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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 8-K



CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 25, 2025



Philip Morris International Inc.
(Exact name of registrant as specified in its charter)

Virginia
1-33708
13-3435103
(State or other jurisdiction
of incorporation)
(Commission File Number)
(I.R.S. Employer
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.

As previously reported in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 Form 10- K”), filed with the U.S. Securities and Exchange Commission on February 6, 2025 by Philip Morris International Inc. (the “Company” or "PMI"), following the sale of Vectura Group Ltd. on December 31, 2024, the Company is updating its segment reporting by including the remaining Wellness and Healthcare results into the Europe segment, and it is renaming the “PMI Duty Free” business to “PMI Global Travel Retail.” As a result of these changes, the four existing segments are now as follows:

• The Europe Region;
• The South & Southeast Asia, Commonwealth of Independent States and Middle East & Africa Region (“SSEA, CIS &
MEA");
• The East Asia, Australia & PMI Global Travel Retail (“EA, AU & PMI GTR”); and
• The Americas Region.

On March 25, 2025, the Company posted on its website certain recast financial information that reflects the change in reporting segments described above.

The unaudited recast historical financial information is being furnished solely to aid investors by providing supplemental information, has no impact on the Company's previously reported consolidated financial position or results of operations, and does not represent a restatement of the Company's previously issued consolidated financial statements that were included in the 2024 Form 10-K. The Company's 2024 and 2023 quarterly and annual recast financial information, previously presented in earnings releases for the same periods, as well as other financial information, is furnished herewith as Exhibit 99.1 and is incorporated in this Item 7.01 by reference. The Company's 2023 and 2022 recast financial information, previously presented in earnings releases for the same periods, as well as other financial information, is furnished herewith as Exhibit 99.2 and is incorporated in this Item 7.01 by reference. As presented in Exhibits 99.1 and 99.2 to this Form 8-K, shipment volumes and financial information for PMI on a consolidated basis do not differ from previously disclosed results.

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

In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, is incorporated by reference herein and is being “furnished” to the Securities and Exchange Commission and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 7.01 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.

Item 9.01. Financial Statements and Exhibits.


(d) Exhibits.

99.1

99.2

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


SIGNATURES

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

PHILIP MORRIS INTERNATIONAL INC.
By: /s/ EMMANUEL BABEAU
Name: Emmanuel Babeau
Title: Chief Financial Officer
Date: March 25, 2025


EX-99.1 2 ex991recastschedules_2024v.htm EX-99.1 Document

Exhibit 99.1






Recast Unaudited Financial Information

2024 vs. 2023

















PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
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.

• Following the sale of Vectura Group Ltd. on December 31, 2024, we are updating our segment reporting by including the remaining Wellness & Healthcare results in the Europe segment. In addition, we will be renaming our “PMI Duty Free” business to “PMI Global Travel Retail” effective in the first quarter of 2025. As a result of this change, PMI's segment that includes our duty free business will be renamed East Asia, Australia & PMI Global Travel Retail (“EA, AU & PMI GTR”).

• The recast 2024 and 2023 financial information in this document reflect the inclusion of the remaining Wellness & Healthcare results into the existing Europe region (announced on February 6, 2025). PMI’s shipment volumes do not differ from previously disclosed results. Financial information for total PMI as well as SSEA, CIS & MEA region, EA, AU & PMI GTR region and Americas region do not differ from previously disclosed results.

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

• "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.

Financial
• Adjusted net revenues in 2023 exclude the impact related to the termination of a distribution arrangement in the Middle East.

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

• Management reviews net revenues, gross profit, 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, restructuring costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results.

• Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.

• Non-GAAP measures used by PMI should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the relevant schedules provided with this report.

Smoke-Free
• Smoke-free business ("SFB”) is the term PMI uses to refer to all of its smoke-free products. SFB also includes wellness and healthcare products, as well as
consumer accessories, such as lighters and matches.

• Smoke-free products ("SFPs”) is the term PMI uses to refer to all of its products that provide nicotine without combusting tobacco, such as heat-not-burn, e-Vapor,
and oral smokeless, and that therefore generate far lower levels of harmful chemicals. As such, these products have the potential to present less risk of harm versus continued smoking.

• Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems.

• "SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa.

• "EA, AU & PMI GTR" stands for East Asia, Australia and PMI Global Travel Retail.








Schedule 1 (1/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
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
2024 Combustible Tobacco 2023 % Change
$ 1,931 $ 45 $ 1,886 $ — $ 1,886 Europe $ 1,815 6.4  % 3.9  % 3.9  %
2,346  (139) 2,484  —  2,484  SSEA, CIS & MEA 2,154  (1) 8.9  % 15.4  % 15.4  %
597  (24) 621  —  621  EA, AU & PMI GTR 689  (13.4) % (9.8) % (9.8) %
534  28  506  —  506  Americas 566  (5.6) % (10.6) % (10.6) %
$ 5,407 $ (90) $ 5,498 $ — $ 5,498 Total Combustible Tobacco $ 5,223 3.5  % 5.3  % 5.3  %
2024 Smoke-Free 2023 % Change
$ 1,524 $ 35 $ 1,489 $ — $ 1,489 Europe $ 1,339 13.8  % 11.2  % 11.2  %
90  2  88  —  88  of which, Wellness & Healthcare 86  4.7  % 2.3  % 2.3  %
312  (55) 368  —  368  SSEA, CIS & MEA 323  (3.5) % 13.7  % 13.7  %
1,087  (85) 1,172  —  1,172  EA, AU & PMI GTR 831  30.8  % 41.0  % 41.0  %
462  1  461  —  461  Americas 302  52.9  % 52.5  % 52.5  %
$ 3,386 $ (104) $ 3,489 $ — $ 3,489 Total Smoke-Free $ 2,796 21.1  % 24.8  % 24.8  %
2024 PMI 2023 % Change
$ 3,455 $ 80 $ 3,375 $ — $ 3,375 Europe $ 3,154 9.5  % 7.0  % 7.0  %
2,658  (194) 2,852  —  2,852  SSEA, CIS & MEA 2,477  (1) 7.3  % 15.1  % 15.1  %
1,684  (109) 1,793  —  1,793  EA, AU & PMI GTR 1,520  10.8  % 18.0  % 18.0  %
996  29  967  —  967  Americas 868  14.7  % 11.4  % 11.4  %
$ 8,793 $ (194) $ 8,987 $ — $ 8,987 Total PMI $ 8,019 9.7  % 12.1  % 12.1  %
(1) Includes a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East
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 1 (2/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		 Currency Net Revenues excluding
Currency 		Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended
June 30,		 Net
Revenues		 Total Excluding Currency Excluding Currency & Acquisitions
2024 Combustible Tobacco 2023 % Change
$ 2,214 $ (2) $ 2,215 $ — $ 2,215 Europe $ 2,108 5.0  % 5.1  % 5.1  %
2,432  (204) 2,636  —  2,636  SSEA, CIS & MEA 2,350  3.5  % 12.2  % 12.2  %
620  (25) 645  —  645  EA, AU & PMI GTR 724  (14.3) % (10.9) % (10.9) %
592  21  571  —  571  Americas 608  (2.5) % (5.9) % (5.9) %
$ 5,858 $ (210) $ 6,068 $ — $ 6,068 Total Combustible Tobacco $ 5,790 1.2  % 4.8  % 4.8  %
2024 Smoke-Free 2023 % Change
$ 1,681 $ (7) $ 1,689 $ — $ 1,689 Europe $ 1,542 9.1  % 9.5  % 9.5  %
80  —  80  —  80  of which, Wellness & Healthcare 76  5.3  % 5.3  % 5.3  %
339  (47) 386  —  386  SSEA, CIS & MEA 318  6.6  % 21.4  % 21.4  %
1,053  (95) 1,148  —  1,148  EA, AU & PMI GTR 956  10.1  % 20.0  % 20.0  %
537  1  536  —  536  Americas 361  48.5  % 48.2  % 48.2  %
$ 3,610 $ (148) $ 3,758 $ — $ 3,758 Total Smoke-Free $ 3,177 13.6  % 18.3  % 18.3  %
2024 PMI 2023 % Change
$ 3,895 $ (9) $ 3,904 $ — $ 3,904 Europe $ 3,650 6.7  % 7.0  % 7.0  %
2,771  (251) 3,022  —  3,022  SSEA, CIS & MEA 2,668  3.9  % 13.3  % 13.3  %
1,673  (120) 1,793  —  1,793  EA, AU & PMI GTR 1,680  (0.4) % 6.7  % 6.7  %
1,129  22  1,107  —  1,107  Americas 969  16.5  % 14.2  % 14.2  %
$ 9,468 $ (358) $ 9,826 $ — $ 9,826 Total PMI $ 8,967 5.6  % 9.6  % 9.6  %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.








Schedule 1 (3/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		 Currency Net Revenues excluding
Currency 		Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended
September 30,		 Net
Revenues		 Total Excluding Currency Excluding Currency & Acquisitions
2024 Combustible Tobacco 2023 % Change
$ 2,322 $ (21) $ 2,343 $ — $ 2,343 Europe $ 2,160 7.5  % 8.5  % 8.5  %
2,612  (142) 2,755  —  2,755  SSEA, CIS & MEA 2,485  5.1  % 10.9  % 10.9  %
673  (18) 691  —  691  EA, AU & PMI GTR 678  (0.8) % 1.8  % 1.8  %
527  (19) 546  —  546  Americas 509  3.4  % 7.2  % 7.2  %
$ 6,134 $ (201) $ 6,335 $ — $ 6,335 Total Combustible Tobacco $ 5,832 5.2  % 8.6  % 8.6  %
2024 Smoke-Free 2023 % Change
$ 1,875 $ (15) $ 1,890 $ — $ 1,890 Europe $ 1,738 7.9  % 8.7  % 8.7  %
76  (1) 77  —  77  of which, Wellness & Healthcare 75  1.3  % 2.7  % 2.7  %
352  (6) 357  —  357  SSEA, CIS & MEA 292  20.3  % 22.2  % 22.2  %
929  (67) 996  —  996  EA, AU & PMI GTR 893  4.1  % 11.6  % 11.6  %
621  (1) 622  —  622  Americas 386  61.1  % 61.3  % 61.3  %
$ 3,777 $ (88) $ 3,865 $ — $ 3,865 Total Smoke-Free $ 3,309 14.2  % 16.8  % 16.8  %
2024 PMI 2023 % Change
$ 4,197 $ (36) $ 4,233 $ — $ 4,233 Europe $ 3,898 7.7  % 8.6  % 8.6  %
2,964  (148) 3,112  —  3,112  SSEA, CIS & MEA 2,777  6.7  % 12.1  % 12.1  %
1,602  (85) 1,687  —  1,687  EA, AU & PMI GTR 1,571  2.0  % 7.4  % 7.4  %
1,148  (20) 1,168  —  1,168  Americas 895  28.3  % 30.5  % 30.5  %
$ 9,911 $ (289) $ 10,200 $ — $ 10,200 Total PMI $ 9,141 8.4  % 11.6  % 11.6  %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.








