Philip Morris International Inc. (PMI) Holds 2023 Virtual Annual Meeting of Shareholders
May 03 2023 - 10:37AM
Business Wire
Regulatory News:
Philip Morris International Inc. (NYSE: PM) held its 2023 Annual
Meeting of Shareholders today. André Calantzopoulos, Executive
Chairman of the Board, addressed shareholders and answered
questions. Jacek Olczak, Chief Executive Officer, gave a business
presentation, which included an overview of PMI’s:
- strong performance in 2022 and encouraging start to 2023;
- robust business fundamentals and rapid progress on its
smoke-free transformation;
- excellent momentum in the heat-not-burn and nicotine pouch
categories;
- further progress on sustainability, with continued recognition
by leading external stakeholders; and
- commitment to rewarding shareholders over time.
"Our smoke-free transformation continued apace in 2022, with the
growth of smoke-free products to nearly one-third of total net
revenues for the year and the achievement of two important
milestones -- the acquisition of Swedish Match and the agreement to
gain the full rights to commercialize IQOS in the U.S. in April
2024," said Jacek Olczak, Chief Executive Officer.
“As a global smoke-free champion with leading brands IQOS and
ZYN, we are well positioned to further accelerate our
transformation in the years to come, to the benefit of the company,
our shareholders, other stakeholders and public health.”
Approximately 81 percent of the shares entitled to vote were
represented at the meeting in person or by proxy. The shareholders
elected 12 nominees for director; approved, on an advisory basis,
the compensation of named executive officers; approved, on an
advisory basis, a one-year interval for the vote on the
compensation of named executive officers; ratified the selection of
PricewaterhouseCoopers SA as independent auditors; and voted
against the shareholder proposal. Final voting results will be
included in a Form 8-K that PMI will file with the SEC in the
coming days.
An archived copy of the webcast of the meeting will be available
for approximately one year from the date of the meeting at
www.virtualshareholdermeeting.com/PM2023. The presentation slides
and script will be available at the same website address.
Forward-Looking & Cautionary Statements
The presentation, related discussion and this press release
contain 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;
and business plans and strategies. 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 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 COVID-19 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; 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; 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 reduced-risk
product category's 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 year ended December 31, 2022, and the Form 10-Q
for the first quarter ended March 31, 2023. 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.
Philip Morris International: Delivering a Smoke-Free
Future
Philip Morris International (PMI) is a leading international
tobacco company working to deliver 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.
Since 2008, PMI has invested more than USD 10.5 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. In November
2022, PMI acquired Swedish Match – a leader in oral nicotine
delivery – creating a global smoke-free champion led by the
companies’ IQOS and ZYN brands. The U.S. Food and Drug
Administration (FDA) has authorized versions of PMI’s IQOS Platform
1 devices and consumables and Swedish Match’s General snus as
Modified Risk Tobacco Products (MRTPs). As of March 31, 2023, PMI's
smoke-free products were available for sale in 78 markets, and PMI
estimates that approximately 18.5 million adults around the world
had already switched to IQOS and stopped smoking. Smoke-free
products accounted for approximately 35% of PMI’s total 2023
first-quarter net revenues. With a strong foundation and
significant expertise in life sciences, PMI announced in February
2021 its ambition to expand into wellness and healthcare areas and,
through its Vectura Fertin Pharma business, aims to enhance life
through the delivery of seamless health experiences. For more
information, please visit www.pmi.com and www.pmiscience.com.
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Philip Morris International
Investor Relations: Stamford, CT: +1 (203) 904 2410 Lausanne:
+41 (0)58 242 4666 Email: InvestorRelations@pmi.com
Media: David Fraser Lausanne: +41 (0)58 242 4500 Email:
David.Fraser@pmi.com
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