Philip Morris International Inc. (PM) Q4 2022 Earnings Call Transcript

Philip Morris International Inc. (NYSE:PM) Q4 2022 Earnings Conference Call February 9, 2023 9:00 AM ET

Company Participants

James Bushnell - VP, IR and Financial Communications

Jacek Olczak - CEO

Emmanuel Babeau - CFO

Conference Call Participants

Chris Growe - Stifel

Bonnie Herzog - Goldman Sachs

Gaurav Jain - Barclays

Pamela Kaufman - Morgan Stanley

Vivien Azer - Cowen

Owen Bennett - Jefferies

Andrei Condrea - UBS

Jared Dinges - JPMorgan

Operator

Good day, and welcome to the Philip Morris International Fourth Quarter 2022 and Full Year Earnings Conference Call. Today's call is scheduled to last about one hour, including remarks by Philip Morris International Management and the question-and-answer session. [Operator Instructions]

I will now turn the call over to Mr. James Bushnell, Vice President of Investor Relations and Financial Communications. Please go ahead, sir.

James Bushnell

Welcome. Thank you for joining us. Earlier today, we issued a press release containing detailed information on our 2022 fourth quarter and full year results. You may access the release on pmi.com.

A glossary of terms including the definition for the smoke-free products as well as adjustments, other calculations and reconciliations to the most directly-comparable U.S. GAAP measures and additional smoke-free volume and net revenue data are at the end of today's webcast slides, which are posted on our website.

Growth rates presented on an organic basis reflect currency-neutral adjusted results excluding acquisitions and disposals. As such figures and comparisons presented on an organic basis exclude Swedish Match up until November 11, 2023. As mentioned previously, starting in the second quarter of 2022 and on a comparative basis, PMI excludes amortization and impairment of acquired intangibles from its adjusted results.

Today's remarks contain forward-looking statements and projections of future results. I direct your attention to the Forward-Looking and Cautionary Statements disclosure in today's presentation and press release for a review of the various factors that could cause actual results to differ materially from projections or forward-looking statements.

I'm joined today by Jacek Olczak, Chief Executive Officer; and Emmanuel Babeau, Chief Financial Officer. Over to you, Jacek.

Jacek Olczak

Thank you, James and welcome everyone.

We had a remarkable year for our smoke-free transformation in 2022. Despite the exceptional challenges of the war in Ukraine, severe supply-chain disruptions and global inflation, we delivered very strong financial performance and took two major strategic strides towards a smoke-free future.