Schedule 1 (4/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		 Currency Net Revenues excluding
Currency 		Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended
December 31,		 Net
Revenues		 Total Excluding Currency Excluding Currency & Acquisitions
2024 Combustible Tobacco 2023 % Change
$ 2,132 $ 42 $ 2,090 $ — $ 2,090 Europe $ 1,953 9.2  % 7.0  % 7.0  %
2,458  (12) 2,470  —  2,470  SSEA, CIS & MEA 2,333  5.4  % 5.9  % 5.9  %
627  (1) 628  —  628  EA, AU & PMI GTR 585  7.1  % 7.3  % 7.3  %
602  (39) 640  —  640  Americas 617  (2.5) % 3.8  % 3.8  %
$ 5,819 $ (9) $ 5,828 $ — $ 5,828 Total Combustible Tobacco $ 5,489 6.0  % 6.2  % 6.2  %
2024 Smoke-Free 2023 % Change
$ 2,011 $ 42 $ 1,969 $ — $ 1,969 Europe $ 1,882 6.9  % 4.6  % 4.6  %
87  2  85  —  85  of which, Wellness & Healthcare 69  26.1  % 23.2  % 23.2  %
410  (5) 415  —  415  SSEA, CIS & MEA 374  9.6  % 11.0  % 11.0  %
807  (26) 833  —  833  EA, AU & PMI GTR 845  (4.5) % (1.4) % (1.4) %
659  (1) 661  —  661  Americas 458  43.9  % 44.2  % 44.2  %
$ 3,887 $ 9 $ 3,878 $ — $ 3,878 Total Smoke-Free $ 3,558 9.2  % 9.0  % 9.0  %
2024 PMI 2023 % Change
$ 4,143 $ 84 $ 4,059 $ — $ 4,059 Europe $ 3,835 8.0  % 5.8  % 5.8  %
2,868  (17) 2,885  —  2,885  SSEA, CIS & MEA 2,707  5.9  % 6.6  % 6.6  %
1,434  (27) 1,461  —  1,461  EA, AU & PMI GTR 1,430  0.3  % 2.2  % 2.2  %
1,261  (40) 1,301  —  1,301  Americas 1,075  17.3  % 21.0  % 21.0  %
$ 9,706 $ — $ 9,706 $ — $ 9,706 Total PMI $ 9,047 7.3  % 7.3  % 7.3  %
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 1 (5/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		 Currency Net Revenues excluding
Currency 		Acquisitions Net Revenues excluding Currency & Acquisitions Full Year Ended
December 31,		 Net
Revenues		 Total Excluding Currency Excluding Currency & Acquisitions
2024 Combustible Tobacco 2023 % Change
$ 8,599 $ 63 $ 8,535 $ — $ 8,535 Europe $ 8,037 7.0  % 6.2  % 6.2  %
9,848  (497) 10,345  —  10,345  SSEA, CIS & MEA 9,321  (1) 5.7  % 11.0  % 11.0  %
2,516  (68) 2,585  —  2,585  EA, AU & PMI GTR 2,676  (6.0) % (3.4) % (3.4) %
2,255  (9) 2,264  —  2,264  Americas 2,299  (2.0) % (1.5) % (1.5) %
$ 23,218 $ (511) $ 23,729 $ — $ 23,729 Total Combustible Tobacco $ 22,334 4.0  % 6.2  % 6.2  %
2024 Smoke-Free 2023 % Change
$ 7,091 $ 56 $ 7,036 $ — $ 7,036 Europe $ 6,500 9.1  % 8.2  % 8.2  %
333  3  330  —  330  of which, Wellness & Healthcare 306  8.8  % 7.8  % 7.8  %
1,413  (113) 1,526  —  1,526  SSEA, CIS & MEA 1,308  8.0  % 16.7  % 16.7  %
3,877  (273) 4,149  —  4,149  EA, AU & PMI GTR 3,525  10.0  % 17.7  % 17.7  %
2,279  —  2,279  —  2,279  Americas 1,508  51.2  % 51.2  % 51.2  %
$ 14,660 $ (330) $ 14,990 $ — $ 14,990 Total Smoke-Free $ 12,840 14.2  % 16.7  % 16.7  %
2024 PMI 2023 % Change
$ 15,690 $ 119 $ 15,571 $ — $ 15,571 Europe $ 14,537 7.9  % 7.1  % 7.1  %
11,261  (610) 11,871  —  11,871  SSEA, CIS & MEA 10,629  (1) 5.9  % 11.7  % 11.7  %
6,393  (341) 6,734  —  6,734  EA, AU & PMI GTR 6,201  3.1  % 8.6  % 8.6  %
4,534  (9) 4,543  —  4,543  Americas 3,807  19.1  % 19.3  % 19.3  %
$ 37,878 $ (841) $ 38,719 $ — $ 38,719 Total PMI $ 35,174 7.7  % 10.1  % 10.1  %
(1) Includes a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East
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 2 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		 Special Items Adjusted Net
Revenues		 Currency Adjusted Net
Revenues excluding Currency		 Acqui-
sitions		 Adjusted
Net
Revenues excluding Currency
& Acqui-
sitions		 Net
Revenues		 Special Items (1) Adjusted Net
Revenues		 Total Excluding Currency Excluding Currency
& Acqui-
sitions
2024 Quarters Ended
March 31,		 2023 % Change
$ 3,455 $ — $ 3,455 $ 80 $ 3,375 $ — $ 3,375 Europe $ 3,154 $ — $ 3,154 9.5  % 7.0  % 7.0  %
2,658  —  2,658  (194) 2,852  —  2,852  SSEA, CIS & MEA 2,477  (80) 2,557  3.9  % 11.5  % 11.5  %
1,684  —  1,684  (109) 1,793  —  1,793  EA, AU & PMI GTR 1,520  —  1,520  10.8  % 18.0  % 18.0  %
996  —  996  29  967  —  967  Americas 868  —  868  14.7  % 11.4  % 11.4  %
$ 8,793 $ — $ 8,793 $ (194) $ 8,987 $ — $ 8,987 Total PMI $ 8,019 $ (80) $ 8,099 8.6  % 11.0  % 11.0  %
2024 Quarters Ended
June 30,		 2023 % Change
$ 3,895 $ — $ 3,895 $ (9) $ 3,904 $ — $ 3,904 Europe $ 3,650 $ — $ 3,650 6.7  % 7.0  % 7.0  %
2,771  —  2,771  (251) 3,022  —  3,022  SSEA, CIS & MEA 2,668  —  2,668  3.9  % 13.3  % 13.3  %
1,673  —  1,673  (120) 1,793  —  1,793  EA, AU & PMI GTR 1,680  —  1,680  (0.4) % 6.7  % 6.7  %
1,129  —  1,129  22  1,107  —  1,107  Americas 969  —  969  16.5  % 14.2  % 14.2  %
$ 9,468 $ — $ 9,468 $ (358) $ 9,826 $ — $ 9,826 Total PMI $ 8,967 $ — $ 8,967 5.6  % 9.6  % 9.6  %
2024 Quarters Ended
September 30,		 2023 % Change
$ 4,197 $ — $ 4,197 $ (36) $ 4,233 $ — $ 4,233 Europe $ 3,898 $ — $ 3,898 7.7  % 8.6  % 8.6  %
2,964  —  2,964  (148) 3,112  —  3,112  SSEA, CIS & MEA 2,777  —  2,777  6.7  % 12.1  % 12.1  %
1,602  —  1,602  (85) 1,687  —  1,687  EA, AU & PMI GTR 1,571  —  1,571  2.0  % 7.4  % 7.4  %
1,148  —  1,148  (20) 1,168  —  1,168  Americas 895  —  895  28.3  % 30.5  % 30.5  %
$ 9,911 $ — $ 9,911 $ (289) $ 10,200 $ — $ 10,200 Total PMI $ 9,141 $ — $ 9,141 8.4  % 11.6  % 11.6  %
(1) Reflects a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East








Schedule 2 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		 Special Items Adjusted Net
Revenues		 Currency Adjusted Net
Revenues excluding Currency		 Acqui-
sitions		 Adjusted
Net
Revenues excluding Currency
& Acqui-
sitions		 Net
Revenues		 Special Items (1) Adjusted Net
Revenues		 Total Excluding Currency Excluding Currency
& Acqui-
sitions
2024 Quarters Ended
December 31,		 2023 % Change
$ 4,143 $ — $ 4,143 $ 84 $ 4,059 $ — $ 4,059 Europe $ 3,835 $ — $ 3,835 8.0  % 5.8  % 5.8  %
2,868  —  2,868  (17) 2,885  —  2,885  SSEA, CIS & MEA 2,707  —  2,707  5.9  % 6.6  % 6.6  %
1,434  —  1,434  (27) 1,461  —  1,461  EA, AU & PMI GTR 1,430  —  1,430  0.3  % 2.2  % 2.2  %
1,261  —  1,261  (40) 1,301  —  1,301  Americas 1,075  —  1,075  17.3  % 21.0  % 21.0  %
$ 9,706 $ — $ 9,706 $ — $ 9,706 $ — $ 9,706 Total PMI $ 9,047 $ — $ 9,047 7.3  % 7.3  % 7.3  %
2024 Years Ended
December 31,		 2023 % Change
$ 15,690 $ — $ 15,690 $ 119 $ 15,571 $ — $ 15,571 Europe $ 14,537 $ — $ 14,537 7.9  % 7.1  % 7.1  %
11,261  —  -1 11,261  (610) 11,871  —  11,871  SSEA, CIS & MEA 10,629  (80) 10,709  5.2  % 10.9  % 10.9  %
6,393  —  6,393  (341) 6,734  —  6,734  EA, AU & PMI GTR 6,201  —  6,201  3.1  % 8.6  % 8.6  %
4,534  —  4,534  (9) 4,543  —  4,543  Americas 3,807  —  3,807  19.1  % 19.3  % 19.3  %
$ 37,878 $ — $ 37,878 $ (841) $ 38,719 $ — $ 38,719 Total PMI $ 35,174 $ (80) $ 35,254 7.4  % 9.8  % 9.8  %
(1) Reflects a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East









