pm-20210420

Exhibit 99.1

PRESS RELEASE

Investor Relations:

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PHILIP MORRIS INTERNATIONAL INC. REPORTS STRONG 2021 FIRST-QUARTER

REPORTED DILUTED EPS OF $1.55 VERSUS $1.17 IN 2020,

REFLECTING ADJUSTED DILUTED EPS GROWTH OF 21.5% ON AN ORGANIC BASIS;

REVISES 2021 FULL-YEAR REPORTED DILUTED EPS FORECAST TO A RANGE OF $5.93 TO $6.03,

NOW REFLECTING ADJUSTED DILUTED EPS GROWTH OF AROUND 11% TO 13%

ON AN ORGANIC BASIS;

ANTICIPATES 2021 FULL-YEAR HEATED TOBACCO UNIT SHIPMENT VOLUME OF

95 TO 100 BILLION UNITS

NEW YORK, April 20, 2021 – Philip Morris International Inc. (NYSE: PM) today announces its 2021 first-quarter results. Growth rates presented in this press release on an organic basis reflect currency-neutral underlying results. Adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures are included in the schedules to this press release.

2021 FIRST-QUARTER HIGHLIGHTS

•Reported diluted EPS of $1.55, up by 32.5%; up by 23.9%, excluding currency

•Adjusted diluted EPS of $1.57, up by 29.8%; up by 21.5% on an organic basis

•Cigarette and heated tobacco unit shipment volume down by 3.7% (reflecting cigarette shipment volume down by 7.3%, and heated tobacco unit shipment volume up by 29.9% to 21.7 billion units)

•Market share for heated tobacco units in IQOS markets, excluding the U.S., up by 1.7 points to 7.6%

•Net revenues up by 6.0%; up by 2.9% on an organic basis

•Net revenues from smoke-free products accounted for 28.0% of total net revenues

•Operating income up by 23.5%; up by 16.8%, excluding currency

•Adjusted operating income up by 18.5% on an organic basis

•Adjusted operating income margin of 46.0%, up by 5.9 points on an organic basis

•Total IQOS users at quarter-end estimated at approximately 19.1 million, of which approximately 14.0 million have switched to IQOS and stopped smoking

•During the quarter, PMI declared a regular quarterly dividend of $1.20 per common share, representing an annualized rate of $4.80

"We are pleased to have delivered a very strong start to the year, with top- and bottom-line results coming in well ahead of our expectations for the first quarter despite the ongoing challenges of the pandemic," said André Calantzopoulos, Chief Executive Officer.

"This performance was driven by the continued strength of IQOS, in particular, reflecting excellent user, volume and market share momentum, as well as further progress with manufacturing and operating cost efficiencies. Our results also benefited from the timing of specific factors, notably associated with shipments in certain markets and the phasing of commercial investments, which are expected to partially reverse in the second quarter."

"While the speed and shape of the global recovery from the pandemic remains uncertain, we are raising our full-year outlook, on an underlying basis, to reflect the strong results and positive momentum of the first quarter. Our guidance now represents organic adjusted diluted EPS growth of 11% to 13%, reflecting net revenue growth of 5% to 7% on the same basis."

2021 FULL-YEAR FORECAST


	Full-Year
	2021 Forecast			2020	Organic Growth

Reported Diluted EPS	$5.93	-	$6.03	$ 5.16
Asset impairment and exit costs	0.02			0.08
Fair value adjustment for equity security investments				0.04
Tax items				(0.06)
Brazil indirect tax credit				(0.05)
Adjusted Diluted EPS	$5.95	-	$6.05	$ 5.17
Currency	(0.20)
Adjusted Diluted EPS, excluding currency	$5.75	-	$5.85	$ 5.17	11%	-	13%

PMI revises its full-year reported diluted EPS forecast to a range of $5.93 to $6.03, at prevailing exchange rates, representing a projected increase of around 15% to 17% versus reported diluted EPS of $5.16 in 2020. This compares to the previously communicated forecast range of $5.90 to $6.00, provided on February 10, 2021.

On an organic basis, this forecast represents a projected increase of around 11% to 13% versus adjusted diluted EPS of $5.17 in 2020, as outlined in the table above.

The revised full-year guidance reflects:

•Better underlying business performance driven by the strength of IQOS, particularly in the EU Region and Japan;

•A favorable currency impact, at prevailing exchange rates, of approximately $0.20 per share, compared to approximately $0.25 per share previously; and

•Asset impairment and exit costs of $0.02 per share resulting from product distribution restructuring in Korea and organizational design optimization.

2021 Full-Year Forecast Assumptions

This forecast assumes:

•A gradual improvement in the general operating environment, with potential volatility around the duration and effects of pandemic-related mobility restrictions across PMI's key markets;

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•Lack of near-term recovery in PMI's duty-free business given the uncertain outlook for global travel, with current dynamics persisting through year end;

•A limited impact from the current global shortage of semiconductors on the supply of our electronic devices to consumers;

•An estimated total international industry volume progression, excluding China and the U.S., of approximately -3% to flat;

•A total cigarette and heated tobacco unit shipment volume progression for PMI of approximately -2% to +1%;

•Heated tobacco unit shipment volume of 95 to 100 billion units, compared to a range of 90 to 100 billion units previously;

•Net revenue growth of approximately 5% to 7% on an organic basis, compared to a range of approximately 4% to 7% previously;

•An increase in adjusted operating income margin of around 200 basis points on an organic basis, compared to at least 150 basis points, previously;

•Operating cash flow of around $11 billion at prevailing exchange rates and subject to year-end working capital requirements;

•Capital expenditures of approximately $0.8 billion;

•An effective tax rate, excluding discrete tax events, of around 22%;

•No share repurchases;

•Second-quarter reported diluted EPS in a range of $1.50 to $1.55, including a favorable currency impact, at prevailing exchange rates, of around $0.04 per share, notably reflecting:

•Strong organic net revenue growth, partly driven by a favorable comparison versus the second quarter of 2020;

•Continued improvement in adjusted operating income margin on an organic basis; and

•A partial reversal of the approximately $0.08 per share benefit recorded in the first quarter related to the timing of specific factors, notably associated with shipments in certain markets and the phasing of commercial investments.

•A second half of 2021 reflecting:

•The assumption that many of PMI's key markets will have largely emerged from pandemic-related restrictions;

•Continued robust organic net revenue growth;

•Incremental commercial investments, compared to the first half of 2021, of approximately $300 to $400 million; and

•Lower organic adjusted operating income margin expansion compared to the first half of 2021.

The foregoing is underpinned by the assumption that, even in the event of prolonged pandemic-related restrictions, there will not be a return to the depressed consumption levels of the second quarter of 2020. This assumption is consistent with the less severe impact on consumption levels observed in the second half of 2020 as COVID-19 spread in a number of markets.

This forecast excludes the impact of any future acquisitions, unanticipated or unquantifiable asset impairment and exit cost charges, future changes in currency exchange rates, further developments pertaining to the judgment in the two Québec Class Action lawsuits and the Companies’ Creditors Arrangement Act (CCAA)

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protection granted to PMI's Canadian subsidiary, Rothmans, Benson & Hedges, Inc. (RBH), any unusual events, any intensification of the global shortage of semiconductors and the related impact on the supply of our electronic devices, and any COVID-19-related developments different from the assumptions set forth in the company's forecast.

Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.

COVID-19: Business Continuity Update

Since the onset of the COVID-19 pandemic, PMI has undertaken a number of business continuity measures to mitigate potential disruption to its operations and route-to-market in order to preserve the availability of products to its customers and adult consumers.

Currently:

•PMI has sufficient access to the inputs for its products and is not facing any significant business continuity issues with respect to key suppliers;

•All of PMI's cigarette and heated tobacco unit manufacturing facilities globally are operational;

•COVID-related restrictions do not have a significant impact on the availability of PMI’s products to its customers and adult consumers; and

•PMI has ample liquidity through cash on hand, the ongoing cash generation of its business, and its access to the commercial paper and debt markets.

Conference Call

A conference call, hosted by Emmanuel Babeau, Chief Financial Officer, will be webcast at 9:00 a.m., Eastern Time, on April 20, 2021. Access is at www.pmi.com/2021Q1earnings.

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CONSOLIDATED SHIPMENT VOLUME & MARKET SHARE


PMI Shipment Volume by Region	First-Quarter
(million units)	2021	2020	Change
Cigarettes
European Union	36,769	40,646	(9.5)	%
Eastern Europe	19,966	21,419	(6.8)	%
Middle East & Africa	27,642	29,996	(7.8)	%
South & Southeast Asia	34,888	37,595	(7.2)	%
East Asia & Australia	11,362	12,299	(7.6)	%
Latin America & Canada	14,885	15,063	(1.2)	%
Total PMI	145,512	157,018	(7.3)	%

Heated Tobacco Units
European Union	6,426	4,661	37.9	%
Eastern Europe	5,635	4,366	29.1	%
Middle East & Africa	396	470	(15.7)	%
South & Southeast Asia	33	—	—	%
East Asia & Australia	9,139	7,122	28.3	%
Latin America & Canada	105	108	(2.8)	%
Total PMI	21,734	16,727	29.9	%

Cigarettes and Heated Tobacco Units
European Union	43,195	45,307	(4.7)	%
Eastern Europe	25,601	25,785	(0.7)	%
Middle East & Africa	28,038	30,466	(8.0)	%
South & Southeast Asia	34,921	37,595	(7.1)	%
East Asia & Australia	20,501	19,421	5.6	%
Latin America & Canada	14,990	15,171	(1.2)	%
Total PMI	167,246	173,745	(3.7)	%

During the quarter, PMI's total shipment volume decreased by 3.7%, due to:

•the EU, reflecting lower cigarette shipment volume, notably in the Czech Republic, Poland and Spain, partly offset by higher heated tobacco unit shipment volume across the Region, notably in Italy;

•Eastern Europe, reflecting lower cigarette shipment volume, notably in Ukraine, partly offset by higher heated tobacco unit shipment volume across the Region, primarily in Russia;

•Middle East & Africa, mainly reflecting lower cigarette shipment volume, mainly in North Africa (primarily Egypt) and PMI Duty Free, partly offset by Turkey;

•South & Southeast Asia, primarily reflecting lower cigarette shipment volume, primarily in Indonesia and the Philippines, partly offset by Pakistan; and

•Latin America & Canada, reflecting lower cigarette shipment volume, notably in Colombia, partly offset by Brazil;

partly offset by

•East Asia & Australia, reflecting higher heated tobacco unit shipment volume, primarily in Japan, partly offset by lower cigarette shipment volume, mainly in Japan.

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First-Quarter Impact of Inventory Movements

Excluding the net unfavorable impact of estimated distributor inventory movements of approximately 0.9 billion units, PMI’s total in-market sales declined by 3.3%, due to a 6.2% decline in cigarettes, partly offset by a 22.7% increase in heated tobacco units.

The net unfavorable impact of approximately 0.9 billion units reflected:

•A net unfavorable impact of 2.0 billion cigarettes, mainly due to inventory movements in the first quarter of 2020 related to higher shipments to distributors at the onset of the pandemic;

partly offset by

•A net favorable impact of 1.1 billion heated tobacco units, mainly driven by inventory movements in the first quarter of 2020 due to the temporary shutdown of the company's Bologna manufacturing facility due to pandemic-related lockdown restrictions.

PMI's total heated tobacco unit in-market sales volume in the quarter was 21.3 billion units, broadly consistent with heated tobacco unit shipment volume. The company believes that the current level of heated tobacco unit inventory is appropriate based on anticipated sales.

PMI Shipment Volume by Brand


PMI Shipment Volume by Brand	First-Quarter
(million units)	2021	2020	Change
Cigarettes
Marlboro	53,682	59,245	(9.4)	%
L&M	20,367	22,641	(10.0)	%
Chesterfield	12,758	12,903	(1.1)	%
Philip Morris	10,184	11,463	(11.2)	%
Parliament	8,957	7,573	18.3	%
Sampoerna A	8,698	8,548	1.8	%
Dji Sam Soe	5,704	6,175	(7.6)	%
Bond Street	4,527	5,612	(19.3)	%
Lark	3,899	4,025	(3.1)	%
Sampoerna Hijau	2,199	1,477	48.9	%
Others	14,537	17,356	(16.2)	%
Total Cigarettes	145,512	157,018	(7.3)	%
Heated Tobacco Units	21,734	16,727	29.9	%
Total PMI	167,246	173,745	(3.7)	%

Note: Sampoerna A includes Sampoerna; Philip Morris includes Philip Morris/Dubliss; and Lark includes Lark Harmony.

PMI's cigarette shipment volume of the following brands decreased:

•Marlboro, mainly due to Japan, North Africa, the Philippines, PMI Duty Free and Spain, partly offset by Turkey;

•L&M, notably due to Egypt and Poland;

•Chesterfield, mainly due to the GCC and Spain, partly offset by Brazil and Russia;

•Philip Morris, primarily due to Italy and Russia;

•Dji Sam Soe in Indonesia, mainly due to Dji Sam Soe Magnum Mild;

•Bond Street, notably due to Russia and Ukraine;

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•Lark, primarily due to Japan and PMI Duty Free; and

•"Others," notably due to: mid-price Fortune in the Philippines and Sampoerna U in Indonesia; partly offset by low price Morven in Pakistan.

PMI's cigarette shipment volume of the following brands increased:

•Parliament, mainly driven by Russia, Saudi Arabia and Turkey;

•Sampoerna A in Indonesia, primarily driven by premium A Mild; and

•Sampoerna Hijau in Indonesia.

The increase in PMI's heated tobacco unit shipment volume was mainly driven by the EU (notably Italy), Eastern Europe (notably Russia) and Japan.

First-Quarter International Share of Market

PMI's total international market share (excluding China and the U.S.), defined as PMI's cigarette and heated tobacco unit sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, decreased by 0.7 points to 26.8%, reflecting:

•Total international market share for cigarettes of 23.3%, down by 1.4 points; and

•Total international market share for heated tobacco units of 3.5%, up by 0.7 points.

PMI's total international cigarette sales volume as a percentage of total industry cigarette sales volume was down by 1.2 points to 24.3%, mainly reflecting: out-switching to heated tobacco units, as well as lower cigarette market share and/or an unfavorable geographic mix impact, notably in Japan, the Philippines, PMI Duty Free and Ukraine, partly offset by Turkey.

CONSOLIDATED FINANCIAL SUMMARY


Financial Summary - Quarters Ended March 31,					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2021		2020		Total		Excl. Curr.		Total	Cur- rency	Price	Vol/ Mix	Cost/ Other
(in millions)
Net Revenues	$ 7,585		$ 7,153		6.0	%	2.9	%	432	225	206	(31)	32
Cost of Sales	(2,274)		(2,402)		5.3	%	9.0	%	128	(87)	—	29	186
Marketing, Administration and Research Costs	(1,849)		(1,944)		4.9	%	2.4	%	95	49	—	—	46
Amortization of Intangibles	(18)		(18)		—	%	—	%	—	—	—	—	—
Operating Income	$ 3,444		$ 2,789		23.5	%	16.8	%	655	187	206	(2)	264
Asset Impairment & Exit Costs (1)	(48)		—		—	%	—	%	(48)	—	—	—	(48)



Adjusted Operating Income	$ 3,492		$ 2,789		25.2	%	18.5	%	703	187	206	(2)	312

Adjusted Operating Income Margin	46.0	%	39.0	%	7.0pp		5.9	pp

(1) Included in Marketing, Administration and Research Costs above.

During the quarter, net revenues increased by 2.9% on an organic basis, mainly reflecting: a favorable pricing variance (notably driven by Germany, Japan, the Philippines and Turkey, partly offset by Indonesia); and higher fees for certain distribution rights billed to customers in certain markets, shown in "Cost/Other"; partly offset by unfavorable volume/mix, primarily due to lower cigarette volume (mainly in Indonesia, Japan, North Africa, the

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Philippines, PMI Duty Free and Spain), partially offset by higher heated tobacco unit volume (notably in the EU, Japan and Russia, partly offset by PMI Duty Free).

