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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 8-K



CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 28, 2023



Philip Morris International Inc.
(Exact name of registrant as specified in its charter)

Virginia
1-33708
13-3435103
(State or other jurisdiction
of incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)

677 Washington Blvd, Ste. 1100StamfordConnecticut06901
(Address of principal executive offices)(Zip Code)


Registrant's telephone number, including area code: (203) 905-2410
(Former name or former address, if changed since last report.)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par valuePMNew York Stock Exchange
2.125% Notes due 2023PM23BNew York Stock Exchange
3.600% Notes due 2023PM23ANew York Stock Exchange
2.875% Notes due 2024PM24New York Stock Exchange
2.875% Notes due 2024PM24CNew York Stock Exchange
0.625% Notes due 2024PM24BNew York Stock Exchange
3.250% Notes due 2024PM24ANew York Stock Exchange
2.750% Notes due 2025PM25New York Stock Exchange
3.375% Notes due 2025PM25ANew York Stock Exchange
2.750% Notes due 2026PM26ANew York Stock Exchange
2.875% Notes due 2026PM26New York Stock Exchange
0.125% Notes due 2026PM26BNew York Stock Exchange
3.125% Notes due 2027PM27New York Stock Exchange
3.125% Notes due 2028PM28New York Stock Exchange
2.875% Notes due 2029PM29New York Stock Exchange
3.375% Notes due 2029PM29ANew York Stock Exchange
0.800% Notes due 2031PM31New York Stock Exchange
3.125% Notes due 2033PM33New York Stock Exchange
2.000% Notes due 2036PM36New York Stock Exchange
1.875% Notes due 2037PM37ANew York Stock Exchange
6.375% Notes due 2038PM38New York Stock Exchange
1.450% Notes due 2039PM39New York Stock Exchange
4.375% Notes due 2041PM41New York Stock Exchange
4.500% Notes due 2042PM42New York Stock Exchange
3.875% Notes due 2042PM42ANew York Stock Exchange
4.125% Notes due 2043PM43New York Stock Exchange
4.875% Notes due 2043PM43ANew York Stock Exchange
4.250% Notes due 2044PM44New York Stock Exchange



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
                                                
         Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐



Item 7.01.
Regulation FD Disclosure.
(i) Recast Geographic Segment Shipment Volume and Financial Information

As previously reported in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Form 10-K”), filed with the U.S. Securities and Exchange Commission on February 10, 2023 by Philip Morris International Inc. (the “Company” or "PMI"), in January 2023, the Company began managing its business in four geographical segments, down from six previously, in addition to its continuing Swedish Match AB ("Swedish Match") and Wellness and Healthcare segments. The four geographical segments are as follows:

•The Europe Region;
•The South & Southeast Asia, Commonwealth of Independent States and Middle East & Africa Region (“SSEA, CIS & MEA");
•The East Asia, Australia & PMI Duty Free Region (“EA, AU & PMI DF”); and
•The Americas Region.

On March 28, 2023, the Company posted on its website certain recast historical shipment volume and financial information that reflects the change in reportable geographical segments described above.

The unaudited recast historical information is being furnished solely to aid investors by providing supplemental information, has no impact on the Company's previously reported consolidated financial position or results of operations, and does not represent a restatement of the Company's previously issued consolidated financial statements that were included in the 2022 Form 10-K. The Company's 2022 and 2021 quarterly and annual recast shipment volume and financial information, previously presented in earnings releases for the same periods, as well as other financial information, is furnished herewith as Exhibit 99.1 and is incorporated in this Item 7.01 by reference. The Company's 2021 and 2020 recast shipment volume and financial information, previously presented in earnings releases for the same periods, as well as other financial information, is furnished herewith as Exhibit 99.2 and is incorporated in this Item 7.01 by reference. As presented in Exhibits 99.1 and 99.2 to this Form 8-K, shipment volumes and financial information for PMI on a consolidated basis, the Wellness & Healthcare segment, and, where applicable, the Swedish Match segment, do not differ from previously disclosed results.

Key terms, definitions and explanatory notes, as well as reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are set forth on Exhibits 99.1 and 99.2.

(ii) Pro Forma Financial Information

Also on March 28, 2023, the Company posted on its website certain unaudited pro forma financial information reflecting the combined fiscal year 2022 results for PMI and Swedish Match, which the Company acquired in November 2022. This information is intended to assist investors in assessing the Company’s historical performance on a combined basis that reflects the Swedish Match acquisition and is furnished herewith as Exhibit 99.3 and is incorporated in this Item 7.01 by reference.

The unaudited pro forma combined financial information was prepared using the acquisition method of accounting as required by ASC 805 Business Combinations and was based on the historical financial information of PMI and Swedish Match as disclosed in Item 8. Note 3. Acquisitions to the Company's 2022 Form 10-K. The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations would have been had the acquisition been completed on January 1, 2021. In addition, the unaudited pro forma financial information is not a projection of future results of operations of the combined company.

The information in this Current Report on Form 8-K, including Exhibits 99.1, 99.2, and 99.3, should be read in conjunction with the Company's 2022 Form 10-K.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2, and 99.3 hereto, is incorporated by reference herein and is being


“furnished” to the Securities and Exchange Commission and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 7.01 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.


Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits.
99.1
99.2
99.3
104
Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document and contained in Exhibit 101)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PHILIP MORRIS INTERNATIONAL INC.
By:/s/ EMMANUEL BABEAU
Name:Emmanuel Babeau
Title:Chief Financial Officer
Date: March 28, 2023



Document

Exhibit 99.1




Recast Shipment Volume and Unaudited Financial Information

2022 vs. 2021











PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Key Terms, Definitions and Explanatory Notes
General
• “PMI” refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized.

• The recast 2022 and 2021 shipment volumes and financial information in this document reflect PMI’s new geographic segmentation, announced on November 25, 2022, effective in January 2023. PMI’s shipment volumes and financials for total PMI, as well as Wellness & Healthcare and Swedish Match segments presented in this document do not differ from previously disclosed results.

• Comparisons are made to the same prior-year period unless otherwise stated.

• "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.

• "Total shipment volume" is defined as the combined total of cigarette shipment volume and heated tobacco unit shipment volume.

• In the third quarter of 2021, PMI acquired Fertin Pharma A/S, Vectura Group plc. and OtiTopic, Inc. On March 31, 2022, PMI launched a new Wellness and Healthcare business consolidating these entities, Vectura Fertin Pharma. The operating results of this new business are reported in the Wellness and Healthcare segment. The business operations of PMI's Wellness and Healthcare segment are managed and evaluated separately from the geographical segments.

• In the fourth quarter of 2022, Philip Morris Holland Holdings B.V., a wholly owned subsidiary of PMI, acquired a controlling interest in Swedish Match. The operating results of Swedish Match are disclosed as a separate segment. The business operations of the Swedish Match segment are managed and evaluated separately from the geographical segments.

Financial
• Adjusted net revenues exclude the impact related to the Saudi Arabia customs assessments.

• "Adjusted Operating Income Margin" is calculated as adjusted operating income divided by adjusted net revenues.

• Management reviews net revenues, operating income, operating income margin, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, asset impairment and exit costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI included adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results.


• Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.

• Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the relevant schedules provided with this report.

Smoke-Free Products
• Smoke-free products ("SFPs") is the term PMI primarily uses to refer to all of its products that are not combustible tobacco products, such as heat-not-burn, e-vapor, and oral nicotine. In addition, SFPs include wellness and healthcare products, as well as consumer accessories such as lighters and matches.

• Reduced-risk products (“RRPs”) is the term PMI uses to refer to products that present, are likely to present, or have the potential to present less risk of harm to smokers who switch to these products versus continuing smoking. PMI has a range of RRPs in various stages of development, scientific assessment and commercialization. PMI's RRPs are smoke-free products that contain and/or generate far lower quantities of harmful and potentially harmful constituents than found in cigarette smoke.

• Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems that are included in the operating results of PMI's new Wellness and Healthcare business, Vectura Fertin Pharma.

• Following the Swedish Match acquisition and a review of PMI and Swedish Match’s combined product portfolio, PMI reclassified certain of its own products previously reported under its combustible tobacco product category to the newly created smoke-free product category to better reflect the characteristics of these products. Prior years' amounts have been reclassified to conform with the updated presentation for all periods presented.

• "Heated tobacco units," or "HTUs," is the term PMI uses to refer to heated tobacco consumables, which include the company's BLENDS, HEETS, HEETS Creations, HEETS Dimensions, HEETS Marlboro and HEETS FROM MARLBORO (defined collectively as HEETS), Marlboro Dimensions, Marlboro HeatSticks, Parliament HeatSticks, SENTIA and TEREA, as well as the KT&G-licensed brands, Fiit and Miix (outside of South Korea).

• "SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa.

• "EA, AU & PMI DF" stands for East Asia, Australia and PMI Duty Free.



PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
New Geographic Segmentation (effective January 2023)
EuropeSouth & Southeast Asia, Commonwealth of Independent States & Middle East & Africa
(SSEA, CIS & MEA)		East Asia, Australia & PMI Duty Free
(EA, AU & PMI DF)		Americas
AlbaniaSerbiaAfghanistanKuwaitAustraliaArgentina
AndorraSlovak RepublicAlgeriaLaosDuty FreeBolivia
AustriaSloveniaAngolaLebanonHong KongBrazil
BelgiumSpainBahrainLesothoJapanCanada
Bosnia & HerzegovinaSwedenBangladeshLiberiaMacau
Caribbean(5)
BulgariaSwitzerlandBhutanLibyaMalaysiaChile
Canary IslandsUkraineBotswanaMaldivesNew ZealandColombia
CroatiaUnited KingdomBurkina FasoMali
Pacific Islands(4)
Costa Rica
Czech RepublicCambodiaMauritaniaPeople's Republic of ChinaDominican Republic
DenmarkCameroonMoroccoSingaporeEcuador
EstoniaCape VerdeNamibiaSouth KoreaEl Salvador
Finland
Caucasus(1)
NigeriaTaiwanGuatemala
France
Central Asia(2)
OmanHonduras
GermanyDjiboutiPakistanMexico
GreeceEast TimorPhilippinesNicaragua
HungaryEgyptQatarPanama
ItalyEquatorial GuineaRussiaParaguay
KosovoGabonSaudi ArabiaPeru
LatviaGambiaSenegalTrinidad & Tobago
LithuaniaGuineaSomaliaUnited States of America
LuxembourgIndiaSouth AfricaUruguay
Moldova
Indian Ocean Islands(3)
TanzaniaVenezuela
MontenegroIndonesiaThailand
NetherlandsIraqTogo
North MacedoniaIsraelTunisia
NorwayIvory CoastTurkey
PolandJordanUnited Arab Emirates
PortugalKazakhstanVietnam
RomaniaKingdom of Eswatini

(1) Caucasus includes Armenia, Azerbaijan and Georgia
(2) Central Asia includes Kyrgyzstan, Mongolia, Tajikistan and Uzbekistan
(3) Indian Ocean Islands includes Mauritius, Mayotte and Reunion
(4) Pacific Islands includes Christmas Islands, French Polynesia, Kiribati, Marshall Island, Micronesia, Nauru, New Caldedonia, Palau, State of Micronesia, Tonga and Vanuatu
(5) Caribbean includes Aruba, Bermuda, Bonaire, Curacao, French Guyana, Grenada, Guadeloupe, Martinique, St. Maarten (Dutch), St. Martin (French) and other Caribbean markets
Note: The list of markets by region is not exhaustive


Schedule 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Shipment Volume by Product Category
(million units) / (unaudited)
Quarters
Ended March 31		Quarters
Ended June 30		Quarters
Ended September 30		Quarters
Ended December 31		Full Year
Ended December 31
20222021%
Change		20222021%
Change		20222021%
Change		20222021%
Change		20222021%
Change
Cigarettes
Europe40,849 41,077 (0.6)%45,166 46,674 (3.2)%45,304 47,818 (5.3)%39,339 42,492 (7.4)%170,658 178,061 (4.2)%
SSEA, CIS & MEA78,246 77,089 1.5 %82,365 81,881 0.6 %86,495 87,514 (1.2)%83,920 84,355 (0.5)%331,026 330,839 0.1 %
EA, AU & PMI DF14,348 12,461 15.1 %14,067 12,370 13.7 %13,501 13,517 (0.1)%12,335 13,040 (5.4)%54,251 51,388 5.6 %
Americas14,795 14,885 (0.6)%16,080 15,213 5.7 %16,666 15,994 4.2 %18,432 18,495 (0.3)%65,973 64,587 2.1 %
Total PMI148,238 145,512 1.9 %157,678 156,138 1.0 %161,966 164,843 (1.7)%154,026 158,382 (2.8)%621,908 624,875 (0.5)%
Heated Tobacco Units
Europe10,269 7,842 30.9 %10,542 8,514 23.8 %11,685 8,655 35.0 %12,921 9,412 37.3 %45,417 34,423 31.9 %
SSEA, CIS & MEA5,013 4,553 10.1 %5,642 5,652 (0.2)%5,830 5,025 16.0 %6,122 6,013 1.8 %22,607 21,243 6.4 %
EA, AU & PMI DF9,429 9,234 2.1 %8,531 10,050 (15.1)%9,868 9,588 2.9 %12,785 9,862 29.6 %40,613 38,734 4.9 %
Americas108 105 2.9 %106 140 (24.3)%125 221 (43.4)%193 110 75.5 %532 576 (7.6)%
Total PMI24,819 21,734 14.2 %24,821 24,356 1.9 %27,508 23,489 17.1 %32,021 25,397 26.1 %109,169 94,976 14.9 %
Cigarettes and Heated Tobacco Units
Europe51,118 48,919 4.5 %55,708 55,188 0.9 %56,989 56,473 0.9 %52,260 51,904 0.7 %216,075 212,484 1.7 %
SSEA, CIS & MEA83,259 81,642 2.0 %88,007 87,533 0.5 %92,325 92,539 (0.2)%90,042 90,368 (0.4)%353,633 352,082 0.4 %
EA, AU & PMI DF23,777 21,695 9.6 %22,598 22,420 0.8 %23,369 23,105 1.1 %25,120 22,902 9.7 %94,864 90,122 5.3 %
Americas14,903 14,990 (0.6)%16,186 15,353 5.4 %16,791 16,215 3.6 %18,625 18,605 0.1 %66,505 65,163 2.1 %
Total PMI173,057 167,246 3.5 %182,499 180,494 1.1 %189,474 188,332 0.6 %186,047 183,779 1.2 %731,077 719,851 1.6 %



Schedule 2 (1/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		CurrencyNet Revenues excluding
Currency 		AcquisitionsNet Revenues excluding Currency & AcquisitionsQuarters Ended
March 31		Net
Revenues		TotalExcluding CurrencyExcluding Currency & Acquisitions
2022Combustible Tobacco2021% Change
$ 1,937$ (128)$ 2,065$ —$ 2,065Europe$ 2,069(6.4)%(0.2)%(0.2)%
2,195 (229)2,424 — 2,424 SSEA, CIS & MEA2,247 (2.3)%7.9 %7.9 %
769 (45)814 — 814 EA, AU & PMI DF713 7.8 %14.2 %14.2 %
402 (13)415 — 415 Americas401 0.4 %3.5 %3.5 %
$ 5,304$ (414)$ 5,718$ —$ 5,718Total Combustible Tobacco$ 5,430(2.3)%5.3 %5.3 %
2022Smoke-free excl. W&H2021% Change
$ 1,287$ (83)$ 1,370$ 4$ 1,367Europe$ 1,05322.2 %30.2 %29.8 %
250 (25)275 — 275 SSEA, CIS & MEA239 4.5 %15.1 %15.1 %
818 (67)885 — 885 EA, AU & PMI DF830 (1.4)%6.6 %6.6 %
22 — 22 — 22 Americas33 (34.7)%(33.5)%(33.5)%
$ 2,376$ (176)$ 2,552$ 4$ 2,548Total Smoke-free excl. W&H$ 2,15510.3 %18.4 %18.3 %
2022Wellness & Healthcare2021% Change
$ 66$ —$ 66$ 66$ —Wellness & Healthcare$ —— %— %— %
2022Smoke-free incl. W&H2021% Change
$ 2,442$ (176)$ 2,618$ 70$ 2,548Total Smoke-free incl. W&H$ 2,15513.4 %21.5 %18.3 %
2022PMI2021% Change
$ 3,224$ (211)$ 3,435$ 4$ 3,431Europe$ 3,1223.3 %10.0 %9.9 %
2,445 (254)2,699 — 2,699 SSEA, CIS & MEA2,486 (1.6)%8.6 %8.6 %
1,587 (112)1,699 — 1,699 EA, AU & PMI DF1,543 2.9 %10.1 %10.1 %
424 (13)437 — 437 Americas434 (2.3)%0.7 %0.7 %
66 — 66 66 — Wellness & Healthcare— — %— %— %
$ 7,746$ (590)$ 8,336$ 70$ 8,266Total PMI$ 7,5852.1 %9.9 %9.0 %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.



Schedule 2 (2/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		CurrencyNet Revenues excluding
Currency 		AcquisitionsNet Revenues excluding Currency & AcquisitionsQuarters Ended
June 30		Net
Revenues		TotalExcluding CurrencyExcluding Currency & Acquisitions
2022Combustible Tobacco2021% Change
$ 2,062$ (211)$ 2,273$ (1)$ 2,274Europe$ 2,300(10.3)%(1.1)%(1.1)%
2,203 (42)2,245 — 2,245 SSEA, CIS & MEA1,904  (a) 15.7 %17.9 %17.9 %
754 (53)807 — 807 EA, AU & PMI DF688 9.6 %17.3 %17.3 %
444 4 440 — 440 Americas398 11.7 %10.7 %10.7 %
$ 5,463$ (302)$ 5,765$ (1)$ 5,766Total Combustible Tobacco$ 5,2903.3 %9.0 %9.0 %
2022Smoke-free excl. W&H2021% Change
$ 1,247$ (132)$ 1,379$ 4$ 1,375Europe$ 1,05817.8 %30.3 %29.9 %
311 5 306 — 306 SSEA, CIS & MEA300 4.0 %2.2 %2.2 %
710 (72)782 — 782 EA, AU & PMI DF914 (22.3)%(14.4)%(14.4)%
25 — 25 — 25 Americas32 (23.3)%(23.1)%(23.1)%
$ 2,293$ (199)$ 2,492$ 4$ 2,488Total Smoke-free excl. W&H$ 2,304(0.5)%8.1 %8.0 %
2022Wellness & Healthcare2021% Change
$ 76$ —$ 76$ 76$ —Wellness & Healthcare$ —— %— %— %
2022Smoke-free incl. W&H2021% Change
$ 2,369$ (199)$ 2,568$ 80$ 2,488Total Smoke-free incl. W&H$ 2,3042.8 %11.4 %8.0 %
2022PMI2021% Change
$ 3,309$ (343)$ 3,652$ 3$ 3,649Europe$ 3,358(1.5)%8.8 %8.7 %
2,514 (37)2,551 — 2,551 SSEA, CIS & MEA2,204  (a) 14.1 %15.7 %15.7 %
1,464 (125)1,589 — 1,589 EA, AU & PMI DF1,602 (8.6)%(0.8)%(0.8)%
469 4 465 — 465 Americas430 9.1 %8.1 %8.1 %
76 — 76 76 — Wellness & Healthcare— — %— %— %
$ 7,832$ (501)$ 8,333$ 79$ 8,254Total PMI$ 7,5943.1 %9.7 %8.7 %
(a) Includes a reduction in net revenues of $246 million related to the Saudi Arabia customs assessment
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.


