Report communicates PMI’s progress, including
approximately 33 million estimated users of PMI’s smoke-free
products, as well as over 40 percent of management positions held
by women and 18 factories & 11 markets declared carbon
neutral
Philip Morris International Inc. (PMI) (NYSE: PM) today releases
its fifth annual Integrated Report, which outlines the company’s
ongoing work to advance toward its 2025 Roadmap goals, with the
primary focus on addressing the health impacts of the company’s
products.
The 2023 Integrated Report highlights PMI’s continued expansion
of smoke-free alternatives in markets worldwide, as well as social
and environmental programs deployed with and in parallel to these
products—including the deployment of responsible marketing and
sales practices and efforts to reduce post-consumer waste. Further,
PMI reports its progress toward fostering an empowered and
inclusive workplace, improving the quality of life of people in its
supply chain, decarbonizing its operations and value chain, and
preserving nature and biodiversity.
“2023 was a year marked by unity, determination, and a continued
commitment to our vision of a smoke-free future,” said Jacek
Olczak, Chief Executive Officer of PMI. “As we encounter new
challenges, our people’s enduring resilience, exceptional talent,
and depth of purpose ensure we are well-equipped to continue our
journey—pursuing progress, embracing innovation, and fostering
sustainability as we transform for good.”
PMI’s approach to sustainability is guided by the outcomes of
its 2021 sustainability materiality assessment, which, following
the principles of double materiality, identified the topics on
which PMI focuses and prioritizes resources. PMI’s sustainability
strategy addresses two distinct forms of topics: those related to
its products (what the company produces), which are part of the
“Product Impact” pillar, and those related to its business
operations (how the company produces), which are part of the
“Operational Impact” pillar.
Product Impact highlights
Social
- Approximately 33 million estimated users of PMI smoke-free
products, including 28.6 million IQOS users (2022: 24.9 million
IQOS users)1
- 36.4% of adjusted net revenues derived from smoke-free products
(2022: 32.1%)2
- 84 markets where PMI smoke-free products are available for
sale3, of which 47% are in low- and middle-income markets4 (2022:
73, 42%)
- 25 markets where smoke-free products represented more than 50%
of annual net revenues (2022: 17)
- USD 12.5 billion cumulative investment behind smoke-free
products since 2008 (2022: USD 10.7 bn)5
- 98% of total shipment volume covered by youth access prevention
programs in indirect retail channels (2022: 91%)6
Environmental
- 320,000 cumulative number of smoke-free electronic devices
refreshed or repaired since 2021 (2022: 157,000)7
- 76% of shipment volume covered by markets with anti-littering
programs in place for combustible cigarettes (2022: 68%)7
- 17.6% of shipment volume covered by markets with smoke-free
consumables take-back programs (2022: 8.5%)7
Operational Impact highlights
Social
- 41.8% of management positions held by women, continuing to
exceed our aspiration of 40% (2022: 40.7%)
- 8 human rights impact assessments conducted since 2018 in
highest-risk countries (2022: 7)7
- 0.1% prevalence of child labor among contracted farmers
supplying tobacco to PMI (2022: 0.1%)7
Environmental
- 94% proportion of tobacco purchased at no risk of net
deforestation of managed natural forest and no conversion of
natural ecosystems (2022: 55%)7
- 8.14 million cubic meters of water optimized in our
tobacco-growing areas (cumulative since 2019) (2022: 4.94 million
cubic meters)
PMI’s 2023 Integrated Report is complemented by country-level
case studies on PMI.com that shed light on the company’s work in
priority sustainability areas and market stories that complement
our reporting by connecting and highlighting the impact the
initiatives are seeking to have on society and the environment
around the world.
“Strategic foresight unites our nonfinancial aspirations with
financial outcomes. This is consistent with our purpose, which
increasingly resonates with our stakeholders, and we believe
powerfully demonstrates the interplay between societal impact and
the generation of long-term shareholder returns,” explained
Emmanuel Babeau, Chief Financial Officer of PMI. “Delivering a
smoke-free future and excelling in our sustainability aspirations
are not just ethically sound decisions, they are the bedrock of our
strategy and the key to our shared success.”