Operating income increased by 16.8%, excluding currency, primarily reflecting: a favorable pricing variance; lower manufacturing costs (driven by productivity gains related to reduced-risk and combustible products); lower marketing, administration and research costs (largely driven by cost efficiencies, partially offset by the impact of 2021 asset impairment and exit costs of $48 million related to product distribution restructuring in Korea and organizational design optimization); and higher fees for certain distribution rights, as noted above for net revenues.

Adjusted operating income increased by 18.5% on an organic basis. Adjusted operating income margin increased by 5.9 points on the same basis, as detailed in Schedule 6.

EUROPEAN UNION REGION


Financial Summary - Quarters Ended March 31,					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2021		2020		Total		Excl. Curr.		Total	Cur- rency	Price	Vol/ Mix	Cost/ Other
(in millions)
Net Revenues	$ 2,909		$ 2,535		14.8	%	5.5	%	374	235	37	102	—

Operating Income	$ 1,490		$ 1,158		28.7	%	15.2	%	332	156	37	101	38
Asset Impairment & Exit Costs (1)	(9)		—		—	%	—	%	(9)	—	—	—	(9)
Adjusted Operating Income	$ 1,499		$ 1,158		29.4	%	16.0	%	341	156	37	101	47

Adjusted Operating Income Margin	51.5	%	45.7	%	5.8pp		4.5pp
(1) Included in marketing, administration and research costs at the consolidated operating income level.

During the quarter, net revenues increased by 5.5% on an organic basis, reflecting: favorable volume/mix, mainly driven by higher heated tobacco unit volume (notably in Germany and Italy), partly offset by lower cigarette volume (notably in Spain); and a favorable pricing variance (driven by higher combustible pricing, particularly in Germany).

Operating income increased by 15.2%, excluding currency, primarily reflecting: favorable volume/mix, driven by the same factors as for net revenues noted above; lower manufacturing costs (driven mainly by reduced-risk products); and a favorable pricing variance; partly offset by higher marketing, administration and research costs (including the impact of 2021 asset impairment and exit costs related to organizational design optimization).

Adjusted operating income increased by 16.0% on an organic basis. Adjusted operating income margin increased by 4.5 points on the same basis, as detailed in Schedule 6.

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Total Market, PMI Shipment & Market Share Commentaries


European Union Key Data	First-Quarter
					Change
	2021		2020		% / pp
Total Market (billion units)	105.8		109.4		(3.3)	%

PMI Shipment Volume (million units)
Cigarettes	36,769		40,646		(9.5)	%
Heated Tobacco Units	6,426		4,661		37.9	%
Total EU	43,195		45,307		(4.7)	%

PMI Market Share
Marlboro	17.1	%	17.6	%	(0.5)
L&M	5.8	%	6.5	%	(0.7)
Chesterfield	5.5	%	5.6	%	(0.1)
Philip Morris	2.2	%	2.6	%	(0.4)
HEETS	5.7	%	3.9	%	1.8
Others	3.2	%	3.2	%	—
Total EU	39.5	%	39.4	%	0.1
Note: HEETS includes HEETS Dimensions.

In the quarter, the estimated total market in the EU decreased by 3.3% to 105.8 billion units, notably driven by:

•Czech Republic, down by 24.9%, mainly reflecting lower border sales due to pandemic-related lockdown measures;

•Denmark, down by 58.9%, or by 15.1% excluding the net unfavorable impact of estimated trade inventory movements, primarily reflecting the impact of excise tax-driven price increases;

•Romania, down by 12.8%, mainly reflecting the impact of pandemic-related lockdown measures; and

•Spain, down by 7.7%, notably reflecting lower in-bound tourism due to the pandemic;

partly offset by

•Germany, up by 8.5%, primarily reflecting the pandemic-related impact of lower cross-border (non-domestic) purchases and reduced out-bound tourism.

PMI's total shipment volume decreased by 4.7% to 43.2 billion units, or by 3.0% excluding the net unfavorable impact of estimated distributor inventory movements (notably in Spain), reflecting:

•lower cigarette shipment volume, mainly due to the lower total market, as well as lower market share (notably in Germany, Italy and Poland, partly reflecting out-switching to heated tobacco units);

partly offset by

•higher heated tobacco unit shipment volume across the Region, driven by higher market share (notably in Germany, Hungary, Italy and Poland).

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EASTERN EUROPE REGION


Financial Summary - Quarters Ended March 31,					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2021		2020		Total		Excl. Curr.		Total	Cur- rency	Price	Vol/ Mix	Cost/ Other
(in millions)
Net Revenues	$ 796		$ 788		1.0	%	10.5	%	8	(75)	24	59	—

Operating Income	$ 261		$ 99		+100%		+100%		162	7	24	57	74
Asset Impairment & Exit Costs (1)	(2)		—		—	%	—	%	(2)	—	—	—	(2)

Adjusted Operating Income	$ 263		$ 99		+100%		+100%		164	7	24	57	76

Adjusted Operating Income Margin	33.0	%	12.6	%	20.4pp		16.8pp
(1) Included in marketing, administration and research costs at the consolidated operating income level.

During the quarter, net revenues increased by 10.5% on an organic basis, reflecting: favorable volume/mix, driven by higher heated tobacco unit volume (primarily in Russia and Ukraine), partly offset by unfavorable cigarette volume (mainly in Ukraine); and a favorable pricing variance, driven by higher combustible pricing (notably in Ukraine).

Operating income increased by over 100%, excluding currency (note: currency variance includes a favorable comparison due to an adverse transaction currency impact in the first quarter of 2020 related to the revaluation of foreign currency payables in Russia), primarily reflecting: favorable volume/mix, driven by the same factors as for net revenues noted above; lower manufacturing costs (primarily related to reduced-risk products, mainly in Russia); a favorable pricing variance; and lower marketing, administration and research costs.

Adjusted operating income increased by over 100% on an organic basis. Adjusted operating income margin increased by 16.8 points on the same basis, as detailed in Schedule 6.

Total Market, PMI Shipment & Market Share Commentaries

In the quarter, the estimated total market in Eastern Europe decreased, mainly due to:

•Ukraine, down by 15.7%, or by 9.9% excluding the net unfavorable impact of estimated trade inventory movements, mainly reflecting the impact of excise tax-driven price increases and a higher prevalence of illicit trade;

partly offset by

•Russia, up by 3.6%, primarily reflecting the net favorable impact of estimated trade inventory movements, partly related to the ban on discounts on cigarettes effective April 1, 2021. Excluding these movements, the total estimated market decreased by 2.4%, mainly due to the impact of excise tax-driven price increases, partly offset by a lower prevalence of illicit trade.


PMI Shipment Volume	First-Quarter
(million units)	2021	2020	Change
Cigarettes	19,966	21,419	(6.8)	%
Heated Tobacco Units	5,635	4,366	29.1	%
Total Eastern Europe	25,601	25,785	(0.7)	%

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PMI's total shipment volume decreased by 0.7% to 25.6 billion units, notably due to:

•Ukraine, down by 10.9%, or by 7.7% excluding the net unfavorable impact of estimated distributor inventory movements, mainly reflecting the lower total market, partly offset by a higher market share driven by heated tobacco units;

partly offset by

•Russia, up by 4.2%. Excluding the net favorable impact of estimated distributor inventory movements of 0.4 billion cigarettes and 0.2 billion heated tobacco units, PMI's in-market sales increased by 0.3%, mainly reflecting the higher total market, partly offset by a lower market share due to cigarettes.

MIDDLE EAST & AFRICA REGION


Financial Summary - Quarters Ended March 31,					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2021		2020		Total		Excl. Curr.		Total	Cur- rency	Price	Vol/ Mix	Cost/ Other
(in millions)
Net Revenues	$ 801		$ 876		(8.6)	%	(5.9)	%	(75)	(23)	77	(159)	30

Operating Income	$ 335		$ 321		4.4	%	8.4	%	14	(13)	77	(130)	80
Asset Impairment & Exit Costs (1)	(2)		—		—	%	—	%	(2)	—	—	—	(2)
Adjusted Operating Income	$ 337		$ 321		5.0	%	9.0	%	16	(13)	77	(130)	82

Adjusted Operating Income Margin	42.1	%	36.6	%	5.5pp		5.9pp
(1) Included in marketing, administration and research costs at the consolidated operating income level.

During the quarter, net revenues decreased by 5.9% on an organic basis, primarily reflecting: unfavorable volume/mix, mainly due to lower cigarette and heated tobacco unit volume in PMI Duty Free, as well as lower cigarette volume in North Africa (particularly Egypt); partly offset by a favorable pricing variance (driven by combustible pricing, mainly in Turkey); and higher fees for certain distribution rights billed to customers in certain markets, shown in "Cost/Other."

Operating income increased by 8.4%, excluding currency, mainly reflecting: a favorable pricing variance; lower marketing, administration and research costs; higher fees for certain distribution rights, as noted above for net revenues; and lower manufacturing costs; partly offset by unfavorable volume/mix, due to the same factors as for net revenues noted above.

Adjusted operating income increased by 9.0% on an organic basis. Adjusted operating income margin increased by 5.9 points on the same basis, as detailed in Schedule 6.

Total Market, PMI Shipment & Market Share Commentaries

In the quarter, the estimated total market in the Middle East & Africa decreased, mainly due to:

•International Duty Free, down by 58.4%, reflecting the impact of government travel restrictions and reduced passenger traffic due to the pandemic; and

•South Africa, down by 29.2%, primarily reflecting a higher estimated prevalence of illicit trade resulting from the pandemic-related ban on all tobacco sales from March 27, 2020, through August 17, 2020;

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partly offset by

•Egypt, up by 7.6%, or by 4.6% excluding the net favorable impact of estimated trade inventory movements, notably reflecting a lower estimated prevalence of illicit trade and in-switching to cigarettes from other combustible tobacco products.


PMI Shipment Volume	First-Quarter
(million units)	2021	2020	Change
Cigarettes	27,642	29,996	(7.8)	%
Heated Tobacco Units	396	470	(15.7)	%
Total Middle East & Africa	28,038	30,466	(8.0)	%

PMI's total shipment volume decreased by 8.0% to 28.0 billion units, notably due to:

•Egypt, down by 16.6%, or by 9.1% excluding the net unfavorable impact of estimated distributor inventory movements, mainly reflecting a lower market share (notably for L&M); and

•PMI Duty Free, down by 67.4%, or by 54.5% excluding the net unfavorable impact of estimated distributor inventory movements (due to cigarettes), mainly reflecting the lower total market for both cigarettes and heated tobacco units;

partly offset by

•Turkey, up by 7.9%, primarily reflecting a higher market share, driven by the growth of Marlboro and Parliament, partly offset by a lower total market.

SOUTH & SOUTHEAST ASIA REGION


Financial Summary - Quarters Ended March 31,					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2021		2020		Total		Excl. Curr.		Total	Cur- rency	Price	Vol/ Mix	Cost/ Other
(in millions)
Net Revenues	$ 1,173		$ 1,251		(6.2)	%	(8.5)	%	(78)	28	(38)	(68)	—

Operating Income	$ 529		$ 599		(11.7)	%	(13.9)	%	(70)	13	(38)	(72)	27
Asset Impairment & Exit Costs (1)	(3)		—		—	%	—	%	(3)	—	—	—	(3)
Adjusted Operating Income	$ 532		$ 599		(11.2)	%	(13.4)	%	(67)	13	(38)	(72)	30

Adjusted Operating Income Margin	45.4	%	47.9	%	(2.5)pp		(2.6)pp
(1) Included in marketing, administration and research costs at the consolidated operating income level.

During the quarter, net revenues decreased by 8.5% on an organic basis, reflecting: unfavorable volume/mix, due to lower cigarette volume in Indonesia and the Philippines, partly offset by favorable cigarette mix in Indonesia and the Philippines; and an unfavorable pricing variance, due to Indonesia, partially offset by the Philippines.

Operating income decreased by 13.9%, excluding currency, primarily reflecting: unfavorable volume/mix, due to the same factors as for net revenues noted above; and an unfavorable pricing variance; partly offset by lower marketing, administration and research costs.

- 12 -

Adjusted operating income decreased by 13.4% on an organic basis. Adjusted operating income margin decreased by 2.6 points on the same basis, as detailed in Schedule 6.

Total Market, PMI Shipment & Market Share Commentaries

In the quarter, the estimated total market in South & Southeast Asia increased, notably due to:

•Indonesia, up by 4.9%, mainly reflecting the growth of the tax-advantaged 'below tier one' segment; and

•Pakistan, up by 26.7%, or by 5.0% excluding the net favorable impact of estimated trade inventory movements, primarily reflecting a lower prevalence of illicit trade;

partly offset by

•the Philippines, down by 14.4%, primarily reflecting the impact of industry-wide price increases in the fourth quarter of 2020.


PMI Shipment Volume	First-Quarter
(million units)	2021	2020	Change
Cigarettes	34,888	37,595	(7.2)	%
Heated Tobacco Units	33	—	—	%
Total South & Southeast Asia	34,921	37,595	(7.1)	%

PMI's total shipment volume decreased by 7.1% to 34.9 billion units, notably due to:

•Indonesia, down by 2.7%, primarily reflecting a lower market share, mainly due to adult smoker down-trading to the 'below tier one' segment as a result of significantly lower retail prices; and

•the Philippines, down by 23.9%, mainly reflecting the lower total market, and a lower market share (due primarily to mid-price Fortune, reflecting the impact of price increases in the fourth quarter of 2020, partly offset by Marlboro);

partly offset by

•Pakistan, up by 19.8%, primarily reflecting the higher total market.

EAST ASIA & AUSTRALIA REGION


Financial Summary - Quarters Ended March 31,					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2021		2020		Total		Excl. Curr.		Total	Cur- rency	Price	Vol/ Mix	Cost/ Other
(in millions)
Net Revenues	$ 1,472		$ 1,255		17.3	%	11.6	%	217	71	105	41	—

Operating Income	$ 695		$ 486		43.0	%	39.3	%	209	18	105	58	28
Asset Impairment & Exit Costs (1)	(31)		—		—	%	—	%	(31)	—	—	—	(31)
Adjusted Operating Income	$ 726		$ 486		49.4	%	45.7	%	240	18	105	58	59

Adjusted Operating Income Margin	49.3	%	38.7	%	10.6pp		11.8pp
(1) Included in marketing, administration and research costs at the consolidated operating income level.

- 13 -

During the quarter, net revenues increased by 11.6% on an organic basis, reflecting: a favorable pricing variance, primarily driven by higher heated tobacco and combustible pricing in Japan; and favorable volume/mix, mainly due to higher heated tobacco unit volume in Japan, partly offset by: lower cigarette volume (mainly in Japan, partially offset by Australia), unfavorable cigarette mix (mainly in Australia and Japan), and unfavorable heated tobacco unit mix in Japan.

Operating income increased by 39.3%, excluding currency, mainly reflecting: a favorable pricing variance; favorable volume/mix, due to the same factors as for net revenues noted above; and lower manufacturing costs (primarily related to reduced-risk products in Japan). Marketing, administration and research costs were essentially stable, despite the unfavorable impact of 2021 asset impairment and exit costs (primarily related to product distribution restructuring in Korea).

Adjusted operating income increased by 45.7% on an organic basis. Adjusted operating income margin increased by 11.8 points on the same basis, as detailed in Schedule 6.

Total Market, PMI Shipment & Market Share Commentaries

In the quarter, the estimated total market in East Asia & Australia, excluding China, decreased, primarily due to:

•Japan, down by 8.0%, primarily due to the impact of excise tax-driven price increases in October 2020;

partly offset by

•Korea, up by 3.7%, mainly reflecting the shift of adult smokers from duty-free to domestic purchases due to the pandemic-related decline in international travel; and

•Taiwan, up by 12.7%, mainly reflecting the same factor as for Korea.