Schedule 2 (3/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		CurrencyNet Revenues excluding
Currency 		AcquisitionsNet Revenues excluding Currency & AcquisitionsQuarters Ended
September 30		Net
Revenues		TotalExcluding CurrencyExcluding Currency & Acquisitions
2022Combustible Tobacco2021% Change
$ 1,996$ (300)$ 2,297$ 1$ 2,296Europe$ 2,333(14.4)%(1.5)%(1.6)%
2,454 (41)2,494 — 2,494 SSEA, CIS & MEA2,284 7.4 %9.2 %9.2 %
692 (71)762 — 762 EA, AU & PMI DF733 (5.6)%4.0 %4.0 %
450 (7)456 — 456 Americas417 7.8 %9.4 %9.4 %
$ 5,591$ (418)$ 6,010$ 1$ 6,009Total Combustible Tobacco$ 5,767(3.0)%4.2 %4.2 %
2022Smoke-free excl. W&H2021% Change
$ 1,276$ (202)$ 1,477$ 2$ 1,475Europe$ 1,10015.9 %34.3 %34.1 %
368 41 328 — 328 SSEA, CIS & MEA271 36.1 %21.0 %21.0 %
715 (106)822 — 822 EA, AU & PMI DF945 (24.3)%(13.0)%(13.0)%
24 — 25 — 25 Americas39 (37.5)%(36.4)%(36.4)%
$ 2,384$ (268)$ 2,651$ 2$ 2,649Total Smoke-free excl. W&H$ 2,3551.2 %12.6 %12.5 %
2022Wellness & Healthcare2021% Change
$ 57$ (1)$ 58$ 47$ 11Wellness & Healthcare$ —— %— %— %
2022Smoke-free incl. W&H2021% Change
$ 2,441$ (269)$ 2,709$ 49$ 2,660Total Smoke-free incl. W&H$ 2,3553.6 %15.1 %13.0 %
2022PMI2021% Change
$ 3,272$ (502)$ 3,774$ 3$ 3,771Europe$ 3,433(4.7)%9.9 %9.8 %
2,822 — 2,822 — 2,822 SSEA, CIS & MEA2,555 10.5 %10.5 %10.5 %
1,407 (177)1,584 — 1,584 EA, AU & PMI DF1,678 (16.2)%(5.6)%(5.6)%
474 (7)481 — 481 Americas456 3.9 %5.5 %5.5 %
57 (1)58 47 11 Wellness & Healthcare— — %— %— %
$ 8,032$ (687)$ 8,719$ 50$ 8,669Total PMI$ 8,122(1.1)%7.4 %6.7 %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.


Schedule 2 (4/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		CurrencyNet Revenues excluding
Currency 		AcquisitionsNet Revenues excluding Currency & AcquisitionsQuarters Ended
December 31		Net
Revenues		TotalExcluding CurrencyExcluding Currency & Acquisitions
2022Combustible Tobacco2021% Change
$ 1,698$ (291)$ 1,989$ —$ 1,989Europe$ 2,065(17.8)%(3.7)%(3.7)%
2,321 (144)2,465 — 2,465 SSEA, CIS & MEA2,298 1.0 %7.3 %7.3 %
617 (74)691 — 691 EA, AU & PMI DF727 (15.1)%(4.9)%(4.9)%
508 2 506 — 506 Americas490 3.6 %3.3 %3.3 %
70 — 70 70 — Swedish Match— — %— %— %
$ 5,214$ (508)$ 5,722$ 70$ 5,652Total Combustible Tobacco$ 5,579(6.6)%2.6 %1.3 %
2022Smoke-free excl. W&H2021% Change
$ 1,366$ (229)$ 1,595$ —$ 1,595Europe$ 1,17716.0 %35.5 %35.5 %
365 16 349 — 349 SSEA, CIS & MEA315 15.7 %10.6 %10.6 %
861 (147)1,008 — 1,008 EA, AU & PMI DF898 (4.1)%12.2 %12.2 %
28 (1)29 — 29 Americas33 (14.4)%(12.1)%(12.1)%
246 — 246 246 — Swedish Match— — %— %— %
$ 2,866$ (360)$ 3,226$ 246$ 2,980Total Smoke-free excl. W&H$ 2,42418.3 %33.1 %23.0 %
2022Wellness & Healthcare2021% Change
$ 72$ (10)$ 82$ —$ 82Wellness & Healthcare$ 101(28.7)%(18.8)%(18.8)%
2022Smoke-free incl. W&H2021% Change
$ 2,938$ (370)$ 3,308$ 246$ 3,062Total Smoke-free incl. W&H$ 2,52516.4 %31.0 %21.3 %
2022PMI2021% Change
$ 3,064$ (520)$ 3,584$ —$ 3,584Europe$ 3,242(5.5)%10.5 %10.5 %
2,686 (128)2,814 — 2,814 SSEA, CIS & MEA2,613 2.8 %7.7 %7.7 %
1,478 (221)1,699 — 1,699 EA, AU & PMI DF1,625 (9.0)%4.6 %4.6 %
536 1 535 — 535 Americas523 2.5 %2.3 %2.3 %
316 — 316 316 — Swedish Match— — %— %— %
72 (10)82 — 82 Wellness & Healthcare101 (28.7)%(18.8)%(18.8)%
$ 8,152$ (878)$ 9,030$ 316$ 8,714Total PMI$ 8,1040.6 %11.4 %7.5 %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.


Schedule 2 (5/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		CurrencyNet Revenues excluding
Currency 		AcquisitionsNet Revenues excluding Currency & AcquisitionsFull Year Ended
December 31		Net
Revenues		TotalExcluding CurrencyExcluding Currency & Acquisitions
2022Combustible Tobacco2021% Change
$ 7,694$ (931)$ 8,624$ —$ 8,624Europe$ 8,767(12.2)%(1.6)%(1.6)%
9,173 (456)9,629 — 9,629 SSEA, CIS & MEA8,734  (a) 5.0 %10.2 %10.2 %
2,831 (243)3,074 — 3,074 EA, AU & PMI DF2,861 (1.0)%7.5 %7.5 %
1,804 (13)1,818 — 1,818 Americas1,706 5.8 %6.5 %6.5 %
70 — 70 70 — Swedish Match— — %— %— %
$ 21,572$ (1,643)$ 23,214$ 70$ 23,144Total Combustible Tobacco$ 22,067(2.2)%5.2 %4.9 %
2022Smoke-free excl. W&H2021% Change
$ 5,175$ (645)$ 5,821$ 10$ 5,811Europe$ 4,38817.9 %32.6 %32.4 %
1,294 37 1,257 — 1,257 SSEA, CIS & MEA1,124 15.1 %11.8 %11.8 %
3,105 (392)3,497 — 3,497 EA, AU & PMI DF3,587 (13.5)%(2.5)%(2.5)%
99 (2)100 — 100 Americas137 (28.0)%(26.8)%(26.8)%
246 — 246 246 — Swedish Match— — %— %— %
$ 9,919$ (1,002)$ 10,922$ 256$ 10,666Total Smoke-free excl. W&H$ 9,2377.4 %18.2 %15.5 %
2022Wellness & Healthcare2021% Change
$ 271$ (11)$ 282$ 189$ 93Wellness & Healthcare$ 101+100%+100%(7.9)%
2022Smoke-free incl. W&H2021% Change
$ 10,190$ (1,013)$ 11,204$ 445$ 10,759Total Smoke-free incl. W&H$ 9,3389.1 %20.0 %15.2 %
2022PMI2021% Change
$ 12,869$ (1,576)$ 14,445$ 10$ 14,435Europe$ 13,155(2.2)%9.8 %9.7 %
10,467 (419)10,886 — 10,886 SSEA, CIS & MEA9,858  (a) 6.2 %10.4 %10.4 %
5,936 (635)6,571 — 6,571 EA, AU & PMI DF6,448 (7.9)%1.9 %1.9 %
1,903 (15)1,918 — 1,918 Americas1,843 3.3 %4.1 %4.1 %
316 — 316 316 — Swedish Match— — %— %— %
271 (11)282 189 93 Wellness & Healthcare101 +100%+100%(7.9)%
$ 31,762$ (2,656)$ 34,418$ 515$ 33,903Total PMI$ 31,4051.1 %9.6 %8.0 %
(a) Includes a reduction in net revenues of $246 million related to the Saudi Arabia customs assessment
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.



