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one point one hundred thirty one |
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By Juveria Tabassum and Emma Rumney
Oct 19 (Reuters) - Philip Morris International (PMI) on Thursday lowered its full-year forecast
for shipment volumes of its heated tobacco products,
overshadowing an increase in annual profit
expectations and stronger than predicted third-quarter
earnings.
The world's top tobacco company by market value has sought to
counter stricter regulations and falling demand for its traditional products in some
markets via a shift into smoking alternatives.
Its heated tobacco device IQOS has long been at the core of that plan,
consuming the vast majority of the more than $10 billion PMI says it has
invested in its transition away from cigarettes since 2008.
Heated tobacco shipment volumes would be lower than previously expected over
the full-year, PMI said, citing factors including limited growth in Russia
and Ukraine and "uncertainty related to inventory levels" in Europe amid incoming regulations on heated tobacco
flavours.
The European Union will later this month implement a ban on flavoured heated
tobacco, part of a plan to minimise tobacco use across the bloc by 2040.
PMI's shares, which are down 9% this year, fell 2% in early trade, but
recovered to stand 1% down at 1411 GMT.
Chief Financial Officer Emmanuel Babeau said PMI believed any volatility due to the EU ban would
be temporary.
We continue to hold the "view that this ban should not ultimately bring major disruption," he said.
However, Gaurav Jain, a director of equity research at Barclays, said it would be hard for PMI
to know the full impact of the ban until after it is implemented.
PMI continued to see significant growth in its oral
nicotine products like ZYN, acquired via the company's purchase
of Swedish Match last year.
ZYN saw a 65.7% increase in shipment volumes to the key
U.S. market alone in the quarter, with CEO Jacek Olczak saying the product had "surpassed our expectations yet again".
PMI's quarterly performance was also helped by 18% growth in heated tobacco shipment
volumes and a 9% increase in cigarette pricing.
It reported third-quarter adjusted profit of $1.67 per share,
surpassing its own guidance range, and raised its annual profit guidance to between $6.05 and $6.08
per share.
(Reporting by Juveria Tabassum and Emma Rumney; editing
by Chizu Nomiyama, Kirsten Donovan, Jane Merriman and Susan Fenton) |
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LONDON, Sept 28 (Reuters) - Philip Morris International (PMI) on Thursday signalled a slower than anticipated U.S.
roll out of its IQOS heated tobacco device, a choice analysts said
was positive for its competitors in the short term.
The New York-listed Marlboro maker also said it aims for more than two thirds of its net revenues to come from "smoke-free" products by 2030, up from 50% in 2025, as
it tries to transform its image from a cigarette purveyor
to a driver of the shift to healthier alternatives.
Investors have been closely watching IQOS' entry into the U.S., the world's largest market for nicotine products,
and had been expecting it from May 2024 next year. Reuters reported on Wednesday that PMI is hiring lobbyists across a host of
key U.S. states ahead of the launch.
Chief Executive Jacek Olczak said IQOS would launch in four cities in two unnamed U.S.
states from 2024, but a national launch would only come after PMI receives approval to sell the latest version, known as IQOS
ILUMA.
The company was planning to apply for approval in October
and expected it from 2025, he continued.
"We need to warm up the tyres," he said of the initial launch, which
would help PMI fine tune its approach.
A national roll-out of ILUMA would follow but
in phases, he continued, adding launching in 10 states in the first year would
make sense.
Meaningful traction for PMI's heated tobacco products in the U.S.
"now looks delayed until ILUMA," Owen Bennett, equity analyst at Jefferies, said in a note,
adding this was a positive for PMI's rivals.
Olczak also signalled that PMI's push into non-nicotine products was no longer a priority.
It recently scrapped an ambition for $1 billion in net revenues to come from sales of
such products by 2025.
Instead, PMI will focus its resources on IQOS and nicotine pouch brand
ZYN, Olczak said, adding it had been too optimistic around acceptance of big tobacco companies operating
outside of nicotine.
PMI also announced updated medium-term targets including for revenue and earnings
per share, and ambitious volume targets for IQOS and ZYN.
ZYN and other oral nicotine products in the U.S. would help drive an expected
$2 billion in revenues there in 2024, even before IQOS ILUMA, executives said.
PMI shares were up 1.5% on Thursday. (Reporting by Emma Rumney in London and Granth Vanaik in Bengaluru; additional reporting
by Ananya Mariam Rajesh in Bengaluru; Writing by Emma Rumney; Editing by
Elaine Hardcastle and Josie Kao) |
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