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MarketScreener Homepage  >  Equities  >  Nyse  >  Philip Morris International, Inc.    PM

PHILIP MORRIS INTERNATIONAL, INC.

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Philip Morris Sees E-Cigarette Fear Boosting Its Own Product -- WSJ

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10/18/2019 | 02:49am EDT

Tobacco company says concerns should increase sales of heat-not-burn device

By Jennifer Maloney and Allison Prang 

Tobacco giant Philip Morris International Inc. says vaping fears in U.S. should give a boost to the recent launch of its IQOS smoking alternative.

IQOS, a device that heats tobacco sticks but doesn't burn them, is already sold in dozens of other countries. It went on sale in the U.S. last month. After a review, the Food and Drug Administration said earlier this year that it would allow Philip Morris and its partner Altria Group Inc. to market IQOS to adult smokers.

The U.S. tobacco market has been upended by a surge in vaping driven in large part by the popularity of e-cigarettes such as those made by startup Juul Labs Inc. A jump in underage vaping has prompted the FDA to prepare a crackdown on most flavored products. At the same time, a deadly lung illness, which has mostly affected people vaping THC products, has dampened the outlook for vaping.

"It's early days, but we have heightened expectations given the news flow that's happened in the U.S. if you're a smoker and considering alternatives," Philip Morris finance chief Martin King said on a conference call Thursday with analysts. He noted IQOS is the only heat-not-burn tobacco product with FDA authorization.

Since IQOS doesn't burn tobacco, the device doesn't produce smoke when users inhale. It heats tobacco sticks that come in regular and menthol flavors. It differs from other smoking alternatives such as e-cigarettes that produce vapor from nicotine-laced liquid.

Philip Morris and Altria abandoned merger talks last month amid shareholder opposition to the potential blockbuster deal. Altria sells Marlboros in the U.S.; Philip Morris sells them elsewhere. The two companies were split apart in 2008.

"We... got pretty clear feedback from our shareholders with a lot of questions about whether this would make sense, and shareholders feeling that they could, if they wanted to be exposed to the U.S. market, buy Altria separately," Mr. King said. "They didn't need PMI to do that."

Philip Morris estimates there were about 12.4 million IQOS users world-wide as of the end of its latest quarter, which as been on sale for several years in Asia and Europe. The company continues to expect total industry cigarette volumes this year to decline about 2.5%, excluding China and the U.S.

On Thursday, Philip Morris lowered its profit expectations for the year and reported lower profit in the third quarter after a Russian tax authority concluded the company's Russian affiliate underpaid in taxes.

The company said it now expects earnings for 2019 to be at least $4.73 a share. It had projected at least $4.94 a share. Analysts polled by FactSet are expecting $5.04 a share.

Earnings in the third quarter were $1.9 billion, down 16% from the comparable quarter a year earlier. The latest period included a $374 million tax charge in Russia.

Net revenue was $7.64 billion, up 1.8%. The company said that shipment volume of cigarettes and heated tobacco units declined by a little more than 2%.

Shares of Philip Morris were down 0.2% to $78.98 in early afternoon trading.

Write to Jennifer Maloney at jennifer.maloney@wsj.com and Allison Prang at allison.prang@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ALTRIA GROUP, INC. 0.62% 39.05 Delayed Quote.-21.76%
PHILIP MORRIS INTERNATIONAL, INC. -0.20% 73.36 Delayed Quote.-13.79%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.51% 70.175 Delayed Quote.13.87%
WORLD CO., LTD. -3.03% 1567 End-of-day quote.-41.77%
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Financials (USD)
Sales 2020 28 614 M - -
Net income 2020 7 512 M - -
Net Debt 2020 23 148 M - -
P/E ratio 2020 15,1x
Yield 2020 6,42%
Capitalization 114 B 114 B -
EV / Sales 2019
EV / Sales 2020 4,80x
Nbr of Employees 73 500
Free-Float 73,7%
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Technical analysis trends PHILIP MORRIS INTERNATIONA
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 19
Average target price 84,68 $
Last Close Price 73,36 $
Spread / Highest target 33,6%
Spread / Average Target 15,4%
Spread / Lowest Target -14,1%
EPS Revisions
Managers
NameTitle
André Calantzopoulos Chief Executive Officer & Director
Louis C. Camilleri Chairman
Jacek Olczak Chief Operating Officer
Emmanuel Andre Marie Babeau Chief Financial Officer
Patrick Brunel Chief Information Officer & Senior Vice President
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