35.3	%	5.6	3.1	3.1
579	41.2	%	679	1,584	42.9	%	679	1,584	42.9	%	EA, AU & PMI DF	749	1,678	44.6	%	(3.4)	(1.7)	(1.7)
98	20.7	%	96	481	20.0	%	96	481	20.0	%	Americas	124	456	27.2	%	(6.5)	(7.2)	(7.2)
(30)	(52.6)	%	(32)	58	(55.2)	%	(15)	11	-(100)%		Wellness & Healthcare	—	—	—	%	—	—	—
3,330	41.5	%	$ 3,708	$ 8,719	42.5	%	$ 3,725	$ 8,669	43.0	%	Total PMI	$ 3,567	$ 8,122	43.9	%	(2.4)	(1.4)	(0.9)
(a) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 6
(b) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 3

All values are in US Dollars.

																	Schedule 8 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Adjusted Operating Income (a)	Adjusted Operating Income Margin		Adjusted Operating Income excluding Currency<br>(a)	Adjusted Net Revenues excluding Currency<br>(b)	Adjusted Operating Income Margin excluding Currency		Adjusted Operating Income excluding Currency & Acqui- sitions<br>(a)	Adjusted Net Revenues excluding Currency & Acqui- sitions<br>(b)	Adjusted Operating Income Margin excluding Currency & Acqui- sitions			Adjusted Operating Income (a)	Adjusted Net Revenues (b)	Adjusted Operating Income<br>Margin		Adjusted Operating Income<br>Margin	Adjusted Operating Income Margin excluding Currency	Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2022											Quarters Ended<br>December 31	2021				% Points Change
1,317	43.0	%	$ 1,589	$ 3,584	44.3	%	$ 1,589	$ 3,584	44.3	%	Europe	$ 1,376	$ 3,242	42.4	%	0.6	1.9	1.9
817	30.4	%	838	2,814	29.8	%	838	2,814	29.8	%	SSEA, CIS & MEA	863	2,613	33.0	%	(2.6)	(3.2)	(3.2)
647	43.8	%	760	1,699	44.7	%	760	1,699	44.7	%	EA, AU & PMI DF	654	1,625	40.2	%	3.6	4.5	4.5
95	17.7	%	110	535	20.6	%	110	535	20.6	%	Americas	124	523	23.7	%	(6.0)	(3.1)	(3.1)
129	40.8	%	129	316	40.8	%	—	—	—	%	Swedish Match	—	—	—	%	—	—	—
(29)	(40.3)	%	(35)	82	(42.7)	%	(35)	82	(42.7)	%	Wellness & Healthcare	17	101	16.8	%	(57.1)	(59.5)	(59.5)
2,976	36.5	%	$ 3,391	$ 9,030	37.6	%	$ 3,262	$ 8,714	37.4	%	Total PMI	$ 3,034	$ 8,104	37.4	%	(0.9)	0.2	—
2022											Full Year Ended<br>December 31	2021				% Points Change
6,044	47.0	%	$ 7,073	$ 14,445	49.0	%	$ 7,075	$ 14,435	49.0	%	Europe	$ 6,518	$ 13,155	49.5	%	(2.5)	(0.5)	(0.5)
3,920	37.5	%	4,019	10,886	36.9	%	4,019	10,886	36.9	%	SSEA, CIS & MEA	3,614	10,104	35.8	%	1.7	1.1	1.1
2,452	41.3	%	2,828	6,571	43.0	%	2,828	6,571	43.0	%	EA, AU & PMI DF	2,931	6,448	45.5	%	(4.2)	(2.5)	(2.5)
450	23.6	%	461	1,918	24.0	%	461	1,918	24.0	%	Americas	504	1,843	27.3	%	(3.7)	(3.3)	(3.3)
129	40.8	%	129	316	40.8	%	—	—	—	%	Swedish Match	—	—	—	%	—	—	—
(87)	(32.1)	%	(95)	282	(33.7)	%	(67)	93	(71.6)	%	Wellness & Healthcare	17	101	16.8	%	(48.9)	(50.5)	(88.8)
12,908	40.6	%	$ 14,415	$ 34,418	41.9	%	$ 14,316	$ 33,903	42.2	%	Total PMI	$ 13,584	$ 31,651	42.9	%	(2.3)	(1.0)	(0.7)
(a) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 6
(b) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 3

All values are in US Dollars.

Document

Exhibit 99.2

Recast Shipment Volume and Unaudited Financial Information

2021 vs. 2020

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Key Terms, Definitions and Explanatory Notes