Schedule 3 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income Currency Operating Income excluding Currency Acquisitions Operating Income excluding Currency & Acquisitions Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2024 Quarters Ended
March 31,		 2023 % Change
$ 1,411 $ 16 $ 1,395 $ — $ 1,395 Europe $ 1,177 19.9  % 18.5  % 18.5  %
772  (241) 1,013  —  1,013  SSEA, CIS & MEA 734  5.2  % 38.0  % 38.0  %
763  (125) 888  —  888  EA, AU & PMI GTR 637  19.8  % 39.4  % 39.4  %
99  22  77  —  77  Americas 183  (45.9) % (57.9) % (57.9) %
$ 3,045 $ (328) $ 3,373 $ — $ 3,373 Total PMI $ 2,731 11.5  % 23.5  % 23.5  %
2024 Quarters Ended
June 30,		 2023 % Change
$ 1,617 $ (45) $ 1,662 $ — $ 1,662 Europe $ 886 82.5  % 87.6  % 87.6  %
891  (230) 1,121  12  1,109  SSEA, CIS & MEA 880  1.3  % 27.4  % 26.0  %
753  (91) 844  —  844  EA, AU & PMI GTR 557  35.2  % 51.5  % 51.5  %
183  35  148  —  148  Americas 243  (24.7) % (39.1) % (39.1) %
$ 3,444 $ (331) $ 3,775 $ 12 $ 3,763 Total PMI $ 2,566 34.2  % 47.1  % 46.6  %
2024 Quarters Ended
September 30,		 2023 % Change
$ 1,769 $ 33 $ 1,736 $ — $ 1,736 Europe $ 1,680 5.3  % 3.3  % 3.3  %
960  (129) 1,089  21  1,068  SSEA, CIS & MEA 823  16.6  % 32.3  % 29.8  %
788  (41) 829  —  829  EA, AU & PMI GTR 769  2.5  % 7.8  % 7.8  %
137  19  118  —  118  Americas 98  39.8  % 20.4  % 20.4  %
$ 3,654 $ (118) $ 3,772 $ 21 $ 3,751 Total PMI $ 3,370 8.4  % 11.9  % 11.3  %








Schedule 3 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income Currency Operating Income excluding Currency Acquisitions Operating Income excluding Currency & Acquisitions Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2024 Quarters Ended
December 31,		 2023 % Change
$ 1,750 $ (1) $ 1,751 $ — $ 1,751 Europe $ 1,556 12.5  % 12.5  % 12.5  %
806  8  798  13  785  SSEA, CIS & MEA 699  15.3  % 14.2  % 12.3  %
574  (41) 615  —  615  EA, AU & PMI GTR 576  (0.3) % 6.8  % 6.8  %
129  129  —  —  —  Americas 58  +100% -(100)% -(100)%
$ 3,259 $ 95 $ 3,164 $ 13 $ 3,151 Total PMI $ 2,889 12.8  % 9.5  % 9.1  %
2024 Full Year Ended
December 31,		 2023 % Change
$ 6,547 $ 3 $ 6,544 $ — $ 6,544 Europe $ 5,299 23.6  % 23.5  % 23.5  %
3,429  (592) 4,021  46  3,975  SSEA, CIS & MEA 3,136  9.3  % 28.2  % 26.8  %
2,878  (298) 3,176  —  3,176  EA, AU & PMI GTR 2,539  13.4  % 25.1  % 25.1  %
548  205  343  —  343  Americas 582  (5.8) % (41.1) % (41.1) %
$ 13,402 $ (682) $ 14,084 $ 46 $ 14,038 Total PMI $ 11,556 16.0  % 21.9  % 21.5  %









Schedule 4
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Net Revenues and Operating Income: Price, Volume/Mix and Cost/Other Variances
($ in millions) / (Unaudited)
2024 vs. 2023
Quarters Ended
March 31,		  Quarters Ended
June 30,		  Quarters Ended
September 30,		  Quarters Ended
December 31,		 Full Year Ended
December 31,
Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other
Net Revenues
Europe $ 165 $ 56 $ — $ 211 $ 45 $ (2) $ 230 $ 105 $ — $ 218 $ 6 $ — $ 824 $ 212 $ (2)
SSEA, CIS & MEA 155  144  76  229  123  2  296  39  —  141  37  —  821  343  78 
EA, AU & PMI GTR 130  143  —  88  25  —  71  45  —  36  (5) —  325  208  — 
Americas (1) 121  (21) 55  110  (27) 92  133  48  87  141  (2) 233  505  (2)
Total PMI $ 449 $ 464 $ 55 $ 583 $ 303 $ (27) $ 689 $ 322 $ 48 $ 482 $ 179 $ (2) $ 2,203 $ 1,268 $ 74
Operating Income
Europe $ 165 $ 64 $ (11) $ 211 $ 2 $ 563 $ 230 $ 47 $ (221) $ 218 $ (23) $ — $ 824 $ 90 $ 331
SSEA, CIS & MEA 155  46  78  229  50  (50) 296  21  (72) 141  28  (83) 821  145  (127)
EA, AU & PMI GTR 130  72  49  88  2  197  71  (21) 10  36  6  (3) 325  59  253 
Americas (1) 113  (218) 55  104  (254) 92  116  (188) 87  137  (282) 233  470  (942)
Total PMI $ 449 $ 295 $ (102) $ 583 $ 158 $ 456 $ 689 $ 163 $ (471) $ 482 $ 148 $ (368) $ 2,203 $ 764 $ (485)









Schedule 5 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income Special Items (1) Adjusted Operating Income Currency Adjusted Operating Income excluding Currency Acquisitions Adjusted Operating Income excluding Currency & Acquisitions Operating Income Special Items (1) Adjusted Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2024 Quarters Ended
March 31,		 2023 % Change
$ 1,411 $ (82) $ 1,493 $ 16 $ 1,477 $ — $ 1,477 Europe $ 1,177 $ (89) $ 1,266 17.9  % 16.7  % 16.7  %
772  (5) 777  (241) 1,018  —  1,018  SSEA, CIS & MEA 734  (117) 851  (8.7) % 19.6  % 19.6  %
763  (1) 764  (125) 889  —  889  EA, AU & PMI GTR 637  (20) 657  16.3  % 35.3  % 35.3  %
99  (227) 326  22  304  —  304  Americas 183  (62) 245  33.1  % 24.1  % 24.1  %
$ 3,045 $ (315) $ 3,360 $ (328) $ 3,688 $ — $ 3,688 Total PMI $ 2,731 $ (288) $ 3,019 11.3  % 22.2  % 22.2  %
2024 Quarters Ended
June 30,		 2023 % Change
$ 1,617 $ (54) $ 1,672 $ (45) $ 1,717 $ — $ 1,717 Europe $ 886 $ (723) $ 1,609 3.9  % 6.7  % 6.7  %
891  (5) 896  (230) 1,126  12  1,114  SSEA, CIS & MEA 880  (5) 885  1.2  % 27.2  % 25.9  %
753  (1) 753  (91) 844  —  844  EA, AU & PMI GTR 557  (205) 762  (1.2) % 10.8  % 10.8  %
183  (152) 335  35  300  —  300  Americas 243  (33) 276  21.4  % 8.7  % 8.7  %
$ 3,444 $ (212) $ 3,656 $ (331) $ 3,987 $ 12 $ 3,975 Total PMI $ 2,566 $ (966) $ 3,532 3.5  % 12.9  % 12.5  %
2024 Quarters Ended
September 30,		 2023 % Change
$ 1,769 $ (251) $ 2,019 $ 33 $ 1,986 $ — $ 1,986 Europe $ 1,680 $ (162) $ 1,842 9.6  % 7.8  % 7.8  %
960  (50) 1,009  (129) 1,138  21  1,117  SSEA, CIS & MEA 823  (46) 869  16.1  % 31.0  % 28.5  %
788  (1) 789  (41) 830  —  830  EA, AU & PMI GTR 769  (25) 794  (0.6) % 4.5  % 4.5  %
137  (198) 336  19  317  —  317  Americas 98  (131) 229  46.7  % 38.4  % 38.4  %
$ 3,654 $ (499) $ 4,153 $ (118) $ 4,271 $ 21 $ 4,250 Total PMI $ 3,370 $ (364) $ 3,734 11.2  % 14.4  % 13.8  %
(1) For details on Special Items, refer to Schedule 6








Schedule 5 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income Special Items (1) Adjusted Operating Income Currency Adjusted Operating Income excluding Currency Acquisitions Adjusted Operating Income excluding Currency & Acquisitions Operating Income Special Items (1) Adjusted Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2024 Quarters Ended
December 31,		 2023 % Change
$ 1,750 $ (45) $ 1,795 $ (1) $ 1,796 $ — $ 1,796 Europe $ 1,556 $ (87) $ 1,643 9.3  % 9.3  % 9.3  %
806  (4) 810  8  802  13  789  SSEA, CIS & MEA 699  (5) 704  15.1  % 13.9  % 12.1  %
574  (1) 575  (41) 616  —  616  EA, AU & PMI GTR 576  —  576  (0.2) % 6.9  % 6.9  %
129  (210) 339  129  210  —  210  Americas 58  (71) 129  +100% 62.8  % 62.8  %
$ 3,259 $ (260) $ 3,519 $ 95 $ 3,424 $ 13 $ 3,411 Total PMI $ 2,889 $ (163) $ 3,052 15.3  % 12.2  % 11.8  %
2024 Full Year Ended
December 31,		 2023 % Change
$ 6,547 $ (432) $ 6,979 $ 3 $ 6,976 $ — $ 6,976 Europe $ 5,299 $ (1,061) $ 6,360 9.7  % 9.7  % 9.7  %
3,429  (63) 3,492  (592) 4,084  46  4,038  SSEA, CIS & MEA 3,136  (173) 3,309  5.5  % 23.4  % 22.0  %
2,878  (3) 2,881  (298) 3,179  —  3,179  EA, AU & PMI GTR 2,539  (250) 2,789  3.3  % 14.0  % 14.0  %
548  (788) 1,336  205  1,131  —  1,131  Americas 582  (297) 879  52.0  % 28.7  % 28.7  %
$ 13,402 $ (1,286) $ 14,688 $ (682) $ 15,370 $ 46 $ 15,324 Total PMI $ 11,556 $ (1,781) $ 13,337 10.1  % 15.2  % 14.9  %
(1) For details on Special Items, refer to Schedule 6









