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Together. Forward

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Together. Forward TOGETHER. FORWARD. PHILIP MORRIS INTERNATIONAL 2020 ANNUAL REPORT 2020 Philip Morris Annual Report_Feb 26, 2021 2020 Financial Highlights Adjusted Adjusted Adjusted Net Operating Operating Diluted Revenues Income Income Margin EPS -1.6% +4.6% +2.4pp +7.0% vs. 20191 vs. 20191 vs. 20191 vs. 20191 Operating Annualized Cash Flow Dividend $9.8 $4.80 Billion Per Share2 Smoke-Free Portfolio IQOS 2.4+ IQOS 3 DUO IQOS 3 MULTI IQOS VEEV 2020 Highlights Total Market Share PMI HTUs HTU Smoke-Free IQOS of PMI HTUs3 Shipment Product Users3 in IQOS #3 Volume Net Revenues Markets4 Tobacco “Brand” 17.6 in IQOS 76.1 23.8% Million 6.1% Markets4 Billion Units of Total5 Note: See page G-1 for glossary of select terms. Reconciliations to the most Cover photo: “TOGETHER. FORWARD.” is a new, integrated directly comparable U.S. GAAP measures are provided on pages R-1 to R-2. campaign that aims to address the motivations and desires (1) On an organic basis. See page G-1 for definition. (2) Annualized rate based on a quarterly dividend of $1.20 per common share, of millions of diverse adult smokers across the globe who declared September 9, 2020. would otherwise continue to smoke. As a consumer-centric (3) See page G-1 for definition. organization, we carefully listened to what our consumers (4) Excluding the U.S. had to say, then co-created the new IQOS campaign. (5) Reflects PMI reduced-risk product net revenues of $6.8 billion as a percentage of PMI total net revenues of $28.7 billion. 2020 Philip Morris Annual Report_Feb 26, 2021 Dear Shareholder, In 2020, PMI delivered a robust business performance given the approximately 12.7 million have switched to IQOS and stopped unprecedented headwinds of the COVID-19 pandemic. This smoking.1 Importantly, smoke-free products accounted for almost reflected the consistent, broad-based and increasingly profitable one-quarter of our total net revenues for the year. This growing growth of IQOS, solid pricing for combustible tobacco products weight provides a powerful tailwind to our top- and bottom-line outside Indonesia, and significant cost efficiencies. We also financial performance. achieved several important milestones, notably the U.S. Food We added more IQOS users in 2020 than in the previous year, and Drug Administration’s authorization of a version of IQOS as a with our accelerated shift to digital and remote engagement Modified Risk Tobacco Product (MRTP). helping to mitigate the pandemic-related impact on IQOS user As we look back on the year, we must first and foremost salute acquisition. This supported strong HTU volume growth in the the enormous efforts of the entire PMI organization to keep our EU, Japan and Russia, only partly offset by Duty Free due to the employees and their families safe, ensure business continuity, pandemic-related decline in international travel. By year-end, rapidly adapt our ways of working and help our local communities. IQOS was commercialized in 64 markets. Complementing our IQOS heat-not-burn product offering, 2020 vs. 2019 Results we made important steps to expand our smoke-free portfolio The industry backdrop was very challenging, as pandemic-linked in 2020 to provide adult smokers with an ever-broader range of confinements and other restrictions led to reduced adult smoker taste, price and technology choices. This included the launch of lil daily tobacco consumption, temporary disruptions of both our SOLID in Russia and Ukraine and lil HYBRID in Japan, leveraging supply chain and the retail trade in certain markets, a severe our global collaboration agreement with KT&G. We also began the decline in our duty-free business, and the exacerbation of market international launch of our IQOS VEEV e-vapor product (pictured headwinds in Indonesia. on the back cover of this report) in New Zealand in August, Nonetheless, our 2020 results represent an outstanding followed by the Czech Republic in December. delivery by the organization under severe constraints, including In 2020, we maintained our relentless focus on consumer the management of the business through remote working for the centricity to enhance the experience along the entire consumer majority of the year. journey associated with our smoke-free products – from aware- Total cigarette and heated tobacco unit (HTU) shipment ness and understanding to full switching and advocacy. This drives volume of 704.6 billion units decreased by 8.1%, or by 7.9% on a our commercialization activities – covering channels and programs like-for-like1 basis, reflecting lower cigarette volume, mainly due to – and development activities, from both a product and brand industry-wide COVID-related disruption, particularly in the second perspective. A central element of this focus was our engagement quarter. HTU shipment volume increased by 27.6%, to 76.1 billion with consumers to collect timely, first-hand feedback to drive units, driven by the strong growth