General<br><br>• “PMI” refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized.<br><br><br><br>• The recast 2021 and 2020 shipment volumes and financial information in this document reflect PMI’s new geographic segmentation, announced on November 25, 2022, effective in January 2023. PMI’s shipment volumes and financials for total PMI, as well as Wellness & Healthcare and Swedish Match segments presented in this document do not differ from previously disclosed results.<br><br><br><br>• Comparisons are made to the same prior-year period unless otherwise stated.<br><br><br><br>• "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.<br><br><br><br>• "Total shipment volume" is defined as the combined total of cigarette shipment volume and heated tobacco unit shipment volume.<br><br><br><br>• In the third quarter of 2021, PMI acquired Fertin Pharma A/S, Vectura Group plc. and OtiTopic, Inc. On March 31, 2022, PMI launched a new Wellness and Healthcare business consolidating these entities, Vectura Fertin Pharma. The operating results of this new business are reported in the Wellness and Healthcare segment. The business operations of PMI's Wellness and Healthcare segment are managed and evaluated separately from the geographical segments.<br><br><br><br>• In the fourth quarter of 2022, Philip Morris Holland Holdings B.V., a wholly owned subsidiary of PMI, acquired a controlling interest in Swedish Match. The operating results of Swedish Match are disclosed as a separate segment. The business operations of the Swedish Match segment are managed and evaluated separately from the geographical segments.<br><br><br><br>Financial<br><br>• Adjusted net revenues exclude the impact related to the Saudi Arabia customs assessments.<br><br><br><br>• "Adjusted Operating Income Margin" is calculated as adjusted operating income divided by adjusted net revenues.<br><br><br><br>• Management reviews net revenues, operating income, operating income margin, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, asset impairment and exit costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI included adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results.	• Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.<br><br><br><br>• Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the relevant schedules provided with this report.<br><br><br><br>Smoke-Free Products<br><br>• Smoke-free products ("SFPs") is the term PMI primarily uses to refer to all of its products that are not combustible tobacco products, such as heat-not-burn, e-vapor, and oral nicotine. In addition, SFPs include wellness and healthcare products, as well as consumer accessories such as lighters and matches.<br><br><br><br>• Reduced-risk products (“RRPs”) is the term PMI uses to refer to products that present, are likely to present, or have the potential to present less risk of harm to smokers who switch to these products versus continuing smoking. PMI has a range of RRPs in various stages of development, scientific assessment and commercialization. PMI's RRPs are smoke-free products that contain and/or generate far lower quantities of harmful and potentially harmful constituents than found in cigarette smoke.<br><br><br><br>• Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems that are included in the operating results of PMI's new Wellness and Healthcare business, Vectura Fertin Pharma.<br><br><br><br>• Following the Swedish Match acquisition and a review of PMI and Swedish Match’s combined product portfolio, PMI reclassified certain of its own products previously reported under its combustible tobacco product category to the newly created smoke-free product category to better reflect the characteristics of these products. Prior years' amounts have been reclassified to conform with the updated presentation for all periods presented.<br><br><br><br>• "Heated tobacco units," or "HTUs," is the term PMI uses to refer to heated tobacco consumables, which include the company's BLENDS, HEETS, HEETS Creations, HEETS Dimensions, HEETS Marlboro and HEETS FROM MARLBORO (defined collectively as HEETS), Marlboro Dimensions, Marlboro HeatSticks, Parliament HeatSticks, SENTIA and TEREA, as well as the KT&G-licensed brands, Fiit and Miix (outside of South Korea).<br><br><br><br>• "SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa.<br><br><br><br>• "EA, AU & PMI DF" stands for East Asia, Australia and PMI Duty Free.
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
---	---	---	---	---	---
New Geographic Segmentation (effective January 2023)
Europe		South & Southeast Asia, Commonwealth of Independent States & Middle East & Africa<br>(SSEA, CIS & MEA)		East Asia, Australia & PMI Duty Free<br>(EA, AU & PMI DF)	Americas
Albania	Serbia	Afghanistan	Kuwait	Australia	Argentina
Andorra	Slovak Republic	Algeria	Laos	Duty Free	Bolivia
Austria	Slovenia	Angola	Lebanon	Hong Kong	Brazil
Belgium	Spain	Bahrain	Lesotho	Japan	Canada
Bosnia & Herzegovina	Sweden	Bangladesh	Liberia	Macau	Caribbean(5)
Bulgaria	Switzerland	Bhutan	Libya	Malaysia	Chile
Canary Islands	Ukraine	Botswana	Maldives	New Zealand	Colombia
Croatia	United Kingdom	Burkina Faso	Mali	Pacific Islands(4)	Costa Rica
Czech Republic		Cambodia	Mauritania	People's Republic of China	Dominican Republic
Denmark		Cameroon	Morocco	Singapore	Ecuador
Estonia		Cape Verde	Namibia	South Korea	El Salvador
Finland		Caucasus(1)	Nigeria	Taiwan	Guatemala
France		Central Asia(2)	Oman		Honduras
Germany		Djibouti	Pakistan		Mexico
Greece		East Timor	Philippines		Nicaragua
Hungary		Egypt	Qatar		Panama
Italy		Equatorial Guinea	Russia		Paraguay
Kosovo		Gabon	Saudi Arabia		Peru
Latvia		Gambia	Senegal		Trinidad & Tobago
Lithuania		Guinea	Somalia		United States of America
Luxembourg		India	South Africa		Uruguay
Moldova		Indian Ocean Islands(3)	Tanzania		Venezuela
Montenegro		Indonesia	Thailand
Netherlands		Iraq	Togo
North Macedonia		Israel	Tunisia
Norway		Ivory Coast	Turkey
Poland		Jordan	United Arab Emirates
Portugal		Kazakhstan	Vietnam
Romania		Kingdom of Eswatini

(1) Caucasus includes Armenia, Azerbaijan and Georgia

(2) Central Asia includes Kyrgyzstan, Mongolia, Tajikistan and Uzbekistan

(3) Indian Ocean Islands includes Mauritius, Mayotte and Reunion

(4) Pacific Islands includes Christmas Islands, French Polynesia, Kiribati, Marshall Island, Micronesia, Nauru, New Caldedonia, Palau, State of Micronesia, Tonga and Vanuatu

(5) Caribbean includes Aruba, Bermuda, Bonaire, Curacao, French Guyana, Grenada, Guadeloupe, Martinique, St. Maarten (Dutch), St. Martin (French) and other Caribbean markets