Schedule 6 (1/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
Quarter Ended
March 31,		 Quarter Ended
June 30,		 Quarter Ended
September 30,		 Quarter Ended
December 31,		 Full Year Ended
December 31,
2024 2024 2024 2024 2024
PMI
Reported Operating Income $ 3,045 $ 3,444 $ 3,654 $ 3,259 $ 13,402
Restructuring charges (168) —  —  (12) (180)
Impairment of other intangibles (27) —  —  —  (27)
Amortization of intangibles (120) (212) (256) (247) (835)
Egypt sales tax charge —  —  (45) —  (45)
Loss on sale of Vectura Group —  —  (198) (1) (199)
Adjusted Operating Income $ 3,360 $ 3,656 $ 4,153 $ 3,519 $ 14,688
Europe
Reported Operating Income $ 1,411 $ 1,617 $ 1,769 $ 1,750 $ 6,547
Loss on sale of Vectura Group —  —  (198) (1) (199)
Amortization of intangibles (55) (54) (53) (44) (206)
Impairment of other intangibles (26) —  —  —  (26)
Adjusted Operating Income $ 1,493 $ 1,672 $ 2,019 $ 1,795 $ 6,979
SSEA, CIS & MEA
Reported Operating Income $ 772 $ 891 $ 960 $ 806 $ 3,429
Amortization of intangibles (5) (5) (4) (4) (18)
Egypt sales tax charge —  —  (45) —  (45)
Adjusted Operating Income $ 777 $ 896 $ 1,009 $ 810 $ 3,492









Schedule 6 (2/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
Quarter Ended
March 31,		 Quarter Ended
June 30,		 Quarter Ended
September 30,		 Quarter Ended
December 31,		 Full Year Ended
December 31,
2024 2024 2024 2024 2024
EA, AU & PMI GTR
Reported Operating Income $ 763 $ 753 $ 788 $ 574 $ 2,878
Amortization of intangibles (1) (1) (1) (1) (3)
Adjusted Operating Income $ 764 $ 753 $ 789 $ 575 $ 2,881
Americas
Reported Operating Income $ 99 $ 183 $ 137 $ 129 $ 548
Restructuring charges (168) —  —  (12) (180)
Amortization of intangibles (60) (152) (198) (198) (608)
Adjusted Operating Income $ 326 $ 335 $ 336 $ 339 $ 1,336
Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment.






























Schedule 6 (3/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
Quarter Ended
March 31,		 Quarter Ended
June 30,		 Quarter Ended
September 30,		 Quarter Ended
December 31,		 Full Year Ended
December 31,
2023 2023 2023 2023 2023
PMI
Reported Operating Income $ 2,731 $ 2,566 $ 3,370 $ 2,889 $ 11,556
Restructuring Charges (109) —  —  —  (109)
Termination of distribution arrangement in the Middle East (80) —  —  —  (80)
Impairment of goodwill and other intangibles —  (680) —  —  (680)
Amortization of intangibles (81) (82) (205) (129) (497)
Charges related to the war in Ukraine —  —  (19) (34) (53)
Swedish Match AB acquisition accounting related items (18) —  —  —  (18)
South Korea indirect tax charge —  (204) —  —  (204)
Termination of agreement with Foundation for a Smoke-Free World —  —  (140) —  (140)
Adjusted Operating Income $ 3,019 $ 3,532 $ 3,734 $ 3,052 $ 13,337
Europe
Reported Operating Income $ 1,177 $ 886 $ 1,680 $ 1,556 $ 5,299
Restructuring Charges (47) —  —  —  (47)
Amortization of intangibles (42) (43) (83) (53) (221)
Charges related to the war in Ukraine —  —  (19) (34) (53)
Termination of agreement with Foundation for a Smoke-Free World —  —  (60) —  (60)
Impairment of goodwill and other intangibles —  (680) —  —  (680)
Adjusted Operating Income $ 1,266 $ 1,609 $ 1,842 $ 1,643 $ 6,360
SSEA, CIS & MEA
Reported Operating Income $ 734 $ 880 $ 823 $ 699 $ 3,136
Restructuring Charges (32) —  —  —  (32)
Termination of distribution arrangement in the Middle East (80) —  —  —  (80)
Amortization of intangibles (5) (5) (5) (5) (20)
Termination of agreement with Foundation for a Smoke-Free World —  —  (41) —  (41)
Adjusted Operating Income $ 851 $ 885 $ 869 $ 704 $ 3,309








Schedule 6 (4/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
Quarter Ended
March 31,		 Quarter Ended
June 30,		 Quarter Ended
September 30,		 Quarter Ended
December 31,		 Full Year Ended
December 31,
2023 2023 2023 2023 2023
EA, AU & PMI GTR
Reported Operating Income $ 637 $ 557 $ 769 $ 576 $ 2,539
Restructuring Charges (19) —  —  —  (19)
Amortization of intangibles (1) (1) (1) —  (3)
South Korea indirect tax charge —  (204) —  —  (204)
Termination of agreement with Foundation for a Smoke-Free World —  —  (24) —  (24)
Adjusted Operating Income $ 657 $ 762 $ 794 $ 576 $ 2,789
Americas
Reported Operating Income $ 183 $ 243 $ 98 $ 58 $ 582
Restructuring Charges (11) —  —  —  (11)
Amortization of intangibles (33) (33) (116) (71) (253)
Swedish Match AB acquisition accounting related items (18) —  —  —  (18)
Termination of agreement with Foundation for a Smoke-Free World —  —  (15) —  (15)
Adjusted Operating Income $ 245 $ 276 $ 229 $ 129 $ 879
Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment.








Schedule 7 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Adjusted Operating Income (1) Adjusted Net Revenues (2) Adjusted Operating Income Margin Adjusted Operating Income excluding Currency
(1)		 Adjusted Net Revenues excluding Currency
(2)		 Adjusted Operating Income Margin excluding Currency Adjusted Operating Income excluding Currency & Acqui- sitions
(1)		 Adjusted Net Revenues excluding Currency & Acqui- sitions
(2)		 Adjusted Operating Income Margin excluding Currency & Acqui- sitions Adjusted Operating Income (1) Adjusted Net Revenues (2) Adjusted Operating Income
Margin		 Adjusted Operating Income
Margin		 Adjusted Operating Income Margin excluding Currency Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2024 Quarters Ended
March 31,		 2023 % Points Change
$ 1,493 $ 3,455 43.2  % $ 1,477 $ 3,375 43.8  % $ 1,477 $ 3,375 43.8  % Europe $ 1,266 $ 3,154 40.1  % 3.1  3.7  3.7 
777  2,658  29.2  % 1,018  2,852  35.7  % 1,018  2,852  35.7  % SSEA, CIS & MEA 851  2,557  33.3  % (4.1) 2.4  2.4 
764  1,684  45.4  % 889  1,793  49.6  % 889  1,793  49.6  % EA, AU & PMI GTR 657  1,520  43.2  % 2.2  6.4  6.4 
326  996  32.7  % 304  967  31.4  % 304  967  31.4  % Americas 245  868  28.2  % 4.5  3.2  3.2 
$ 3,360 $ 8,793 38.2  % $ 3,688 $ 8,987 41.0  % $ 3,688 $ 8,987 41.0  % Total PMI $ 3,019 $ 8,099 37.3  % 0.9  3.7  3.7 
2024 Quarters Ended
June 30,		 2023 % Points Change
$ 1,672 $ 3,895 42.9  % $ 1,717 $ 3,904 44.0  % $ 1,717 $ 3,904 44.0  % Europe $ 1,609 $ 3,650 44.1  % (1.2) (0.1) (0.1)
896  2,771  32.3  % 1,126  3,022  37.3  % 1,114  3,022  36.9  % SSEA, CIS & MEA 885  2,668  33.2  % (0.9) 4.1  3.7 
753  1,673  45.0  % 844  1,793  47.1  % 844  1,793  47.1  % EA, AU & PMI GTR 762  1,680  45.4  % (0.4) 1.7  1.7 
335  1,129  29.7  % 300  1,107  27.1  % 300  1,107  27.1  % Americas 276  969  28.5  % 1.2  (1.4) (1.4)
$ 3,656 $ 9,468 38.6  % $ 3,987 $ 9,826 40.6  % $ 3,975 $ 9,826 40.5  % Total PMI $ 3,532 $ 8,967 39.4  % (0.8) 1.2  1.1 
2024 Quarters Ended
September 30,		 2023 % Points Change
$ 2,019 $ 4,197 48.1  % $ 1,986 $ 4,233 46.9  % $ 1,986 $ 4,233 46.9  % Europe $ 1,842 $ 3,898 47.3  % 0.8  (0.4) (0.4)
1,009  2,964  34.0  % 1,138  3,112  36.6  % 1,117  3,112  35.9  % SSEA, CIS & MEA 869  2,777  31.3  % 2.7  5.3  4.6 
789  1,602  49.3  % 830  1,687  49.2  % 830  1,687  49.2  % EA, AU & PMI GTR 794  1,571  50.5  % (1.2) (1.3) (1.3)
336  1,148  29.3  % 317  1,168  27.1  % 317  1,168  27.1  % Americas 229  895  25.6  % 3.7  1.5  1.5 
$ 4,153 $ 9,911 41.9  % $ 4,271 $ 10,200 41.9  % $ 4,250 $ 10,200 41.7  % Total PMI $ 3,734 $ 9,141 40.8  % 1.1  1.1  0.9 
(1) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 5
(2) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 2








Schedule 7 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Adjusted Operating Income (1) Adjusted Net Revenues (2) Adjusted Operating Income Margin Adjusted Operating Income excluding Currency
(1)		 Adjusted Net Revenues excluding Currency
(2)		 Adjusted Operating Income Margin excluding Currency Adjusted Operating Income excluding Currency & Acqui- sitions
(1)		 Adjusted Net Revenues excluding Currency & Acqui- sitions
(2)		 Adjusted Operating Income Margin excluding Currency & Acqui- sitions Adjusted Operating Income (1) Adjusted Net Revenues (2) Adjusted Operating Income
Margin		 Adjusted Operating Income
Margin		 Adjusted Operating Income Margin excluding Currency Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2024 Quarters Ended
December 31,		 2023 % Points Change
$ 1,795 $ 4,143 43.3  % $ 1,796 $ 4,059 44.2  % $ 1,796 $ 4,059 44.2  % Europe $ 1,643 $ 3,835 42.8  % 0.5  1.4  1.4 
810  2,868  28.2  % 802  2,885  27.8  % 789  2,885  27.3  % SSEA, CIS & MEA 704  2,707  26.0  % 2.2  1.8  1.3 
575  1,434  40.1  % 616  1,461  42.2  % 616  1,461  42.2  % EA, AU & PMI GTR 576  1,430  40.3  % (0.2) 1.9  1.9 
339  1,261  26.9  % 210  1,301  16.1  % 210  1,301  16.1  % Americas 129  1,075  12.0  % 14.9  4.1  4.1 
$ 3,519 $ 9,706 36.3  % $ 3,424 $ 9,706 35.3  % $ 3,411 $ 9,706 35.1  % Total PMI $ 3,052 $ 9,047 33.7  % 2.6  1.6  1.4 
2024 Full Year Ended
December 31,		 2023 % Points Change
$ 6,979 $ 15,690 44.5  % $ 6,976 $ 15,571 44.8  % $ 6,976 $ 15,571 44.8  % Europe $ 6,360 $ 14,537 43.8  % 0.7  1.0  1.0 
3,492  11,261  31.0  % 4,084  11,871  34.4  % 4,038  11,871  34.0  % SSEA, CIS & MEA 3,309  10,709  30.9  % 0.1  3.5  3.1 
2,881  6,393  45.1  % 3,179  6,734  47.2  % 3,179  6,734  47.2  % EA, AU & PMI GTR 2,789  6,201  45.0  % 0.1  2.2  2.2 
1,336  4,534  29.5  % 1,131  4,543  24.9  % 1,131  4,543  24.9  % Americas 879  3,807  23.1  % 6.4  1.8  1.8 
$ 14,688 $ 37,878 38.8  % $ 15,370 $ 38,719 39.7  % $ 15,324 $ 38,719 39.6  % Total PMI $ 13,337 $ 35,254 37.8  % 1.0  1.9  1.8 
(1) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 5
(2) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 2
EX-99.2 3 ex992recastschedules_2023v.htm EX-99.2 Document

Exhibit 99.2






Recast Unaudited Financial Information

2023 vs. 2022

















PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
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.