Schedule 3
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		Special ItemsAdjusted Net
Revenues		CurrencyAdjusted Net
Revenues excluding Currency		Acqui-
sitions		Adjusted
Net
Revenues excluding Currency
& Acqui-
sitions		Net
Revenues		Special Items (a)Adjusted Net
Revenues		TotalExcluding CurrencyExcluding Currency
& Acqui-
sitions
2022Quarters Ended
June 30,		2021% Change
$ 3,309$ —$ 3,309$ (343)$ 3,652$ 3$ 3,649Europe$ 3,358$ —$ 3,358(1.5)%8.8 %8.7 %
2,514—2,514(37)2,551—2,551SSEA, CIS & MEA2,204(246)2,4502.6 %4.1 %4.1 %
1,464—1,464(125)1,589—1,589EA, AU & PMI DF1,602—1,602(8.6)%(0.8)%(0.8)%
469—4694465—465Americas430—4309.1 %8.1 %8.1 %
———————Swedish Match———— %— %— %
76—76—7676—Wellness & Healthcare———— %— %— %
$ 7,832$ —$ 7,832$ (501)$ 8,333$ 79$ 8,254Total PMI$ 7,594$ (246)$ 7,840(0.1)%6.3 %5.3 %
2022Years Ended
December 31,		2021% Change
$ 12,869$ —$ 12,869$ (1,576)$ 14,445$ 10$ 14,435Europe$ 13,155$ —$ 13,155(2.2)%9.8 %9.7 %
10,467—10,467(419)10,886—10,886SSEA, CIS & MEA9,858(246)10,1043.6 %7.7 %7.7 %
5,936—5,936(635)6,571—6,571EA, AU & PMI DF6,448—6,448(7.9)%1.9 %1.9 %
1,903—1,903(15)1,918—1,918Americas1,843—1,8433.3 %4.1 %4.1 %
316—316—316316—Swedish Match———— %— %— %
271—271(11)28218993Wellness & Healthcare101—101+100%+100%(7.9)%
$ 31,762$ —$ 31,762$ (2,656)$ 34,418$ 515$ 33,903Total PMI$ 31,405$ (246)$ 31,6510.4 %8.7 %7.1 %
(a) Represents the reduction in net revenues of $246 million related to the Saudi Arabia customs assessment impacting only second quarter and full-year


Schedule 4 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Operating IncomeCurrencyOperating Income excluding CurrencyAcquisitionsOperating Income excluding Currency & AcquisitionsOperating IncomeTotalExcluding CurrencyExcluding Currency & Acquisitions
2022Quarters Ended
March 31		2021% Change
$ 1,558$ (148)$ 1,706$ (2)$ 1,708Europe$ 1,573(1.0)%8.5 %8.6 %
965 (193)1,158 — 1,158 SSEA, CIS & MEA1,011 (4.5)%14.5 %14.5 %
685 (72)757 — 757 EA, AU & PMI DF726 (5.6)%4.3 %4.3 %
121 (2)123 — 123 Americas134 (9.7)%(8.2)%(8.2)%
(31)— (31)(24)(7)Wellness & Healthcare— — %— %— %
$ 3,298$ (415)$ 3,713$ (26)$ 3,739Total PMI$ 3,444(4.2)%7.8 %8.6 %
2022Quarters Ended
June 30		2021% Change
$ 1,474$ (258)$ 1,732$ —$ 1,732Europe$ 1,713(14.0)%1.1 %1.1 %
958 46 912 — 912 SSEA, CIS & MEA552 73.6 %65.2 %65.2 %
528 (91)619 — 619 EA, AU & PMI DF752 (29.8)%(17.7)%(17.7)%
130 4 126 — 126 Americas112 16.1 %12.5 %12.5 %
(34)— (34)(24)(10)Wellness & Healthcare— — %— %— %
$ 3,056$ (299)$ 3,355$ (24)$ 3,379Total PMI$ 3,129(2.3)%7.2 %8.0 %
2022Quarters Ended
September 30		2021% Change
$ 1,415$ (351)$ 1,766$ —$ 1,766Europe$ 1,770(20.1)%(0.2)%(0.2)%
1,086 69 1,017 — 1,017 SSEA, CIS & MEA888 22.3 %14.5 %14.5 %
533 (100)633 — 633 EA, AU & PMI DF727 (26.7)%(12.9)%(12.9)%
85 2 83 — 83 Americas121 (29.8)%(31.4)%(31.4)%
(151)2 (153)(24)(129)Wellness & Healthcare(51)-(100)%-(100)%-(100)%
$ 2,968$ (378)$ 3,346$ (24)$ 3,370Total PMI$ 3,455(14.1)%(3.2)%(2.5)%


Schedule 4 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Operating IncomeCurrencyOperating Income excluding CurrencyAcquisitionsOperating Income excluding Currency & AcquisitionsOperating IncomeTotalExcluding CurrencyExcluding Currency & Acquisitions
2022Quarters Ended
December 31		2021% Change
$ 1,355$ (272)$ 1,627$ —$ 1,627Europe$ 1,3530.1 %20.3 %20.3 %
855 (21)876 — 876 SSEA, CIS & MEA844 1.3 %3.8 %3.8 %
678 (113)791 — 791 EA, AU & PMI DF631 7.4 %25.4 %25.4 %
100 (15)115 — 115 Americas120 (16.7)%(4.2)%(4.2)%
(22)— (22)(22)— Swedish Match— — %— %— %
(42)6 (48)— (48)Wellness & Healthcare(1)-(100)%-(100)%-(100)%
$ 2,924$ (415)$ 3,339$ (22)$ 3,361Total PMI$ 2,947(0.8)%13.3 %14.0 %
2022Full Year Ended
December 31		2021% Change
$ 5,802$ (1,029)$ 6,831$ (2)$ 6,833Europe$ 6,409(9.5)%6.6 %6.6 %
3,864 (99)3,963 — 3,963 SSEA, CIS & MEA3,295 17.3 %20.3 %20.3 %
2,424 (376)2,800 — 2,800 EA, AU & PMI DF2,836 (14.5)%(1.3)%(1.3)%
436 (11)447 — 447 Americas487 (10.5)%(8.2)%(8.2)%
(22)— (22)(22)— Swedish Match— — %— %— %
(258)8 (266)(72)(194)Wellness & Healthcare(52)-(100)%-(100)%-(100)%
$ 12,246$ (1,507)$ 13,753$ (96)$ 13,849Total PMI$ 12,975(5.6)%6.0 %6.7 %



Schedule 5
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Net Revenues and Operating Income: Price, Volume/Mix and Cost/Other Variances
($ in millions) / (Unaudited)
2022 vs. 2021
Quarters
Ended March 31		 Quarters
Ended June 30		 Quarters
Ended September 30		 Quarters
Ended December 31		Full Year
Ended December 31
PriceVolume/MixCost/OtherPriceVolume/MixCost/OtherPriceVolume/MixCost/OtherPriceVolume/MixCost/OtherPriceVolume/MixCost/Other
Net Revenues
Europe$ (11)$ 320$ —$ (31)$ 322$ —$ 8$ 330$ —$ (88)$ 430$ —$ (122)$ 1,402$ —
SSEA, CIS & MEA72 130 11 120 (23)250 190 61 16 200 25 (24)582 193 253 
EA, AU & PMI DF28 128 — 29 (42)— (23)(71)— (58)132 — (24)147 — 
Americas19 (16)— 24 8 3 30 (4)(1)29 (11)(6)102 (23)(4)
Wellness & Healthcare— — — — — — 11 — — (21)— 2 (10)— 2 
Total PMI$ 108$ 562$ 11$ 142$ 265$ 253$ 216$ 316$ 15$ 62$ 576$ (28)$ 528$ 1,719$ 251
Operating Income
Europe$ (11)$ 222$ (76)$ (31)$ 199$ (149)$ 8$ 212$ (224)$ (88)$ 285$ 77$ (122)$ 918$ (372)
SSEA, CIS & MEA72 69 6 120 (55)295 190 (34)(27)200 (92)(76)582 (112)198 
EA, AU & PMI DF28 (18)21 29 (162)— (23)(53)(18)(58)63 155 (24)(170)158 
Americas19 (9)(21)24 1 (11)30 3 (71)29 (1)(33)102 (6)(136)
Wellness & Healthcare— — (7)— — (10)11 — (89)(21)— (26)(10)— (132)
Total PMI$ 108$ 264$ (77)$ 142$ (17)$ 125$ 216$ 128$ (429)$ 62$ 255$ 97$ 528$ 630$ (284)



Schedule 6 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Operating IncomeSpecial Items (a)Adjusted Operating IncomeCurrencyAdjusted Operating Income excluding CurrencyAcquisitionsAdjusted Operating Income excluding Currency & AcquisitionsOperating IncomeSpecial Items (a)Adjusted Operating IncomeTotalExcluding CurrencyExcluding Currency & Acquisitions
2022Quarters Ended
March 31		2021% Change
$ 1,558$ (52)$ 1,610$ (148)$ 1,758$ (2)$ 1,760Europe$ 1,573$ (19)$ 1,5921.1 %10.4 %10.5 %
965 (6)971 (193)1,164 — 1,164 SSEA, CIS & MEA1,011 (12)1,023 (5.1)%13.8 %13.8 %
685 (1)686 (72)758 — 758 EA, AU & PMI DF726 (32)758 (9.5)%— %— %
121 (2)123 (2)125 — 125 Americas134 (3)137 (10.2)%(8.8)%(8.8)%
(31)(19)(12)— (12)(5)(7)Wellness & Healthcare— — — — %— %— %
$ 3,298$ (80)$ 3,378$ (415)$ 3,793$ (7)$ 3,800Total PMI$ 3,444$ (66)$ 3,510(3.8)%8.1 %8.3 %
2022Quarters Ended
June 30		2021% Change
$ 1,474$ (113)$ 1,587$ (258)$ 1,845$ —$ 1,845Europe$ 1,713$ (45)$ 1,758(9.7)%4.9 %4.9 %
958 (21)979 46 933 — 933 SSEA, CIS & MEA552 (274)826 18.5 %13.0 %13.0 %
528 (12)540 (91)631 — 631 EA, AU & PMI DF752 (18)770 (29.9)%(18.1)%(18.1)%
130 (4)134 4 130 — 130 Americas112 (7)119 12.6 %9.2 %9.2 %
(34)(18)(16)— (16)(6)(10)Wellness & Healthcare— — — — %— %— %
$ 3,056$ (168)$ 3,224$ (299)$ 3,523$ (6)$ 3,529Total PMI$ 3,129$ (344)$ 3,473(7.2)%1.4 %1.6 %
2022Quarters Ended
September 30		2021% Change
$ 1,415$ (115)$ 1,530$ (351)$ 1,881$ —$ 1,881Europe$ 1,770$ (22)$ 1,792(14.6)%5.0 %5.0 %
1,086 (67)1,153 69 1,084 — 1,084 SSEA, CIS & MEA888 (14)902 27.8 %20.2 %20.2 %
533 (46)579 (100)679 — 679 EA, AU & PMI DF727 (22)749 (22.7)%(9.3)%(9.3)%
85 (13)98 2 96 — 96 Americas121 (3)124 (21.0)%(22.6)%(22.6)%
(151)(121)(30)2 (32)(17)(15)Wellness & Healthcare(51)(51)— — %— %— %
$ 2,968$ (362)$ 3,330$ (378)$ 3,708$ (17)$ 3,725Total PMI$ 3,455$ (112)$ 3,567(6.6)%4.0 %4.4 %
(a) For details on Special Items, refer to Schedule 7


