Philip Morris International's (PM) CEO Jacek Olczak on Q1 2022 Results - Earnings Call Transcript

Philip Morris International Inc. (NYSE:PM) Q1 2022 Earnings Conference Call April 21, 2022 9:00 AM ET

Company Participants

Nick Rolli – Vice President-Investor Relations and Financial Communications

Jacek Olczak – Chief Executive Officer

Emmanuel Babeau – Chief Financial Officer

Conference Call Participants

Chris Growe – Stifel

Pamela Kaufman – Morgan Stanley

Vivien Azer – Cowen

Bonnie Herzog – Goldman Sachs

Gaurav Jain – Barclays

Jared Dinges – JPMorgan

Operator

Good day, and welcome to the Philip Morris International First Quarter and 2021 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] Media representatives on the call will also be invited to ask questions at the conclusion of the question-and-answer from the investment community.

I would now like to turn the call over to Mr. Nick Rolli, Vice President of Investor Relations and Financial Communications. Please go ahead, sir.

Nick Rolli

Welcome and thank you for joining us. Earlier today, we issued a press release containing detailed information on our 2022 first 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 heated tobacco unit market 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. Figures and comparisons presented on a pro forma basis entirely exclude PMI’s operations in Russia and Ukraine. In the third quarter of 2021, we acquired Fertin Pharma, Vectura Group and OtiTopic. On March 31, 2022, we launched a new Wellness and Healthcare business, Vectura Fertin Pharma, which consolidates these entities. The operating results of this new business are reported in the Other category. Business operations of our Wellness and Healthcare business are managed and evaluated separately from the geographical segments.

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.