• Our consolidated statements of earnings for the year ended December 31, 2022, include the results of operations of Swedish Match from November 11, 2022 (acquisition date) to December 31, 2022.

• Following the sale of Vectura Group Ltd. on December 31, 2024, we are updating our segment reporting by including the remaining Wellness & Healthcare results in the Europe segment. In addition, we will be renaming our “PMI Duty Free” business to “PMI Global Travel Retail” effective in the first quarter of 2025. As a result of this change, PMI's segment that includes our duty free business will be renamed East Asia, Australia & PMI Global Travel Retail (“EA, AU & PMI GTR”).

• The recast 2023 and 2022 financial information in this document reflect the inclusion of the remaining Wellness & Healthcare results into the existing Europe region (announced on February 6, 2025). PMI’s shipment volumes do not differ from previously disclosed results. Financial information for total PMI as well as SSEA, CIS & MEA region, EA, AU & PMI GTR region and Americas region do not differ from previously disclosed results.

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

• "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.

Financial
• Adjusted net revenues in 2023 exclude the impact related to the termination of a distribution arrangement in the Middle East.

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

• Management reviews net revenues, gross profit, 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, restructuring costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results.

• Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.

• Non-GAAP measures used by PMI neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the relevant schedules provided with this report.

Smoke-Free
• Smoke-free business ("SFB”) is the term PMI uses to refer to all of its smoke-free products. SFB also includes wellness and healthcare products, as well as
consumer accessories, such as lighters and matches.

• Smoke-free products ("SFPs”) is the term PMI uses to refer to all of its products that provide nicotine without combusting tobacco, such as heat-not-burn, e-Vapor,
and oral smokeless, and that therefore generate far lower levels of harmful chemicals. As such, these products have the potential to present less risk of harm versus continued smoking.

• Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems.

• "SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa.

• "EA, AU & PMI GTR" stands for East Asia, Australia and PMI Global Travel Retail.








Schedule 1 (1/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
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
2023 Combustible Tobacco 2022 % Change
$ 1,815 $ (121) $ 1,936 $ — $ 1,936 Europe $ 1,937 (6.3) % —  % —  %
2,154  (1) (130) 2,284  —  2,284  SSEA, CIS & MEA 2,195  (1.9) % 4.0  % 4.0  %
689  (53) 742  —  742  EA, AU & PMI GTR 769  (10.4) % (3.5) % (3.5) %
566  9  556  136  420  Americas 402  40.6  % 38.3  % 4.5  %
$ 5,223 $ (295) $ 5,518 $ 136 $ 5,382 Total Combustible Tobacco $ 5,303 (1.5) % 4.0  % 1.5  %
2023 Smoke-Free 2022 % Change
$ 1,339 $ (81) $ 1,420 $ 158 $ 1,262 Europe $ 1,353 (1.0) % 4.9  % (6.7) %
86  (5) 91  —  91  of which, Wellness & Healthcare 66  30.3  % 37.9  % 37.9  %
323  19  304  —  304  SSEA, CIS & MEA 250  29.6  % 21.9  % 21.9  %
831  (117) 948  —  948  EA, AU & PMI GTR 818  1.6  % 15.8  % 15.8  %
302  —  303  287  16  Americas 22  +100% +100% (28.4) %
$ 2,796 $ (179) $ 2,975 $ 445 $ 2,530 Total Smoke-Free $ 2,443 14.5  % 21.8  % 3.6  %
2023 PMI 2022 % Change
$ 3,154 $ (202) $ 3,356 $ 158 $ 3,198 Europe $ 3,290 (4.1) % 2.0  % (2.8) %
2,477  (1) (111) 2,588  —  2,588  SSEA, CIS & MEA 2,445  1.3  % 5.8  % 5.8  %
1,520  (170) 1,690  —  1,690  EA, AU & PMI GTR 1,587  (4.2) % 6.5  % 6.5  %
868  9  859  423  436  Americas 424  +100% +100% 2.8  %
$ 8,019 $ (474) $ 8,493 $ 581 $ 7,912 Total PMI $ 7,746 3.5  % 9.6  % 2.1  %
(1) Includes a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East
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 1 (2/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		 Currency Net Revenues excluding
Currency 		Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended
June 30,		 Net
Revenues		 Total Excluding Currency Excluding Currency & Acquisitions
2023 Combustible Tobacco 2022 % Change
$ 2,108 $ (12) $ 2,121 $ — $ 2,121 Europe $ 2,062 2.2  % 2.8  % 2.8  %
2,350  (187) 2,537  —  2,537  SSEA, CIS & MEA 2,203  6.7  % 15.2  % 15.2  %
724  (39) 763  —  763  EA, AU & PMI GTR 754  (4.0) % 1.2  % 1.2  %
608  14  593  149  444  Americas 444  36.8  % 33.5  % 0.1  %
$ 5,790 $ (224) $ 6,014 $ 149 $ 5,865 Total Combustible Tobacco $ 5,463 6.0  % 10.1  % 7.4  %
2023 Smoke-Free 2022 % Change
$ 1,542 $ 1 $ 1,540 $ 172 $ 1,368 Europe $ 1,323 16.5  % 16.5  % 3.4  %
76  —  76  —  76  of which, Wellness & Healthcare 76  —  % —  % —  %
318  (34) 352  —  352  SSEA, CIS & MEA 311  2.1  % 13.0  % 13.0  %
956  (94) 1,050  —  1,050  EA, AU & PMI GTR 710  34.7  % 47.9  % 47.9  %
361  —  362  344  18  Americas 25  +100% +100% (29.3) %
$ 3,177 $ (127) $ 3,304 $ 516 $ 2,788 Total Smoke-Free $ 2,369 34.1  % 39.5  % 17.7  %
2023 PMI 2022 % Change
$ 3,650 $ (11) $ 3,661 $ 172 $ 3,489 Europe $ 3,385 7.8  % 8.2  % 3.1  %
2,668  (221) 2,889  —  2,889  SSEA, CIS & MEA 2,514  6.1  % 14.9  % 14.9  %
1,680  (133) 1,813  —  1,813  EA, AU & PMI GTR 1,464  14.8  % 23.8  % 23.8  %
969  14  955  493  462  Americas 469  +100% +100% (1.5) %
$ 8,967 $ (351) $ 9,318 $ 665 $ 8,653 Total PMI $ 7,832 14.5  % 19.0  % 10.5  %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.