Schedule 6 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Operating IncomeSpecial Items (a)Adjusted Operating IncomeCurrencyAdjusted Operating Income excluding CurrencyAcquisitionsAdjusted Operating Income excluding Currency & AcquisitionsOperating IncomeSpecial Items (a)Adjusted Operating IncomeTotalExcluding CurrencyExcluding Currency & Acquisitions
2022Quarters Ended
December 31		2021% Change
$ 1,355$ 38$ 1,317$ (272)$ 1,589$ —$ 1,589Europe$ 1,353$ (23)$ 1,376(4.3)%15.5 %15.5 %
855 38 817 (21)838 — 838 SSEA, CIS & MEA844 (19)863 (5.3)%(2.9)%(2.9)%
678 31 647 (113)760 — 760 EA, AU & PMI DF631 (23)654 (1.1)%16.2 %16.2 %
100 5 95 (15)110 — 110 Americas120 (4)124 (23.4)%(11.3)%(11.3)%
(22)(151)129 — 129 129 — Swedish Match— — — — %— %— %
(42)(13)(29)6 (35)— (35)Wellness & Healthcare(1)(18)17 (100.0)%(100.0)%(100.0)%
$ 2,924$ (52)$ 2,976$ (415)$ 3,391$ 129$ 3,262Total PMI$ 2,947$ (87)$ 3,034(1.9)%11.8 %7.5 %
2022Full Year Ended
December 31		2021% Change
$ 5,802$ (242)$ 6,044$ (1,029)$ 7,073$ (2)$ 7,075Europe$ 6,409$ (109)$ 6,518(7.3)%8.5 %8.5 %
3,864 (56)3,920 (99)4,019 — 4,019 SSEA, CIS & MEA3,295 (319)3,614 8.5 %11.2 %11.2 %
2,424 (28)2,452 (376)2,828 — 2,828 EA, AU & PMI DF2,836 (95)2,931 (16.3)%(3.5)%(3.5)%
436 (14)450 (11)461 — 461 Americas487 (17)504 (10.7)%(8.5)%(8.5)%
(22)(151)129 — 129 129 — Swedish Match— — — — %— %— %
(258)(171)(87)8 (95)(28)(67)Wellness & Healthcare(52)(69)17 (100.0)%(100.0)%(100.0)%
$ 12,246$ (662)$ 12,908$ (1,507)$ 14,415$ 99$ 14,316Total PMI$ 12,975$ (609)$ 13,584(5.0)%6.1 %5.4 %
(a) For details on Special Items, refer to Schedule 7



Schedule 7 (1/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
Quarter
Ended March 31		Quarter
Ended June 30,		Quarter
Ended September 30		Quarter
Ended December 31		Full Year
Ended December 31
20222022202220222022
PMI
Reported Operating Income$ 3,298$ 3,056$ 2,968$ 2,924$ 12,246
Amortization and impairment of intangibles(38)(36)(139)(58)(271)
Cost associated to Swedish Match AB offer— (52)(217)154 (115)
Swedish Match AB acquisition accounting related item— — — (125)(125)
Charges related to the war in Ukraine(42)(80)(6)(23)(151)
Adjusted Operating Income$ 3,378$ 3,224$ 3,330$ 2,976$ 12,908
Europe
Reported Operating Income$ 1,558$ 1,474$ 1,415$ 1,355$ 5,802
Cost associated to Swedish Match AB offer— (24)(100)71 (53)
Charges related to the war in Ukraine(42)(80)(6)(23)(151)
Amortization and impairment of intangibles(10)(9)(9)(10)(38)
Adjusted Operating Income$ 1,610$ 1,587$ 1,530$ 1,317$ 6,044
SSEA, CIS & MEA
Reported Operating Income$ 965$ 958$ 1,086$ 855$ 3,864
Cost associated to Swedish Match AB offer— (15)(61)43 (33)
Amortization and impairment of intangibles(6)(6)(6)(5)(23)
Adjusted Operating Income$ 971$ 979$ 1,153$ 817$ 3,920
EA, AU & PMI DF
Reported Operating Income$ 685$ 528$ 533$ 678$ 2,424
Cost associated to Swedish Match AB offer— (11)(45)32 (24)
Amortization and impairment of intangibles(1)(1)(1)(1)(4)
Adjusted Operating Income$ 686$ 540$ 579$ 647$ 2,452



Schedule 7 (2/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
Quarter
Ended March 31		Quarter
Ended June 30,		Quarter
Ended September 30		Quarter
Ended December 31		Full Year
Ended December 31
20222022202220222022
Americas
Reported Operating Income$ 121$ 130$ 85$ 100$ 436
Cost associated to Swedish Match AB offer— (2)(11)8 (5)
Amortization and impairment of intangibles(2)(2)(2)(3)(9)
Adjusted Operating Income$ 123$ 134$ 98$ 95$ 450
Swedish Match
Reported Operating Income$ —$ —$ —$ (22)$ (22)
Swedish Match AB acquisition accounting related item— — — (125)(125)
Amortization and impairment of intangibles— — — (26)(26)
Adjusted Operating Income$ —$ —$ —$ 129$ 129
Wellness & Healthcare
Reported Operating Income$ (31)$ (34)$ (151)$ (42)$ (258)
Amortization and impairment of intangibles(19)(18)(121)(13)(171)
Adjusted Operating Income$ (12)$ (16)$ (30)$ (29)$ (87)



Schedule 7 (3/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
Quarter
Ended March 31		Quarter
Ended June 30,		Quarter
Ended September 30		Quarter
Ended December 31		Full Year
Ended December 31
20212021202120212021
PMI
Reported Operating Income$ 3,444$ 3,129$ 3,455$ 2,947$ 12,975
Asset impairment and exit costs(48)(79)(43)(46)(216)
Amortization and impairment of intangibles(18)(19)(18)(41)(96)
Asset acquisition cost— — (51)— (51)
Saudi Arabia customs assessments— (246)— — (246)
Adjusted Operating Income$ 3,510$ 3,473$ 3,567$ 3,034$ 13,584
Europe
Reported Operating Income$ 1,573$ 1,713$ 1,770$ 1,353$ 6,409
Asset impairment and exit costs(10)(36)(13)(13)(72)
Amortization and impairment of intangibles(9)(9)(9)(10)(37)
Adjusted Operating Income$ 1,592$ 1,758$ 1,792$ 1,376$ 6,518
SSEA, CIS & MEA
Reported Operating Income$ 1,011$ 552$ 888$ 844$ 3,295
Asset impairment and exit costs(6)(22)(8)(9)(45)
Saudi Arabia customs assessments— (246)— — (246)
Amortization and impairment of intangibles(6)(6)(6)(10)(28)
Adjusted Operating Income$ 1,023$ 826$ 902$ 863$ 3,614
EA, AU & PMI DF
Reported Operating Income$ 726$ 752$ 727$ 631$ 2,836
Asset impairment and exit costs(31)(17)(21)(22)(91)
Amortization and impairment of intangibles(1)(1)(1)(1)(4)
Adjusted Operating Income$ 758$ 770$ 749$ 654$ 2,931



Schedule 7 (4/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
Quarter
Ended March 31		Quarter
Ended June 30,		Quarter
Ended September 30		Quarter
Ended December 31		Full Year
Ended December 31
20212021202120212021
Americas
Reported Operating Income$ 134$ 112$ 121$ 120$ 487
Asset impairment and exit costs(1)(4)(1)(2)(8)
Amortization and impairment of intangibles(2)(3)(2)(2)(9)
Adjusted Operating Income$ 137$ 119$ 124$ 124$ 504
Wellness & Healthcare
Reported Operating Income$ —$ —$ (51)$ (1)$ (52)
Asset acquisition cost— — (51)— (51)
Amortization and impairment of intangibles— — — (18)(18)
Adjusted Operating Income$ —$ —$ —$ 17$ 17