PMI Shipment Volume	First-Quarter
(million units)	2021	2020	Change
Cigarettes	11,362	12,299	(7.6)	%
Heated Tobacco Units	9,139	7,122	28.3	%
Total East Asia & Australia	20,501	19,421	5.6	%

PMI's total shipment volume increased by 5.6% to 20.5 billion units, or decreased by 0.2% excluding the net favorable impact of estimated distributor inventory movements, notably reflecting:

•Japan, up by 7.8%. Excluding the net favorable impact of estimated distributor inventory movements of 1.1 billion heated tobacco units (primarily driven by inventory movements in the first quarter of 2020), PMI's in-market sales decreased by 0.8%, mainly due to the lower total market, partly offset by a higher market share driven by heated tobacco units.

- 14 -

LATIN AMERICA & CANADA REGION


Financial Summary - Quarters Ended March 31,					Change Fav./(Unfav.)				Variance Fav./(Unfav.)
	2021		2020		Total		Excl. Curr.		Total	Cur- rency	Price	Vol/ Mix	Cost/ Other
(in millions)
Net Revenues	$ 434		$ 448		(3.1)	%	(0.7)	%	(14)	(11)	1	(6)	2

Operating Income	$ 134		$ 126		6.3	%	1.6	%	8	6	1	(16)	17
Asset Impairment & Exit Costs (1)	(1)		—		—	%	—	%	(1)	—	—	—	(1)



Adjusted Operating Income	$ 135		$ 126		7.1	%	2.4	%	9	6	1	(16)	18

Adjusted Operating Income Margin	31.1	%	28.1	%	3.0pp		0.9pp

(1) Included in marketing, administration and research costs at the consolidated operating income level.

During the quarter, net revenues decreased by 0.7% on an organic basis, mainly reflecting: unfavorable volume/mix, notably due to lower cigarette volume in Colombia, partly offset by Brazil.

Operating income increased by 1.6%, excluding currency, primarily reflecting: lower marketing, administration and research costs (mainly related to combustible products); partly offset by unfavorable volume/mix, due to the same factors as for net revenues noted above.

Adjusted operating income increased by 2.4% on an organic basis. Adjusted operating income margin increased by 0.9 points on the same basis, as detailed in Schedule 6.

Total Market, PMI Shipment & Market Share Commentaries

In the quarter, the estimated total market in Latin America & Canada increased, mainly due to:

•Argentina, up by 14.2%, or by 9.4% excluding the net favorable impact of estimated trade inventory movements, primarily reflecting a lower estimated prevalence of illicit trade; and

•Brazil, up by 8.3%, mainly reflecting a lower estimated prevalence of illicit trade due to: reduced price gaps with legal products and the impact of border restrictions imposed as a result of the pandemic.


PMI Shipment Volume	First-Quarter
(million units)	2021	2020	Change
Cigarettes	14,885	15,063	(1.2)	%
Heated Tobacco Units	105	108	(2.8)	%
Total Latin America & Canada	14,990	15,171	(1.2)	%

PMI's total shipment volume decreased by 1.2% to 15.0 billion units, notably due to:

•Colombia, down by 15.3%, primarily reflecting a lower total market, primarily due to the impact of price increases in January 2021 and increased pandemic-related restrictions;

partly offset by

•Brazil, up by 9.7%, mainly reflecting the higher total market.

- 15 -

Excluding the net unfavorable impact of estimated distributor inventory movements, PMI's heated tobacco unit in-market sales volume in the Region increased by 10.1%.

- 16 -

Philip Morris International: Delivering a Smoke-Free Future

Philip Morris International (PMI) is leading a transformation in the tobacco industry to create a smoke-free future and ultimately replace cigarettes with smoke-free products to the benefit of adults who would otherwise continue to smoke, society, the company and its shareholders. PMI is a leading international tobacco company engaged in the manufacture and sale of cigarettes, as well as smoke-free products, associated electronic devices and accessories, and other nicotine-containing products in markets outside the U.S. In addition, PMI ships versions of its IQOS Platform 1 device and consumables to Altria Group, Inc. for sale under license in the U.S., where these products have received marketing authorizations from the U.S. Food and Drug Administration (FDA) under the premarket tobacco product application (PMTA) pathway; the FDA has also authorized the marketing of a version of IQOS and its consumables as a Modified Risk Tobacco Product (MRTP), finding that an exposure modification order for these products is appropriate to promote the public health. PMI is building a future on a new category of smoke-free products that, while not risk-free, are a much better choice than continuing to smoke. Through multidisciplinary capabilities in product development, state-of-the-art facilities and scientific substantiation, PMI aims to ensure that its smoke-free products meet adult consumer preferences and rigorous regulatory requirements. PMI's smoke-free product portfolio includes heat-not-burn and nicotine-containing vapor products. As of March 31, 2021, PMI's smoke-free products are available for sale in 66 markets in key cities or nationwide, and PMI estimates that approximately 14.0 million adults around the world have already switched to IQOS and stopped smoking. For more information, please visit www.pmi.com and www.pmiscience.com.

Forward-Looking and Cautionary Statements

This press release contains projections of future results and other forward-looking statements. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.

PMI's business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; changes in adult smoker behavior; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful in its attempts to produce and commercialize reduced-risk products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; or if it is unable to attract and retain the

- 17 -

best global talent. Future results are also subject to the lower predictability of our reduced-risk product category's performance.

The COVID-19 pandemic has created significant societal and economic disruption, and resulted in closures of stores, factories and offices, and restrictions on manufacturing, distribution and travel, all of which will adversely impact our business, results of operations, cash flows and financial position during the continuation of the pandemic. Our business continuity plans and other safeguards may not be effective to mitigate the impact of the pandemic. Currently, significant risks include our diminished ability to convert adult smokers to our RRPs, significant volume declines in our duty-free business and certain other key markets, disruptions or delays in our manufacturing and supply chain, increased currency volatility, and delays in certain cost saving, transformation and restructuring initiatives. Our business could also be adversely impacted if key personnel or a significant number of employees or business partners become unavailable due to the COVID-19 outbreak. The significant adverse impact of COVID-19 on the economic or political conditions in markets in which we operate could result in changes to the preferences of our adult consumers and lower demand for our products, particularly for our mid-price or premium-price brands. Continuation of the pandemic could disrupt our access to the credit markets or increase our borrowing costs. Governments may temporarily be unable to focus on the development of science-based regulatory frameworks for the development and commercialization of RRPs or on the enforcement or implementation of regulations that are significant to our business. In addition, messaging about the potential negative impacts of the use of our products on COVID-19 risks may lead to increasingly restrictive regulatory measures on the sale and use of our products, negatively impact demand for our products, the willingness of adult consumers to switch to our RRPs and our efforts to advocate for the development of science-based regulatory frameworks for the development and commercialization of RRPs.

The impact of these risks also depends on factors beyond our knowledge or control, including the duration and severity of the pandemic, its recurrence in our key markets, actions taken to contain its spread and to mitigate its public health effects, and the ultimate economic consequences thereof.

PMI is further subject to other risks detailed from time to time in its publicly filed documents, including the Form 10-K for the year ended December 31, 2020. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.

- 18 -

Key Terms, Definitions and Explanatory Notes

General

•"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.

•Comparisons are made to the same prior-year period unless otherwise stated.

•Unless otherwise stated, references to total industry, total market, PMI shipment volume and PMI market share performance reflect cigarettes and heated tobacco units.

•References to total international market, defined as worldwide cigarette and heated tobacco unit volume excluding the U.S., total industry, total market and market shares are PMI estimates for tax-paid products based on the latest available data from a number of internal and external sources and may, in defined instances, exclude the People's Republic of China and/or PMI's duty free business.

•2020 and 2021 estimates for total industry volume and market share in certain geographies reflect limitations on the availability and accuracy of industry data during pandemic-related restrictions.

•"OTP" is defined as "other tobacco products," primarily roll-your-own and make-your-own cigarettes, pipe tobacco, cigars and cigarillos, and does not include reduced-risk products.

•"Combustible products" is the term PMI uses to refer to cigarettes and OTP, combined.

•In-market sales, or "IMS," is defined as sales to the retail channel, depending on the market and distribution model.

•"Total shipment volume" is defined as the combined total of cigarette shipment volume and heated tobacco unit shipment volume.

•"North Africa" is defined as Algeria, Egypt, Libya, Morocco and Tunisia.

•"The GCC" (Gulf Cooperation Council) is defined as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).

•Following the deconsolidation of PMI's Canadian subsidiary, Rothmans, Benson & Hedges, Inc. (RBH) on March 22, 2019, PMI continues to report the volume of brands sold by RBH for which other PMI subsidiaries are the trademark owner. These include HEETS, Next, Philip Morris and Rooftop.

•From time to time, PMI’s shipment volumes are subject to the impact of distributor inventory movements, and estimated total industry/market volumes are subject to the impact of inventory movements in various trade channels that include estimated trade inventory movements of PMI’s competitors arising from market-specific factors that significantly distort reported volume disclosures. Such factors may include changes to the manufacturing supply chain, shipment methods, consumer demand, timing of excise tax increases or other influences that may affect the timing of sales to customers. In such instances, in addition to reviewing PMI shipment volumes and certain estimated total industry/market volumes on a reported basis, management reviews these measures on an adjusted basis that excludes the impact of distributor and/or estimated trade inventory movements. Management also believes that disclosing PMI shipment volumes and estimated total industry/market volumes in such circumstances on a basis that excludes the impact of distributor and/or estimated trade inventory movements, such as on an IMS basis, improves the comparability of performance and trends for these measures over different reporting periods.

Financial

•Net revenues related to combustible products refer to the operating revenues generated from the sale of these products, including shipping and handling charges billed to customers, net of sales and promotion incentives, and excise taxes. PMI recognizes revenue when control is transferred to the customer, typically either upon shipment or delivery of goods.

•Net revenues related to RRPs represent the sale of heated tobacco units, heat-not-burn devices and related accessories, and other nicotine-containing products, primarily e-vapor products, including shipping and handling charges billed to customers, net of sales and promotion incentives, and excise taxes. PMI recognizes revenue when control is transferred to the customer, typically either upon shipment or delivery of goods.

•"Cost of sales" consists principally of: tobacco leaf, non-tobacco raw materials, labor and manufacturing costs; shipping and handling costs; and the cost of devices produced by third-party electronics manufacturing service providers. Estimated costs associated with device warranty programs are generally provided for in cost of sales in the period the related revenues are recognized.

- 19 -

•"Marketing, administration and research costs" include the costs of marketing and selling our products, other costs generally not related to the manufacture of our products (including general corporate expenses), and costs incurred to develop new products. The most significant components of our marketing, administration and research costs are marketing and sales expenses and general and administrative expenses.

•"Cost/Other" in the Consolidated Financial Summary table of total PMI and the six operating segments of this release reflects the currency-neutral variances of: cost of sales (excluding the volume/mix cost component); marketing, administration and research costs (including asset impairment and exit costs); and amortization of intangibles. “Cost/Other” also includes the currency-neutral net revenue variance, unrelated to volume/mix and price components, attributable to fees for certain distribution rights billed to customers in certain markets in the ME&A Region.

•"Adjusted Operating Income Margin" is calculated as adjusted operating income, divided by net revenues.

•"Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation, amortization and equity (income)/loss in unconsolidated subsidiaries, excluding asset impairment and exit costs, and unusual items.

•"Net debt" is defined as total debt, less cash and cash equivalents.

•Growth rates presented on an organic basis reflect currency-neutral underlying results.

•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. 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.

•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 press release.

•U.S. GAAP Treatment of Argentina as a Highly Inflationary Economy. Following the categorization of Argentina by the International Practices Task Force of the Center for Audit Quality as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with U.S. GAAP. Consequently, PMI began to account for the operations of its Argentinian affiliates as highly inflationary, and to treat the U.S. dollar as the functional currency of the affiliates, effective July 1, 2018.

•"Fair value adjustment for equity security investments" reflects the adjustment resulting from share price movements in passive investments for publicly traded entities that are not controlled or influenced by PMI. Under U.S. GAAP, such adjustments are required, since January 1, 2018, to be reflected directly in the income statement.

Reduced-Risk Products

•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 produce an aerosol that contains far lower quantities of harmful and potentially harmful constituents than found in cigarette smoke.

•"Heated tobacco units," or "HTUs," is the term PMI uses to refer to heated tobacco consumables, which include the company's HEETS, HEETS Creations, HEETS Dimensions, HEETS Marlboro and HEETS FROM MARLBORO (defined collectively as HEETS), Marlboro Dimensions, Marlboro HeatSticks and Parliament HeatSticks, as well as the KT&G-licensed brands, Fiit and Miix (outside of Korea).

•Market share for HTUs is defined as the total sales volume for HTUs as a percentage of the total estimated sales volume for cigarettes and HTUs.

•Unless otherwise stated, all references to IQOS are to PMI's Platform 1 IQOS devices and heated tobacco consumables.

- 20 -

•The IQOS heat-not-burn device is a precisely controlled heating device into which a specially designed and proprietary tobacco unit is inserted and heated to generate an aerosol.

•"PMI heat-not-burn products" include licensed KT&G heat-not-burn products.

•"PMI HTUs" include licensed KT&G HTUs.

•“Total IQOS users” is defined as the estimated number of Legal Age (minimum 18 years) users of PMI heat-not-burn products for which PMI HTUs represented at least 5% of their daily tobacco consumption over the past seven days. Note: as of December 2020, PMI heat-not-burn products and HTUs include licensed KT&G heat-not-burn products and HTUs, respectively.

•The estimated number of adults who have "switched to IQOS and stopped smoking" reflects:

◦for markets where there are no heat-not-burn products other than PMI heat-not-burn products: daily individual consumption of PMI HTUs represents the totality of their daily tobacco consumption in the past seven days;

◦for markets where PMI heat-not-burn products are among other heat-not-burn products: daily individual consumption of HTUs represents the totality of their daily tobacco consumption in the past seven days, of which at least 70% is PMI HTUs.

Note: as of December 2020, PMI heat-not-burn products and HTUs include licensed KT&G heat-not-burn products and HTUs, respectively.

IQOS in the United States

•On April 30, 2019, the U.S. Food and Drug Administration (FDA) announced that the marketing of a version of PMI's Platform 1 product, namely, IQOS 2.4, together with its heated tobacco units (the term PMI uses to refer to heated tobacco consumables), is appropriate for the protection of public health and authorized it for sale in the U.S. The FDA’s decision followed its comprehensive assessment of PMI’s premarket tobacco product applications (PMTAs) submitted to the Agency in 2017.

•In the third quarter of 2019, PMI brought IQOS 2.4 and three variants of its heated tobacco units to the U.S. through its license with Altria Group, Inc., whose subsidiary, Philip Morris USA Inc., is responsible for marketing the product and complying with the provisions set forth in the FDA's marketing orders.

•On July 7, 2020, the FDA authorized the marketing of a version of PMI's Platform 1 product, namely, IQOS 2.4, together with its heated tobacco units, as a Modified Risk Tobacco Product (MRTP). In doing so, the agency found that an IQOS exposure modification order is appropriate to promote the public health. The decision followed a review of the extensive scientific evidence package PMI submitted to the FDA in December 2016 to support its MRTP applications.

•On December 7, 2020, the FDA confirmed that the marketing of a version of PMI's Platform 1 product, namely, IQOS 3, is appropriate for the protection of public health and authorized it for sale in the U.S. The FDA’s decision followed an assessment of a PMI's PMTA filed with the agency in March 2020.

•Shipment volume of heated tobacco units to the U.S. is included in the heated tobacco unit shipment volume of the Latin America & Canada segment. Revenues from shipments of Platform 1 devices, heated tobacco units and accessories to Altria Group, Inc. for sale under license in the U.S. are included in Net Revenues of the Latin America & Canada segment.