Schedule 1 (3/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		 Currency Net Revenues excluding
Currency 		Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended
September 30,		 Net
Revenues		 Total Excluding Currency Excluding Currency & Acquisitions
2023 Combustible Tobacco 2022 % Change
$ 2,160 $ 112 $ 2,048 $ — $ 2,048 Europe $ 1,996 8.2  % 2.6  % 2.6  %
2,485  (291) 2,775  —  2,775  SSEA, CIS & MEA 2,454  1.3  % 13.1  % 13.1  %
678  (14) 692  —  692  EA, AU & PMI GTR 692  (1.9) % 0.1  % 0.1  %
509  37  472  49  423  Americas 450  13.3  % 4.9  % (5.9) %
$ 5,832 $ (155) $ 5,988 $ 49 $ 5,939 Total Combustible Tobacco $ 5,591 4.3  % 7.1  % 6.2  %
2023 Smoke-Free 2022 % Change
$ 1,738 $ 93 $ 1,645 $ 151 $ 1,494 Europe $ 1,333 30.4  % 23.4  % 12.1  %
75  3  72  —  72  of which, Wellness & Healthcare 57  31.6  % 26.3  % 26.3  %
292  (110) 403  —  403  SSEA, CIS & MEA 368  (20.6) % 9.3  % 9.3  %
893  (37) 930  —  930  EA, AU & PMI GTR 715  24.8  % 29.9  % 29.9  %
386  1  385  368  17  Americas 24  +100% +100% (30.1) %
$ 3,309 $ (54) $ 3,362 $ 519 $ 2,843 Total Smoke-Free $ 2,441 35.6  % 37.8  % 16.5  %
2023 PMI 2022 % Change
$ 3,898 $ 205 $ 3,693 $ 151 $ 3,542 Europe $ 3,329 17.1  % 10.9  % 6.4  %
2,777  (401) 3,178  —  3,178  SSEA, CIS & MEA 2,822  (1.6) % 12.6  % 12.6  %
1,571  (51) 1,622  —  1,622  EA, AU & PMI GTR 1,407  11.7  % 15.3  % 15.3  %
895  38  857  417  440  Americas 474  88.8  % 80.8  % (7.2) %
$ 9,141 $ (209) $ 9,350 $ 568 $ 8,782 Total PMI $ 8,032 13.8  % 16.4  % 9.3  %
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 1 (4/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		 Currency Net Revenues excluding
Currency 		Acquisitions Net Revenues excluding Currency & Acquisitions Quarters Ended
December 31,		 Net
Revenues		 Total Excluding Currency Excluding Currency & Acquisitions
2023 Combustible Tobacco 2022 % Change
$ 1,953 $ 137 $ 1,816 $ — $ 1,816 Europe $ 1,698 15.0  % 7.0  % 7.0  %
2,333  (206) 2,539  —  2,539  SSEA, CIS & MEA 2,321  0.5  % 9.4  % 9.4  %
585  (11) 596  —  596  EA, AU & PMI GTR 617  (5.1) % (3.3) % (3.3) %
617  34  583  44  539  Americas 578  6.8  % 0.9  % (6.8) %
$ 5,489 $ (45) $ 5,534 $ 44 $ 5,489 Total Combustible Tobacco $ 5,214 5.3  % 6.1  % 5.3  %
2023 Smoke-Free 2022 % Change
$ 1,882 $ 123 $ 1,759 $ 65 $ 1,694 Europe $ 1,541 22.1  % 14.1  % 9.9  %
69  5  64  —  64  of which, Wellness & Healthcare 72  (4.2) % (11.1) % (11.1) %
374  (121) 495  —  495  SSEA, CIS & MEA 365  2.5  % 35.8  % 35.8  %
845  (35) 880  —  880  EA, AU & PMI GTR 861  (1.9) % 2.2  % 2.2  %
458  1  457  190  268  Americas 171  +100% +100% 56.4  %
$ 3,558 $ (33) $ 3,591 $ 255 $ 3,337 Total Smoke-Free $ 2,938 21.1  % 22.2  % 13.6  %
2023 PMI 2022 % Change
$ 3,835 $ 260 $ 3,575 $ 65 $ 3,510 Europe $ 3,239 18.4  % 10.4  % 8.4  %
2,707  (327) 3,034  —  3,034  SSEA, CIS & MEA 2,686  0.8  % 13.0  % 13.0  %
1,430  (46) 1,476  —  1,476  EA, AU & PMI GTR 1,478  (3.2) % (0.1) % (0.1) %
1,075  35  1,040  234  806  Americas 749  43.5  % 38.9  % 7.6  %
$ 9,047 $ (78) $ 9,125 $ 299 $ 8,826 Total PMI $ 8,152 11.0  % 11.9  % 8.3  %
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 1 (5/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		 Currency Net Revenues excluding
Currency 		Acquisitions Net Revenues excluding Currency & Acquisitions Full Year Ended
December 31,		 Net
Revenues		 Total Excluding Currency Excluding Currency & Acquisitions
2023 Combustible Tobacco 2022 % Change
$ 8,037 $ 116 $ 7,921 $ — $ 7,921 Europe $ 7,694 4.5  % 3.0  % 3.0  %
9,321  (1) (814) 10,135  —  10,135  SSEA, CIS & MEA 9,173  1.6  % 10.5  % 10.5  %
2,676  (117) 2,793  —  2,793  EA, AU & PMI GTR 2,831  (5.5) % (1.3) % (1.3) %
2,299  96  2,204  378  1,826  Americas 1,874  22.7  % 17.6  % (2.6) %
$ 22,334 $ (720) $ 23,053 $ 378 $ 22,676 Total Combustible Tobacco $ 21,572 3.5  % 6.9  % 5.1  %
2023 Smoke-Free 2022 % Change
$ 6,500 $ 136 $ 6,364 $ 546 $ 5,818 Europe $ 5,549 17.1  % 14.7  % 4.8  %
306  3  303  —  303  of which, Wellness & Healthcare 271  12.9  % 11.8  % 11.8  %
1,308  (246) 1,554  —  1,554  SSEA, CIS & MEA 1,294  1.0  % 20.1  % 20.1  %
3,525  (283) 3,808  —  3,808  EA, AU & PMI GTR 3,105  13.5  % 22.6  % 22.6  %
1,508  1  1,507  1,189  318  Americas 242  +100% +100% 31.2  %
$ 12,840 $ (392) $ 13,233 $ 1,735 $ 11,497 Total Smoke-Free $ 10,190 26.0  % 29.9  % 12.8  %
2023 PMI 2022 % Change
$ 14,537 $ 252 $ 14,285 $ 546 $ 13,739 Europe $ 13,243 9.8  % 7.9  % 3.7  %
10,629  (1) (1,060) 11,689  —  11,689  SSEA, CIS & MEA 10,467  1.5  % 11.7  % 11.7  %
6,201  (400) 6,601  —  6,601  EA, AU & PMI GTR 5,936  4.5  % 11.2  % 11.2  %
3,807  96  3,711  1,567  2,144  Americas 2,116  79.9  % 75.4  % 1.3  %
$ 35,174 $ (1,112) $ 36,286 $ 2,113 $ 34,173 Total PMI $ 31,762 10.7  % 14.2  % 7.6  %
(1) Includes a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East
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 2 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		 Special Items (1) Adjusted Net
Revenues		 Currency Adjusted Net
Revenues excluding Currency		 Acqui-
sitions		 Adjusted
Net
Revenues excluding Currency
& Acqui-
sitions		 Net
Revenues		 Special Items Adjusted Net
Revenues		 Total Excluding Currency Excluding Currency
& Acqui-
sitions
2023 Quarters Ended
March 31,		 2022 % Change
$ 3,154 $ — $ 3,154 $ (202) $ 3,356 $ 158 $ 3,198 Europe $ 3,290 $ — $ 3,290 (4.1) % 2.0  % (2.8) %
2,477  (80) 2,557  (111) 2,668  —  2,668  SSEA, CIS & MEA 2,445  —  2,445  4.6  % 9.1  % 9.1  %
1,520  —  1,520  (170) 1,690  —  1,690  EA, AU & PMI GTR 1,587  —  1,587  (4.2) % 6.5  % 6.5  %
868  —  868  9  859  423  436  Americas 424  —  424  +100% +100% 2.8  %
$ 8,019 $ (80) $ 8,099 $ (474) $ 8,573 $ 581 $ 7,992 Total PMI $ 7,746 $ — $ 7,746 4.6  % 10.7  % 3.2  %
2023 Quarters Ended
June 30,		 2022 % Change
$ 3,650 $ — $ 3,650 $ (11) $ 3,661 $ 172 $ 3,489 Europe $ 3,385 $ — $ 3,385 7.8  % 8.2  % 3.1  %
2,668  —  2,668  (221) 2,889  —  2,889  SSEA, CIS & MEA 2,514  —  2,514  6.1  % 14.9  % 14.9  %
1,680  —  1,680  (133) 1,813  —  1,813  EA, AU & PMI GTR 1,464  —  1,464  14.8  % 23.8  % 23.8  %
969  —  969  14  955  493  462  Americas 469  —  469  +100% +100% (1.5) %
$ 8,967 $ — $ 8,967 $ (351) $ 9,318 $ 665 $ 8,653 Total PMI $ 7,832 $ — $ 7,832 14.5  % 19.0  % 10.5  %
2023 Years Ended
September 30,		 2022 % Change
$ 3,898 $ — $ 3,898 $ 205 $ 3,693 $ 151 $ 3,542 Europe $ 3,329 $ — $ 3,329 17.1  % 10.9  % 6.4  %
2,777  —  2,777  (401) 3,178  —  3,178  SSEA, CIS & MEA 2,822  —  2,822  (1.6) % 12.6  % 12.6  %
1,571  —  1,571  (51) 1,622  —  1,622  EA, AU & PMI GTR 1,407  —  1,407  11.7  % 15.3  % 15.3  %
895  —  895  38  857  417  440  Americas 474  —  474  88.8  % 80.8  % (7.2) %
$ 9,141 $ — $ 9,141 $ (209) $ 9,350 $ 568 $ 8,782 Total PMI $ 8,032 $ — $ 8,032 13.8  % 16.4  % 9.3  %
(1) Reflects a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East








Schedule 2 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		 Special Items (1) Adjusted Net
Revenues		 Currency Adjusted Net
Revenues excluding Currency		 Acqui-
sitions		 Adjusted
Net
Revenues excluding Currency
& Acqui-
sitions		 Net
Revenues		 Special Items Adjusted Net
Revenues		 Total Excluding Currency Excluding Currency
& Acqui-
sitions
2023 Quarters Ended
December 31,		 2022 % Change
$ 3,835 $ — $ 3,835 $ 260 $ 3,575 $ 65 $ 3,510 Europe $ 3,239 $ — $ 3,239 18.4  % 10.4  % 8.4  %
2,707  —  2,707  (327) 3,034  —  3,034  SSEA, CIS & MEA 2,686  —  2,686  0.8  % 13.0  % 13.0  %
1,430  —  1,430  (46) 1,476  —  1,476  EA, AU & PMI GTR 1,478  —  1,478  (3.2) % (0.1) % (0.1) %
1,075  —  1,075  35  1,040  234  806  Americas 749  —  749  43.5  % 38.9  % 7.6  %
$ 9,047 $ — $ 9,047 $ (78) $ 9,125 $ 299 $ 8,826 Total PMI $ 8,152 $ — $ 8,152 11.0  % 11.9  % 8.3  %
2023 Years Ended
December 31,		 2022 % Change
$ 14,537 $ — $ 14,537 $ 252 $ 14,285 $ 546 $ 13,739 Europe $ 13,243 $ — $ 13,243 9.8  % 7.9  % 3.7  %
10,629  (80) -1 10,709  (1,060) 11,769  —  11,769  SSEA, CIS & MEA 10,467  —  10,467  2.3  % 12.4  % 12.4  %
6,201  —  6,201  (400) 6,601  —  6,601  EA, AU & PMI GTR 5,936  —  5,936  4.5  % 11.2  % 11.2  %
3,807  —  3,807  96  3,711  1,567  2,144  Americas 2,116  —  2,116  79.9  % 75.4  % 1.3  %
$ 35,174 $ (80) $ 35,254 $ (1,112) $ 36,366 $ 2,113 $ 34,253 Total PMI $ 31,762 $ — $ 31,762 11.0  % 14.5  % 7.8  %
(1) Reflects a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East









Schedule 3 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income Currency Operating Income excluding Currency Acquisitions Operating Income excluding Currency & Acquisitions Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2023 Quarters Ended
March 31,		 2022 % Change
$ 1,177 $ (89) $ 1,266 $ 24 $ 1,242 Europe $ 1,527 (22.9) % (17.1) % (18.7) %
734  (44) 778  —  778  SSEA, CIS & MEA 965  (23.9) % (19.4) % (19.4) %
637  (117) 754  —  754  EA, AU & PMI GTR 685  (7.0) % 10.1  % 10.1  %
183  (9) 192  169  23  Americas 121  51.2  % 58.7  % (81.0) %
$ 2,731 $ (259) $ 2,990 $ 193 $ 2,797 Total PMI $ 3,298 (17.2) % (9.3) % (15.2) %
2023 Quarters Ended
June 30,		 2022 % Change
$ 886 $ 27 $ 859 $ 40 $ 819 Europe $ 1,440 (38.5) % (40.3) % (43.1) %
880  (98) 978  —  978  SSEA, CIS & MEA 958  (8.1) % 2.1  % 2.1  %
557  (128) 685  —  685  EA, AU & PMI GTR 528  5.5  % 29.7  % 29.7  %
243  (27) 270  224  46  Americas 130  86.9  % +100% (64.6) %
$ 2,566 $ (226) $ 2,792 $ 264 $ 2,528 Total PMI $ 3,056 (16.0) % (8.6) % (17.3) %
2023 Quarters Ended
September 30,		 2022 % Change
$ 1,680 $ 127 $ 1,553 $ (8) $ 1,561 Europe $ 1,264 32.9  % 22.9  % 23.5  %
823  (304) 1,127  —  1,127  SSEA, CIS & MEA 1,086  (24.2) % 3.8  % 3.8  %
769  (67) 836  —  836  EA, AU & PMI GTR 533  44.3  % 56.8  % 56.8  %
98  (43) 141  148  (7) Americas 85  15.3  % 65.9  % -(100)%
$ 3,370 $ (287) $ 3,657 $ 140 $ 3,517 Total PMI $ 2,968 13.5  % 23.2  % 18.5  %