Schedule 8 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Adjusted Operating Income (a)Adjusted Net Revenues (b)Adjusted Operating Income MarginAdjusted Operating Income excluding Currency
(a)		Adjusted Net Revenues excluding Currency
(b)		Adjusted Operating Income Margin excluding CurrencyAdjusted Operating Income excluding Currency & Acqui- sitions
(a)		Adjusted Net Revenues excluding Currency & Acqui- sitions
(b)		Adjusted Operating Income Margin excluding Currency & Acqui- sitionsAdjusted Operating Income (a)Adjusted Net Revenues (b)Adjusted Operating Income
Margin		Adjusted Operating Income
Margin		Adjusted Operating Income Margin excluding CurrencyAdjusted Operating Income Margin excluding Currency & Acqui- sitions
2022Quarters Ended
March 31		2021% Points Change
$ 1,610$ 3,22449.9 %$ 1,758$ 3,43551.2 %$ 1,760$ 3,43151.3 %Europe$ 1,592$ 3,12251.0 %(1.1)0.20.3
971 2,445 39.7 %1,164 2,699 43.1 %1,164 2,699 43.1 %SSEA, CIS & MEA1,023 2,486 41.2 %(1.5)1.91.9
686 1,587 43.2 %758 1,699 44.6 %758 1,699 44.6 %EA, AU & PMI DF758 1,543 49.1 %(5.9)(4.5)(4.5)
123 424 29.0 %125 437 28.6 %125 437 28.6 %Americas137 434 31.6 %(2.6)(3.0)(3.0)
(12)66 (18.2)%(12)66 (18.2)%(7)— — %Wellness & Healthcare— — — %———
$ 3,378$ 7,74643.6 %$ 3,793$ 8,33645.5 %$ 3,800$ 8,26646.0 %Total PMI$ 3,510$ 7,58546.3 %(2.7)(0.8)(0.3)
2022Quarters Ended
June 30		2021% Points Change
$ 1,587$ 3,30948.0 %$ 1,845$ 3,65250.5 %$ 1,845$ 3,64950.6 %Europe$ 1,758$ 3,35852.4 %(4.4)(1.9)(1.8)
979 2,514 38.9 %933 2,551 36.6 %933 2,551 36.6 %SSEA, CIS & MEA826 2,450 33.7 %5.22.92.9
540 1,464 36.9 %631 1,589 39.7 %631 1,589 39.7 %EA, AU & PMI DF770 1,602 48.1 %(11.2)(8.4)(8.4)
134 469 28.6 %130 465 28.0 %130 465 28.0 %Americas119 430 27.7 %0.90.30.3
(16)76 (21.1)%(16)76 (21.1)%(10)— — %Wellness & Healthcare— — — %———
$ 3,224$ 7,83241.2 %$ 3,523$ 8,33342.3 %$ 3,529$ 8,25442.8 %Total PMI$ 3,473$ 7,84044.3 %(3.1)(2.0)(1.5)
2022Quarters Ended
September 30		2021% Points Change
$ 1,530$ 3,27246.8 %$ 1,881$ 3,77449.8 %$ 1,881$ 3,77149.9 %Europe$ 1,792$ 3,43352.2 %(5.4)(2.4)(2.3)
1,153 2,822 40.9 %1,084 2,822 38.4 %1,084 2,822 38.4 %SSEA, CIS & MEA902 2,555 35.3 %5.63.13.1
579 1,407 41.2 %679 1,584 42.9 %679 1,584 42.9 %EA, AU & PMI DF749 1,678 44.6 %(3.4)(1.7)(1.7)
98 474 20.7 %96 481 20.0 %96 481 20.0 %Americas124 456 27.2 %(6.5)(7.2)(7.2)
(30)57 (52.6)%(32)58 (55.2)%(15)11 -(100)%Wellness & Healthcare— — — %———
$ 3,330$ 8,03241.5 %$ 3,708$ 8,71942.5 %$ 3,725$ 8,66943.0 %Total PMI$ 3,567$ 8,12243.9 %(2.4)(1.4)(0.9)
(a) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 6
(b) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 3


Schedule 8 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Adjusted Operating Income (a)Adjusted Net Revenues (b)Adjusted Operating Income MarginAdjusted Operating Income excluding Currency
(a)		Adjusted Net Revenues excluding Currency
(b)		Adjusted Operating Income Margin excluding CurrencyAdjusted Operating Income excluding Currency & Acqui- sitions
(a)		Adjusted Net Revenues excluding Currency & Acqui- sitions
(b)		Adjusted Operating Income Margin excluding Currency & Acqui- sitionsAdjusted Operating Income (a)Adjusted Net Revenues (b)Adjusted Operating Income
Margin		Adjusted Operating Income
Margin		Adjusted Operating Income Margin excluding CurrencyAdjusted Operating Income Margin excluding Currency & Acqui- sitions
2022Quarters Ended
December 31		2021% Points Change
$ 1,317$ 3,06443.0 %$ 1,589$ 3,58444.3 %$ 1,589$ 3,58444.3 %Europe$ 1,376$ 3,24242.4 %0.61.91.9
817 2,686 30.4 %838 2,814 29.8 %838 2,814 29.8 %SSEA, CIS & MEA863 2,613 33.0 %(2.6)(3.2)(3.2)
647 1,478 43.8 %760 1,699 44.7 %760 1,699 44.7 %EA, AU & PMI DF654 1,625 40.2 %3.64.54.5
95 536 17.7 %110 535 20.6 %110 535 20.6 %Americas124 523 23.7 %(6.0)(3.1)(3.1)
129 316 40.8 %129 316 40.8 %— — — %Swedish Match— — — %———
(29)72 (40.3)%(35)82 (42.7)%(35)82 (42.7)%Wellness & Healthcare17 101 16.8 %(57.1)(59.5)(59.5)
$ 2,976$ 8,15236.5 %$ 3,391$ 9,03037.6 %$ 3,262$ 8,71437.4 %Total PMI$ 3,034$ 8,10437.4 %(0.9)0.2—
2022Full Year Ended
December 31		2021% Points Change
$ 6,044$ 12,86947.0 %$ 7,073$ 14,44549.0 %$ 7,075$ 14,43549.0 %Europe$ 6,518$ 13,15549.5 %(2.5)(0.5)(0.5)
3,920 10,467 37.5 %4,019 10,886 36.9 %4,019 10,886 36.9 %SSEA, CIS & MEA3,614 10,104 35.8 %1.71.11.1
2,452 5,936 41.3 %2,828 6,571 43.0 %2,828 6,571 43.0 %EA, AU & PMI DF2,931 6,448 45.5 %(4.2)(2.5)(2.5)
450 1,903 23.6 %461 1,918 24.0 %461 1,918 24.0 %Americas504 1,843 27.3 %(3.7)(3.3)(3.3)
129 316 40.8 %129 316 40.8 %— — — %Swedish Match— — — %———
(87)271 (32.1)%(95)282 (33.7)%(67)93 (71.6)%Wellness & Healthcare17 101 16.8 %(48.9)(50.5)(88.8)
$ 12,908$ 31,76240.6 %$ 14,415$ 34,41841.9 %$ 14,316$ 33,90342.2 %Total PMI$ 13,584$ 31,65142.9 %(2.3)(1.0)(0.7)
(a) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 6
(b) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 3


Document

Exhibit 99.2




Recast Shipment Volume and Unaudited Financial Information

2021 vs. 2020











PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Key Terms, Definitions and Explanatory Notes
General
• “PMI” refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized.

• The recast 2021 and 2020 shipment volumes and financial information in this document reflect PMI’s new geographic segmentation, announced on November 25, 2022, effective in January 2023. PMI’s shipment volumes and financials for total PMI, as well as Wellness & Healthcare and Swedish Match segments presented in this document do not differ from previously disclosed results.

• Comparisons are made to the same prior-year period unless otherwise stated.

• "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.

• "Total shipment volume" is defined as the combined total of cigarette shipment volume and heated tobacco unit shipment volume.

• In the third quarter of 2021, PMI acquired Fertin Pharma A/S, Vectura Group plc. and OtiTopic, Inc. On March 31, 2022, PMI launched a new Wellness and Healthcare business consolidating these entities, Vectura Fertin Pharma. The operating results of this new business are reported in the Wellness and Healthcare segment. The business operations of PMI's Wellness and Healthcare segment are managed and evaluated separately from the geographical segments.

• In the fourth quarter of 2022, Philip Morris Holland Holdings B.V., a wholly owned subsidiary of PMI, acquired a controlling interest in Swedish Match. The operating results of Swedish Match are disclosed as a separate segment. The business operations of the Swedish Match segment are managed and evaluated separately from the geographical segments.

Financial
• Adjusted net revenues exclude the impact related to the Saudi Arabia customs assessments.

• "Adjusted Operating Income Margin" is calculated as adjusted operating income divided by adjusted net revenues.

• Management reviews net revenues, operating income, operating income margin, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, asset impairment and exit costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI included adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results.


• Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.

• Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the relevant schedules provided with this report.

Smoke-Free Products
• Smoke-free products ("SFPs") is the term PMI primarily uses to refer to all of its products that are not combustible tobacco products, such as heat-not-burn, e-vapor, and oral nicotine. In addition, SFPs include wellness and healthcare products, as well as consumer accessories such as lighters and matches.

• Reduced-risk products (“RRPs”) is the term PMI uses to refer to products that present, are likely to present, or have the potential to present less risk of harm to smokers who switch to these products versus continuing smoking. PMI has a range of RRPs in various stages of development, scientific assessment and commercialization. PMI's RRPs are smoke-free products that contain and/or generate far lower quantities of harmful and potentially harmful constituents than found in cigarette smoke.

• Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems that are included in the operating results of PMI's new Wellness and Healthcare business, Vectura Fertin Pharma.

• Following the Swedish Match acquisition and a review of PMI and Swedish Match’s combined product portfolio, PMI reclassified certain of its own products previously reported under its combustible tobacco product category to the newly created smoke-free product category to better reflect the characteristics of these products. Prior years' amounts have been reclassified to conform with the updated presentation for all periods presented.