- 21 -


																	Appendix 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Key Market Data

Quarters Ended March 31,
Market	Total Market, bio units			PMI Shipments, bio units									PMI Market Share, % (1)
				Total			Cigarette			HTU			Total			HTU
	2021	2020	% Change	2021	2020	% Change	2021	2020	% Change	2021	2020	% Change	2021	2020	pp Change	2021	2020	pp Change

Total	611.2	615.6	(0.7)	167.2	173.7	(3.7)	145.5	157.0	(7.3)	21.7	16.7	29.9	26.8	27.5	(0.7)	3.5	2.8	0.7

European Union
France	8.2	8.3	(2.1)	3.8	4.0	(6.4)	3.7	4.0	(6.8)	0.1	—	—	43.6	44.5	(0.9)	0.6	0.4	0.2
Germany	17.4	16.0	8.5	7.1	6.7	5.1	6.5	6.4	1.8	0.6	0.4	60.3	40.9	42.2	(1.3)	3.6	2.4	1.2
Italy	15.9	15.7	1.4	9.6	9.2	4.7	7.5	7.8	(3.7)	2.2	1.4	50.2	52.8	51.9	0.9	11.3	7.4	3.9
Poland	10.8	10.8	(0.8)	4.0	4.3	(8.8)	3.4	3.9	(13.0)	0.6	0.5	25.3	36.7	40.0	(3.3)	5.4	4.3	1.1
Spain	9.6	10.4	(7.7)	2.7	3.7	(26.1)	2.6	3.5	(26.0)	0.1	0.1	(28.0)	31.2	30.9	0.3	1.2	0.9	0.3

Eastern Europe
Russia	48.6	46.9	3.6	15.7	15.0	4.2	12.1	12.4	(2.4)	3.6	2.6	35.4	31.3	32.3	(1.0)	7.7	6.5	1.2

Middle East & Africa
Saudi Arabia	5.5	4.3	27.1	2.2	1.1	+100	2.2	1.0	+100	—	—	—	42.1	40.6	1.5	0.8	—	0.8
Turkey	25.2	25.9	(2.8)	11.0	10.2	7.9	11.0	10.2	7.9	—	—	—	43.4	38.9	4.5	—	—	—

South & Southeast Asia
Indonesia	70.8	67.4	4.9	19.9	20.4	(2.7)	19.9	20.4	(2.7)	—	—	—	28.1	30.3	(2.2)	—	—	—
Philippines	13.1	15.3	(14.4)	8.2	10.7	(23.9)	8.1	10.7	(24.2)	—	—	—	62.4	70.1	(7.7)	0.2	—	0.2

East Asia & Australia
Australia	2.4	2.5	(4.3)	0.8	0.7	11.8	0.8	0.7	11.8	—	—	—	32.7	28.0	4.7	—	—	—
Japan	32.6	35.5	(8.0)	13.8	12.8	7.8	5.9	6.8	(13.7)	7.9	6.0	32.4	39.2	36.3	2.9	23.4	19.1	4.3
Korea	16.8	16.2	3.7	3.4	3.5	(4.1)	2.2	2.4	(8.3)	1.1	1.1	5.6	20.1	21.8	(1.7)	6.8	6.6	0.2

Latin America & Canada
Argentina	9.1	8.0	14.2	5.3	5.3	(0.2)	5.3	5.3	(0.2)	—	—	—	57.6	65.9	(8.3)	—	—	—

Mexico	6.8	6.7	1.7	4.0	4.1	(0.7)	4.0	4.1	(1.0)	—	—	—	59.6	61.0	(1.4)	0.3	0.2	0.1

(1) Market share estimates are calculated using IMS data
Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below 0.1%


					Schedule 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Diluted Earnings Per Share (EPS)
($ in millions, except per share data) / (Unaudited)

	Diluted EPS	Quarters Ended
		March 31,
	2021 Diluted Earnings Per Share (1)		$	1.55
	2020 Diluted Earnings Per Share (1)		$	1.17
	Change		$	0.38
	% Change		32.5			%

	Reconciliation:
	2020 Diluted Earnings Per Share (1)		$	1.17
	2020 Asset impairment and exit costs		—



	2020 Fair value adjustment for equity security investments		0.04
	2020 Tax items		—


	2021 Asset impairment and exit costs		(0.02)


	2021 Tax items		—
	Currency		0.10
	Interest		(0.02)
	Change in tax rate		0.04

	Operations (2)		0.24
	2021 Diluted Earnings Per Share (1)		$	1.55

(1) Basic and diluted EPS were calculated using the following (in millions):

		Quarters Ended
		March 31,
		2021			2020
	Net Earnings attributable to PMI	$ 2,418			$ 1,826
	Less: Distributed and undistributed earnings attributable to share-based payment awards	7			5
	Net Earnings for basic and diluted EPS	$ 2,411			$ 1,821

	Weighted-average shares for basic EPS	1,558			1,557
	Plus Contingently Issuable Performance Stock Units	2			1
	Weighted-average shares for diluted EPS	1,560			1,558

(2) Includes the impact of shares outstanding and share-based payments


							Schedule 2
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency,
and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency
(Unaudited)

		Quarters Ended March 31,
		2021	2020	% Change
	Reported Diluted EPS	$ 1.55	$ 1.17	32.5	%
	Less: Currency	0.10
	Reported Diluted EPS, excluding Currency	$ 1.45	$ 1.17	23.9	%


		Quarters Ended March 31,				Year Ended
		2021	2020	% Change				2020
	Reported Diluted EPS	$ 1.55	$ 1.17	32.5	%			$ 5.16
	Asset impairment and exit costs	0.02	—					0.08




	Fair value adjustment for equity security investments	—	0.04					0.04
	Tax items	—	—					(0.06)
	Brazil indirect tax credit	—	—					(0.05)
	Adjusted Diluted EPS	$ 1.57	$ 1.21	29.8	%			$ 5.17
	Less: Currency	0.10
	Adjusted Diluted EPS, excluding Currency	$ 1.47	$ 1.21	21.5	%


									Schedule 3
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)

Net Revenues	Currency	Net Revenues excluding Currency	Acquisitions	Net Revenues excluding Currency & Acquisitions	Quarters Ended March 31,	Net Revenues	Total		Excluding Currency		Excluding Currency & Acquisitions

2021					Combustible Products	2020	% Change
$ 1,950	$ 160	$ 1,791	$ —	$ 1,791	European Union	$ 1,911	2.1	%	(6.3)	%	(6.3)	%
492	(31)	522	—	522	Eastern Europe	523	(6.0)	%	(0.1)	%	(0.1)	%
780	(23)	803	—	803	Middle East & Africa	832	(6.3)	%	(3.5)	%	(3.5)	%
1,171	28	1,144	—	1,144	South & Southeast Asia	1,251	(6.4)	%	(8.6)	%	(8.6)	%
648	35	613	—	613	East Asia & Australia	642	1.0	%	(4.5)	%	(4.5)	%
422	(11)	433	—	433	Latin America & Canada	440	(4.1)	%	(1.6)	%	(1.6)	%
$ 5,463	$ 158	$ 5,306	$ —	$ 5,306	Total Combustible	$ 5,598	(2.4)	%	(5.2)	%	(5.2)	%

2021					Reduced-Risk Products	2020	% Change
$ 959	$ 75	$ 883	$ —	$ 883	European Union	$ 624	53.5	%	41.4	%	41.4	%
304	(44)	349	—	349	Eastern Europe	265	14.7	%	31.4	%	31.4	%
21	—	21	—	21	Middle East & Africa	44	(51.5)	%	(52.0)	%	(52.0)	%
2	—	1	—	1	South & Southeast Asia	—	—	%	—	%	—	%
824	36	788	—	788	East Asia & Australia	613	34.4	%	28.5	%	28.5	%
12	—	12	—	12	Latin America & Canada	8	49.3	%	51.2	%	51.2	%
$ 2,122	$ 67	$ 2,054	$ —	$ 2,054	Total RRPs	$ 1,555	36.5	%	32.1	%	32.1	%

2021					PMI	2020	% Change
$ 2,909	$ 235	$ 2,674	$ —	$ 2,674	European Union	$ 2,535	14.8	%	5.5	%	5.5	%
796	(75)	871	—	871	Eastern Europe	788	1.0	%	10.5	%	10.5	%
801	(23)	824	—	824	Middle East & Africa	876	(8.6)	%	(5.9)	%	(5.9)	%
1,173	28	1,145	—	1,145	South & Southeast Asia	1,251	(6.2)	%	(8.5)	%	(8.5)	%
1,472	71	1,401	—	1,401	East Asia & Australia	1,255	17.3	%	11.6	%	11.6	%
434	(11)	445	—	445	Latin America & Canada	448	(3.1)	%	(0.7)	%	(0.7)	%
$ 7,585	$ 225	$ 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


										Schedule 4
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		Currency	Operating Income excluding Currency	Acquisitions	Operating Income excluding Currency & Acquisitions		Operating Income	Total		Excluding Currency		Excluding Currency & Acquisitions

2021						Quarters Ended March 31,	2020	% Change
$ 1,490	(1)	$ 156	$ 1,334	$ —	$ 1,334	European Union	$ 1,158	28.7	%	15.2	%	15.2	%
261	(1)	7	254	—	254	Eastern Europe	99	+100%		+100%		+100%
335	(1)	(13)	348	—	348	Middle East & Africa	321	4.4	%	8.4	%	8.4	%
529	(1)	13	516	—	516	South & Southeast Asia	599	(11.7)	%	(13.9)	%	(13.9)	%
695	(1)	18	677	—	677	East Asia & Australia	486	43.0	%	39.3	%	39.3	%
134	(1)	6	128	—	128	Latin America & Canada	126	6.3	%	1.6	%	1.6	%
$ 3,444		$ 187	$ 3,257	$ —	$ 3,257	Total PMI	$ 2,789	23.5	%	16.8	%	16.8	%











(1) Includes asset impairment and exit costs of $48 million: EU ($9 million), EE ($2 million), ME&A ($2 million), S&SA ($3 million), EA&A ($31 million) and LA&C ($1 million)


														Schedule 5
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	Asset Impairment & Exit Costs	Adjusted Operating Income	Currency	Adjusted Operating Income excluding Currency	Acqui-sitions	Adjusted Operating Income excluding Currency & Acqui-sitions			Operating Income	Asset Impairment & Exit Costs	Adjusted Operating Income	Total		Excluding Currency		Excluding Currency & Acqui-sitions

2021							Quarters Ended March 31,		2020			% Change
$ 1,490	$ (9)	$ 1,499	$ 156	$ 1,343	$ —	$ 1,343		European Union	$ 1,158	$ —	$ 1,158	29.4	%	16.0	%	16.0	%
261	(2)	263	7	256	—	256		Eastern Europe	99	—	99	+100%		+100%		+100%
335	(2)	337	(13)	350	—	350		Middle East & Africa	321	—	321	5.0	%	9.0	%	9.0	%
529	(3)	532	13	519	—	519		South & Southeast Asia	599	—	599	(11.2)	%	(13.4)	%	(13.4)	%
695	(31)	726	18	708	—	708		East Asia & Australia	486	—	486	49.4	%	45.7	%	45.7	%
134	(1)	135	6	129	—	129		Latin America & Canada	126	—	126	7.1	%	2.4	%	2.4	%
$ 3,444	$ (48)	$ 3,492	$ 187	$ 3,305	$ —	$ 3,305		Total PMI	$ 2,789	$ —	$ 2,789	25.2	%	18.5	%	18.5	%


																			Schedule 6
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 (1)	Net Revenues	Adjusted Operating Income Margin		Adjusted Operating Income excluding Currency (1)	Net Revenues excluding Currency (2)	Adjusted Operating Income Margin excluding Currency		Adjusted Operating Income excluding Currency & Acqui-sitions (1)	Net Revenues excluding Currency & Acqui-sitions (2)	Adjusted Operating Income Margin excluding Currency & Acqui-sitions				Adjusted Operating Income (1)	Net Revenues	Adjusted Operating Income Margin		Adjusted Operating Income Margin	Adjusted Operating Income Margin excluding Currency	Adjusted Operating Income Margin excluding Currency & Acqui-sitions

2021												Quarters Ended March 31,		2020				% Points Change
$ 1,499	$ 2,909	51.5	%	$ 1,343	$ 2,674	50.2	%	$ 1,343	$ 2,674	50.2	%		European Union	$ 1,158	$ 2,535	45.7	%	5.8	4.5	4.5
263	796	33.0	%	256	871	29.4	%	256	871	29.4	%		Eastern Europe	99	788	12.6	%	20.4	16.8	16.8
337	801	42.1	%	350	824	42.5	%	350	824	42.5	%		Middle East & Africa	321	876	36.6	%	5.5	5.9	5.9
532	1,173	45.4	%	519	1,145	45.3	%	519	1,145	45.3	%		South & Southeast Asia	599	1,251	47.9	%	(2.5)	(2.6)	(2.6)
726	1,472	49.3	%	708	1,401	50.5	%	708	1,401	50.5	%		East Asia & Australia	486	1,255	38.7	%	10.6	11.8	11.8
135	434	31.1	%	129	445	29.0	%	129	445	29.0	%		Latin America & Canada	126	448	28.1	%	3.0	0.9	0.9
$ 3,492	$ 7,585	46.0	%	$ 3,305	$ 7,360	44.9	%	$ 3,305	$ 7,360	44.9	%		Total PMI	$ 2,789	$ 7,153	39.0	%	7.0	5.9	5.9











(1) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to Schedule 5
(2) For the calculation of Net Revenues excluding currency and acquisitions refer to Schedule 3


			Schedule 7
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Condensed Statements of Earnings
($ in millions, except per share data) / (Unaudited)

		Quarters Ended March 31,
		2021	2020	Change Fav./(Unfav.)
	Revenues including Excise Taxes	$ 19,355	$ 18,253	6.0	%
	Excise Taxes on products	11,770	11,100	(6.0)	%
	Net Revenues	7,585	7,153	6.0	%
	Cost of sales	2,274	2,402	5.3	%
	Gross profit	5,311	4,751	11.8	%
	Marketing, administration and research costs (1)	1,849	1,944	4.9	%
	Amortization of intangibles	18	18
	Operating Income	3,444	2,789	23.5	%
	Interest expense, net	167	129	(29.5)	%
	Pension and other employee benefit costs	28	23	(21.7)	%
	Earnings before income taxes	3,249	2,637	23.2	%
	Provision for income taxes	697	596	(16.9)	%
	Equity investments and securities (income)/loss, net	(43)	54
	Net Earnings	2,595	1,987	30.6	%
	Net Earnings attributable to noncontrolling interests	177	161
	Net Earnings attributable to PMI	$ 2,418	$ 1,826	32.4	%

	Per share data (2):
	Basic Earnings Per Share	$ 1.55	$ 1.17	32.5	%
	Diluted Earnings Per Share	$ 1.55	$ 1.17	32.5	%

(1) Includes in 2021 asset impairment and exit costs ($48 million).
(2) Net Earnings and weighted-average shares used in the basic and diluted Earnings Per Share computations for the quarters ended March 31, 2021 and 2020 are shown on Schedule 1, Footnote 1


				Schedule 8
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Condensed Balance Sheets
($ in millions, except ratios) / (Unaudited)

	March 31,			December 31,
	2021			2020
Assets
Cash and cash equivalents		$	3,902		$	7,280
All other current assets		14,008			14,212
Property, plant and equipment, net		5,952			6,365
Goodwill		5,768			5,964
Other intangible assets, net		1,952			2,019
Equity investments		4,637			4,798
Other assets		3,585			4,177
Total assets		$	39,804		$	44,815

Liabilities and Stockholders' (Deficit) Equity
Short-term borrowings		$	192		$	244
Current portion of long-term debt		1,930			3,124
All other current liabilities		13,093			16,247
Long-term debt		27,276			28,168
Deferred income taxes		511			684
Other long-term liabilities		6,376			6,979
Total liabilities		49,378			55,446

Total PMI stockholders' deficit		(11,548)			(12,567)
Noncontrolling interests		1,974			1,936
Total stockholders' (deficit) equity		(9,574)			(10,631)
Total liabilities and stockholders' (deficit) equity		$	39,804		$	44,815


											Schedule 9
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Calculation of Total Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA Ratios
($ in millions, except ratios) / (Unaudited)

	Year Ended March 31, 2021									Year Ended December 31, 2020
	April ~ December			January ~ March			12 months
	2020			2021			rolling
Net Earnings		$	6,605		$	2,595		$	9,200			$	8,592
Equity investments and securities (income)/loss, net		(70)			(43)			(113)				(16)
Provision for income taxes		1,781			697			2,478				2,377
Interest expense, net		489			167			656				618
Depreciation and amortization		740			245			985				981
Asset impairment and exit costs and Others (1)		30			48			78				30
Adjusted EBITDA		$	9,575		$	3,709		$	13,284			$	12,582

							March 31,			December 31,
							2021			2020
Short-term borrowings								$	192			$	244
Current portion of long-term debt								1,930				3,124
Long-term debt								27,276				28,168
Total Debt								$	29,398			$	31,536
Cash and cash equivalents								3,902				7,280
Net Debt								$	25,496			$	24,256

Ratios:
Total Debt to Adjusted EBITDA								2.21				2.51
Net Debt to Adjusted EBITDA								1.92				1.93

(1) For the period April 2020 to December 2020 and for the year ended December 31, 2020, “Others” include the Brazil indirect tax credit $119 million that was recorded in the fourth quarter of 2020.