In 2023, PMI’s sustainability performance was recognized by ESG
ratings providers and sustainability-related organizations,
including:
- Achievement of CDP’s Triple A rating for the fourth consecutive
year—placing PMI among the world’s leading companies in
environmental transparency and action
- Inclusion in CDP’s Supplier Engagement Leader Board for the
seventh year
- Inclusion in Dow Jones Sustainability World Index for the first
time and the Dow Jones Sustainability North America Composite Index
for the fourth consecutive year (index inclusion effective as of
Dec. 18, 2023), in addition to being awarded “Prime” status in the
ISS ESG Corporate Rating (ISS ESG Rating as of Nov. 21, 2023)
- Validation from the Science Based Targets initiative (SBTi) on
its Forest, Land, and Agriculture (FLAG) emissions reduction
targets, making PMI one of very few companies to achieve this
recognition
- Named an Early Adopter for having committed to advancing the
adoption of the Taskforce on Nature-related Financial Disclosures
(TNFD) recommendations
“As we present this 2023 Integrated Report, we emphasize that
delivering a smoke-free future is not just a priority, it is the
essence of our purpose. The path we tread is marked by our ambition
to lead, our vow to operate transparently, and our dedication to
ensuring that cigarettes are relegated to history,” said Jennifer
Motles, Chief Sustainability Officer of PMI. “We remain committed
to transparent, consistent, and reliable reporting practices that
allow external stakeholders to understand not only our performance
but also how we are responding to a rapidly changing environment
and planning for the long term, fostering a more sustainable and
transparent business landscape.”
The preparation of PMI’s 2023 Integrated Report considered
guidance of international standards and frameworks, including the
Global Reporting Initiative (GRI), the UN Global Compact (UNGC),
the UN Sustainable Development Goals, and the IFRS
Foundation—including use of its SASB Standards, Integrated Thinking
Principles, and Integrated Reporting Framework. The report aims to
provide an objective description of the company’s business model,
strategy, performance, and prospects in relation to its priority
economic, environmental, social, and governance topics. It
describes PMI’s progress in delivering on its purpose, as
articulated in its Statement of Purpose, to completely replace
cigarettes as soon as possible with smoke-free products that are
scientifically substantiated to be less harmful than smoking, while
in the longer run laying the foundation for a strong business in
the areas of broader lifestyle, consumer wellness, and
healthcare.
Please visit pmi.com/sustainability to learn more, and read the
full 2023 Integrated Report, case studies and market stories, and
the Sustainability KPI Protocol 2023.
Philip Morris International: Delivering a Smoke-Free Future
Philip Morris International (PMI) is a leading international
tobacco company, actively delivering a smoke-free future and
evolving its portfolio for the long term to include products
outside of the tobacco and nicotine sector. The company’s current
product portfolio primarily consists of cigarettes and smoke-free
products. Since 2008, PMI has invested $12.5 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 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 has authorized versions of PMI’s IQOS Platform 1
devices and consumables and Swedish Match’s General snus as
modified risk tobacco products. As of December 31, 2023, PMI’s
smoke-free products were available for sale in 84 markets, and PMI
estimates that approximately 20.8 million adults around the world
had already switched to IQOS and stopped smoking. Smoke-free
products accounted for approximately 37% of PMI’s total full-year
2023 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.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and
goals and other forward-looking statements, including statements
regarding expected financial or operational performance 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, 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.
Notes
In this press release and in related communications, the terms
“materiality,” “material,” and similar terms are defined in the
referenced sustainability standards and certain regulatory
requirements, as may be applicable to us, and are not meant to
correspond to the concept of materiality under the U.S. securities
laws and/or disclosures required by the U.S. Securities and
Exchange Commission.
This press release contains references and links to websites
operated by third parties. These references are provided as a
convenience to you and as an additional avenue of access to the
information contained in those sources; they should not be viewed
as an endorsement by us of the content of these references and
linked sites or opinions of their authors.
This press release should be read in conjunction with the full
Integrated Report 2023, available here.
1 Figures are based on IQOS user panels and PMI market research.
Estimated user numbers for oral nicotine and e-vapor are
approximate, with further methodology details to be provided in
future disclosures. See Glossary available on pages 208-212 of PMI
Integrated Report 2023. 2 For definition of net revenues related to
smoke-free products, see Glossary available on pages 208-212 of PMI
Integrated Report 2023. Data excludes the impact related to
termination of distribution arrangement in the Middle East in 2023.
3 For definition of available for sale, see Glossary available on
pages 208-212 of PMI Integrated Report 2023. 4 Excluding PMI Duty
Free. World Bank report issued in 2023 is used on a comparative
basis for income level classification. For definition of low- and
middle-income markets, see Glossary available on pages 208-212 of
PMI Integrated Report 2023. 5 Investments reflect research, product
and commercial development, production capacity, scientific
substantiation, and studies on adult smoker understanding. Figures
do not include Swedish Match and Vectura Fertin Pharma. 6 Total
shipment volume includes cigarettes, other tobacco products (OTPs),
and smoke-free product consumables. See PMI’s Sustainability KPI
Protocol 2023 for further details. Data excludes Swedish Match and
Vectura Fertin Pharma. 7 See PMI’s Sustainability KPI Protocol 2023
for further details.
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Philip Morris International David Fraser Philip Morris
International T. +41 (0)58 242 4500 E. david.fraser@pmi.com
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