Philip Morris International Inc. (PM) Q3 2022 Earnings Call Transcript

Philip Morris International Inc. (NYSE:PM) Q3 2022 Results Conference Call October 20, 2022 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

Pamela Kaufman - Morgan Stanley

Gaurav Jain - Barclays

Bonnie Herzog - Goldman Sachs

Priya Ohri-Gupta - Barclays

Operator

Good day, and welcome to the Philip Morris International Third Quarter 2022 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.

James Bushnell

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

A glossary of terms, including the definition for reduced-risk products, or "RRPs," 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. Unless otherwise stated, all references to IQOS are to our IQOS heat-not-burn products, and all references to smoke-free products are to our RRPs. Growth rates presented on an organic basis reflect currency-neutral adjusted results excluding acquisitions and disposals. Figures and comparisons presented on a pro forma basis entirely exclude PMI’s operations in Russia and Ukraine. 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. Jacek will join us for the question-and-answer session.

Over to you, Emmanuel.

Emmanuel Babeau

Thank you, James, and welcome everyone.

Today marks a historic day in our journey towards a smoke-free future, with the certainty that we will have full control of IQOS, the world’s leading smoke-free product in the United States, the world’s largest smoke-free market from April 30, 2024.