Morningstar

Morningstar, Inc.

Equity Bottom-Up

Philip Morris International continued its strong start to the year by beating our second-quarter earnings estimates on volumes and revenue. Adjusted organic sales growth of 4.4% was better than our forecast, with pricing of almost 7%, although after adjusting for the timing of certain price increases, the underlying price/mix run rate is around 5%. Nevertheless, this was a strong quarter which prompted PMI to increase its guidance for the year and increase its investment behind iQOS. We will…

Altria and Philip Morris International, or PMI, are now able to market iQOS, the company's market-leading heated tobacco technology devices, in the U.S. after the FDA approved the sale of this product after a long-awaited decision. This is not a judgment on PMI's application to market iQOS as a modified risk product however, and the FDA's decision is still pending. Altria will market and distribute iQOS in the U.S., while PMI will retain the intellectual property rights. The two companies will…

Philip Morris International beat our first-quarter earnings estimates at the EBIT margin. Adjusted organic sales growth of 6.6% was in line with our forecast but driven more by volumes and less by price/mix than we had expected. This should be encouraging to investors worried about a global acceleration in the consumption decline rate. Philip Morris' wide moat was evident in several data points, including a robust performance in Japan, where iQOS returned to volume growth, and a strong…

<p>After a promising start, the adoption of iQOS, Philip Morris' heated tobacco platform, slowed materially last year, and investors are now questioning the future of the category. The slowdown should not be surprising, however, as history shows the diffusion of disruptive consumer products has rarely occurred in a straight line, with various consumer segments adopting new products at different rates. With the adoption of the first platform having plateaued at fairly low levels, however, we think…</p>

United States

Philip Morris International Inc., through its subsidiaries, affiliates and their licensees, produces, sells, distributes, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America.  The Company's portfolio comprises both international and local brands.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00