Note: The list of markets by region is not exhaustive

																		Schedule 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Shipment Volume by Product Category
(million units) / (unaudited)
	Quarters<br>Ended March 31				Quarters<br>Ended June 30				Quarters<br>Ended September 30				Quarters<br>Ended December 31				Full Year<br>Ended December 31
	2021	2020	%<br>Change		2021	2020	%<br>Change		2021	2020	%<br>Change		2021	2020	%<br>Change		2021	2020	%<br>Change
Cigarettes
Europe	41,077	46,063	(10.8)	%	46,674	45,392	2.8	%	47,818	51,199	(6.6)	%	42,492	42,641	(0.3)	%	178,061	185,295	(3.9)	%
SSEA, CIS & MEA	77,089	80,297	(4.0)	%	81,881	78,860	3.8	%	87,514	87,408	0.1	%	84,355	82,974	1.7	%	330,839	329,539	0.4	%
EA, AU & PMI DF	12,461	15,595	(20.1)	%	12,370	12,327	0.3	%	13,517	11,158	21.1	%	13,040	10,855	20.1	%	51,388	49,935	2.9	%
Americas	14,885	15,063	(1.2)	%	15,213	14,780	2.9	%	15,994	15,699	1.9	%	18,495	18,207	1.6	%	64,587	63,749	1.3	%
Total PMI	145,512	157,018	(7.3)	%	156,138	151,359	3.2	%	164,843	165,464	(0.4)	%	158,382	154,677	2.4	%	624,875	628,518	(0.6)	%
Heated Tobacco Units
Europe	7,842	5,759	36.2	%	8,514	5,172	64.6	%	8,655	6,393	35.4	%	9,412	7,129	32.0	%	34,423	24,453	40.8	%
SSEA, CIS & MEA	4,553	3,366	35.3	%	5,652	4,357	29.7	%	5,025	3,938	27.6	%	6,013	5,388	11.6	%	21,243	17,049	24.6	%
EA, AU & PMI DF	9,234	7,494	23.2	%	10,050	9,085	10.6	%	9,588	8,522	12.5	%	9,862	9,057	8.9	%	38,734	34,158	13.4	%
Americas	105	108	(2.8)	%	140	94	48.9	%	221	114	93.9	%	110	135	(18.5)	%	576	451	27.7	%
Total PMI	21,734	16,727	29.9	%	24,356	18,708	30.2	%	23,489	18,967	23.8	%	25,397	21,709	17.0	%	94,976	76,111	24.8	%
Cigarettes and Heated Tobacco Units
Europe	48,919	51,822	(5.6)	%	55,188	50,564	9.1	%	56,473	57,592	(1.9)	%	51,904	49,770	4.3	%	212,484	209,748	1.3	%
SSEA, CIS & MEA	81,642	83,663	(2.4)	%	87,533	83,217	5.2	%	92,539	91,346	1.3	%	90,368	88,362	2.3	%	352,082	346,588	1.6	%
EA, AU & PMI DF	21,695	23,089	(6.0)	%	22,420	21,412	4.7	%	23,105	19,680	17.4	%	22,902	19,912	15.0	%	90,122	84,093	7.2	%
Americas	14,990	15,171	(1.2)	%	15,353	14,874	3.2	%	16,215	15,813	2.5	%	18,605	18,342	1.4	%	65,163	64,200	1.5	%
Total PMI	167,246	173,745	(3.7)	%	180,494	170,067	6.1	%	188,332	184,431	2.1	%	183,779	176,386	4.2	%	719,851	704,629	2.2	%
								Schedule 2 (1/5)
---	---	---	---	---	---	---	---	---	---	---	---
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues	Net Revenues excluding<br>Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended<br>March 31	Net<br>Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions
2021				Combustible Tobacco	2020	% Change
2,069	$ 1,912	$ —	$ 1,912	Europe	$ 2,042	1.3	%	(6.4)	%	(6.4)	%
2,247	2,274	—	2,274	SSEA, CIS & MEA	2,279	(1.4)	%	(0.2)	%	(0.2)	%
713	675	—	675	EA, AU & PMI DF	826	(13.7)	%	(18.3)	%	(18.3)	%
401	411	—	411	Americas	420	(4.6)	%	(2.1)	%	(2.1)	%
5,430	$ 5,272	$ —	$ 5,272	Total Combustible Tobacco	$ 5,568	(2.5)	%	(5.3)	%	(5.3)	%
2021				Smoke-free excl. W&H	2020	% Change
1,053	$ 988	$ —	$ 988	Europe	$ 701	50.2	%	40.9	%	40.9	%
239	273	—	273	SSEA, CIS & MEA	206	15.9	%	32.6	%	32.6	%
830	793	—	793	EA, AU & PMI DF	651	27.5	%	21.9	%	21.9	%
33	34	—	34	Americas	28	19.7	%	21.2	%	21.2	%
2,155	$ 2,088	$ —	$ 2,088	Total Smoke-free excl. W&H	$ 1,585	35.9	%	31.7	%	31.7	%
2021				Wellness & Healthcare	2020	% Change
—	$ —	$ —	$ —	Wellness & Healthcare	$ —	—	%	—	%	—	%
2021				Smoke-free incl. W&H	2020	% Change
2,155	$ 2,088	$ —	$ 2,088	Total Smoke-free incl. W&H	$ 1,585	35.9	%	31.7	%	31.7	%
2021				PMI	2020	% Change
3,122	$ 2,900	$ —	$ 2,900	Europe	$ 2,743	13.8	%	5.7	%	5.7	%
2,486	2,547	—	2,547	SSEA, CIS & MEA	2,485	—	%	2.5	%	2.5	%
1,543	1,468	—	1,468	EA, AU & PMI DF	1,477	4.5	%	(0.6)	%	(0.6)	%
434	445	—	445	Americas	448	(3.1)	%	(0.7)	%	(0.7)	%
—	—	—	—	Wellness & Healthcare	—	—	%	—	%	—	%
7,585	$ 7,360	$ —	$ 7,360	Total PMI	$ 7,153	6.0	%	2.9	%	2.9	%
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

									Schedule 2 (2/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues	Currency	Net Revenues excluding<br>Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended<br>June 30	Net<br>Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions
2021					Combustible Tobacco	2020	% Change
2,300	$ 203	$ 2,096	$ —	$ 2,096	Europe	$ 2,051	12.1	%	2.2	%	2.2	%
1,904	48	1,856	—	1,856	SSEA, CIS & MEA	1,989	(4.3)	%	(6.7)	%	(6.7)	%
688	29	659	—	659	EA, AU & PMI DF	642	7.2	%	2.7	%	2.7	%
398	28	369	—	369	Americas	341	16.5	%	8.1	%	8.1	%
5,290	$ 310	$ 4,980	$ —	$ 4,980	Total Combustible Tobacco	$ 5,023	5.3	%	(0.9)	%	(0.9)	%
2021					Smoke-free excl. W&H	2020	% Change
1,058	$ 92	$ 967	$ —	$ 967	Europe	$ 593	78.5	%	63.1	%	63.1	%
300	7	293	—	293	SSEA, CIS & MEA	206	45.6	%	42.4	%	42.4	%
914	12	902	—	902	EA, AU & PMI DF	802	13.9	%	12.5	%	12.5	%
32	1	32	—	32	Americas	27	21.6	%	19.7	%	19.7	%
2,304	$ 110	$ 2,194	$ —	$ 2,194	Total Smoke-free excl. W&H	$ 1,628	41.6	%	34.8	%	34.8	%
2021					Wellness & Healthcare	2020	% Change
—	$ —	$ —	$ —	$ —	Wellness & Healthcare	$ —	—	%	—	%	—	%
2021					Smoke-free incl. W&H	2020	% Change
2,304	$ 110	$ 2,194	$ —	$ 2,194	Total Smoke-free incl. W&H	$ 1,628	41.6	%	34.8	%	34.8	%
2021					PMI	2020	% Change
3,358	$ 295	$ 3,063	$ —	$ 3,063	Europe	$ 2,644	27.0	%	15.8	%	15.8	%
2,204	55	2,149	—	2,149	SSEA, CIS & MEA	2,195	0.4	%	(2.1)	%	(2.1)	%
1,602	41	1,561	—	1,561	EA, AU & PMI DF	1,444	10.9	%	8.1	%	8.1	%
430	29	401	—	401	Americas	368	16.8	%	9.0	%	9.0	%
—	—	—	—	—	Wellness & Healthcare	—	—	%	—	%	—	%
7,594	$ 420	$ 7,174	$ —	$ 7,174	Total PMI	$ 6,651	14.2	%	7.9	%	7.9	%
(a) Includes a reduction in net revenues of 246 million related to the Saudi Arabia customs assessment
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

