Philip Morris International, Inc. (PM) dbAccess Global Consumer Conference Call Transcript

Philip Morris International, Inc. (NYSE:PM) dbAccess Global Consumer Conference Call June 3, 2025 5:15 AM ET

Company Participants

Emmanuel Babeau - CFO

Conference Call Participants

Damian McNeela - Deutsche Bank

Damian McNeela

Good morning, everybody. I think we will make a start. I've got the pleasure of welcoming Emmanuel Babeau, CFO of Philip Morris International to the stage this morning. He's been chatting with Emmanuel. He's been here from the start and this is my first time interviewing him or having a chat with him.

Emmanuel Babeau

Everything's going to be fine.

Damian McNeela

Everything's going to be fine. Yes, so -- but I think you would like to make some opening remarks, Emmanuel.

Emmanuel Babeau

Yes, sure. Thank you, Damien for hosting us. Good morning, everybody. As always, it's a great pleasure to be in Paris at the beginning of June and being Parisian, but no longer living in Paris. I particularly enjoy that. So I call your attention on the forward-looking and cautionary statements as always.

And as a summary and introduction, what I will say is that we are on track for another year of strong growth at the level of revenue, operating income, and adjusted EPS before ForEx that is, of course, first and foremost boosted by the very strong growth that we experienced on our smoke-free portfolio.

All our brands are performing extremely well and strongly. We have, of course, the continuation of the growth of IQOS. You’ve seen that in Q1, we were close to a 10% adjusted in-market sales progression with Japan that is close to 10% growth. Europe, a bit above 7% despite the fact that Europe is still impacted by the flavor ban and that will have an impact of around 1 billion stick in 2025. But we expect Europe to continue to recover gradually as we progress to 2025. We see also