The CFO said that if the company can meet a target of having smoke-free products account for two-third of sales by 2030, the cigarette business would become...
Shares of Philip Morris International climbed on Thursday after the tobacco company introduced long-term targets that pleased investors, and are edging higher again on Friday. Its CFO says that the future looks bright.
The dollar has been strong as a result of the Federal Reserve’s interest-rate increases, so foreign exchange has been a headache for the firm, reducing profits earned overseas in terms of the U.S. currency. Philip Morris lowered its forecast for full-year 2023 earnings per share, saying it now expects currency to be a 50 cent per-share headwind to profits this year, up from its prior 33-cent estimate.
He highlighted the “two star players in the portfolio,” the heat-not-burn product Iqos, and the Zyn brand of nicotine pouches, which Philip Morris added when it acquired Swedish Match in 2022. These, Babeau believes, will be big drivers of growth in the coming years because they are seeing higher increases in sales and bring in more revenue per unit than combustible products.
If it can pull that off, “the combustible business would become residual,” at less than a third of Philip Morris’s top line, Babeau said.
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