8-K
Philip Morris International Inc. (PM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 3, 2025
Philip Morris International Inc.
(Exact name of registrant as specified in its charter)
| Virginia | 1-33708 | 13-3435103 | |
|---|---|---|---|
| (State or other jurisdiction<br><br>of incorporation) | (Commission File Number) | (I.R.S. Employer<br><br>Identification No.) | |
| 677 Washington Blvd, Ste. 1100 | Stamford | Connecticut | 06901 |
| --- | --- | --- | --- |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (203) 905-2410
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||
|---|---|---|---|---|---|---|
| Common Stock, no par value | PM | New York Stock Exchange | 3.375% Notes due 2025 | PM25A | New York Stock Exchange | |
| --- | --- | --- | ||||
| 2.750% Notes due 2026 | PM26A | New York Stock Exchange | ||||
| 2.875% Notes due 2026 | PM26 | New York Stock Exchange | ||||
| 0.125% Notes due 2026 | PM26B | New York Stock Exchange | ||||
| 3.125% Notes due 2027 | PM27 | New York Stock Exchange | ||||
| 3.125% Notes due 2028 | PM28 | New York Stock Exchange | ||||
| 2.875% Notes due 2029 | PM29 | New York Stock Exchange | ||||
| 3.375% Notes due 2029 | PM29A | New York Stock Exchange | ||||
| 3.750% Notes due 2031 | PM31B | New York Stock Exchange | ||||
| 0.800% Notes due 2031 | PM31 | New York Stock Exchange | ||||
| 3.125% Notes due 2033 | PM33 | New York Stock Exchange | ||||
| 2.000% Notes due 2036 | PM36 | New York Stock Exchange | ||||
| 1.875% Notes due 2037 | PM37A | New York Stock Exchange | ||||
| 6.375% Notes due 2038 | PM38 | New York Stock Exchange | ||||
| 1.450% Notes due 2039 | PM39 | New York Stock Exchange | ||||
| 4.375% Notes due 2041 | PM41 | New York Stock Exchange | ||||
| 4.500% Notes due 2042 | PM42 | New York Stock Exchange | ||||
| 3.875% Notes due 2042 | PM42A | New York Stock Exchange | ||||
| 4.125% Notes due 2043 | PM43 | New York Stock Exchange | ||||
| 4.875% Notes due 2043 | PM43A | New York Stock Exchange | ||||
| 4.250% Notes due 2044 | PM44 | New York Stock Exchange | ||||
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||||
| --- | ||||||
| Emerging growth company | ☐ | |||||
| --- | --- | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | |||
| --- | --- | |||||
| Item 7.01. | Regulation FD Disclosure. | |||||
| --- | --- |
On June 3, 2025, Emmanuel Babeau, Chief Financial Officer of Philip Morris International Inc. ("PMI"), hosted a live webcast of PMI's remarks and conducted a presentation and question-and-answer session at the Deutsche Bank Global Consumer Conference. In connection with the presentation, PMI is furnishing to the Securities and Exchange Commission the press release, dated June 3, 2025, attached as Exhibit 99.1 hereto.
In accordance with General Instruction B.2 of Form 8-K, the information of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.
| Item 9.01. | Financial Statements and Exhibits. |
|---|---|
| (d) | Exhibits. |
| --- | --- |
| 99.1 | Philip Morris International Inc. Press Release, dated June 3, 2025 (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) |
| --- | --- |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PHILIP MORRIS INTERNATIONAL INC. | |
|---|---|
| By: | /s/ DARLENE QUASHIE HENRY |
| Name: | Darlene Quashie Henry |
| Title: | Vice President, Associate General Counsel & Corporate Secretary |
Date: June 3, 2025
Document
Exhibit 99.1
| PRESS RELEASE |  |
|---|---|
| Investor Relations: | Media: David Fraser |
| Stamford, CT: +1 (203) 904 2410 | Lausanne: +41 582 424 500 |
| Lausanne: +41 582 424 666 | Email: David.Fraser@pmi.com |
| Email: InvestorRelations@pmi.com |
Philip Morris International Participates in dbAccess Global Consumer Conference; Reaffirms 2025 Full-Year Forecast for Reported Diluted EPS of $7.01 to $7.14 and Adjusted Diluted EPS of $7.36 to $7.49, Representing Growth of 12% to 14%,
10.5% to 12.5% Excluding Currency
STAMFORD, CT, June 3, 2025 – Philip Morris International Inc.’s (PMI) (NYSE: PM) Chief Financial Officer, Emmanuel Babeau, will address investors today at the 2025 dbAccess Global Consumer Conference in Paris.