								Schedule 2 (3/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues	Net Revenues excluding<br>Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended<br>September 30	Net<br>Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions
2021				Combustible Tobacco	2020	% Change
2,333	$ 2,240	$ —	$ 2,240	Europe	$ 2,390	(2.4)	%	(6.3)	%	(6.3)	%
2,284	2,322	—	2,322	SSEA, CIS & MEA	2,299	(0.6)	%	1.0	%	1.0	%
733	726	—	726	EA, AU & PMI DF	627	16.9	%	15.7	%	15.7	%
417	398	—	398	Americas	369	13.0	%	7.8	%	7.8	%
5,767	$ 5,685	$ —	$ 5,685	Total Combustible Tobacco	$ 5,685	1.4	%	—	%	—	%
2021				Smoke-free excl. W&H	2020	% Change
1,100	$ 1,059	$ 2	$ 1,057	Europe	$ 786	40.0	%	34.8	%	34.5	%
271	276	—	276	SSEA, CIS & MEA	203	33.2	%	35.9	%	35.9	%
945	956	—	956	EA, AU & PMI DF	741	27.6	%	29.1	%	29.1	%
39	38	—	38	Americas	31	26.1	%	23.7	%	23.7	%
2,355	$ 2,330	$ 2	$ 2,327	Total Smoke-free excl. W&H	$ 1,761	33.7	%	32.3	%	32.2	%
2021				Wellness & Healthcare	2020	% Change
—	$ —	$ —	$ —	Wellness & Healthcare	$ —	—	%	—	%	—	%
2021				Smoke-free incl. W&H	2020	% Change
2,355	$ 2,330	$ 2	$ 2,327	Total Smoke-free incl. W&H	$ 1,761	33.7	%	32.3	%	32.2	%
2021				PMI	2020	% Change
3,433	$ 3,299	$ 2	$ 3,297	Europe	$ 3,176	8.1	%	3.9	%	3.8	%
2,555	2,598	—	2,598	SSEA, CIS & MEA	2,502	2.1	%	3.8	%	3.8	%
1,678	1,682	—	1,682	EA, AU & PMI DF	1,368	22.7	%	23.0	%	23.0	%
456	436	—	436	Americas	400	14.0	%	9.0	%	9.0	%
—	—	—	—	Wellness & Healthcare	—	—	%	—	%	—	%
8,122	$ 8,015	$ 2	$ 8,013	Total PMI	$ 7,446	9.1	%	7.6	%	7.6	%
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

								Schedule 2 (4/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues	Net Revenues excluding<br>Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended<br>December 31	Net<br>Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions
2021				Combustible Tobacco	2020	% Change
2,065	$ 2,083	$ —	$ 2,083	Europe	$ 2,092	(1.3)	%	(0.5)	%	(0.5)	%
2,298	2,327	—	2,327	SSEA, CIS & MEA	2,293	0.2	%	1.5	%	1.5	%
727	737	—	737	EA, AU & PMI DF	639	13.7	%	15.3	%	15.3	%
490	483	—	483	Americas	446	10.0	%	8.2	%	8.2	%
5,579	$ 5,629	$ —	$ 5,629	Total Combustible Tobacco	$ 5,470	2.0	%	2.9	%	2.9	%
2021				Smoke-free excl. W&H	2020	% Change
1,177	$ 1,187	$ 6	$ 1,181	Europe	$ 879	34.0	%	35.1	%	34.4	%
315	300	—	300	SSEA, CIS & MEA	267	18.1	%	12.5	%	12.5	%
898	928	—	928	EA, AU & PMI DF	789	13.9	%	17.7	%	17.7	%
33	32	—	32	Americas	39	(16.4)	%	(17.0)	%	(17.0)	%
2,424	$ 2,448	$ 6	$ 2,442	Total Smoke-free excl. W&H	$ 1,974	22.8	%	24.0	%	23.7	%
2021				Wellness & Healthcare	2020	% Change
101	$ 101	$ 101	$ —	Wellness & Healthcare	$ —	—	%	—	%	—	%
2021				Smoke-free incl. W&H	2020	% Change
2,525	$ 2,549	$ 107	$ 2,442	Total Smoke-free incl. W&H	$ 1,974	27.9	%	29.2	%	23.7	%
2021				PMI	2020	% Change
3,242	$ 3,270	$ 6	$ 3,264	Europe	$ 2,971	9.1	%	10.1	%	9.9	%
2,613	2,627	—	2,627	SSEA, CIS & MEA	2,560	2.1	%	2.6	%	2.6	%
1,625	1,665	—	1,665	EA, AU & PMI DF	1,428	13.8	%	16.6	%	16.6	%
523	515	—	515	Americas	485	7.8	%	6.2	%	6.2	%
101	101	101	—	Wellness & Healthcare	—	—	%	—	%	—	%
8,104	$ 8,178	$ 107	$ 8,071	Total PMI	$ 7,444	8.9	%	9.9	%	8.4	%
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

									Schedule 2 (5/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues	Currency	Net Revenues excluding<br>Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Full Year Ended<br>December 31	Net<br>Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions
2021					Combustible Tobacco	2020	% Change
8,767	$ 435	$ 8,331	$ —	$ 8,331	Europe	$ 8,576	2.2	%	(2.9)	%	(2.9)	%
8,734	(45)	8,778	—	8,778	SSEA, CIS & MEA	8,860	(1.4)	%	(0.9)	%	(0.9)	%
2,861	65	2,796	—	2,796	EA, AU & PMI DF	2,734	4.6	%	2.3	%	2.3	%
1,706	45	1,661	—	1,661	Americas	1,577	8.2	%	5.3	%	5.3	%
22,067	$ 500	$ 21,566	$ —	$ 21,566	Total Combustible Tobacco	$ 21,747	1.5	%	(0.8)	%	(0.8)	%
2021					Smoke-free excl. W&H	2020	% Change
4,388	$ 188	$ 4,201	$ 8	$ 4,192	Europe	$ 2,958	48.4	%	42.0	%	41.7	%
1,124	(18)	1,143	—	1,143	SSEA, CIS & MEA	882	27.5	%	29.6	%	29.6	%
3,587	7	3,580	—	3,580	EA, AU & PMI DF	2,983	20.3	%	20.0	%	20.0	%
137	1	136	—	136	Americas	124	10.3	%	9.5	%	9.5	%
9,237	$ 178	$ 9,060	$ 8	$ 9,051	Total Smoke-free excl. W&H	$ 6,947	33.0	%	30.4	%	30.3	%
2021					Wellness & Healthcare	2020	% Change
101	$ —	$ 101	$ 101	$ —	Wellness & Healthcare	$ —	—	%	—	%	—	%
2021					Smoke-free incl. W&H	2020	% Change
9,338	$ 178	$ 9,161	$ 109	$ 9,051	Total Smoke-free incl. W&H	$ 6,947	34.4	%	31.9	%	30.3	%
2021					PMI	2020	% Change
13,155	$ 623	$ 12,532	$ 8	$ 12,524	Europe	$ 11,534	14.1	%	8.7	%	8.6	%
9,858	(63)	9,921	—	9,921	SSEA, CIS & MEA	9,742	1.2	%	1.8	%	1.8	%
6,448	72	6,376	—	6,376	EA, AU & PMI DF	5,717	12.8	%	11.5	%	11.5	%
1,843	46	1,797	—	1,797	Americas	1,701	8.3	%	5.6	%	5.6	%
101	—	101	101	—	Wellness & Healthcare	—	—	%	—	%	—	%
31,405	$ 678	$ 30,727	$ 109	$ 30,618	Total PMI	$ 28,694	9.4	%	7.1	%	6.7	%
(a) Includes a reduction in net revenues of 246 million related to the Saudi Arabia customs assessment
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -0.5 million and +0.5 million.

