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Philip Morris International Inc (PM+0.61%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net revenues of $37.9 billion, an increase of 7.7% from the previous year, driven by higher pricing and increased sales of smoke-free products.
Operating income increased by 16% to $13.4 billion, reflecting favorable pricing and volume/mix, partially offset by higher marketing, administration, and research costs.
The company recorded a non-cash impairment charge of $2.3 billion related to its investment in Rothmans, Benson & Hedges Inc., due to developments in Canadian tobacco litigation.
Net earnings attributable to PMI decreased by 9.7% to $7.1 billion, with diluted earnings per share declining by 10% to $4.52.
The company completed the sale of Vectura Group Ltd., resulting in a pre-tax loss of $199 million.
Philip Morris International Inc. continues to focus on its smoke-free product portfolio, with smoke-free products available in 95 markets as of the end of 2024.
The company expects to continue its transformation towards a smoke-free future, with investments in new product development and market expansion.
The filing details various financial transactions, including the reacquisition of IQOS commercialization rights in the U.S. and the acquisition of a controlling interest in United Tobacco Company in Egypt.
Philip Morris International Inc. faces challenges from regulatory restrictions, fiscal pressures, and illicit trade, which are addressed in the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Philip Morris International Inc annual 10-K report dated February 6, 2025. To report an error, please email earnings@qz.com.