				Schedule 10
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Cash Flow to Operating Cash Flow, excluding Currency
($ in millions) / (Unaudited)

		Quarters Ended March 31,
		2021	2020	% Change
	Net cash provided by operating activities (1)	$ 435	$ 1,111	(60.8)	%
	Less: Currency	177
	Net cash provided by operating activities, excluding currency	$ 258	$ 1,111	(76.8)	%

(1) Operating cash flow

Exhibit 99.2

Philip Morris International Inc.

2021 First-Quarter Conference Call

April 20, 2021

NICK ROLLI

(SLIDE 1.)

Welcome. Thank you for joining us. Earlier today, we issued a press release containing detailed information on our 2021 first-quarter results. You may access the release on www.pmi.com.

(SLIDE 2.)

A glossary of terms, including the definition for reduced-risk products, or "RRPs," as well as adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures and additional heated tobacco unit market data are at the end of today’s webcast slides, which are posted on our website. Unless otherwise stated, all references to IQOS are to our IQOS heat-not-burn products. All references to smoke-free products are to our RRPs.

Please also note that growth rates presented on an organic basis reflect currency-neutral underlying results.

(SLIDE 3.)

Today’s remarks contain forward-looking statements and projections of future results. I direct your attention to the Forward-Looking and Cautionary Statements disclosure in today’s presentation and press release for a review of the various factors that could cause actual results to differ materially from projections or forward-looking statements.

(SLIDE 4.)

Please also note the additional Forward-Looking and Cautionary Statements related to COVID-19.

It’s now my pleasure to introduce Emmanuel Babeau, our Chief Financial Officer. Emmanuel.

EMMANUEL BABEAU

(SLIDE 5.)

Thank you, Nick, and welcome, ladies and gentlemen. I hope everyone listening to the call is safe and well.

Our business delivered a strong performance in the first quarter of 2021, well ahead of expectations, reaching a record high quarterly adjusted diluted EPS of $1.57, despite the continued challenges of the global pandemic.

Most impressive was the continued strong growth of IQOS, which made up 13% of our volumes and 28% of our net revenues, compared to 21.7% in the prior year quarter. We continued converting adult smokers at a very good pace and reached an estimated total of 19.1 million users, of which 14.0 million have switched to IQOS and stopped smoking. HTU shipment volumes grew 30% compared to the prior year quarter, with record market shares in key IQOS geographies, 12 markets with double-digit national share, and a share of 7.6% overall in IQOS markets excluding the U.S.

Our operating margins were also significantly above the prior year quarter, and while somewhat flattered by timing factors, the bulk of this improvement reflects strong underlying performance. The resulting combination of strong organic net revenue and adjusted diluted EPS growth leads us to raise our outlook for the year.

From a product standpoint, we continued to broaden our smoke-free portfolio and saw encouraging progress from new device and consumable offerings across multiple markets. We expect to benefit from further innovation through the course of 2021.

(SLIDE 6.)

Turning to the headline numbers, our Q1 net revenues grew by 2.9% on an organic basis. This was an excellent performance in the context of an essentially pre-COVID prior year comparison; and incorporates better-than expected HTU IMS and shipment volumes, which drove 32% organic growth in RRP net revenues. We also saw some higher-than-expected pull-forward of shipments, predominantly cigarettes, in the EU Region ahead of the Easter period, and in Russia ahead of the April 1 discount ban.

We saw strong organic growth of 6.9% in our net revenue per unit, driven by the increasing weight of IQOS in our sales mix and pricing on both combustibles and RRPs. Combustible tobacco pricing was 2.7% of prior year combustible net revenues, reflecting solid pricing in many markets, partially offset by Indonesia. Excluding Indonesia, combustible pricing was over 4%.

Our adjusted operating income margin increased by 590 basis points on an organic basis. This reflects the increasing weight and profitability of IQOS, the positive impact of pricing, productivity savings, including lower device costs; lower commercial spend due to the pandemic, a favorable comparison in

Eastern Europe and certain other timing factors. Combined with a lower effective tax rate, our resulting adjusted diluted EPS of $1.57 represents 21.5% organic growth; a very strong performance. We estimate that timing factors in the quarter, such as the earlier shipments mentioned and cost phasing, had a positive impact of around 8 cents. Other one-time factors accounted for an estimated further 2 cent increase.

(SLIDE 7.)

This brings me to guidance for 2021. While the speed and shape of the global recovery from the pandemic remains uncertain, the strong business results and underlying momentum of the first quarter, notably from our IQOS business, lead us to raise our outlook. We continue to account for a range of outcomes in our outlook for organic growth in net revenues and EPS. This range assumes that even in the event of renewed or prolonged restrictions, we will not see a return to the depressed consumption levels of Q2, 2020. While we have not been affected thus far by the current global shortage of semiconductors, this guidance assumes a limited impact on the supply of electronic devices to consumers. This is a fluid situation which we are monitoring closely; and where any constraints may arise, we intend to manage our inventories accordingly, and prioritize device sales to adult smokers who are new to the category.

Regarding Duty Free, a rebound in global travel is likely to lag the improvement of in-country mobility. Our guidance continues to assume no meaningful recovery in Duty Free this year.

We now expect organic net revenue growth in the range of 5% to 7%, versus 4% to 7% communicated previously, and organic adjusted diluted EPS growth of 11% to 13%, or 15% to 17% in reported terms.

The strength of IQOS is the main driver for this revision. We now expect to deliver HTU shipment volumes of between 95 and 100 billion units, representing the upper half of our previously targeted range for 2021. Given the continued strong momentum across our markets, the need to maintain inventory durations; and preparation for the roll-out of IQOS ILUMA that uses different consumables, we expect our full year shipments to be slightly ahead of IMS volumes.

We also raise our assumption for organic adjusted OI margin expansion to around 200 basis points. This includes the expectation of greater investment in the second half as our innovation and commercial activities step up. As detailed in this morning's press release, our other main assumptions remain unchanged.

This projected organic EPS growth, including an estimated favorable currency impact of approximately 20 cents at prevailing rates, versus 25 cents assumed previously, translates into a raised adjusted diluted EPS range of $5.95 to $6.05.

This guidance does not include any impact of share repurchases. However, we remain on track to resume repurchases in the second half of the year, subject to Board approval.

(SLIDE 8.)

Looking forward to the second quarter, we now expect adjusted diluted EPS of $1.50 to $1.55, reflecting strong top-line growth against a weak prior year comparison, continued margin improvement, and the partial reversal of certain Q1 timing benefits.

For the second half, assuming that many of our key markets will have largely emerged from COVID restrictions, we expect continued robust top-line growth. This includes the contribution of higher expected device shipments which will result in less gross margin expansion compared to the first half. New product launches, investments in distribution and the phasing of productivities will also play a role. We will also step-up our commercial investments in the future growth of RRPs through portfolio and geographic expansion, including product launches such as IQOS ILUMA. We anticipate around $300 to $400 million of incremental commercial investments compared to the first half and consequently expect our organic OI margin expansion to be lower in H2, but overall to deliver a strong expansion of around 200 basis points for the year.

(SLIDE 9.)

Before discussing our results in more depth, I want to highlight a few of the positive regulatory developments in the quarter. Recognition of the harm reduction potential of smoke-free products continues to gain traction. Examples so far this year include the reversal of a longstanding import ban on heated tobacco products in Uruguay, and the integration of the harm reduction principle in Lithuania's tobacco control agenda. We also note the recent report from an all-party parliamentary group of MPs in the UK calling for the WHO to return to the founding principle of the FCTC which includes harm reduction, rather than the current prohibitionist stance. In New Zealand, we are reviewing the content and details of the consultation paper published last week. The policy recognizes the role of innovative products in harm reduction, while at the same time ensuring strict controls to prevent youth access.

In the EU, we continue to be hopeful that the revision of the Tobacco Excise Directive will lead to greater harmonization in the approach to smoke-free products, taking into account the relevant good practices and experience gained by Member States in this area. Here and around the world we continue to support differentiated regulatory and fiscal frameworks based on the relative risk to health. While there will on occasion be actions or proposals that do not incorporate harm reduction objectives, we believe that facts and science will guide policy over time; and we continue to see positive changes in many geographies.

(SLIDE 10.)

Turning back to our results, Q1 shipment volumes declined by 3.7% on a total PMI basis. This reflects continued strong growth from HTUs of 30% to reach 21.7 billion units -- driven by the EU Region, Japan, Russia, Ukraine and an encouraging start from recently launched markets in the Middle East. HTU shipments and IMS volumes were broadly in line for the quarter.

While pandemic-related restrictions persisted around the world, total industry volume declines of 0.7% were relatively benign, incorporating over 25% growth in the heated tobacco category where we continue to have a share of over 80%.

Though less severe than in Q4, 2020, our cigarette volume declines reflect specific share headwinds in certain markets, which I'll come back to. We expect better combustible share and volume trends in both the second quarter and second half of the year.

(SLIDE 11.)

The strong performance from IQOS led to heated tobacco units comprising 13.0% of our total shipment volume in Q1, as compared to 9.6% in the prior year quarter, 11% in the year of 2020, 8% in 2019 and 5% in 2018. We continue to expect this proportion to grow over time as the positive momentum on IQOS continues, providing a powerful driver of revenue and margin growth.

(SLIDE 12.)

Our sales mix is changing rapidly, putting us on track to achieve our aim of becoming a majority smoke-free company by 2025. Smoke-free products made up 28% of our total net revenues in the quarter, compared to 21.7% in Q1, 2020. IQOS devices accounted for approximately 6% of the $2.1 billion of RRP net revenues, reflecting longer replacement times for existing users due to improving battery lives and reliability; and lower device prices in certain markets as we are preparing for IQOS ILUMA.

(SLIDE 13.)

The 2.9% organic growth in Q1 net revenues on shipment volume declines of 3.7% reflects the twin engines driving our top line. First, is pricing on combustibles and, in certain markets, on HTUs net of the lower device pricing I just mentioned. Second, the increasing mix of HTUs in our business at higher net revenue per unit continues to deliver substantial growth; and, as explained at Investor Day, this is an increasingly powerful driver as our transformation accelerates.

(SLIDE 14.)

Let me now go into the drivers of our first quarter margin expansion, starting with gross margin, which expanded by 390 basis points on an organic basis.

This is driven by multiple levers as shown in green on this slide, including the mix effect of HTUs within 'IQOS impact'. In particular, our significant efforts on manufacturing and supply chain efficiencies are bearing fruit, more than offsetting the effect of combustible volume declines; with around $150 million of gross productivity savings delivered in Q1. While somewhat front-loaded in the context of 2021, this represents a strong start on the journey towards our target of $1 billion over 2021-23. As part of these savings, our gross profit increase was boosted by better absorption of manufacturing costs given a high level of production in the quarter, and lower device costs with a combined impact of around $60 million.

(SLIDE 15.)

Gross margin expansion was accompanied by strong SG&A efficiencies, with our adjusted marketing, administration and research costs 200 basis points lower as a percentage of net revenues, on an organic basis. This reflects the ongoing digitalization and simplification of our business processes, including our IQOS commercial engine, and more efficient ways of working. We delivered around $60 million towards our 2021-23 target of $1 billion in gross SG&A savings, before inflation and reinvestment. The pandemic also impacted SG&A costs in the quarter through the later timing of certain projects, and reduced commercial and overhead costs due to ongoing restrictions. These latter factors accounted for around $100 million of the organic improvement.

(SLIDE 16.)

Focusing now on combustibles, we continue to hold the leading international portfolio by market share and by brand strength, as covered at Investor Day. This gives us a formidable platform to accelerate the growth of IQOS via our commercial infrastructure, industry expertise and ability to communicate with adult smokers, where permitted. It is therefore imperative to maintain our leadership through selective investment as we also drive returns through pricing and efficiencies.

Our cigarette share underperformance in Q1 can be attributed to the combination of several factors. These include the COVID impact on social occasions, where Marlboro overindexes; border closures and reduced travel; and instances of downtrading and competition in the mid and low-price segments in certain markets, such as the Philippines and parts of the EU Region.

This performance does not reflect our objective to maintain our share of cigarettes, net of cannibalization. We expect a strong sequential cigarette share recovery through the remainder of the year supported by portfolio initiatives and the enduring strength of Marlboro, especially as pandemic restrictions ease. Accordingly, we target cigarette share to be about stable on a year-over-year basis for the next 9 months, despite the impact of cannabilization. Share gains from HTUs will come on top of this.

(SLIDE 17.)

I will now turn to the South and Southeast Asia Region. After a difficult 2020, notably in Indonesia, headwinds are now moderating.

In Indonesia, volume trends are improving, with double-digit growth in hand-rolled kreteks, where we are the market leader, supporting stable PMI share in the tier one segment. Indeed, with industry volumes recovering, we are targeting volume growth for our business here in 2021.

Pricing remains the main headwind in Indonesia. New excise duty rates came into force on February 1, and while all major players have taken some pricing, progress nonetheless remains slow. Despite the negative consequences for government revenues, there has not yet been a significant move to level the playing field between the tier one and below-tier one segment, which continues to grow. We remain hopeful that the government will address this issue over time.

The Philippines has performed well in recent years. For this quarter, further industry pricing in H2, 2020, a slow economic recovery and pandemic-linked restrictions gave rise to a double-digit market decline. Our share loss reflects downtrading from the mid to low price segment, with premium-priced Marlboro, which makes up over two thirds of our volumes, growing share. Notwithstanding these challenges, we have plans to address the share decline and are targeting close to stable organic net revenues in 2021 despite the total market weakness. I'm also pleased to say that IQOS is off to an encouraging start in Metro Manila, with an exit share of almost 1% for HEETS after full launch in Q3, 2020.

Overall, this Region delivered strong growth pre-COVID. While it may not be a meaningful growth driver in 2021, we expect far less of a drag on group results compared to 2020. We target regional organic net revenues to be at least stable over the next 9 months.

(SLIDE 18.)

Moving now to IQOS performance, we estimate there were 19.1 million IQOS users as of March 31. This represents the addition of around one and a half million adult users since December, building on the step-up seen in the second half of 2020. Our accelerated pivot to digital and remote engagement during the pandemic, combined with strong momentum for the IQOS brand, is paying off.

We further estimate that 73% of this total -- or 14.0 million adult smokers -- have switched to IQOS and stopped smoking, with the balance in various stages of conversion. Strong conversion rates notably reflect the increased prevalence of IQOS 3 DUO which offers a superior user experience to previous device versions. As we mentioned at Investor Day, we seek to achieve even higher conversion rates over time with the introduction of innovations such as IQOS ILUMA.