of IQOS. improvements at each stage of consumer interaction. Total cigarette and HTU market share declined by 0.7 The U.S. Food and Drug Administration’s issuance, in July, percentage points, to 27.7% of the international market, excluding of MRTP orders for the IQOS Tobacco Heating System (IQOS China and the U.S., reflecting a lower share for cigarettes – 2.4 device and three HTU variants) was a historic milestone for mainly due to Indonesia and PMI Duty Free, which accounted PMI, permitting the marketing of these products with reduced for a 0.8-percentage-point decline – partly offset by the strong exposure claims in the U.S. and providing a strong reference for performance of our HTU brands, whose international share science-based harm-reduction discussions in other jurisdictions. increased by 0.8 percentage points to reach 3.0%. Furthermore, the FDA’s authorization of IQOS 3 via the premarket Net revenues of $28.7 billion decreased by 3.7%. On an organic tobacco application (PMTA) pathway was another important step basis, net revenues declined by 1.6%, due primarily to unfavorable for the tens of millions of men and women in the U.S. who smoke. combustible tobacco volume/mix – which was exacerbated by There were a number of important regulatory developments pandemic-related headwinds – partly offset by higher HTU internationally for smoke-free products in 2020. For example, shipment volume and favorable combustible tobacco pricing. Greece adopted an amendment to its tobacco regulation that Adjusted operating income (OI) of $11.7 billion decreased sets forth a pre-approval regimen that allows the communication by 0.5%. On an organic basis, adjusted OI increased by 4.6%, of scientifically substantiated messages to adult smokers. In driven by: the growing weight of IQOS in our business; significant addition, New Zealand included an amendment of its tobacco efficiencies related to manufacturing and operating costs; and regulation in which non-combusted alternatives are clearly the optimization, digitalization and greater utilization of our differentiated from smoking products. smoke-free-product commercial infrastructure. Adjusted OI In 2020, we extended our corporate “Unsmoke” campaign margin increased by 240 basis points on an organic basis. to include “Unsmoke Your Mind,” which communicates the Adjusted diluted EPS of $5.17 decreased by 0.4%. On an organic importance of creating a regulatory environment in which basis, adjusted diluted EPS increased by 7.0%. decision-making is transparent, science based, and people Operating cash flow of $9.8 billion decreased by $0.3 billion, centric. In this vein, we held our first Open Science events, or 2.8%. On a currency-neutral, like-for-like basis, operating cash which showcased our latest scientific results and provided an flow increased by 3.5%. opportunity to discuss – in a virtual setting – relevant topics with In September, the Board of Directors approved a 2.6% increase more than 1,600 participants from 80 countries. in the quarterly dividend, to an annualized rate of $4.80 per share. This represented the thirteenth consecutive year in which we Combustible Product Portfolio increased our dividend since becoming a public company in 2008. Our combustible tobacco portfolio showed resilience in 2020. While specific headwinds in Duty Free and Indonesia weighed on Delivering a Smoke-Free Future the overall share of our cigarette brands, the share performance IQOS continued its strong performance in 2020. We closed the elsewhere was essentially stable net of IQOS-related cannibal- year with an estimated 17.6 million total IQOS users,1 of which ization. This was achieved despite our premium positioning, which (1) See page G-1 for definition. 1 2020 Philip Morris Annual Report_March 1, 2021 makes our portfolio more sensitive to reduced social consumption of talented individuals whose diverse perspectives and life opportunities for which brands like Marlboro are over indexed. experiences will help us unlock the creativity and innovation Our combustible tobacco pricing variance of nearly 4% was lower needed to propel us toward our vision of a smoke-free future. than the historical annual average, mainly due to an approximate two-percentage-point drag from Indonesia. Board of Directors We continue to leverage our leadership of the combustible In December 2020, Louis C. Camilleri retired from his position as tobacco category – and related infrastructure, expertise and Chairman of the Board.3 On behalf of the entire organization, access to adult smokers – to support our smoke-free expansion. we want to thank Louis for his tremendous contributions to the company throughout his 40-year career at PMI and its former Sustainability parent. We have all witnessed with admiration his inspiring Sustainability is at the core of our smoke-free strategy, and leadership, immense intellect, strategic vision, and genuine passion the company made considerable progress in this important for the PMI family.
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