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