All values are in US Dollars.

												Schedule 3
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
( in millions) / (Unaudited)
NetRevenues	Adjusted Net<br>Revenues	Currency	Adjusted Net<br>Revenues excluding Currency	Acqui-<br>sitions	Adjusted NetRevenues excluding Currency & Acqui-sitions		Net<br>Revenues	Special Items	Adjusted Net<br>Revenues	Total		Excluding Currency		Excluding Currency<br>& Acqui-<br>sitions
2021							2020			% Change
3,358	$ 3,358	$ 295	$ 3,063	$ —	3,063	Europe	$ 2,644	$ —	$ 2,644	27.0	%	15.8	%	15.8	%
2,204	2,450	55	2,395	—	2,395	SSEA, CIS & MEA	2,195	—	2,195	11.6	%	9.1	%	9.1	%
1,602	1,602	41	1,561	—	1,561	EA, AU & PMI DF	1,444	—	1,444	10.9	%	8.1	%	8.1	%
430	430	29	401	—	401	Americas	368	—	368	16.8	%	9.0	%	9.0	%
—	—	—	—	—	—	Wellness & Healthcare	—	—	—	—	%	—	%	—	%
7,594	$ 7,840	$ 420	$ 7,420	$ —	7,420	Total PMI	$ 6,651	$ —	$ 6,651	17.9	%	11.6	%	11.6	%
2021							2020			% Change
13,155	$ 13,155	$ 623	$ 12,532	$ 8	12,524	Europe	$ 11,534	$ —	$ 11,534	14.1	%	8.7	%	8.6	%
9,858	10,104	(63)	10,167	—	10,167	SSEA, CIS & MEA	9,742	—	9,742	3.7	%	4.4	%	4.4	%
6,448	6,448	72	6,376	—	6,376	EA, AU & PMI DF	5,717	—	5,717	12.8	%	11.5	%	11.5	%
1,843	1,843	46	1,797	—	1,797	Americas	1,701	—	1,701	8.3	%	5.6	%	5.6	%
101	101	—	101	101	—	Wellness & Healthcare	—	—	—	—	%	—	%	—	%
31,405	$ 31,651	$ 678	$ 30,973	$ 109	30,864	Total PMI	$ 28,694	$ —	$ 28,694	10.3	%	7.9	%	7.6	%
(a) Represents the reduction in net revenues of 246 million related to the Saudi Arabia customs assessment impacting only second quarter and full-year

All values are in US Dollars.

								Schedule 4 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income	Operating Income excluding Currency	Acquisitions	Operating Income excluding Currency & Acquisitions		Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions
2021				Quarters Ended<br>March 31	2020	% Change
1,573	$ 1,408	$ —	$ 1,408	Europe	$ 1,203	30.8	%	17.0	%	17.0	%
1,011	1,014	—	1,014	SSEA, CIS & MEA	827	22.2	%	22.6	%	22.6	%
726	707	—	707	EA, AU & PMI DF	633	14.7	%	11.7	%	11.7	%
134	128	—	128	Americas	126	6.3	%	1.6	%	1.6	%
3,444	$ 3,257	$ —	$ 3,257	Total PMI	$ 2,789	23.5	%	16.8	%	16.8	%
2021				Quarters Ended<br>June 30	2020	% Change
1,713	$ 1,540	$ —	$ 1,540	Europe	$ 1,235	38.7	%	24.7	%	24.7	%
552	599	—	599	SSEA, CIS & MEA	765	(27.8)	%	(21.7)	%	(21.7)	%
752	752	—	752	EA, AU & PMI DF	639	17.7	%	17.7	%	17.7	%
112	110	—	110	Americas	92	21.7	%	19.6	%	19.6	%
3,129	$ 3,001	$ —	$ 3,001	Total PMI	$ 2,731	14.6	%	9.9	%	9.9	%
2021				Quarters Ended<br>September 30	2020	% Change
1,770	$ 1,684	$ —	$ 1,684	Europe	$ 1,666	6.2	%	1.1	%	1.1	%
888	892	—	892	SSEA, CIS & MEA	872	1.8	%	2.3	%	2.3	%
727	748	—	748	EA, AU & PMI DF	595	22.2	%	25.7	%	25.7	%
121	117	—	117	Americas	110	10.0	%	6.4	%	6.4	%
(51)	(51)	—	(51)	Wellness & Healthcare	—	—	%	—	%	—	%
3,455	$ 3,390	$ —	$ 3,390	Total PMI	$ 3,243	6.5	%	4.5	%	4.5	%

All values are in US Dollars.

								Schedule 4 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income	Operating Income excluding Currency	Acquisitions	Operating Income excluding Currency & Acquisitions		Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions
2021				Quarters Ended<br>December 31	2020	% Change
1,353	$ 1,384	$ 2	$ 1,382	Europe	$ 1,248	8.4	%	10.9	%	10.7	%
844	887	—	887	SSEA, CIS & MEA	812	3.9	%	9.2	%	9.2	%
631	674	—	674	EA, AU & PMI DF	609	3.6	%	10.7	%	10.7	%
120	114	—	114	Americas	236	(49.2)	%	(51.7)	%	(51.7)	%
(1)	(1)	(1)	—	Wellness & Healthcare	—	—	%	—	%	—	%
2,947	$ 3,058	$ 1	$ 3,057	Total PMI	$ 2,905	1.4	%	5.3	%	5.2	%
2021				Full Year Ended<br>December 31	2020	% Change
6,409	$ 6,016	$ 2	$ 6,014	Europe	$ 5,352	19.7	%	12.4	%	12.4	%
3,295	3,392	—	3,392	SSEA, CIS & MEA	3,276	0.6	%	3.5	%	3.5	%
2,836	2,881	—	2,881	EA, AU & PMI DF	2,476	14.5	%	16.4	%	16.4	%
487	469	—	469	Americas	564	(13.7)	%	(16.8)	%	(16.8)	%
(52)	(52)	(1)	(51)	Wellness & Healthcare	—	—	%	—	%	—	%
12,975	$ 12,706	$ 1	$ 12,705	Total PMI	$ 11,668	11.2	%	8.9	%	8.9	%

All values are in US Dollars.

