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Philip Morris International Inc. (PM) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Philip Morris International Inc.

CIK: 1413329 Ticker: PM

Exhibit 99.1
PRESS RELEASE
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Investor Relations:Media:
New York: +1 (917) 663 2233Lausanne: +41 (0)58 242 4500
Lausanne: +41 (0)58 242 4666Email: Iro.Antoniadou@pmi.com
Email: InvestorRelations@pmi.com

PHILIP MORRIS INTERNATIONAL INC. REPORTS 2020 FOURTH-QUARTER & FULL-YEAR RESULTS;
2020 FULL-YEAR REPORTED DILUTED EPS OF $5.16 VERSUS $4.61 IN 2019,
REFLECTING ADJUSTED DILUTED EPS GROWTH OF 7.0% ON AN ORGANIC BASIS;
PROVIDES 2021 EPS FORECAST

NEW YORK, February 4, 2021 – Philip Morris International Inc. (NYSE: PM) today announces its 2020 fourth-quarter and full-year results. Comparisons presented in this press release on a "like-for-like" basis reflect pro forma 2019 results, which have been adjusted for the deconsolidation of PMI's Canadian subsidiary, Rothmans, Benson & Hedges, Inc. (RBH), effective March 22, 2019 (the date of deconsolidation). In addition, PMI's total market share has been restated for previous periods to reflect the deconsolidation. Growth rates presented in this press release on an organic basis reflect currency-neutral underlying results and "like-for-like" comparisons, where applicable. Adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures are included in the schedules to this press release.
2020 FULL-YEAR & FOURTH-QUARTER HIGHLIGHTS
2020 Full-Year
Reported diluted EPS of $5.16, up by 11.9%; up by 18.9%, excluding currency
Adjusted diluted EPS of $5.17, down by 0.4%; up by 7.0% on an organic basis
Cigarette and heated tobacco unit shipment volume down by 8.1% (reflecting cigarette shipment volume down by 11.1%, and heated tobacco unit shipment volume up by 27.6% to 76.1 billion units); down by 7.9% on a like-for-like basis
Market share for heated tobacco units in IQOS markets, excluding the U.S., up by 1.7 points to 6.1%
Net revenues down by 3.7%; down by 1.6% on an organic basis
Operating income up by 10.8%; up by 15.3%, excluding currency
Adjusted operating income up by 4.6% on an organic basis
Adjusted operating income margin of 40.8%, up by 2.4 points on an organic basis
Increased the regular quarterly dividend per share by 2.6% to an annualized rate of $4.80
Total IQOS users at year-end estimated at approximately 17.6 million, of which approximately 12.7 million have switched to IQOS and stopped smoking
On July 7, 2020, the U.S. Food and Drug Administration (FDA) authorized the marketing of a version of IQOS as a Modified Risk Tobacco Product
On December 7, 2020, the U.S. FDA authorized the sale of the IQOS 3 device in the U.S. through the issuance of a premarket tobacco marketing order