Schedule 3 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income Currency Operating Income excluding Currency Acquisitions Operating Income excluding Currency & Acquisitions Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2023 Quarters Ended
December 31,		 2022 % Change
$ 1,556 $ 120 $ 1,436 $ 11 $ 1,425 Europe $ 1,287 20.9  % 11.6  % 10.7  %
699  (203) 902  —  902  SSEA, CIS & MEA 855  (18.2) % 5.5  % 5.5  %
576  (82) 658  —  658  EA, AU & PMI GTR 678  (15.0) % (2.9) % (2.9) %
58  (136) 194  86  108  Americas 104  (44.2) % 86.5  % 3.8  %
$ 2,889 $ (301) $ 3,190 $ 97 $ 3,093 Total PMI $ 2,924 (1.2) % 9.1  % 5.8  %
2023 Full Year Ended
December 31,		 2022 % Change
$ 5,299 $ 185 $ 5,114 $ 67 $ 5,047 Europe $ 5,518 (4.0) % (7.3) % (8.5) %
3,136  (649) 3,785  —  3,785  SSEA, CIS & MEA 3,864  (18.8) % (2.0) % (2.0) %
2,539  (394) 2,933  —  2,933  EA, AU & PMI GTR 2,424  4.7  % 21.0  % 21.0  %
582  (215) 797  627  170  Americas 440  32.3  % 81.1  % (61.4) %
$ 11,556 $ (1,073) $ 12,629 $ 694 $ 11,935 Total PMI $ 12,246 (5.6) % 3.1  % (2.5) %









Schedule 4
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Net Revenues and Operating Income: Price, Volume/Mix and Cost/Other Variances
($ in millions) / (Unaudited)
2023 vs. 2022
Quarters Ended
March 31,		  Quarters Ended
June 30,		  Quarters Ended
September 30,		  Quarters Ended
December 31,		 Full Year Ended
December 31,
Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other Price Volume/Mix Cost/Other
Net Revenues
Europe $ 53 $ (145) $ — $ 147 $ (45) $ 2 $ 191 $ 22 $ — $ 177 $ 97 $ (3) $ 568 $ (71) $ (1)
SSEA, CIS & MEA 233  36  (126) 253  149  (27) 265  118  (27) 257  97  (6) 1,008  400  (186)
EA, AU & PMI GTR 14  89  —  23  326  —  36  179  —  133  (135) —  206  459  — 
Americas 37  (21) (4) 36  (40) (3) 21  (54) (1) 64  (9) 2  158  (124) (6)
Total PMI $ 337 $ (41) $ (130) $ 459 $ 390 $ (28) $ 513 $ 265 $ (28) $ 631 $ 50 $ (7) $ 1,940 $ 664 $ (193)
Operating Income
Europe $ 53 $ (180) $ (158) $ 147 $ (56) $ (712) $ 191 $ 11 $ 95 $ 177 $ 138 $ (177) $ 568 $ (87) $ (952)
SSEA, CIS & MEA 233  (79) (341) 253  (35) (198) 265  (74) (150) 257  (49) (161) 1,008  (237) (850)
EA, AU & PMI GTR 14  45  10  23  244  (110) 36  170  97  133  (133) (20) 206  326  (23)
Americas 37  (17) (118) 36  (26) (94) 21  (41) (72) 64  (9) (51) 158  (93) (335)
Total PMI $ 337 $ (231) $ (607) $ 459 $ 127 $ (1,114) $ 513 $ 66 $ (30) $ 631 $ (53) $ (409) $ 1,940 $ (91) $ (2,160)









Schedule 5 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income Special Items (1) Adjusted Operating Income Currency Adjusted Operating Income excluding Currency Acquisitions Adjusted Operating Income excluding Currency & Acquisitions Operating Income Special Items (1) Adjusted Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2023 Quarters Ended
March 31,		 2022 % Change
$ 1,177 $ (89) $ 1,266 $ (89) $ 1,355 $ 42 $ 1,313 Europe $ 1,527 $ (71) $ 1,598 (20.8) % (15.2) % (17.9) %
734  (117) 851  (44) 895  —  895  SSEA, CIS & MEA 965  (6) 971  (12.4) % (7.8) % (7.8) %
637  (20) 657  (117) 774  —  774  EA, AU & PMI GTR 685  (1) 686  (4.2) % 12.8  % 12.8  %
183  (62) 245  (9) 254  218  36  Americas 121  (2) 123  99.2  % +100% (71.0) %
$ 2,731 $ (288) $ 3,019 $ (259) $ 3,278 $ 261 $ 3,017 Total PMI $ 3,298 $ (80) $ 3,378 (10.6) % (3.0) % (10.7) %
2023 Quarters Ended
June 30,		 2022 % Change
$ 886 $ (723) $ 1,609 $ 27 $ 1,582 $ 58 $ 1,524 Europe $ 1,440 $ (131) $ 1,571 2.4  % 0.7  % (3.0) %
880  (5) 885  (98) 983  —  983  SSEA, CIS & MEA 958  (21) 979  (9.6) % 0.4  % 0.4  %
557  (205) 762  (128) 890  —  890  EA, AU & PMI GTR 528  (12) 540  41.1  % 64.8  % 64.8  %
243  (33) 276  (27) 303  255  48  Americas 130  (4) 134  +100% +100% (64.4) %
$ 2,566 $ (966) $ 3,532 $ (226) $ 3,758 $ 313 $ 3,445 Total PMI $ 3,056 $ (168) $ 3,224 9.6  % 16.6  % 6.9  %
2023 Quarters Ended
September 30,		 2022 % Change
$ 1,680 $ (162) $ 1,842 $ 127 $ 1,715 $ 52 $ 1,663 Europe $ 1,264 $ (236) $ 1,500 22.8  % 14.3  % 10.9  %
823  (46) 869  (304) 1,173  —  1,173  SSEA, CIS & MEA 1,086  (67) 1,153  (24.6) % 1.7  % 1.7  %
769  (25) 794  (67) 861  —  861  EA, AU & PMI GTR 533  (46) 579  37.1  % 48.7  % 48.7  %
98  (131) 229  (43) 272  263  9  Americas 85  (13) 98  +100% +100% (90.5) %
$ 3,370 $ (364) $ 3,734 $ (287) $ 4,021 $ 315 $ 3,706 Total PMI $ 2,968 $ (362) $ 3,330 12.1  % 20.8  % 11.3  %
(1) For details on Special Items, refer to Schedule 6








Schedule 5 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income Special Items (1) Adjusted Operating Income Currency Adjusted Operating Income excluding Currency Acquisitions Adjusted Operating Income excluding Currency & Acquisitions Operating Income Special Items (1) Adjusted Operating Income Total Excluding Currency Excluding Currency & Acquisitions
2023 Quarters Ended
December 31,		 2022 % Change
$ 1,556 $ (87) $ 1,643 $ 120 $ 1,523 $ 24 $ 1,499 Europe $ 1,287 $ (32) $ 1,319 24.6  % 15.5  % 13.7  %
699  (5) 704  (203) 907  —  907  SSEA, CIS & MEA 855  38  817  (13.8) % 11.0  % 11.0  %
576  —  576  (82) 658  —  658  EA, AU & PMI GTR 678  31  647  (11.0) % 1.7  % 1.7  %
58  (71) 129  (136) 265  114  151  Americas 104  (89) 193  (33.2) % 37.3  % (22.0) %
$ 2,889 $ (163) $ 3,052 $ (301) $ 3,353 $ 138 $ 3,215 Total PMI $ 2,924 $ (52) $ 2,976 2.6  % 12.7  % 8.0  %
2023 Full Year Ended
December 31,		 2022 % Change
$ 5,299 $ (1,061) $ 6,360 $ 185 $ 6,175 $ 177 $ 5,998 Europe $ 5,518 $ (470) $ 5,988 6.2  % 3.1  % 0.2  %
3,136  (173) 3,309  (649) 3,958  —  3,958  SSEA, CIS & MEA 3,864  (56) 3,920  (15.6) % 1.0  % 1.0  %
2,539  (250) 2,789  (394) 3,183  —  3,183  EA, AU & PMI GTR 2,424  (28) 2,452  13.7  % 29.8  % 29.8  %
582  (297) 879  (215) 1,094  851  243  Americas 440  (108) 548  60.4  % 99.6  % (55.6) %
$ 11,556 $ (1,781) $ 13,337 $ (1,073) $ 14,410 $ 1,027 $ 13,383 Total PMI $ 12,246 $ (662) $ 12,908 3.3  % 11.6  % 3.7  %
(1) For details on Special Items, refer to Schedule 6









Schedule 6 (1/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
Quarter Ended
March 31,		 Quarter Ended
June 30,		 Quarter Ended
September 30,		 Quarter Ended
December 31,		 Full Year Ended
December 31,
2023 2023 2023 2023 2023
PMI
Reported Operating Income $2,731 $2,566 $3,370 $2,889 $11,556
Restructuring charges (109) — — — (109)
Termination of distribution arrangement in the Middle East (80) — — — (80)
Impairment of goodwill and other intangibles — (680) — — (680)
Amortization of intangibles (81) (82) (205) (129) (497)
Charges related to the war in Ukraine — — (19) (34) (53)
Swedish Match AB acquisition accounting related items (18) — — — (18)
South Korea indirect tax charge — (204) — — (204)
Termination of agreement with Foundation for a Smoke-Free World — — (140) — (140)
Adjusted Operating Income $3,019 $3,532 $3,734 $3,052 $13,337
Europe
Reported Operating Income $1,177 $886 $1,680 $1,556 $5,299
Restructuring charges (47) — — — (47)
Amortization of intangibles (42) (43) (83) (53) (221)
Charges related to the war in Ukraine — — (19) (34) (53)
Termination of agreement with Foundation for a Smoke-Free World — — (60) — (60)
Impairment of goodwill and other intangibles — (680) — — (680)
Adjusted Operating Income $1,266 $1,609 $1,842 $1,643 $6,360
SSEA, CIS & MEA
Reported Operating Income $734 $880 $823 $699 $3,136
Restructuring charges (32) — — — (32)
Termination of distribution arrangement in the Middle East (80) — — — (80)
Amortization of intangibles (5) (5) (5) (5) (20)
Termination of agreement with Foundation for a Smoke-Free World — — (41) — (41)
Adjusted Operating Income $851 $885 $869 $704 $3,309









Schedule 6 (2/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
Quarter Ended
March 31,		 Quarter Ended
June 30,		 Quarter Ended
September 30,		 Quarter Ended
December 31,		 Full Year Ended
December 31,
2023 2023 2023 2023 2023
EA, AU & PMI GTR
Reported Operating Income $637 $557 $769 $576 $2,539
Restructuring charges (19) — — — (19)
Amortization of intangibles (1) (1) (1) — (3)
South Korea indirect tax charge — (204) — — (204)
Termination of agreement with Foundation for a Smoke-Free World — — (24) — (24)
Adjusted Operating Income $657 $762 $794 $576 $2,789
Americas
Reported Operating Income $183 $243 $98 $58 $582
Restructuring charges (11) — — — (11)
Amortization of intangibles (33) (33) (116) (71) (253)
Swedish Match AB acquisition accounting related items (18) — — — (18)
Termination of agreement with Foundation for a Smoke-Free World — — (15) — (15)
Adjusted Operating Income $245 $276 $229 $129 $879
Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment.



