												Schedule 5
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Net Revenues and Operating Income: Price, Volume/Mix and Cost/Other Variances
( in millions) / (Unaudited)
			Quarters<br>Ended June 30			Quarters<br>Ended September 30			Quarters<br>Ended December 31			Full Year<br>Ended December 31
	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other	Price	Volume/Mix	Cost/Other
Net Revenues
Europe	$ 106	$ —	$ 13	$ 406	$ —	$ (22)	$ 143	$ —	$ (17)	$ 310	$ —	$ 25	$ 965	$ —
SSEA, CIS & MEA	(1)	30	118	114	(278)	119	6	(29)	29	48	(10)	299	167	(287)
EA, AU & PMI DF	(130)	—	84	33	—	45	269	—	48	189	—	298	361	—
Americas	(6)	2	11	22	—	16	21	(1)	17	8	5	45	45	6
Wellness & Healthcare	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total PMI	$ (31)	$ 32	$ 226	$ 575	$ (278)	$ 158	$ 439	$ (30)	$ 77	$ 555	$ (5)	$ 667	$ 1,538	$ (281)
Operating Income
Europe	$ 105	$ 49	$ 13	$ 345	$ (53)	$ (22)	$ 123	$ (83)	$ (17)	$ 224	$ (73)	$ 25	$ 797	$ (160)
SSEA, CIS & MEA	(4)	158	118	48	(332)	119	(23)	(76)	29	30	16	299	51	(234)
EA, AU & PMI DF	(87)	40	84	25	4	45	125	(17)	48	101	(84)	298	164	(57)
Americas	(16)	17	11	10	(3)	16	3	(12)	17	(1)	(138)	45	(4)	(136)
Wellness & Healthcare	—	—	—	—	—	—	—	(51)	—	—	—	—	—	(51)
Total PMI	$ (2)	$ 264	$ 226	$ 428	$ (384)	$ 158	$ 228	$ (239)	$ 77	$ 354	$ (279)	$ 667	$ 1,008	$ (638)

All values are in US Dollars.

												Schedule 6 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income	Adjusted Operating Income	Currency	Adjusted Operating Income excluding Currency	Acquisitions	Adjusted Operating Income excluding Currency & Acquisitions		Operating Income	Special Items (a)	Adjusted Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions
2021						Quarters Ended<br>March 31	2020			% Change
1,573	$ 1,592	$ 165	$ 1,427	$ —	$ 1,427	Europe	$ 1,203	$ (9)	$ 1,212	31.4	%	17.7	%	17.7	%
1,011	1,023	(3)	1,026	—	1,026	SSEA, CIS & MEA	827	(6)	833	22.8	%	23.2	%	23.2	%
726	758	19	739	—	739	EA, AU & PMI DF	633	(1)	634	19.6	%	16.6	%	16.6	%
134	137	6	131	—	131	Americas	126	(2)	128	7.0	%	2.3	%	2.3	%
3,444	$ 3,510	$ 187	$ 3,323	$ —	$ 3,323	Total PMI	$ 2,789	$ (18)	$ 2,807	25.0	%	18.4	%	18.4	%
2021						Quarters Ended<br>June 30	2020			% Change
1,713	$ 1,758	$ 173	$ 1,585	$ —	$ 1,585	Europe	$ 1,235	$ (38)	$ 1,273	38.1	%	24.5	%	24.5	%
552	826	(47)	873	—	873	SSEA, CIS & MEA	765	(31)	796	3.8	%	9.7	%	9.7	%
752	770	—	770	—	770	EA, AU & PMI DF	639	(14)	653	17.9	%	17.9	%	17.9	%
112	119	2	117	—	117	Americas	92	(7)	99	20.2	%	18.2	%	18.2	%
3,129	$ 3,473	$ 128	$ 3,345	$ —	$ 3,345	Total PMI	$ 2,731	$ (90)	$ 2,821	23.1	%	18.6	%	18.6	%
2021						Quarters Ended<br>September 30	2020			% Change
1,770	$ 1,792	$ 86	$ 1,706	$ —	$ 1,706	Europe	$ 1,666	$ (10)	$ 1,676	6.9	%	1.8	%	1.8	%
888	902	(4)	906	—	906	SSEA, CIS & MEA	872	(5)	877	2.9	%	3.3	%	3.3	%
727	749	(21)	770	—	770	EA, AU & PMI DF	595	(1)	596	25.7	%	29.2	%	29.2	%
121	124	4	120	—	120	Americas	110	(2)	112	10.7	%	7.1	%	7.1	%
(51)	—	—	—	—	—	Wellness & Healthcare	—	—	—	—	%	—	%	—	%
3,455	$ 3,567	$ 65	$ 3,502	$ —	$ 3,502	Total PMI	$ 3,243	$ (18)	$ 3,261	9.4	%	7.4	%	7.4	%
(a) For details on Special Items, refer to Schedule 7

All values are in US Dollars.

												Schedule 6 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Operating Income	Adjusted Operating Income	Currency	Adjusted Operating Income excluding Currency	Acquisitions	Adjusted Operating Income excluding Currency & Acquisitions		Operating Income	Special Items (a)	Adjusted Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions
2021						Quarters Ended<br>December 31	2020			% Change
1,353	$ 1,376	$ (31)	$ 1,407	$ 2	$ 1,405	Europe	$ 1,248	$ (39)	$ 1,287	6.9	%	9.3	%	9.2	%
844	863	(43)	906	—	906	SSEA, CIS & MEA	812	(34)	846	2.0	%	7.1	%	7.1	%
631	654	(43)	697	—	697	EA, AU & PMI DF	609	(16)	625	4.6	%	11.5	%	11.5	%
120	124	6	118	—	118	Americas	236	112	124	—	%	(4.8)	%	(4.8)	%
(1)	17	—	17	17	—	Wellness & Healthcare	—	—	—	—	%	—	%	—	%
2,947	$ 3,034	$ (111)	$ 3,145	$ 19	$ 3,126	Total PMI	$ 2,905	$ 23	$ 2,882	5.3	%	9.1	%	8.5	%
2021						Full Year Ended<br>December 31	2020			% Change
6,409	$ 6,518	$ 393	$ 6,125	$ 2	$ 6,123	Europe	$ 5,352	$ (96)	$ 5,448	19.6	%	12.4	%	12.4	%
3,295	3,614	(97)	3,711	—	3,711	SSEA, CIS & MEA	3,276	(76)	3,352	7.8	%	10.7	%	10.7	%
2,836	2,931	(45)	2,976	—	2,976	EA, AU & PMI DF	2,476	(32)	2,508	16.9	%	18.7	%	18.7	%
487	504	18	486	—	486	Americas	564	101	463	8.9	%	5.0	%	5.0	%
(52)	17	—	17	17	—	Wellness & Healthcare	—	—	—	—	%	—	%	—	%
12,975	$ 13,584	$ 269	$ 13,315	$ 19	$ 13,296	Total PMI	$ 11,668	$ (103)	$ 11,771	15.4	%	13.1	%	13.0	%
(a) For details on Special Items, refer to Schedule 7

All values are in US Dollars.