The event will be webcast live in listen-only mode, beginning at approximately 11:15 a.m. CEST (5:15 a.m. EST), at www.pmi.com/2025dbaccess and on the PMI Investor Relations Mobile Application (www.pmi.com/irapp). An archived copy of the webcast will be available for approximately one year.
2025 Full-Year Forecast
PMI reaffirms its 2025 full-year reported diluted EPS forecast, announced on April 23, 2025, of $7.01 to $7.14. Excluding a total 2025 adjustment of $0.35 per share and a favorable currency impact, at then-prevailing exchange rates, of $0.10 per share, this forecast represents a projected currency-neutral increase of 10.5% to 12.5% versus adjusted diluted EPS of $6.57 in 2024, as outlined in the below table.
The assumptions underlying this forecast remain unchanged versus those communicated by PMI in its earnings release of April 23, 2025.
Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.
| Full-Year | ||||||
|---|---|---|---|---|---|---|
| 2025<br><br>Forecast | 2024 | |||||
| Reported Diluted EPS | $7.01 | - | $7.14 | 4.52 | ||
| Adjustments: | ||||||
| Restructuring charges | — | 0.10 | ||||
| Impairment of other intangibles | — | 0.01 | ||||
| Amortization of intangibles(1) | 0.50 | 0.40 | ||||
| Loss on sale of Vectura Group | — | 0.13 | ||||
| Egypt sales tax charge | — | 0.03 | ||||
| Megapolis localization tax impact | — | 0.05 | ||||
| Income tax impact associated with Swedish Match AB financing | (0.06) | 0.14 | ||||
| Impairment related to the RBH equity investment | — | 1.49 | ||||
| Fair value adjustment for equity security investments | (0.09) | (0.27) | ||||
| Tax items | — | (0.03) | ||||
| Total Adjustments | 0.35 | 2.05 | ||||
| Adjusted Diluted EPS | $7.36 | - | $7.49 | 6.57 | - | 14.0% |
| Less: Currency | 0.10 | |||||
| Adjusted Diluted EPS, excluding currency | $7.26 | - | $7.39 | 6.57 | - | 12.5% |
| (1) See forecast assumptions in our Q1 2025 Earnings Release for details. |
All values are in US Dollars.
Philip Morris International: A Global Smoke-Free Champion
Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. As of December 31, 2024, PMI's smoke-free products were available for sale in 95 markets, and PMI estimates they were used by 38.6 million adults around the world. The smoke-free business accounted for 42% of PMI’s first-quarter 2025 total net revenues. Since 2008, PMI has invested over $14 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness and healthcare areas and aims to enhance life through the delivery of seamless health experiences. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. 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 goals and other forward-looking statements, including statements regarding expected financial or operational performance; capital allocation plans; investment
strategies; regulatory outcomes; market expectations; business plans and strategies; and dividends. 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 in certain markets or countries; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco and/or nicotine use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; the impact of natural disasters and pandemics on PMI's business; 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; recent and potential future tariffs imposed by the U.S. and other countries; 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 introduce, commercialize, and grow smoke-free 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; if it is unable to attract and retain the best global talent, including women or diverse candidates; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products performance.
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2024, and the Quarterly Report on Form 10-Q for the first quarter ended March 31, 2025. 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.