Schedule 6 (3/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
Quarter Ended
March 31,		 Quarter Ended
June 30,		 Quarter Ended
September 30,		 Quarter Ended
December 31,		 Full Year Ended
December 31,
2022 2022 2022 2022 2022
PMI
Reported Operating Income $3,298 $3,056 $2,968 $2,924 $12,246
Impairment of other intangibles — — (112) — (112)
Amortization of intangibles (38) (36) (27) (58) (159)
Charges related to the war in Ukraine (42) (80) (6) (23) (151)
Costs associated with Swedish Match AB offer — (52) (217) 154 (115)
Swedish Match AB acquisition accounting related items — — — (125) (125)
Adjusted Operating Income $3,378 $3,224 $3,330 $2,976 $12,908
Europe
Reported Operating Income $1,527 $1,440 $1,264 $1,287 $5,518
Amortization of intangibles (29) (27) (18) (32) (106)
Charges related to the war in Ukraine (42) (80) (6) (23) (151)
Costs associated with Swedish Match AB offer — (24) (100) 71 (53)
Swedish Match AB acquisition accounting related items — — — (48) (48)
Impairment of other intangibles — — (112) — (112)
Adjusted Operating Income $1,598 $1,571 $1,500 $1,319 $5,988
SSEA, CIS & MEA
Reported Operating Income $965 $958 $1,086 $855 $3,864
Amortization of intangibles (6) (6) (6) (5) (23)
Costs associated with Swedish Match AB offer — (15) (61) 43 (33)
Adjusted Operating Income $971 $979 $1,153 $817 $3,920








Schedule 6 (4/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
Quarter Ended
March 31,		 Quarter Ended
June 30,		 Quarter Ended
September 30,		 Quarter Ended
December 31,		 Full Year Ended
December 31,
2022 2022 2022 2022 2022
EA, AU & PMI GTR
Reported Operating Income $685 $528 $533 $678 $2,424
Amortization of intangibles (1) (1) (1) (1) (4)
Costs associated with Swedish Match AB offer — (11) (45) 32 (24)
Adjusted Operating Income $686 $540 $579 $647 $2,452
Americas
Reported Operating Income $121 $130 $85 $104 $440
Amortization of intangibles (2) (2) (2) (20) (26)
Costs associated with Swedish Match AB offer — (2) (11) 8 (5)
Swedish Match AB acquisition accounting related items — — — (77) (77)
Adjusted Operating Income $123 $134 $98 $193 $548
Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment.








Schedule 7 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Adjusted Operating Income (1) Adjusted Net Revenues (2) Adjusted Operating Income Margin Adjusted Operating Income excluding Currency
(1)		 Adjusted Net Revenues excluding Currency
(2)		 Adjusted Operating Income Margin excluding Currency Adjusted Operating Income excluding Currency & Acqui- sitions
(1)		 Adjusted Net Revenues excluding Currency & Acqui- sitions
(2)		 Adjusted Operating Income Margin excluding Currency & Acqui- sitions Adjusted Operating Income (1) Adjusted Net Revenues (2) Adjusted Operating Income
Margin		 Adjusted Operating Income
Margin		 Adjusted Operating Income Margin excluding Currency Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2023 Quarters Ended
March 31,		 2022 % Points Change
$ 1,266 $ 3,154 40.1  % $ 1,355 $ 3,356 40.4  % $ 1,313 $ 3,198 41.0  % Europe $ 1,598 $ 3,290 48.6  % (8.5) (8.2) (7.6)
851  2,557  33.3  % 895  2,668  33.5  % 895  2,668  33.5  % SSEA, CIS & MEA 971  2,445  39.7  % (6.4) (6.2) (6.2)
657  1,520  43.2  % 774  1,690  45.8  % 774  1,690  45.8  % EA, AU & PMI GTR 686  1,587  43.2  % —  2.6  2.6 
245  868  28.2  % 254  859  29.6  % 36  436  8.2  % Americas 123  424  29.0  % (0.8) 0.6  (20.8)
$ 3,019 $ 8,099 37.3  % $ 3,278 $ 8,573 38.2  % $ 3,017 $ 7,992 37.8  % Total PMI $ 3,378 $ 7,746 43.6  % (6.3) (5.4) (5.8)
2023 Quarters Ended
June 30,		 2022 % Points Change
$ 1,609 $ 3,650 44.1  % $ 1,582 $ 3,661 43.2  % $ 1,524 $ 3,489 43.7  % Europe $ 1,571 $ 3,385 46.4  % (2.3) (3.2) (2.7)
885  2,668  33.2  % 983  2,889  34.0  % 983  2,889  34.0  % SSEA, CIS & MEA 979  2,514  38.9  % (5.7) (4.9) (4.9)
762  1,680  45.4  % 890  1,813  49.1  % 890  1,813  49.1  % EA, AU & PMI GTR 540  1,464  36.9  % 8.5  12.2  12.2 
276  969  28.5  % 303  955  31.7  % 48  462  10.3  % Americas 134  469  28.6  % (0.1) 3.1  (18.3)
$ 3,532 $ 8,967 39.4  % $ 3,758 $ 9,318 40.3  % $ 3,445 $ 8,653 39.8  % Total PMI $ 3,224 $ 7,832 41.2  % (1.8) (0.9) (1.4)
2023 Quarters Ended
September 30,		 2022 % Points Change
$ 1,842 $ 3,898 47.3  % $ 1,715 $ 3,693 46.4  % $ 1,663 $ 3,542 46.9  % Europe $ 1,500 $ 3,329 45.1  % 2.2  1.3  1.8 
869  2,777  31.3  % 1,173  3,178  36.9  % 1,173  3,178  36.9  % SSEA, CIS & MEA 1,153  2,822  40.9  % (9.6) (4.0) (4.0)
794  1,571  50.5  % 861  1,622  53.1  % 861  1,622  53.1  % EA, AU & PMI GTR 579  1,407  41.2  % 9.3  11.9  11.9 
229  895  25.6  % 272  857  31.7  % 9  440  2.1  % Americas 98  474  20.7  % 4.9  11.0  (18.6)
$ 3,734 $ 9,141 40.8  % $ 4,021 $ 9,350 43.0  % $ 3,706 $ 8,782 42.2  % Total PMI $ 3,330 $ 8,032 41.5  % (0.7) 1.5  0.7 
(1) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 5
(2) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 2








Schedule 7 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Adjusted Operating Income (1) Adjusted Net Revenues (2) Adjusted Operating Income Margin Adjusted Operating Income excluding Currency
(1)		 Adjusted Net Revenues excluding Currency
(2)		 Adjusted Operating Income Margin excluding Currency Adjusted Operating Income excluding Currency & Acqui- sitions
(1)		 Adjusted Net Revenues excluding Currency & Acqui- sitions
(2)		 Adjusted Operating Income Margin excluding Currency & Acqui- sitions Adjusted Operating Income (1) Adjusted Net Revenues (2) Adjusted Operating Income
Margin		 Adjusted Operating Income
Margin		 Adjusted Operating Income Margin excluding Currency Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2023 Quarters Ended
December 31,		 2022 % Points Change
$ 1,643 $ 3,835 42.8  % $ 1,523 $ 3,575 42.6  % $ 1,499 $ 3,510 42.7  % Europe $ 1,319 $ 3,239 40.7  % 2.1  1.9  2.0 
704  2,707  26.0  % 907  3,034  29.9  % 907  3,034  29.9  % SSEA, CIS & MEA 817  2,686  30.4  % (4.4) (0.5) (0.5)
576  1,430  40.3  % 658  1,476  44.6  % 658  1,476  44.6  % EA, AU & PMI GTR 647  1,478  43.8  % (3.5) 0.8  0.8 
129  1,075  12.0  % 265  1,040  25.5  % 151  806  18.7  % Americas 193  749  25.8  % (13.8) (0.3) (7.1)
$ 3,052 $ 9,047 33.7  % $ 3,353 $ 9,125 36.7  % $ 3,215 $ 8,826 36.4  % Total PMI $ 2,976 $ 8,152 36.5  % (2.8) 0.2  (0.1)
2023 Full Year Ended
December 31,		 2022 % Points Change
$ 6,360 $ 14,537 43.8  % $ 6,175 $ 14,285 43.2  % $ 5,998 $ 13,739 43.7  % Europe $ 5,988 $ 13,243 45.2  % (1.4) (2.0) (1.5)
3,309  10,709  30.9  % 3,958  11,769  33.6  % 3,958  11,769  33.6  % SSEA, CIS & MEA 3,920  10,467  37.5  % (6.6) (3.9) (3.9)
2,789  6,201  45.0  % 3,183  6,601  48.2  % 3,183  6,601  48.2  % EA, AU & PMI GTR 2,452  5,936  41.3  % 3.7  6.9  6.9 
879  3,807  23.1  % 1,094  3,711  29.5  % 243  2,144  11.3  % Americas 548  2,116  25.9  % (2.8) 3.6  (14.6)
$ 13,337 $ 35,254 37.8  % $ 14,410 $ 36,366 39.6  % $ 13,383 $ 34,253 39.1  % Total PMI $ 12,908 $ 31,762 40.6  % (2.8) (1.0) (1.5)
(1) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 5
(2) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 2