The following information was filed by Philip Morris International Inc. (PM) on Thursday, February 4, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Philip Morris International Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Earnings
Consolidated Statements Of Comprehensive Earnings (Parenthetical)
Consolidated Statements Of Earnings
Consolidated Statements Of Stockholders' (Deficit) Equity
Consolidated Statements Of Stockholders' (Deficit) Equity (Parenthetical)
Accumulated Other Comprehensive Losses
Accumulated Other Comprehensive Losses (Components Of Accumulated Other Comprehensive Losses, Net Of Taxes) (Details)
Accumulated Other Comprehensive Losses (Tables)
Acquisitions
Acquisitions (Details)
Additional Information
Additional Information (Schedule Of Additional Information) (Details)
Additional Information (Tables)
Asset Impairment And Exit Costs
Asset Impairment And Exit Costs (Asset Impairment And Exit Costs By Segment) (Details)
Asset Impairment And Exit Costs (Movement In Exit Cost Liabilities) (Details)
Asset Impairment And Exit Costs (Narrative) (Details)
Asset Impairment And Exit Costs (Tables)
Background And Basis Of Presentation
Benefit Plans
Benefit Plans (Amounts Recorded In Accumulated Other Comprehensive Losses) (Details)
Benefit Plans (Components Of Net Periodic Benefit Cost) (Details)
Benefit Plans (Estimated Future Benefit Payments From Pension Plans) (Details)
Benefit Plans (Fair Value Of Pension Plan Assets) (Details)
Benefit Plans (Movements In Other Comprehensive Earnings (Losses)) (Details)
Benefit Plans (Narrative) (Details)
Benefit Plans (Net Pension And Postretirement Cost Weighted-Average Assumptions) (Details)
Benefit Plans (Obligations And Funded Status) (Details)
Benefit Plans (Pension And Other Employee Benefit Costs) (Details)
Benefit Plans (Pension And Postretirement Liabilities Recognized In Consolidated Balance Sheet) (Details)
Benefit Plans (Tables)
Benefit Plans (Weighted-Average Assumptions To Determine Benefit Obligations) (Details)
Capital Stock
Capital Stock (Narrative) (Details)
Capital Stock (Schedule Of Common Stock) (Details)
Capital Stock (Tables)
Contingencies
Contingencies (Health Care Cost Recovery Litigation) (Details)
Contingencies (Label-Related Cases) (Details)
Contingencies (Number Of Tobacco Related Cases Pertaining To Combustible Products Pending Against Us And/Or Our Subsidiaries Or Indemnitees) (Details)
Contingencies (Other Litigation) (Details)
Contingencies (Public Civil Actions) (Details)
Contingencies (Smoking And Health Litigation) (Details)
Contingencies (Tables)
Contingencies (Third-Party Guarantees) (Details)
Contingencies (Tobacco-Related Litigation) (Details)
Contingencies (Verdicts And Post-Trial Developments) (Details)
Deconsolidation Of Rbh
Deconsolidation Of Rbh (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Financial Instruments
Financial Instruments (Cash Flow And Net Investment Hedging Activities Effect On Condensed Consolidated Statements Of Earnings And Other Comprehensive Earnings) (Details)
Financial Instruments (Fair Value Of Foreign Exchange Contracts) (Details)
Financial Instruments (Hedging Activity Affect On Aoci) (Details)
Financial Instruments (Narrative) (Details)
Financial Instruments (Tables)
Goodwill And Other Intangible Assets, Net
Goodwill And Other Intangible Assets, Net (Movement In Goodwill) (Details)
Goodwill And Other Intangible Assets, Net (Narrative) (Details)
Goodwill And Other Intangible Assets, Net (Other Intangible Assets) (Details)
Goodwill And Other Intangible Assets, Net (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Earnings Before Income Taxes And Provision For Income Taxes) (Details)
Income Taxes (Schedule Of Reasons Attributable To The Differences Between Effective Income Tax Rate And Federal Statutory Rate) (Details)
Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefits) (Details)
Income Taxes (Schedule Of Temporary Differences Of Tax Effects To Deferred Income Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Unrecognized Tax Benefits And Liability For Contingent Income Taxes, Interest And Penalties) (Details)
Income Taxes (Tables)
Indebtedness
Indebtedness (Aggregate Maturities Of Long-Term Debt) (Details)
Indebtedness (Credit Facilities) (Details)
Indebtedness (Debt Issuances Outstanding) (Details)
Indebtedness (Fair Value Of Outstanding Long-Term Debt, Excluding Finance Leases) (Details)
Indebtedness (Long-Term Debt) (Details)
Indebtedness (Narrative) (Details)
Indebtedness (Short-Term Borrowings) (Details)
Indebtedness (Tables)
Leases
Leases (Details)
Leases (Tables)
Product Warranty
Product Warranty (Details)
Product Warranty (Tables)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Schedule Of Quarterly Financial Information) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Related Parties - Equity Investments And Other
Related Parties - Equity Investments And Other (Balance Sheet And Earnings Activity) (Details)
Related Parties - Equity Investments And Other (Narrative) (Details)
Related Parties - Equity Investments And Other (Tables)
Sale Of Accounts Receivable
Sale Of Accounts Receivable (Details)
Segment Reporting
Segment Reporting (Long-Lived Assets By Segment) (Details)
Segment Reporting (Narrative) (Details)
Segment Reporting (Other Expenses By Segment) (Details)
Segment Reporting (Segment Data) (Details)
Segment Reporting (Tables)
Stock Plans
Stock Plans (Activity For Performance Share Units) (Details)
Stock Plans (Activity For Restricted Share Unit Awards) (Details)
Stock Plans (Assumptions Used) (Details)
Stock Plans (Narrative) (Details)
Stock Plans (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policy)
Ticker: PM
CIK: 1413329
Form Type: 10-K Annual Report
Accession Number: 0001413329-21-000007
Submitted to the SEC: Tue Feb 09 2021 4:20:37 PM EST
Accepted by the SEC: Tue Feb 09 2021
Period: Thursday, December 31, 2020
Industry: Cigarettes

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