• "Heated tobacco units," or "HTUs," is the term PMI uses to refer to heated tobacco consumables, which include the company's BLENDS, HEETS, HEETS Creations, HEETS Dimensions, HEETS Marlboro and HEETS FROM MARLBORO (defined collectively as HEETS), Marlboro Dimensions, Marlboro HeatSticks, Parliament HeatSticks, SENTIA and TEREA, as well as the KT&G-licensed brands, Fiit and Miix (outside of South Korea).

• "SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa.

• "EA, AU & PMI DF" stands for East Asia, Australia and PMI Duty Free.



PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
New Geographic Segmentation (effective January 2023)
EuropeSouth & Southeast Asia, Commonwealth of Independent States & Middle East & Africa
(SSEA, CIS & MEA)		East Asia, Australia & PMI Duty Free
(EA, AU & PMI DF)		Americas
AlbaniaSerbiaAfghanistanKuwaitAustraliaArgentina
AndorraSlovak RepublicAlgeriaLaosDuty FreeBolivia
AustriaSloveniaAngolaLebanonHong KongBrazil
BelgiumSpainBahrainLesothoJapanCanada
Bosnia & HerzegovinaSwedenBangladeshLiberiaMacau
Caribbean(5)
BulgariaSwitzerlandBhutanLibyaMalaysiaChile
Canary IslandsUkraineBotswanaMaldivesNew ZealandColombia
CroatiaUnited KingdomBurkina FasoMali
Pacific Islands(4)
Costa Rica
Czech RepublicCambodiaMauritaniaPeople's Republic of ChinaDominican Republic
DenmarkCameroonMoroccoSingaporeEcuador
EstoniaCape VerdeNamibiaSouth KoreaEl Salvador
Finland
Caucasus(1)
NigeriaTaiwanGuatemala
France
Central Asia(2)
OmanHonduras
GermanyDjiboutiPakistanMexico
GreeceEast TimorPhilippinesNicaragua
HungaryEgyptQatarPanama
ItalyEquatorial GuineaRussiaParaguay
KosovoGabonSaudi ArabiaPeru
LatviaGambiaSenegalTrinidad & Tobago
LithuaniaGuineaSomaliaUnited States of America
LuxembourgIndiaSouth AfricaUruguay
Moldova
Indian Ocean Islands(3)
TanzaniaVenezuela
MontenegroIndonesiaThailand
NetherlandsIraqTogo
North MacedoniaIsraelTunisia
NorwayIvory CoastTurkey
PolandJordanUnited Arab Emirates
PortugalKazakhstanVietnam
RomaniaKingdom of Eswatini

(1) Caucasus includes Armenia, Azerbaijan and Georgia
(2) Central Asia includes Kyrgyzstan, Mongolia, Tajikistan and Uzbekistan
(3) Indian Ocean Islands includes Mauritius, Mayotte and Reunion
(4) Pacific Islands includes Christmas Islands, French Polynesia, Kiribati, Marshall Island, Micronesia, Nauru, New Caldedonia, Palau, State of Micronesia, Tonga and Vanuatu
(5) Caribbean includes Aruba, Bermuda, Bonaire, Curacao, French Guyana, Grenada, Guadeloupe, Martinique, St. Maarten (Dutch), St. Martin (French) and other Caribbean markets
Note: The list of markets by region is not exhaustive


Schedule 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Shipment Volume by Product Category
(million units) / (unaudited)
Quarters
Ended March 31		Quarters
Ended June 30		Quarters
Ended September 30		Quarters
Ended December 31		Full Year
Ended December 31
20212020%
Change		20212020%
Change		20212020%
Change		20212020%
Change		20212020%
Change
Cigarettes
Europe41,077 46,063 (10.8)%46,674 45,392 2.8 %47,818 51,199 (6.6)%42,492 42,641 (0.3)%178,061 185,295 (3.9)%
SSEA, CIS & MEA77,089 80,297 (4.0)%81,881 78,860 3.8 %87,514 87,408 0.1 %84,355 82,974 1.7 %330,839 329,539 0.4 %
EA, AU & PMI DF12,461 15,595 (20.1)%12,370 12,327 0.3 %13,517 11,158 21.1 %13,040 10,855 20.1 %51,388 49,935 2.9 %
Americas14,885 15,063 (1.2)%15,213 14,780 2.9 %15,994 15,699 1.9 %18,495 18,207 1.6 %64,587 63,749 1.3 %
Total PMI145,512 157,018 (7.3)%156,138 151,359 3.2 %164,843 165,464 (0.4)%158,382 154,677 2.4 %624,875 628,518 (0.6)%
Heated Tobacco Units
Europe7,842 5,759 36.2 %8,514 5,172 64.6 %8,655 6,393 35.4 %9,412 7,129 32.0 %34,423 24,453 40.8 %
SSEA, CIS & MEA4,553 3,366 35.3 %5,652 4,357 29.7 %5,025 3,938 27.6 %6,013 5,388 11.6 %21,243 17,049 24.6 %
EA, AU & PMI DF9,234 7,494 23.2 %10,050 9,085 10.6 %9,588 8,522 12.5 %9,862 9,057 8.9 %38,734 34,158 13.4 %
Americas105 108 (2.8)%140 94 48.9 %221 114 93.9 %110 135 (18.5)%576 451 27.7 %
Total PMI21,734 16,727 29.9 %24,356 18,708 30.2 %23,489 18,967 23.8 %25,397 21,709 17.0 %94,976 76,111 24.8 %
Cigarettes and Heated Tobacco Units
Europe48,919 51,822 (5.6)%55,188 50,564 9.1 %56,473 57,592 (1.9)%51,904 49,770 4.3 %212,484 209,748 1.3 %
SSEA, CIS & MEA81,642 83,663 (2.4)%87,533 83,217 5.2 %92,539 91,346 1.3 %90,368 88,362 2.3 %352,082 346,588 1.6 %
EA, AU & PMI DF21,695 23,089 (6.0)%22,420 21,412 4.7 %23,105 19,680 17.4 %22,902 19,912 15.0 %90,122 84,093 7.2 %
Americas14,990 15,171 (1.2)%15,353 14,874 3.2 %16,215 15,813 2.5 %18,605 18,342 1.4 %65,163 64,200 1.5 %
Total PMI167,246 173,745 (3.7)%180,494 170,067 6.1 %188,332 184,431 2.1 %183,779 176,386 4.2 %719,851 704,629 2.2 %



Schedule 2 (1/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		CurrencyNet Revenues excluding
Currency 		AcquisitionsNet Revenues excluding Currency & AcquisitionsQuarters Ended
March 31		Net
Revenues		TotalExcluding CurrencyExcluding Currency & Acquisitions
2021Combustible Tobacco2020% Change
$ 2,069$ 157$ 1,912$ —$ 1,912Europe$ 2,0421.3 %(6.4)%(6.4)%
2,247 (27)2,274 — 2,274 SSEA, CIS & MEA2,279 (1.4)%(0.2)%(0.2)%
713 39 675 — 675 EA, AU & PMI DF826 (13.7)%(18.3)%(18.3)%
401 (11)411 — 411 Americas420 (4.6)%(2.1)%(2.1)%
$ 5,430$ 158$ 5,272$ —$ 5,272Total Combustible Tobacco$ 5,568(2.5)%(5.3)%(5.3)%
2021Smoke-free excl. W&H2020% Change
$ 1,053$ 65$ 988$ —$ 988Europe$ 70150.2 %40.9 %40.9 %
239 (34)273 — 273 SSEA, CIS & MEA206 15.9 %32.6 %32.6 %
830 36 793 — 793 EA, AU & PMI DF651 27.5 %21.9 %21.9 %
33 — 34 — 34 Americas28 19.7 %21.2 %21.2 %
$ 2,155$ 67$ 2,088$ —$ 2,088Total Smoke-free excl. W&H$ 1,58535.9 %31.7 %31.7 %
2021Wellness & Healthcare2020% Change
$ —$ —$ —$ —$ —Wellness & Healthcare$ —— %— %— %
2021Smoke-free incl. W&H2020% Change
$ 2,155$ 67$ 2,088$ —$ 2,088Total Smoke-free incl. W&H$ 1,58535.9 %31.7 %31.7 %
2021PMI2020% Change
$ 3,122$ 222$ 2,900$ —$ 2,900Europe$ 2,74313.8 %5.7 %5.7 %
2,486 (61)2,547 — 2,547 SSEA, CIS & MEA2,485 — %2.5 %2.5 %
1,543 75 1,468 — 1,468 EA, AU & PMI DF1,477 4.5 %(0.6)%(0.6)%
434 (11)445 — 445 Americas448 (3.1)%(0.7)%(0.7)%
— — — — — Wellness & Healthcare— — %— %— %
$ 7,585$ 225$ 7,360$ —$ 7,360Total PMI$ 7,1536.0 %2.9 %2.9 %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.



