Philip Morris International, Inc. (PM) Barclays Consumer Staples Conference Transcript

Sep. 06, 2022 4:59 PM ETPhilip Morris International Inc. (PM)
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Philip Morris International, Inc. (NYSE:PM) Barclays Consumer Staples Conference September 6, 2022 1:30 PM ET

Company Participants

Emmanuel Babeau - CFO

Conference Call Participants

Gaurav Jain - Barclays Bank

Gaurav Jain

Good afternoon, everyone. Thank you for being here. I'm Gaurav Jain, Barclay's Global Tobacco and Cannabis analyst. With me here is Emmanuel Babeau, CFO of Philip Morris International. Good afternoon, everybody. Thank you for giving us the opportunity to host you.

Emmanuel Babeau

Great pleasure to be here.

Gaurav Jain

Sure. So we have about 35 minutes, a lot of questions to go on.

Question-and-Answer Session

Q - Gaurav Jain

So let's just talk about, I guess, the key question on everyone's mind, which is the current macro scenario, especially in Europe. And what has been amazing is how strong European cigarette volumes have been this year as well as the last few years? And I think they are running at actually the same levels as what [indiscernible] FY '17. So are you seeing any macro pressures emerging everywhere?

Emmanuel Babeau

So I'm going to take your questions, and I don't want to give [indiscernible], but I need to go through a few preliminary comments very rapidly on the [indiscernible] your question. So if you can move the slide, I draw your attention on the forward-looking and cautionary statement. Well, just a simple message to confirm that we believe that we are on track to deliver a very strong performance in 2022. We expect Q3 to come as expected with the continuation of strong performance on IQOS. We expect nice growth of in-market sales across all the key markets. We expect Europe to continue to do well.

We expect to see the continuation of a good success and acceleration in a number of emerging countries where IQOS start to

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