				Schedule 7 (1/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (unaudited)
	Quarter<br>Ended June 30,	Quarter<br>Ended September 30	Quarter<br>Ended December 31	Full Year<br>Ended December 31
	2021	2021	2021	2021
PMI
Reported Operating Income	$ 3,129	$ 3,455	$ 2,947	$ 12,975
Asset impairment and exit costs	(79)	(43)	(46)	(216)
Asset acquisition cost	—	(51)	—	(51)
Saudi Arabia customs assessments	(246)	—	—	(246)
Amortization and impairment of intangibles	(19)	(18)	(41)	(96)
Adjusted Operating Income	$ 3,473	$ 3,567	$ 3,034	$ 13,584
Europe
Reported Operating Income	$ 1,713	$ 1,770	$ 1,353	$ 6,409
Asset impairment and exit costs	(36)	(13)	(13)	(72)
Amortization and impairment of intangibles	(9)	(9)	(10)	(37)
Adjusted Operating Income	$ 1,758	$ 1,792	$ 1,376	$ 6,518
SSEA, CIS & MEA
Reported Operating Income	$ 552	$ 888	$ 844	$ 3,295
Asset impairment and exit costs	(22)	(8)	(9)	(45)
Saudi Arabia customs assessments	(246)	—	—	(246)
Amortization and impairment of intangibles	(6)	(6)	(10)	(28)
Adjusted Operating Income	$ 826	$ 902	$ 863	$ 3,614
EA, AU & PMI DF
Reported Operating Income	$ 752	$ 727	$ 631	$ 2,836
Asset impairment and exit costs	(17)	(21)	(22)	(91)
Amortization and impairment of intangibles	(1)	(1)	(1)	(4)
Adjusted Operating Income	$ 770	$ 749	$ 654	$ 2,931

All values are in US Dollars.

				Schedule 7 (2/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (unaudited)
	Quarter<br>Ended June 30,	Quarter<br>Ended September 30	Quarter<br>Ended December 31	Full Year<br>Ended December 31
	2021	2021	2021	2021
Americas
Reported Operating Income	$ 112	$ 121	$ 120	$ 487
Asset impairment and exit costs	(4)	(1)	(2)	(8)
Amortization and impairment of intangibles	(3)	(2)	(2)	(9)
Adjusted Operating Income	$ 119	$ 124	$ 124	$ 504
Wellness & Healthcare
Reported Operating Income	$ —	$ (51)	$ (1)	$ (52)
Asset acquisition cost	—	(51)	—	(51)
Amortization and impairment of intangibles	—	—	(18)	(18)
Adjusted Operating Income	$ —	$ —	$ 17	$ 17

All values are in US Dollars.

				Schedule 7 (3/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (unaudited)
	Quarter<br>Ended June 30,	Quarter<br>Ended September 30	Quarter<br>Ended December 31	Full Year<br>Ended December 31
	2020	2020	2020	2020
PMI
Reported Operating Income	$ 2,731	$ 3,243	$ 2,905	$ 11,668
Asset impairment and exit costs	(71)	—	(78)	(149)
Brazil Indirect Tax Credit	—	—	119	119
Amortization and impairment of intangibles	(19)	(18)	(18)	(73)
Adjusted Operating Income	$ 2,821	$ 3,261	$ 2,882	$ 11,771
Europe
Reported Operating Income	$ 1,235	$ 1,666	$ 1,248	$ 5,352
Asset impairment and exit costs	(29)	(1)	(29)	(59)
Amortization and impairment of intangibles	(9)	(9)	(10)	(37)
Adjusted Operating Income	$ 1,273	$ 1,676	$ 1,287	$ 5,448
SSEA, CIS & MEA
Reported Operating Income	$ 765	$ 872	$ 812	$ 3,276
Asset impairment and exit costs	(25)	1	(28)	(52)
Amortization and impairment of intangibles	(6)	(6)	(6)	(24)
Adjusted Operating Income	$ 796	$ 877	$ 846	$ 3,352
EA, AU & PMI DF
Reported Operating Income	$ 639	$ 595	$ 609	$ 2,476
Asset impairment and exit costs	(13)	—	(16)	(29)
Amortization and impairment of intangibles	(1)	(1)	—	(3)
Adjusted Operating Income	$ 653	$ 596	$ 625	$ 2,508

All values are in US Dollars.

				Schedule 7 (4/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
( in millions) / (unaudited)
	Quarter<br>Ended June 30,	Quarter<br>Ended September 30	Quarter<br>Ended December 31	Full Year<br>Ended December 31
	2020	2020	2020	2020
Americas
Reported Operating Income	$ 92	$ 110	$ 236	$ 564
Asset impairment and exit costs	(4)	—	(5)	(9)
Brazil Indirect Tax Credit	—	—	119	119
Amortization and impairment of intangibles	(3)	(2)	(2)	(9)
Adjusted Operating Income	$ 99	$ 112	$ 124	$ 463

All values are in US Dollars.

																	Schedule 8 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Adjusted Operating Income (a)	Adjusted Operating Income Margin		Adjusted Operating Income excluding Currency<br>(a)	Adjusted Net Revenues excluding Currency<br>(b)	Adjusted Operating Income Margin excluding Currency		Adjusted Operating Income excluding Currency & Acqui- sitions<br>(a)	Adjusted Net Revenues excluding Currency & Acqui- sitions<br>(b)	Adjusted Operating Income Margin excluding Currency & Acqui- sitions			Adjusted Operating Income (a)	Adjusted Net Revenues (b)	Adjusted Operating Income<br>Margin		Adjusted Operating Income<br>Margin	Adjusted Operating Income Margin excluding Currency	Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2021											Quarters Ended<br>March 31	2020				% Points Change
1,592	51.0	%	$ 1,427	$ 2,900	49.2	%	$ 1,427	$ 2,900	49.2	%	Europe	$ 1,212	$ 2,743	44.2	%	6.8	5.0	5.0
1,023	41.2	%	1,026	2,547	40.3	%	1,026	2,547	40.3	%	SSEA, CIS & MEA	833	2,485	33.5	%	7.7	6.8	6.8
758	49.1	%	739	1,468	50.3	%	739	1,468	50.3	%	EA, AU & PMI DF	634	1,477	42.9	%	6.2	7.4	7.4
137	31.6	%	131	445	29.4	%	131	445	29.4	%	Americas	128	448	28.6	%	3.0	0.8	0.8
3,510	46.3	%	$ 3,323	$ 7,360	45.1	%	$ 3,323	$ 7,360	45.1	%	Total PMI	$ 2,807	$ 7,153	39.2	%	7.1	5.9	5.9
2021											Quarters Ended<br>June 30	2020				% Points Change
1,758	52.4	%	$ 1,585	$ 3,063	51.7	%	$ 1,585	$ 3,063	51.7	%	Europe	$ 1,273	$ 2,644	48.1	%	4.3	3.6	3.6
826	33.7	%	873	2,395	36.5	%	873	2,395	36.5	%	SSEA, CIS & MEA	796	2,195	36.3	%	(2.6)	0.2	0.2
770	48.1	%	770	1,561	49.3	%	770	1,561	49.3	%	EA, AU & PMI DF	653	1,444	45.2	%	2.9	4.1	4.1
119	27.7	%	117	401	29.2	%	117	401	29.2	%	Americas	99	368	26.9	%	0.8	2.3	2.3
3,473	44.3	%	$ 3,345	$ 7,420	45.1	%	$ 3,345	$ 7,420	45.1	%	Total PMI	$ 2,821	$ 6,651	42.4	%	1.9	2.7	2.7
2021											Quarters Ended<br>September 30	2020				% Points Change
1,792	52.2	%	$ 1,706	$ 3,299	51.7	%	$ 1,706	$ 3,297	51.7	%	Europe	$ 1,676	$ 3,176	52.8	%	(0.6)	(1.1)	(1.1)
902	35.3	%	906	2,598	34.9	%	906	2,598	34.9	%	SSEA, CIS & MEA	877	2,502	35.1	%	0.2	(0.2)	(0.2)
749	44.6	%	770	1,682	45.8	%	770	1,682	45.8	%	EA, AU & PMI DF	596	1,368	43.6	%	1.0	2.2	2.2
124	27.2	%	120	436	27.5	%	120	436	27.5	%	Americas	112	400	28.0	%	(0.8)	(0.5)	(0.5)
3,567	43.9	%	$ 3,502	$ 8,015	43.7	%	$ 3,502	$ 8,013	43.7	%	Total PMI	$ 3,261	$ 7,446	43.8	%	0.1	(0.1)	(0.1)
(a) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 6
(b) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 3