This user growth again reflects widespread momentum across all key IQOS geographies, including the EU Region, Japan and Russia. It also reflects the enrichment of our offer and the segmentation of the category with new products and more price points, both above and below our initial HTU offering.

(SLIDE 19.)

In the EU Region, first-quarter share for HEETS reached a record 5.7% of total cigarette and HTU industry volume. Adjusted for estimated trade inventory movements, this reflects 46% year-over-year IMS growth and around 10% sequential IMS growth accounting for fewer selling days in the period. I would also remind you of the sequential quarterly share dynamics, which can be distorted by the seasonality of the combustible market, in addition to pandemic-related fluctuations, such as border closures and other social restrictions. With the Region likely to reopen somewhat in Q2 and increase the total market, we expect further strong underlying HTU growth, but for share to be broadly in line with Q1.

This excellent performance includes strong growth in Italy, surpassing 10% share, with the large majority of user acquisition coming organically as the increasing awareness and prominence of the product builds its own momentum. Germany and Poland were also strong contributors. We added a further seven hundred thousand EU Region IQOS users in the quarter to reach 5.9 million, a continuation of recent strong performance.

(SLIDE 20.)

We continue to see phenomenal progress in key cities across the EU Region, with a number of examples on this slide. HTU share in Rome is now approaching 20%, Warsaw and Lisbon reached 15%, Munich 8% and London 5%. While a smaller city, the progress in Vilnius at 36% share is also a global stand-out.

As covered at Investor Day, key cities are a good indicator of national share growth potential, and I would also refer you to the appendix where we show shares for key EU markets and global key cities.

(SLIDE 21.)

Strong performance continued in Russia, with our HTU share up by 1.2 points to reach a record 7.7%. Adjusted for estimated trade inventory movements, this reflects 35% year-over-year IMS growth, and around 8-10% sequentially once estimated consumer pantry loading effects are factored in.

We continue to see sequential share growth for both our HEETS and Fiit line-ups, with good traction for the regular HEETS and super-premium HEETS Creations variants. Moreover, LIL SOLID and Fiit consumables continue to supplement user acquisition. In both Russia and Ukraine, the majority of consumers purchasing a LIL device are smokers entering the smoke-free category for the first time, with high levels of conversion in line with IQOS.

This bodes well for our ability to reach adult smokers in the medium and below price segments for whom purchasing power may be a barrier. Margins on mainstream-priced HTUs such as Fiit remain attractive compared to cigarettes sold at the same price, and while the volume of Fiit remains small compared to our total HTU volume in these markets given our large IQOS user base, we expect LIL to grow further in 2021. With this success in Russia and Ukraine, we plan to offer LIL SOLID in additional markets later this year.

(SLIDE 22.)

In Japan, on a total tobacco basis including cigarillos and adjusted for trade inventory movements, the share for our HTU brands increased by 3.0 points versus the prior year quarter, and by 0.7 points sequentially, to 20.8%. Both HEETS and Marlboro HeatSticks grew market share following the October price increase, highlighting the strength of our price-tiered portfolio.

We expect to see further HTU volume growth in Japan over the remainder of the year, underpinned by ongoing user acquisition. For the second quarter in particular we expect robust sequential IMS growth. We also expect a recovery in the total tobacco market as the elasticity effects of the substantial October price increase fade, including on consumer pantry-loading. As such, while year-over-year share growth is still likely to be strong, Q2 share may not reflect this underlying sequential growth performance and may be broadly stable versus Q1 on an adjusted basis including cigarillos.

In Q1, the overall heated tobacco category made up over 28% of the adjusted total Japanese tobacco market, with IQOS maintaining a high share of segment. IQOS HTUs also reached an offtake share of 26.1% in Tokyo after surpassing the 25% milestone in December.

(SLIDE 23.)

In addition to strong growth in existing markets, the geographic expansion of our smoke-free products continues. This allows us to provide access to better alternatives to an ever increasing amount of adult smokers, and as communicated at Investor Day, we aim to be in 100 markets by 2025. After launching in 12 new markets with IQOS in 2020, we added Aruba in the first quarter and launched our new e-vapor product IQOS VEEV in Finland, which takes the total number of markets where PMI smoke-free products are available for sale to 66, of which over half are outside the OECD.

(SLIDE 24.)

We are continuing to commercialize IQOS VEEV, with Q1 launches in Italy and, as I just mentioned, Finland. This follows initial launch market New Zealand and the Czech Republic in H2, 2020.

One of our key priorities is guarding against youth access for all our products and we are targeting for all of our electronic smoke-free devices to be equipped with age verification technology by 2023. We will be testing this technology with IQOS VEEV in select markets this year.

IQOS VEEV is a premium product providing a superior experience, and as we explained previously, the commercial infrastructure of IQOS allows us to deploy efficiently and at scale through a bespoke route-to-market approach.

(SLIDE 25.)

Our other major innovation for 2021 is the launch of IQOS ILUMA, the next generation of IQOS, as announced at Investor Day. Building on the success of IQOS 3 DUO, we believe this simple and intuitive device will support easier switching and higher conversion for legal-age smokers, using Smartcore internal induction-heating technology. We continue to plan for the launch of ILUMA in the second half of the year.

As we roll out both IQOS VEEV and IQOS ILUMA, we carefully plan our manufacturing and supply chain activities to manage expected demand; and external factors such as the current tightness of global semiconductor supplies that I mentioned previously. The ongoing success of IQOS 3 DUO more than 2 years after launch demonstrates that significant innovations can have a lasting positive impact on growth, and both our recently announced 2023 HTU shipment volume target, and the upward revision of our HTU target for this year reflect this confidence.

(SLIDE 26.)

Our transformation is the bedrock for both business and sustainability performance. We do not have separate strategies; phasing out cigarettes by replacing them with better alternatives such as IQOS drives our growth and addresses our biggest impact on society.

Our unique commitment to phasing out cigarettes is underlined by the new transformation targets announced at Investor Day, which are aligned with the 27 Business Transformation Metrics provided for stakeholders to measure and verify the pace and scale of our progress. This includes our ambition to become a majority smoke-free company by 2025, our aim to commercialize smoke-free products in 100 markets, and to generate at least $1 billion in net revenues from beyond nicotine products, as we move into adjacent business areas with a net positive impact on society.

Our best-in-class performance on ESG allows us to further our leadership in sustainability. I am proud to see increasing external recognition, for example on our efforts to develop a fully sustainable supply chain and our commitment to address gender inequality. Further, we recently updated our zero deforestation manifesto — strengthening our ambitious undertaking to conserving forests across our entire value chain.

We remain strongly committed to providing the highest levels of disclosure on the key ESG and product impact areas of our company via integrated reporting, and will release our 2020 disclosure on May 18.

We recognize that ESG analysis can provide valuable insights about factors with a significant potential impact on financial performance, and thus better inform investment decisions. To further maximize the value of investor engagement and aid understanding of the significant positive impact PMI's transformation can have on society, we plan to hold a sustainability webcast in early June, building on our recent Investor Day. Please do mark your calendars.

(SLIDE 27.)

To conclude, we have had a strong start to the year and look forward with confidence despite the continued uncertainty on the operating environment due to COVID.

This is the same concluding slide I presented at Investor Day in February, as I believe our start to 2021 demonstrates all the key elements of our longer term trajectory.

Through IQOS we are building a business with multiple levers to deliver superior and sustainable growth over the coming years through improved volume dynamics, excellent top-line growth, strong margin expansion and fast-growing earnings. Moreover, while every adult smoker who switches to IQOS is good for our business, it is also a clear positive for our impact on society and public health.

We manage our transformation with care and responsibility for our stakeholders, guided by our sustainability materiality framework to maximize our positive impact across our tier one ESG and product areas. This is essential for the sustainability of our business, and for delivering superior returns for shareholders over the long term. The increase in our organic growth outlook for 2021 is another step on this journey, also putting us nicely on track to achieve our 2023 financial and HTU shipment targets.

(SLIDE 28.)

Thank you. I am now happy to answer your questions.

NICK ROLLI

That concludes our call today. If you have any follow-up questions, please contact the Investor Relations team. Thank you again and have a nice day.

Delivering a Smoke-Free Future 2021 First-Quarter Results April 20, 2021 Introduction • A glossary of key terms and definitions, including the definition for reduced-risk products, or "RRPs," additional heated tobacco unit market data, as well as adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures are at the end of today’s webcast slides, which are posted on our website • Unless otherwise stated, all references to IQOS are to our IQOS heat-not-burn products. All references to smoke-free products refer to RRPs • Growth rates presented on an organic basis reflect currency-neutral underlying results 2 Exhibit 99.3

Forward-Looking and Cautionary Statements • This presentation and related discussion contain projections of future results and other forward-looking statements. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI • PMI's business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; changes in adult smoker behavior; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices; and the integrity of our information systems and effectiveness of our data privacy policies. PMI's future profitability may also be adversely affected should we be unsuccessful in its attempts to produce and commercialize reduced-risk products or if regulation or taxation do not differentiate between such products and cigarettes; if we are unable to successfully introduce new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; or if it is unable to attract and retain the best global talent. Future results are also subject to the lower predictability of our reduced-risk product category's performance • PMI is further subject to other risks detailed from time to time in its publicly filed documents, including the Form 10-K for the year ended December 31, 2020. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that we may make from time to time, except in the normal course of its public disclosure obligations 3 Forward-Looking and Cautionary Statements (COVID-19) • The COVID-19 pandemic has created significant societal and economic disruption, and resulted in closures of stores, factories and offices, and restrictions on manufacturing, distribution and travel, all of which will adversely impact our business, results of operations, cash flows and financial position during the continuation of the pandemic. Our business continuity plans and other safeguards may not be effective to mitigate the impact of the pandemic • Currently, significant risks include our diminished ability to convert adult smokers to our RRPs, significant volume declines in our duty-free business and certain other key markets, disruptions or delays in our manufacturing and supply chain, increased currency volatility, and delays in certain cost saving, transformation and restructuring initiatives. Our business could also be adversely impacted if key personnel or a significant number of employees or business partners become unavailable due to the COVID-19 outbreak. The significant adverse impact of COVID-19 on the economic or political conditions in markets in which we operate could result in changes to the preferences of our adult consumers and lower demand for our products, particularly for our mid-price or premium-price brands. Continuation of the pandemic could disrupt our access to the credit markets or increase our borrowing costs. Governments may temporarily be unable to focus on the development of science-based regulatory frameworks for the development and commercialization of RRPs or on the enforcement or implementation of regulations that are significant to our business. In addition, messaging about the potential negative impacts of the use of our products on COVID-19 risks may lead to increasingly restrictive regulatory measures on the sale and use of our products, negatively impact demand for our products, the willingness of adult consumers to switch to our RRPs and our efforts to advocate for the development of science-based regulatory frameworks for the development and commercialization of RRPs • The impact of these risks also depends on factors beyond our knowledge or control, including the duration and severity of the pandemic, its recurrence in our key markets, actions taken to contain its spread and to mitigate its public health effects, and the ultimate economic consequences thereof 4

Record Quarterly EPS Performance Despite Pandemic 5 •Better-than-expected Q1, 2021 growth driven by IQOS:⎼ All-time high adjusted diluted EPS of $1.57⎼ IQOS now 28% of our net revenues⎼ Strong user acquisition to reach a total of 19.1m ⎼ Broad-based HTU volume growth⎼ 12 markets >10% HTU share • Strong margin expansion •Raising organic growth outlook and HTU shipment target Source: PMI Financials or estimates (a) Reflects total PMI net revenues divided by total PMI cigarette and HTU shipment volume Source: PMI Financials or estimates 6 Q1, 2021: Excellent Growth (Organic variance vs. PY) Net Revenues Adjusted Diluted EPS Adjusted OI Margin Net Revenue per Unit(a) +21.5% +590bps +6.9% +2.9%

Source: PMI Financials or estimates Raising 2021 Growth Outlook Following Strong Q1 (Organic basis) • Now expect $5.95-$6.05 adjusted diluted EPS, including a favorable currency impact of 20 cents at prevailing exchange rates • On track to resume share repurchases in the second half of the year, subject to Board approval 7 FY 2021 Previous Outlook February 10 Updated Outlook April 20 Net Revenue Growth 4-7% 5-7% Adjusted OI Margin Expansion ≥150 bps ~200bps Adjusted Diluted EPS Growth 9-11 % 11-13% HTU Shipment Volume 90-100 95-100 billionbillion Expectations for Q2 & H2, 2021 • Q2, 2021:⎼ Strong organic net revenue growth against favorable comparison⎼ Continued organic improvement in OI margin⎼ Partial reversal of Q1 timing benefits⎼ Adjusted diluted EPS expected to be $1.50 to $1.55 • H2, 2021:⎼ Assume many key markets to have largely emerged from COVID restrictions⎼ Continued robust organic top-line growth⎼ New product launches, higher expected device shipments, distribution investments⎼ Step-up of $300-400m vs. H1 in commercial investments⎼ Lower organic OI margin expansion compared to H1 8Source: PMI Financials or estimates

Positive Regulatory Developments Recognizing Harm Reduction Potential of RRPs • Uruguay: Presidential decree reversed ban on the importation of heated tobacco products, recognizing that alternatives to cigarettes now exist with a different risk profile which can play a role in reducing the impact of smoking in the country • Lithuania: Government Resolution to Approve the National Agenda on Drugs, tobacco and alcohol control, consumption prevention and harm reduction action plan • UK: All-party parliamentary group of MPs publish report calling for the WHO to return to the founding principle of the FCTC which includes harm reduction • New Zealand: Policy in consultation paper recognizes the role of innovative products in harm reduction, while at the same time ensuring strict controls to prevent youth access 9 We continue to support regulatory and fiscal frameworks which recognize the substantial risk reduction potential of non-combusted alternatives compared with combusted tobacco Source: PMI Financials or estimates 10 Total PMI Shipment Volume: Strong Growth of HTUs (billion units) 157.0 145.5 16.7 21.7 173.7 167.2 Q1, 2020 Q1, 2021 HTUs Cigarettes Total 29.9% (7.3)% (3.7)% Change vs. PY

HTUs Now Comprise 13% of Total Volume (as a % of PMI Total Shipment Volume) 11 Note: Total volume includes HTUs and cigarettes Source: PMI Financials or estimates 0.0% 0.9% 4.5% 5.3% 7.8% 10.8% 13.0% 2015 2016 2017 2018 2019 2020 Q1, 2021 PMI HTU Shipment Volume (billion units) 7.4 59.741.436.20.4 76.1 21.7 Source: PMI Financials or estimates 12 On Track For 2025 Majority Smoke-Free Ambition (Smoke-Free Products as a % of Total PMI Net Revenues) 0.2% 2.7% 12.7% 13.8% 18.7% 23.8% 2015 2016 2017 2018 2019 2020 $0.7 $4.1$3.6$0.1 $5.6 RRP Net Revenues ($ in billions) $6.8 $2.1 Q1, 2020 Q1, 2021 21.7% 28.0% $1.6 2023 2025 ~40% >50% AmbitionTarget

13Source: PMI Financials or estimates Twin Engines Powering Organic Net Revenue Growth +3.1pp +2.1pp +0.7pp (3.7)% Organic Net Revenue Growth Q1'2021 Net Revenue Growth Q1’2021 Shipment Volume Decline +6.0% Category & Market Mix / Other HTU and Device Pricing Combustible Pricing +2.9% +3.8pp Currency 14 +1.7pp +1.5pp 66.4% 70.3% 70.0% Q1, 2020 Q1, 2021 (Excluding Currency) Q1, 2021 Currency (a) Includes productivity savings in manufacturing, procurement and supply chain operations Sum of the drivers does not foot due to rounding Source: PMI Financials or estimates Multiple Levers Driving Higher Gross Margin +0.6pp IQOS impact Combustible Pricing Net Manufacturing Productivity(a) / Other (0.3)pp +390bps

