IQOS and SELETTI Unveil 'Curious X: Sensorium Piazza' at Milan Design Week

Philip Morris International’s smoke-free brand IQOS has partnered with Italian design icon SELETTI to launch “Curious X: Sensorium Piazza” at Milan Design Week 2025. The multisensory installation, open from April 8 to 13 at Opificio 31, reimagines the traditional Italian piazza as a dynamic space that blends art, technology, and human interaction. It marks the debut of the IQOS Curious X experiential platform, aiming to celebrate the curiosity-driven journey of its 32 million adult users worldwide who have switched from cigarettes.

The installation invites guests to engage with a digital-physical hybrid environment where their presence helps shape the evolving exhibit. The collaboration emphasizes both brands’ shared belief in innovation, curiosity, and breaking conventions. Stefano Volpetti of PMI and Stefano Seletti highlighted the project as a symbol of creativity and continuous reinvention. IQOS continues to support its mission of a smoke-free future, with smoke-free products now available in 95 markets and comprising 39% of PMI’s 2024 revenues.

Philip Morris International Publishes 2024 Integrated Report, Highlighting a Decade of Transformation Toward a Smoke-Free Future

Philip Morris International Inc. (NYSE: PM) has released its sixth annual Integrated Report, marking ten years since the company began its transformation away from cigarettes toward smoke-free alternatives. The 2024 report outlines PMI’s financial and sustainability progress, revealing that by the end of 2024, its smoke-free products reached an estimated 38.6 million adult users across 95 markets and generated approximately 39% of total net revenues.

CEO Jacek Olczak described 2024 as a milestone year celebrating the 10th anniversary of IQOS, VEEV, and ZYN, underscoring PMI’s ambition to make cigarettes obsolete. CFO Emmanuel Babeau emphasized the company’s integrated approach, which links financial performance with social and environmental impact.

Key highlights from the report include:
- Smoke-free revenues represented more than 75% of total net revenues in six markets (up from three in 2023)
- Over $14 billion invested in smoke-free products since 2008
- 99% of shipment volume covered by youth access prevention programs
- Child labor prevalence among contracted tobacco farmers reduced to 0.01%
- 99% of contracted tobacco farmers now earning a living income
- 61% of PMI’s manufacturing sites certified as carbon neutral

The report uses a five-pillar sustainability framework encompassing compliance, risk mitigation, operational efficiency, innovation, and purposeful impact. It is prepared in reference to the Global Reporting Initiative (GRI), SASB Standards, and guidance from the International Sustainability Standards Board (ISSB). PMI also released an updated Sustainability KPI Protocol, detailing how its metrics are defined and measured.

The 2024 Integrated Report and supporting materials are available at: www.pmi.com/sustainability

Philip Morris International Updates Segment Reporting Following Vectura Sale

On March 25, 2025, Philip Morris International Inc. (PMI) announced changes to its segment reporting structure after the December 31, 2024 divestiture of Vectura Group Ltd. The company has integrated the remaining Wellness and Healthcare operations into the Europe segment and renamed its “PMI Duty Free” business as “PMI Global Travel Retail.”

The updated regional segments are:
- Europe Region
- South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa (SSEA, CIS & MEA)
- East Asia, Australia & PMI Global Travel Retail (EA, AU & PMI GTR)
- Americas Region

To support this transition, PMI published unaudited recast financial information for fiscal years 2022 through 2024 on its website. These changes do not affect the company’s previously reported consolidated financial results and are intended to help investors better evaluate PMI’s performance by reflecting the new structure.

The updated information was furnished as Exhibits 99.1 and 99.2 to the SEC and includes reconciliations of non-GAAP metrics. PMI emphasized that shipment volumes and overall financials on a consolidated basis remain unchanged from prior disclosures.

Philip Morris International (PMI) announced that the court has approved a resolution plan under Canada’s Companies’ Creditors Arrangement Act (CCAA) for Rothmans, Benson & Hedges Inc. (RBH) and its affiliates, including Imperial Tobacco Canada and JTI-Macdonald Corp. The plan resolves all tobacco-related claims and litigation in Canada, concluding years of mediation.

Under the agreement, the companies will pay a global settlement of CAD 32.5 billion (approximately USD 22.7 billion), funded through upfront payments and annual contributions based on their net after-tax income (NATI). RBH will retain CAD 750 million for discretionary use, and PMI, along with its affiliates, will be released from claims related to past tobacco product sales. The settlement structure ensures that alternative product businesses, such as heat-not-burn and nicotine pouches, remain separate from traditional tobacco operations.

Implementation of the plan depends on meeting certain conditions, including exhaustion of appeal rights and finalizing contractual releases. Once effective in 2025, RBH is expected to remain deconsolidated under U.S. GAAP, with potential financial benefits for PMI’s operating cash flow and earnings per share.

PMI continues its transition towards a smoke-free future, having invested over $14 billion in developing smoke-free alternatives. By the end of 2024, its smoke-free products were available in 95 markets, with an estimated 38.6 million adult users. The company aims to expand into wellness and healthcare while maintaining its leadership in reduced-risk nicotine products.

Philip Morris International Inc. announced that its Board of Directors has declared a regular quarterly dividend of $1.35 per common share. The announcement was made through a press release on March 6, 2025, which is included as an exhibit in the company's SEC filing. The information disclosed is for regulatory purposes and is not considered filed under the Securities Exchange Act of 1934.

Philip Morris International reported its 2024 fourth-quarter and full-year results. The company posted a diluted EPS of $4.52, or $6.01 excluding a non-cash impairment related to Canada, down from $5.02 in 2023. Adjusted diluted EPS grew by 9.3%, or 15.6% on a currency-neutral basis.

PMI saw strong growth in its smoke-free products, including IQOS and ZYN, which helped increase net revenues by 14.2% for the year. Quarterly shipments of HTU and oral smoke-free products surpassed 40 billion units. The smoke-free business now represents 40% of total revenues.

IQOS performed well, with market share gains in Japan and Europe. ZYN nicotine pouch shipments grew significantly, particularly in the U.S. and internationally. Combustible product revenues also rose by 4% due to strong pricing.

PMI declared a quarterly dividend of $1.35 per share, totaling $5.40 per share annually.

Philip Morris International Inc. announced that on January 16, 2025, the U.S. Food and Drug Administration (FDA) authorized **ZYN**, a nicotine pouch produced by Swedish Match North America, LLC (a subsidiary of Philip Morris International), as the first nicotine pouch to receive FDA authorization in the United States. This significant decision is expected to enhance the product's credibility and availability in the nicotine pouch market. Swedish Match North America issued a press release detailing the decision, which is attached as Exhibit 99.1 to the current Form 8-K report. However, the information provided in this announcement, including the exhibit, is not deemed "filed" under the Securities Exchange Act of 1934 and cannot be incorporated into other filings unless explicitly stated. The announcement highlights Philip Morris International's ongoing efforts to expand its product portfolio and promote alternatives to traditional tobacco products.