All values are in US Dollars.

																	Schedule 8 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
( in millions) / (Unaudited)
Adjusted Operating Income (a)	Adjusted Operating Income Margin		Adjusted Operating Income excluding Currency<br>(a)	Adjusted Net Revenues excluding Currency<br>(b)	Adjusted Operating Income Margin excluding Currency		Adjusted Operating Income excluding Currency & Acqui- sitions<br>(a)	Adjusted Net Revenues excluding Currency & Acqui- sitions<br>(b)	Adjusted Operating Income Margin excluding Currency & Acqui- sitions			Adjusted Operating Income (a)	Adjusted Net Revenues (b)	Adjusted Operating Income<br>Margin		Adjusted Operating Income<br>Margin	Adjusted Operating Income Margin excluding Currency	Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2021											Quarters Ended<br>December 31	2020				% Points Change
1,376	42.4	%	$ 1,407	$ 3,270	43.0	%	$ 1,405	$ 3,264	43.0	%	Europe	$ 1,287	$ 2,971	43.3	%	(0.9)	(0.3)	(0.3)
863	33.0	%	906	2,627	34.5	%	906	2,627	34.5	%	SSEA, CIS & MEA	846	2,560	33.0	%	—	1.5	1.5
654	40.2	%	697	1,665	41.9	%	697	1,665	41.9	%	EA, AU & PMI DF	625	1,428	43.8	%	(3.6)	(1.9)	(1.9)
124	23.7	%	118	515	22.9	%	118	515	22.9	%	Americas	124	485	25.6	%	(1.9)	(2.7)	(2.7)
17	16.8	%	17	101	16.8	%	—	—	—	%	Wellness & Healthcare	—	—	—	%	—	—	—
3,034	37.4	%	$ 3,145	$ 8,178	38.5	%	$ 3,126	$ 8,071	38.7	%	Total PMI	$ 2,882	$ 7,444	38.7	%	(1.3)	(0.2)	—
2021											Full Year Ended<br>December 31	2020				% Points Change
6,518	49.5	%	$ 6,125	$ 12,532	48.9	%	$ 6,123	$ 12,524	48.9	%	Europe	$ 5,448	$ 11,534	47.2	%	2.3	1.7	1.7
3,614	35.8	%	3,711	10,167	36.5	%	3,711	10,167	36.5	%	SSEA, CIS & MEA	3,352	9,742	34.4	%	1.4	2.1	2.1
2,931	45.5	%	2,976	6,376	46.7	%	2,976	6,376	46.7	%	EA, AU & PMI DF	2,508	5,717	43.9	%	1.6	2.8	2.8
504	27.3	%	486	1,797	27.0	%	486	1,797	27.0	%	Americas	463	1,701	27.2	%	0.1	(0.2)	(0.2)
17	16.8	%	17	101	16.8	%	—	—	—	%	Wellness & Healthcare	—	—	—	%	—	—	—
13,584	42.9	%	$ 13,315	$ 30,973	43.0	%	$ 13,296	$ 30,864	43.1	%	Total PMI	$ 11,771	$ 28,694	41.0	%	1.9	2.0	2.1
(a) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 6
(b) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 3

All values are in US Dollars.

Document

Exhibit 99.3

Fiscal Year 2022 Unaudited Pro Forma

Combined Financial Information

PMI and Swedish Match AB Combined

				Schedule 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Pro Forma Financial Information – PMI and Swedish Match Combined
( in millions) / (unaudited)
	Quarter<br>Ended June 30	Quarter<br>Ended September 30	Quarter<br>Ended December 31	Full Year<br>Ended December 31
	2022	2022	2022	2022
Total PMI
Net Revenues	$ 7,832	$ 8,032	$ 8,152	$ 31,762
Cost of sales	2,648	2,935	3,211	11,402
Gross Profit	$ 5,184	$ 5,097	$ 4,941	$ 20,360
Swedish Match
Net Revenues	$ —	$ —	$ 316	$ 316
Cost of sales	—	—	247	247
Gross Profit	$ —	$ —	$ 69	$ 69
Total PMI excl. Swedish Match
Net Revenues	$ 7,832	$ 8,032	$ 7,836	$ 31,446
Cost of sales	2,648	2,935	2,964	11,155
Gross Profit	$ 5,184	$ 5,097	$ 4,872	$ 20,291
Pro Forma Swedish Match Financial Information
Net Revenues	$ 557	$ 579	$ 619	$ 2,244
Cost of sales	218	225	244	877
Gross Profit	$ 338	$ 354	$ 375	$ 1,367
Pro Forma Combined Financial Information
Net Revenues	$ 8,389	$ 8,611	$ 8,455	$ 33,690
Cost of sales	2,866	3,160	3,208	12,032
Gross Profit	$ 5,522	$ 5,451	$ 5,247	$ 21,658
The unaudited pro forma combined financial information was prepared using the acquisition method of accounting as required by ASC 805 Business Combinations and was based on the historical financial information of PMI and Swedish Match as disclosed in Form 10-K for the year ended December 31, 2022, Item 8, Note 3. AcquisitionsThe unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations would have been had the acquisition been completed on January 1, 2021. In addition, the unaudited pro forma financial information is not a projection of future results of operations of the combined company

All values are in US Dollars.