15 (2.0)pp (1.4)pp 27.2% 25.1% 23.7% Q1, 2020 Q1, 2021 (Excluding Currency) Q1, 2021 SG&A Cost Efficiencies Fueling Organic Margin Expansion (as a % of Net Revenues) SG&A / Other Currency Marketing, Admin. & Research Costs Note: Variances are vs. prior year as a percentage of net revenues. Sum of the drivers does not foot due to rounding 2021: Excludes asset impairment and exit costs of $48 million Source: PMI Financials or estimates Combustible Performance & Market Share •Q1 cigarette share decline reflects confluence of factors:⎼ COVID impacts: social occasions, border closures, Duty-Free⎼ Downtrading, competition in certain markets • For remainder of 2021:⎼ Expect sequential cigarette share recovery as COVID restrictions ease⎼ Target stable cigarette share despite impact of cannibalization 16

South & South-East Asia: Moderating Headwinds 17Source: PMI Financials or estimate • Philippines total market declines driven by pricing and ongoing COVID restrictions:⎼Marlboro growing share⎼Downtrading affecting mid-price brands⎼ Targeting stable organic net revenues in 2021⎼ IQOS exiting Q1 at almost 1% share in Metro Manila • Indonesia sequential improvement:⎼ Targeting volume growth for 2021⎼Pricing taken by major players, albeit progressing slowly Targeting at least stable regional organic net revenues for remainder of the year (a) See Glossary for definition Source: PMI Financials or estimates, IQOS user panels and PMI Market Research 19 Million IQOS Users, With Strong Conversion 18 Total IQOS Users(a) 17.5 16.4 15.3 14.3 13.5 12.2 11.2 10.4 70% 70% 71% 71% 73% 72% 72% 72% Estimated users who have switched to IQOS and stopped smoking(a) Estimated users who are in various stages of conversion(a) 73% 19.1 2019 Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 Q1 2021

EU Region: Continued HEETS Share Growth 19 3.9% 3.9% 3.9% 5.0% 5.7% Q1 Q2 Q3 Q4 Q1 Note: Market share for HTUs is defined as the total sales volume for HTUs as a percentage of the total estimated sales volume for cigarettes and HTUs Source: PMI Financials or estimates 2020 2021 Source: PMI Financials or estimates EU: Strong HEETS Growth in Key Cities (HEETS city offtake share) 20 Munich London RomeLisbon PragueAthens Warsaw Vilnius Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 18.5% 22.2% 9.7% 14.8% 2.2% 5.1% 5.7% 8.0% 14.5% 16.8% 13.3% 18.8% 29.3% 35.9% 11.6% 14.8%

Note: Market share for HTUs is defined as the total sales volume for HTUs as a percentage of the total estimated sales volume for cigarettes and HTUs Source: PMI Financials or estimates Russia: Continued Strong PMI HTU Share Growth 21 6.5% 6.0% 5.8% 7.2% 7.7% Q1 Q2 Q3 Q4 Q1 2020 2021 19.1% 20.2% 20.4% 22.0% 23.4% Q1 Q2 Q3 Q4 Q1 (a) Excluding the impact of estimated trade inventory movements, and including the cigarillo category Note: Market share for HTUs is defined as the total sales volume for HTUs as a percentage of the total estimated sales volume for cigarettes and HTUs Source: PMI Financials or estimates Japan: Continuing IQOS HTU Share Growth 22 20.8% Adjusted SoM(a) 20.1%18.8%18.7%17.8% 2020 2021

(a) Status at March 31, 2021 Note: Reflects markets where PMI smoke-free products are available in key cities or nationwide. Now includes e-vapor launch in Finland. Reflects date of initial geographic expansion beyond pilot launch city. The number of markets includes International Duty Free. While IQOS is currently available for sale in Mexico, the country has banned the importation of e- cigarettes and devices that heat tobacco On Track to Reach 100 Markets by 2025 23 Market Launches 2019 (8) 2015 (7) 2016 (13) 2017 (18) 2018 (6) 2020 (12) Current: 66 Markets Worldwide(a) Of which: 34 Non-OECD 2021 (2) Target: 100 Markets in 5 years Innovating with IQOS VEEV • IQOS VEEV launched in Italy, Finland in recent weeks • Targeting all of our electronic smoke-free devices to be equipped with age verification technology by 2023 • Premium product with superior experience to existing offers • Leveraging IQOS infrastructure with bespoke route-to-market approach 24

Innovating with IQOS ILUMA • IQOS ILUMA launching in H2, 2021 • Next generation of IQOS • Simple and intuitive device supports easier switching, higher conversion for legal-age smokers • New internal heating technology based on SmartcoreTM induction 25 Transforming for a Sustainable Future 26 Transforming for a sustainable smoke-free future Innovating for better products Operating with excellence Caring for the people we work with Protecting the environment >50% net revenues from smoke- free products 100 markets with commercialized smoke-free products ≥$1bn in net revenues from beyond nicotine products New 2025 transformation targets: Source: 2021 Virtual Investor Day Further recognition of best-in-class ESG performance: • Named to CDP Supplier Engagement Leaderboard following Triple-A rating • Included in Bloomberg Gender Equality Index • Equal pay globally certified: equal pay for equal work • Updated our Zero Deforestation Manifesto — strengthening our ambitious commitment to conserving forests across our entire value chain Upcoming Events: 2020 Integrated Report to be released on May 18, 2021 Sustainability Webcast in early June

27 Fast-Growing, Increasingly Profitable; Rapidly Becoming a Majority Smoke-Free Company IQOS strong growth, together with price excellence and cost efficiency will deliver in the coming years: • Improved volume dynamics • Fast-growing revenues • Enhanced profitability • Strong profit and cash flow growth • Major positive impact on sustainability and society Strong, sustainable financial performance to deliver superior returns for shareholders; raised 2021 organic growth outlook: another step on this journey Delivering a Smoke-Free Future 2021 First-Quarter Results Questions & Answers iOS Download Android DownloadHave you downloaded the new PMI Investor Relations App yet? The free IR App is available to download at the Apple App Store for iOS devices and at Google Play for Android mobile devices Or go to: www.pmi.com/irapp

Delivering a Smoke-Free Future 2021 First-Quarter Results April 20, 2021 30 Glossary of Key Terms and Definitions, Appendix, and Reconciliation of Non-GAAP Measures

Glossary: General Terms • "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 • Until March 28, 2008, PMI was a wholly owned subsidiary of Altria Group, Inc. ("Altria"). Since that time the company has been independent and is listed on the New York Stock Exchange (ticker symbol "PM") • Comparisons are made to the same prior-year period unless otherwise stated • Unless otherwise stated, references to total industry, total market, PMI shipment volume and PMI market share performance reflect cigarettes and heated tobacco units • References to total international market, defined as worldwide cigarette and heated tobacco unit volume excluding the U.S., total industry, total market and market shares are PMI estimates for tax-paid products based on the latest available data from a number of internal and external sources and may, in defined instances, exclude the People's Republic of China and/or PMI's duty free business • 2020 and 2021 estimates for total industry volume and market share in certain geographies reflect limitations on the availability and accuracy of industry data during pandemic-related restrictions • "OTP" is defined as "other tobacco products," primarily roll-your-own and make-your-own cigarettes, pipe tobacco, cigars and cigarillos, and does not include reduced-risk products • "Combustible products" is the term PMI uses to refer to cigarettes and OTP, combined • In-market sales, or "IMS," is defined as sales to the retail channel, depending on the market and distribution model • "Total shipment volume" is defined as the combined total of cigarette shipment volume and heated tobacco unit shipment volume • "RBH" refers to PMI’s Canadian subsidiary, Rothmans, Benson & Hedges Inc. • The Companies’ Creditors Arrangement Act (CCAA) is a Canadian federal law that permits a Canadian business to restructure its affairs while carrying on its business in the ordinary course 31 Glossary: General Terms (cont.) • "EU" is defined as the European Union Region • "EE" is defined as the Eastern Europe Region • "ME&A" is defined as the Middle East & Africa Region and includes PMI's duty free business • "S&SA" is defined as the South & Southeast Asia Region • "EA&A" is defined as the East Asia & Australia Region • "LA&C" is defined as the Latin America & Canada Region • Following the deconsolidation of PMI's Canadian subsidiary, Rothmans, Benson & Hedges, Inc. (RBH), PMI will continue to report the volume of brands sold by RBH for which other PMI subsidiaries are the trademark owner. These include HEETS, Next, Philip Morris and Rooftop • From time to time, PMI’s shipment volumes are subject to the impact of distributor inventory movements, and estimated total industry/market volumes are subject to the impact of inventory movements in various trade channels that include estimated trade inventory movements of PMI’s competitors arising from market-specific factors that significantly distort reported volume disclosures. Such factors may include changes to the manufacturing supply chain, shipment methods, consumer demand, timing of excise tax increases or other influences that may affect the timing of sales to customers. In such instances, in addition to reviewing PMI shipment volumes and certain estimated total industry/market volumes on a reported basis, management reviews these measures on an adjusted basis that excludes the impact of distributor and/or estimated trade inventory movements. Management also believes that disclosing PMI shipment volumes and estimated total industry/market volumes in such circumstances on a basis that excludes the impact of distributor and/or estimated trade inventory movements, such as on an IMS basis, improves the comparability of performance and trends for these measures over different reporting periods • "ESG" stands for environmental, social, and governance • "Illicit trade" refers to domestic non-tax paid products • "OECD" is defined as Organisation for Economic Co-operation and Development • "SoM" stands for share of market 32

Glossary: Financial Terms • Net revenues related to combustible products refer to the operating revenues generated from the sale of these products, including shipping and handling charges billed to customers, net of sales and promotion incentives, and excise taxes. PMI recognizes revenue when control is transferred to the customer, typically either upon shipment or delivery of goods • Net revenues related to RRPs represent the sale of heated tobacco units, heat-not-burn devices and related accessories, and other nicotine- containing products, primarily e-vapor products, including shipping and handling charges billed to customers, net of sales and promotion incentives, and excise taxes. PMI recognizes revenue when control is transferred to the customer, typically either upon shipment or delivery of goods • "SG&A" stands for selling, general & administrative • "Adjusted Operating Income (OI) Margin" is calculated as adjusted OI, divided by net revenues • "Net debt" is defined as total debt, less cash and cash equivalents • Growth rates presented on an organic basis for consolidated financial results reflect currency-neutral underlying results • Management reviews net revenues, OI, OI margins, 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. Organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures, including pro forma measures, will provide useful insight into underlying business trends and results. • "Fair value adjustment for equity security investments" reflects the adjustment resulting from share price movements in passive investments for publicly traded entities that are not controlled or influenced by PMI. Under U.S. GAAP, such adjustments are required, since January 1, 2018, to be reflected directly in the income statement 33 Glossary: Reduced-Risk Products • "Reduced-risk products," or "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 RRPs are smoke-free products that produce an aerosol that contains far lower quantities of harmful and potentially harmful constituents than found in cigarette smoke • "Aerosol" refers to a gaseous suspension of fine solid particles and/or liquid droplets • "Combustion" is the process of burning a substance in oxygen, producing heat and often light • "Smoke" is a visible suspension of solid particles, liquid droplets and gases in air, emitted when a material burns • "Heated tobacco units," or "HTUs," is the term PMI uses to refer to heated tobacco consumables, which for PMI include the company's HEETS, HEETS Creations, HEETS Dimensions, HEETS Marlboro and HEETS FROM MARLBORO (defined collectively as HEETS), Marlboro Dimensions, Marlboro HeatSticks and Parliament HeatSticks, as well as the KT&G-licensed brand, Fiit and Miix (outside of Korea) • The IQOS heat-not-burn device is a precisely controlled heating device into which a specially designed and proprietary tobacco unit is inserted and heated to generate an aerosol • “PMI heat-not-burn products” include licensed KT&G heat-not-burn products • “PMI HTUs” include licensed KT&G HTUs • HTU "offtake volume" represents the estimated retail offtake of HTUs based on a selection of sales channels that vary by market, but notably include retail points of sale and e-commerce platforms • HTU "offtake share" represents the estimated retail offtake volume of HTUs divided by the sum of estimated total offtake volume for cigarettes and HTUs • Market share for HTUs is defined as the total sales volume for HTUs as a percentage of the total estimated sales volume for cigarettes and HTUs • “Total IQOS users” is defined as the estimated number of Legal Age (minimum 18 years) users of PMI heat-not-burn products for which PMI HTUs represented at least 5% of their daily tobacco consumption over the past seven days. Note: as of December 2020, PMI heat- not-burn products and HTUs include licensed KT&G heat-not-burn products and HTUs, respectively 34

Glossary: Reduced-Risk Products (cont.) • The estimated number of adults who have "switched to IQOS and stopped smoking“ reflects:⎼ for markets where there are no heat-not-burn products other than PMI heat-not-burn products: daily individual consumption of PMI HTUs represents the totality of their daily tobacco consumption in the past seven days⎼ for markets where PMI heat-not-burn products are among other heat-not-burn products: daily individual consumption of HTUs represents the totality of their daily tobacco consumption in the past seven days, of which at least 70% is PMI HTUs Note: as of December 2020, PMI heat-not-burn products and HTUs include licensed KT&G heat-not-burn products and HTUs, respectively • "FDA" stands for the U.S. Food & Drug Administration • "MRTP" stands for Modified Risk Tobacco Product, the term used by the U.S. FDA to refer to RRPs • "MRTP application" stands for Modified Risk Tobacco Product application under section 911 of the FD&C Act • "PMTA" stands for Premarket Tobacco Application under section 910 of the FD&C Act • “Acquisition” refers to our efforts to switch LAS from smoking cigarettes to RRPs or to switch LAU from competing smoke-free products to PMI’s RRPs • “Retention” refers to our efforts to deter LAU from going back to smoking cigarettes or from choosing a competing smoke-free product instead of a PMI RRP 35 Glossary: IQOS in the United States • On April 30, 2019, the U.S. Food and Drug Administration (FDA) announced that the marketing of a version of PMI's Platform 1 product, namely, IQOS 2.4, together with its heated tobacco units (the term PMI uses to refer to heated tobacco consumables), is appropriate for the protection of public health and authorized it for sale in the U.S. The FDA’s decision followed its comprehensive assessment of PMI’s premarket tobacco product applications (PMTAs) submitted to the Agency in 2017 • In the third quarter of 2019, PMI brought IQOS 2.4 and three variants of its heated tobacco units to the U.S. through its license with Altria Group, Inc., whose subsidiary, Philip Morris USA Inc., is responsible for marketing the product and complying with the provisions set forth in the FDA's marketing orders • On July 7, 2020, the FDA authorized the marketing of a version of PMI's Platform 1 product, namely, IQOS 2.4, together with its heated tobacco units, as a Modified Risk Tobacco Product (MRTP). In doing so, the agency found that an IQOS exposure modification order is appropriate to promote the public health. The decision followed a review of the extensive scientific evidence package PMI submitted to the FDA in December 2016 to support its MRTP applications • On December 7, 2020, the FDA confirmed that the marketing of a version of PMI's Platform 1 product, namely, IQOS 3, is appropriate for the protection of public health and authorized it for sale in the U.S. The FDA’s decision followed an assessment of a PMI's PMTA filed with the agency in March 2020 • Shipment volume of heated tobacco units to the U.S. is included in the heated tobacco unit shipment volume of the Latin America & Canada segment. Revenues from shipments of Platform 1 devices, heated tobacco units and accessories to Altria Group, Inc. for sale under license in the U.S. are included in Net Revenues of the Latin America & Canada segment 36

37 2015 2016 2017 2018 2019 2020 R&D expenditure (smoke-free/total) 70% 72% 74% 92% 98% 99% Commercial expenditure (Marketing) (smoke-free/total) 8% 15% 39% 60% 71% 76% Net revenues (smoke-free/total) 0.2% 2.7% 12.7% 13.8% 18.7% 23.8% Smoke-free product shipment ratio(a) (smoke-free/total) 0.1% 0.9% 4.4% 5.1% 7.6% 10.4% Estimated users who have stopped smoking and switched to IQOS(b) (in millions) n/a 1.5 4.7 6.6 9.7 12.7 Proportion of markets where PMI smoke-free products are available, which are outside the OECD n/a 32% 41% 44% 45% 52% Number of markets where net revenues from smoke- free products exceed 50% of total net revenues n/a 0 1 3 4 6 (a) The smoke-free product shipment ratio is computed based on millions of units. Smoke-free products include heated tobacco units and e-cigarettes. Total products include smoke-free products, cigarettes and other combustible products (b) See Glossary for definition Note: List of OECD group members as of December 2020 Source: PMI Financials or estimates, IQOS user panels and PMI Market Research Business Transformation Metrics Shifting Our Resources to Deliver a Smoke-Free Future Key Cities Provide Excellent Base for Growth 38 (a) Japan total market includes the cigarillo category Note: Kuala L. is Kuala Lumpur Source: PMI Financials or estimates 35.9% 26.3% 26.1% 22.2% 20.3% 18.8% 16.8% 14.8% 14.8% Vilnius Kiev Tokyo Athens Bratislava Rome Prague Warsaw Lisbon 14.8% 13.8% 12.3% 10.4% 8.4% 8.0% 7.2% 5.1% 2.2% Moscow Milan Kuala L. Seoul Bucharest Munich Zurich London Madrid +6.6pp +3.7pp +5.6pp +5.5pp +2.3pp +5.1pp +0.4pp +0.3pp +1.9pp +2.3pp +3.1pp +0.3pp PMI HTU Offtake Shares (Q1, 2021) +2.9pp +3.2pp Change vs. PY (a) +8.2pp +4.1pp +3.6pp +3.9pp

EU Region: HEETS SoM Performance in Select Markets Note: Share progression in Latvia reflects impact of retailer inventory movements. Select markets where HEETS share is ≥ 1%. Sales volume of PMI HTUs as a percentage of the total industry sales volume for cigarettes and HTUs Source: PMI Financials or estimates 39 Q1, 2021 Growth vs. PY Q1, 2021 Growth vs. PY Q1, 2021 Growth vs. PY Croatia 6.1% +1.9pp Italy 11.3% +3.9pp Romania 4.4% +1.6pp Czech Republic 13.8 +4.4 Latvia 9.3 (1.6) Slovak Republic 12.5 +3.2 Germany 3.6 +1.2 Lithuania 24.0 +3.5 Slovenia 7.1 +2.1 Greece 15.1 +3.6 Poland 5.4 +1.1 Switzerland 5.5 +1.9 Hungary 17.0 +9.6 Portugal 12.2 +4.4 UK 2.0 +1.2 Source: PMI Financials or estimates 2021: EPS Guidance ($/share) 40 Full-Year ≥ 2021 Forecast 2020 Organic Growth Reported Diluted EPS $5.93 – $6.03 $5.16 - Asset impairment and exit costs 0.02 0.08 - Fair value adjustment for equity security investments 0.04 - Tax items (0.06) - Brazil indirect tax credit (0.05) Adjusted Diluted EPS $5.95 – $6.05 $5.17 - Currency (0.20) Adjusted Diluted EPS, excluding currency $5.75 – $5.85 $5.17 11% – 13%

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures 41 Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency, and Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS, excluding Currency (Unaudited) Quarters Ended March 31, 2021 2020 % Change Reported Diluted EPS $ 1.55 $ 1.17 32.5% Less: Currency 0.10 Reported Diluted EPS, excluding Currency $ 1.45 $ 1.17 23.9% Quarters Ended March 31, Year Ended 2021 2020 % Change 2020 Reported Diluted EPS $ 1.55 $ 1.17 32.5% $ 5.16 Asset impairment and exit costs 0.02 - 0.08 Fair value adjustment for equity security investments - 0.04 0.04 Tax items - - (0.06) Brazil indirect tax credit - - (0.05) Adjusted Diluted EPS $ 1.57 $ 1.21 29.8% $ 5.17 Less: Currency 0.10 Adjusted Diluted EPS, excluding Currency $ 1.47 $ 1.21 21.5% 42 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) 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 Net Revenues Currency Net Revenues excluding Currency Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended March 31, Net Revenues Total Excluding Currency Excluding Currency & Acquisitions 2021 Reduced-Risk Products 2020 % Change $ 959 $ 75 $ 883 $ - $ 883 European Union $ 624 53.5% 41.4% 41.4% 304 (44) 349 - 349 Eastern Europe 265 14.7% 31.4% 31.4% 21 - 21 - 21 Middle East & Africa 44 (51.5)% (52.0)% (52.0)% 2 - 1 - 1 South & Southeast Asia - - - - 824 36 788 - 788 East Asia & Australia 613 34.4% 28.5% 28.5% 12 - 12 - 12 Latin America & Canada 8 49.3% 51.2% 51.2% $ 2,122 $ 67 $ 2,054 $ - $ 2,054 Total RRPs $ 1,555 36.5% 32.1% 32.1% 2021 PMI 2020 % Change $ 2,909 $ 235 $ 2,674 $ - $ 2,674 European Union $ 2,535 14.8% 5.5% 5.5% 796 (75) 871 - 871 Eastern Europe 788 1.0% 10.5% 10.5% 801 (23) 824 - 824 Middle East & Africa 876 (8.6)% (5.9)% (5.9)% 1,173 28 1,145 - 1,145 South & Southeast Asia 1,251 (6.2)% (8.5)% (8.5)% 1,472 71 1,401 - 1,401 East Asia & Australia 1,255 17.3% 11.6% 11.6% 434 (11) 445 - 445 Latin America & Canada 448 (3.1)% (0.7)% (0.7)% $ 7,585 $ 225 $ 7,360 $ - $ 7,360 Total PMI $ 7,153 6.0% 2.9% 2.9%

43 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 Acqui- sitions Adjusted Operating Income excluding Currency & Acqui- sitions Operating Income Adjusted Operating Income Total Excluding Currency Excluding Currency & Acqui- sitions 2021 2020 $ 1,490 $ (9) $ 1,499 $ 156 $ 1,343 $ - $ 1,343 European Union $ 1,158 $ - $ 1,158 29.4% 16.0% 16.0% 261 (2) 263 7 256 - 256 Eastern Europe 99 - 99 +100% +100% +100% 335 (2) 337 (13) 350 - 350 Middle East & Africa 321 - 321 5.0% 9.0% 9.0% 529 (3) 532 13 519 - 519 South & Southeast Asia 599 - 599 (11.2)% (13.4)% (13.4)% 695 (31) 726 18 708 - 708 East Asia & Australia 486 - 486 49.4% 45.7% 45.7% 134 (1) 135 6 129 - 129 Latin America & Canada 126 - 126 7.1% 2.4% 2.4% $ 3,444 $ (48) $ 3,492 $ 187 $ 3,305 $ - $ 3,305 Total PMI $ 2,789 $ - $ 2,789 25.2% 18.5% 18.5% Asset Impairment & Exit Costs % Change Quarters Ended March 31, Asset Impairment & Exit Costs (a) Includes asset impairment and exit costs of $48 million: EU ($9 million), EE ($2 million), ME&A ($2 million), S&SA ($3 million), EA&A ($31 million) and LA&C ($1 million) (a) (a) (a) (a) (a) (a) 44 PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions ($ in millions) / (Unaudited) (a) For the calculation of Adjusted Operating Income and Adjusted Operating Income excluding currency and acquisitions refer to slide 43 (b) For the calculation of Net Revenues excluding currency and acquisitions refer to slide 42 Adjusted Operating Income (a) Net Revenues Adjusted Operating Income Margin Adjusted Operating Income excluding Currency (a) Net Revenues excluding Currency (b) Adjusted Operating Income Margin excluding Currency Adjusted Operating Income excluding Currency & Acqui- sitions (a) Net Revenues excluding Currency & Acqui- sitions (b) Adjusted Operating Income Margin excluding Currency & Acqui- sitions Adjusted Operating Income (a) Net Revenues Adjusted Operating Income Margin Adjusted Operating Income Margin Adjusted Operating Income Margin excluding Currency Adjusted Operating Income Margin excluding Currency & Acqui- sitions 2021 2020 % Points Change $ 1,499 $ 2,909 51.5% $ 1,343 $ 2,674 50.2% $ 1,343 $ 2,674 50.2% European Union $ 1,158 $ 2,535 45.7% 5.8 4.5 4.5 263 796 33.0% 256 871 29.4% 256 871 29.4% Eastern Europe 99 788 12.6% 20.4 16.8 16.8 337 801 42.1% 350 824 42.5% 350 824 42.5% Middle East & Africa 321 876 36.6% 5.5 5.9 5.9 532 1,173 45.4% 519 1,145 45.3% 519 1,145 45.3% South & Southeast Asia 599 1,251 47.9% (2.5) (2.6) (2.6) 726 1,472 49.3% 708 1,401 50.5% 708 1,401 50.5% East Asia & Australia 486 1,255 38.7% 10.6 11.8 11.8 135 434 31.1% 129 445 29.0% 129 445 29.0% Latin America & Canada 126 448 28.1% 3.0 0.9 0.9 $ 3,492 $ 7,585 46.0% $ 3,305 $ 7,360 44.9% $ 3,305 $ 7,360 44.9% Total PMI $ 2,789 $ 7,153 39.0% 7.0 5.9 5.9 Quarters Ended March 31,

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) 45 (a) Net Revenues include revenues from shipments of Platform 1 devices, heated tobacco units and accessories to Altria Group, Inc., commencing in the third quarter of 2019, for sale under license in the United States Note: Sum of Regions might not foot to Total PMI due to rounding; "-" indicates amounts between -$0.5 million and +$0.5 million Net Revenues Currency Net Revenues excluding Currency Acquisitions Net Revenues excluding Currency & Acquisitions Years Ended December 31, Net Revenues Total Excluding Currency Excluding Currency & Acquisitions 2020 Reduced-Risk Products 2019 % Change $ 2,649 $ 8 $ 2,641 $ - $ 2,641 European Union $ 1,724 53.7% 53.2% 53.2% 1,128 (98) 1,226 - 1,226 Eastern Europe 844 33.6% 45.2% 45.2% 57 - 57 - 57 Middle East & Africa 321 (82.4)% (82.3)% (82.3)% 1 - 1 - 1 South & Southeast Asia - - - - 2,961 32 2,929 - 2,929 East Asia & Australia 2,671 10.9% 9.7% 9.7% 31 (2) 34 - 34 Latin America & Canada(a) 27 18.0% 25.8% 25.8% $ 6,827 $ (61) $ 6,888 $ - $ 6,888 Total RRPs $ 5,587 22.2% 23.3% 23.3% 2020 PMI 2019 % Change $ 10,702 $ 21 $ 10,681 $ - $ 10,681 European Union $ 9,817 9.0% 8.8% 8.8% 3,378 (263) 3,641 - 3,641 Eastern Europe 3,282 2.9% 10.9% 10.9% 3,088 (77) 3,165 - 3,165 Middle East & Africa 4,042 (23.6)% (21.7)% (21.7)% 4,396 (19) 4,415 - 4,415 South & Southeast Asia 5,094 (13.7)% (13.3)% (13.3)% 5,429 33 5,396 - 5,396 East Asia & Australia 5,364 1.2% 0.6% 0.6% 1,701 (164) 1,865 - 1,865 Latin America & Canada 2,206 (22.9)% (15.5)% (15.5)% $ 28,694 $ (469) $ 29,163 $ - $ 29,163 Total PMI $ 29,805 (3.7)% (2.2)% (2.2)% 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) 46Note: Sum of Regions might not foot to Total PMI due to rounding; "-" indicates amounts between -$0.5 million and +$0.5 million Net Revenues Currency Net Revenues excluding Currency Acquisitions Net Revenues excluding Currency & Acquisitions Years Ended December 31, Net Revenues Total Excluding Currency Excluding Currency & Acquisitions 2018 Reduced-Risk Products 2017 % Change $ 865 $ 36 $ 829 $ - $ 829 European Union $ 269 +100% +100% +100% 324 (22) 346 - 346 Eastern Europe 55 +100% +100% +100% 382 4 378 - 378 Middle East & Africa 94 +100% +100% +100% - - - - - South & Southeast Asia - - - - 2,506 33 2,474 - 2,474 East Asia & Australia 3,218 (22.1)% (23.1)% (23.1)% 19 - 19 - 19 Latin America & Canada 4 +100% +100% +100% $ 4,096 $ 51 $ 4,045 $ - $ 4,045 Total RRPs $ 3,640 12.5% 11.1% 11.1% 2018 PMI 2017 % Change $ 9,298 $ 489 $ 8,809 $ - $ 8,809 European Union $ 8,318 11.8% 5.9% 5.9% 2,921 (118) 3,039 - 3,039 Eastern Europe 2,711 7.7% 12.1% 12.1% 4,114 (193) 4,307 - 4,307 Middle East & Africa 3,988 3.2% 8.0% 8.0% 4,656 (244) 4,900 - 4,900 South & Southeast Asia 4,417 5.4% 10.9% 10.9% 5,580 62 5,518 - 5,518 East Asia & Australia 6,373 (12.4)% (13.4)% (13.4)% 3,056 (99) 3,155 - 3,155 Latin America & Canada 2,941 3.9% 7.3% 7.3% $ 29,625 $ (103) $ 29,728 $ - $ 29,728 Total PMI $ 28,748 3.1% 3.4% 3.4%

47 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) Note: Sum of Regions might not foot to Total PMI due to rounding; "-" indicates amounts between -$0.5 million and +$0.5 million Net Revenues Currency Net Revenues excluding Currency Acquisitions Net Revenues excluding Currency & Acquisitions Years Ended December 31, Net Revenues Total Excluding Currency Excluding Currency & Acquisitions 2016 Reduced-Risk Products 2015 % Change $ 57 $ (2) $ 60 $ - $ 60 European Union $ 29 96.4% +100% +100% 6 - 6 - 6 Eastern Europe - - - - 4 1 3 - 3 Middle East & Africa - - - - - - - - - South & Southeast Asia - - - - 666 70 597 - 597 East Asia & Australia 35 +100% +100% +100% 1 - 1 - 1 Latin America & Canada - - - - $ 733 $ 67 $ 666 $ - $ 666 Total RRPs $ 64 +100% +100% +100% 2016 PMI 2015 % Change $ 8,162 $ (147) $ 8,309 $ - $ 8,309 European Union $ 8,068 1.2% 3.0% 3.0% 2,484 (340) 2,824 - 2,824 Eastern Europe 2,735 (9.2)% 3.3% 3.3% 4,516 (260) 4,776 - 4,776 Middle East & Africa 4,629 (2.4)% 3.2% 3.2% 4,396 (71) 4,467 - 4,467 South & Southeast Asia 4,288 2.5% 4.2% 4.2% 4,285 63 4,222 - 4,222 East Asia & Australia 3,915 9.5% 7.8% 7.8% 2,842 (525) 3,367 - 3,367 Latin America & Canada 3,159 (10.0)% 6.6% 6.6% $ 26,685 $ (1,280) $ 27,965 $ - $ 27,965 Total PMI $ 26,794 (0.4)% 4.4% 4.4% Delivering a Smoke-Free Future 2021 First-Quarter Results April 20, 2021



PHILIP MORRIS INTERNATIONAL INC.

By:						/s/ DARLENE QUASHIE HENRY
Name:						Darlene Quashie Henry
Title:						Vice President, Associate General Counsel & Corporate Secretary


☐			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)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


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).


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.			☐


99.1			Philip Morris International Inc. Press Release dated April 20, 2021 (furnished pursuant to Item 2.02).


99.2			Conference Call Script dated April 20 , 2021 (furnished pursuant to Item 7.01).


99.3			Webcast Slides dated April 20 , 2021 (furnished pursuant to Item 7.01).


104			Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document and contained in Exhibit 101).


Item 7.01.			Regulation FD Disclosure.


(d)			Exhibits.