Schedule 2 (2/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		CurrencyNet Revenues excluding
Currency 		AcquisitionsNet Revenues excluding Currency & AcquisitionsQuarters Ended
June 30		Net
Revenues		TotalExcluding CurrencyExcluding Currency & Acquisitions
2021Combustible Tobacco2020% Change
$ 2,300$ 203$ 2,096$ —$ 2,096Europe$ 2,05112.1 %2.2 %2.2 %
1,904  (a) 48 1,856 — 1,856 SSEA, CIS & MEA1,989 (4.3)%(6.7)%(6.7)%
688 29 659 — 659 EA, AU & PMI DF642 7.2 %2.7 %2.7 %
398 28 369 — 369 Americas341 16.5 %8.1 %8.1 %
$ 5,290$ 310$ 4,980$ —$ 4,980Total Combustible Tobacco$ 5,0235.3 %(0.9)%(0.9)%
2021Smoke-free excl. W&H2020% Change
$ 1,058$ 92$ 967$ —$ 967Europe$ 59378.5 %63.1 %63.1 %
300 7 293 — 293 SSEA, CIS & MEA206 45.6 %42.4 %42.4 %
914 12 902 — 902 EA, AU & PMI DF802 13.9 %12.5 %12.5 %
32 1 32 — 32 Americas27 21.6 %19.7 %19.7 %
$ 2,304$ 110$ 2,194$ —$ 2,194Total Smoke-free excl. W&H$ 1,62841.6 %34.8 %34.8 %
2021Wellness & Healthcare2020% Change
$ —$ —$ —$ —$ —Wellness & Healthcare$ —— %— %— %
2021Smoke-free incl. W&H2020% Change
$ 2,304$ 110$ 2,194$ —$ 2,194Total Smoke-free incl. W&H$ 1,62841.6 %34.8 %34.8 %
2021PMI2020% Change
$ 3,358$ 295$ 3,063$ —$ 3,063Europe$ 2,64427.0 %15.8 %15.8 %
2,204  (a) 55 2,149 — 2,149 SSEA, CIS & MEA2,195 0.4 %(2.1)%(2.1)%
1,602 41 1,561 — 1,561 EA, AU & PMI DF1,444 10.9 %8.1 %8.1 %
430 29 401 — 401 Americas368 16.8 %9.0 %9.0 %
— — — — — Wellness & Healthcare— — %— %— %
$ 7,594$ 420$ 7,174$ —$ 7,174Total PMI$ 6,65114.2 %7.9 %7.9 %
(a) Includes a reduction in net revenues of $246 million related to the Saudi Arabia customs assessment
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.


Schedule 2 (3/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		CurrencyNet Revenues excluding
Currency 		AcquisitionsNet Revenues excluding Currency & AcquisitionsQuarters Ended
September 30		Net
Revenues		TotalExcluding CurrencyExcluding Currency & Acquisitions
2021Combustible Tobacco2020% Change
$ 2,333$ 93$ 2,240$ —$ 2,240Europe$ 2,390(2.4)%(6.3)%(6.3)%
2,284 (37)2,322 — 2,322 SSEA, CIS & MEA2,299 (0.6)%1.0 %1.0 %
733 7 726 — 726 EA, AU & PMI DF627 16.9 %15.7 %15.7 %
417 19 398 — 398 Americas369 13.0 %7.8 %7.8 %
$ 5,767$ 82$ 5,685$ —$ 5,685Total Combustible Tobacco$ 5,6851.4 %— %— %
2021Smoke-free excl. W&H2020% Change
$ 1,100$ 41$ 1,059$ 2$ 1,057Europe$ 78640.0 %34.8 %34.5 %
271 (6)276 — 276 SSEA, CIS & MEA203 33.2 %35.9 %35.9 %
945 (11)956 — 956 EA, AU & PMI DF741 27.6 %29.1 %29.1 %
39 1 38 — 38 Americas31 26.1 %23.7 %23.7 %
$ 2,355$ 25$ 2,330$ 2$ 2,327Total Smoke-free excl. W&H$ 1,76133.7 %32.3 %32.2 %
2021Wellness & Healthcare2020% Change
$ —$ —$ —$ —$ —Wellness & Healthcare$ —— %— %— %
2021Smoke-free incl. W&H2020% Change
$ 2,355$ 25$ 2,330$ 2$ 2,327Total Smoke-free incl. W&H$ 1,76133.7 %32.3 %32.2 %
2021PMI2020% Change
$ 3,433$ 134$ 3,299$ 2$ 3,297Europe$ 3,1768.1 %3.9 %3.8 %
2,555 (43)2,598 — 2,598 SSEA, CIS & MEA2,502 2.1 %3.8 %3.8 %
1,678 (4)1,682 — 1,682 EA, AU & PMI DF1,368 22.7 %23.0 %23.0 %
456 20 436 — 436 Americas400 14.0 %9.0 %9.0 %
— — — — — Wellness & Healthcare— — %— %— %
$ 8,122$ 107$ 8,015$ 2$ 8,013Total PMI$ 7,4469.1 %7.6 %7.6 %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.


Schedule 2 (4/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		CurrencyNet Revenues excluding
Currency 		AcquisitionsNet Revenues excluding Currency & AcquisitionsQuarters Ended
December 31		Net
Revenues		TotalExcluding CurrencyExcluding Currency & Acquisitions
2021Combustible Tobacco2020% Change
$ 2,065$ (18)$ 2,083$ —$ 2,083Europe$ 2,092(1.3)%(0.5)%(0.5)%
2,298 (29)2,327 — 2,327 SSEA, CIS & MEA2,293 0.2 %1.5 %1.5 %
727 (10)737 — 737 EA, AU & PMI DF639 13.7 %15.3 %15.3 %
490 8 483 — 483 Americas446 10.0 %8.2 %8.2 %
$ 5,579$ (50)$ 5,629$ —$ 5,629Total Combustible Tobacco$ 5,4702.0 %2.9 %2.9 %
2021Smoke-free excl. W&H2020% Change
$ 1,177$ (10)$ 1,187$ 6$ 1,181Europe$ 87934.0 %35.1 %34.4 %
315 15 300 — 300 SSEA, CIS & MEA267 18.1 %12.5 %12.5 %
898 (30)928 — 928 EA, AU & PMI DF789 13.9 %17.7 %17.7 %
33 — 32 — 32 Americas39 (16.4)%(17.0)%(17.0)%
$ 2,424$ (24)$ 2,448$ 6$ 2,442Total Smoke-free excl. W&H$ 1,97422.8 %24.0 %23.7 %
2021Wellness & Healthcare2020% Change
$ 101$ —$ 101$ 101$ —Wellness & Healthcare$ —— %— %— %
2021Smoke-free incl. W&H2020% Change
$ 2,525$ (24)$ 2,549$ 107$ 2,442Total Smoke-free incl. W&H$ 1,97427.9 %29.2 %23.7 %
2021PMI2020% Change
$ 3,242$ (28)$ 3,270$ 6$ 3,264Europe$ 2,9719.1 %10.1 %9.9 %
2,613 (14)2,627 — 2,627 SSEA, CIS & MEA2,560 2.1 %2.6 %2.6 %
1,625 (40)1,665 — 1,665 EA, AU & PMI DF1,428 13.8 %16.6 %16.6 %
523 8 515 — 515 Americas485 7.8 %6.2 %6.2 %
101 — 101 101 — Wellness & Healthcare— — %— %— %
$ 8,104$ (74)$ 8,178$ 107$ 8,071Total PMI$ 7,4448.9 %9.9 %8.4 %
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.


Schedule 2 (5/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		CurrencyNet Revenues excluding
Currency 		AcquisitionsNet Revenues excluding Currency & AcquisitionsFull Year Ended
December 31		Net
Revenues		TotalExcluding CurrencyExcluding Currency & Acquisitions
2021Combustible Tobacco2020% Change
$ 8,767$ 435$ 8,331$ —$ 8,331Europe$ 8,5762.2 %(2.9)%(2.9)%
8,734  (a) (45)8,778 — 8,778 SSEA, CIS & MEA8,860 (1.4)%(0.9)%(0.9)%
2,861 65 2,796 — 2,796 EA, AU & PMI DF2,734 4.6 %2.3 %2.3 %
1,706 45 1,661 — 1,661 Americas1,577 8.2 %5.3 %5.3 %
$ 22,067$ 500$ 21,566$ —$ 21,566Total Combustible Tobacco$ 21,7471.5 %(0.8)%(0.8)%
2021Smoke-free excl. W&H2020% Change
$ 4,388$ 188$ 4,201$ 8$ 4,192Europe$ 2,95848.4 %42.0 %41.7 %
1,124 (18)1,143 — 1,143 SSEA, CIS & MEA882 27.5 %29.6 %29.6 %
3,587 7 3,580 — 3,580 EA, AU & PMI DF2,983 20.3 %20.0 %20.0 %
137 1 136 — 136 Americas124 10.3 %9.5 %9.5 %
$ 9,237$ 178$ 9,060$ 8$ 9,051Total Smoke-free excl. W&H$ 6,94733.0 %30.4 %30.3 %
2021Wellness & Healthcare2020% Change
$ 101$ —$ 101$ 101$ —Wellness & Healthcare$ —— %— %— %
2021Smoke-free incl. W&H2020% Change
$ 9,338$ 178$ 9,161$ 109$ 9,051Total Smoke-free incl. W&H$ 6,94734.4 %31.9 %30.3 %
2021PMI2020% Change
$ 13,155$ 623$ 12,532$ 8$ 12,524Europe$ 11,53414.1 %8.7 %8.6 %
9,858  (a) (63)9,921 — 9,921 SSEA, CIS & MEA9,742 1.2 %1.8 %1.8 %
6,448 72 6,376 — 6,376 EA, AU & PMI DF5,717 12.8 %11.5 %11.5 %
1,843 46 1,797 — 1,797 Americas1,701 8.3 %5.6 %5.6 %
101 — 101 101 — Wellness & Healthcare— — %— %— %
$ 31,405$ 678$ 30,727$ 109$ 30,618Total PMI$ 28,6949.4 %7.1 %6.7 %
(a) Includes a reduction in net revenues of $246 million related to the Saudi Arabia customs assessment
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.



Schedule 3
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Net
Revenues		Special Items (a)Adjusted Net
Revenues		CurrencyAdjusted Net
Revenues excluding Currency		Acqui-
sitions		Adjusted
Net
Revenues excluding Currency
& Acqui-
sitions		Net
Revenues		Special ItemsAdjusted Net
Revenues		TotalExcluding CurrencyExcluding Currency
& Acqui-
sitions
2021Quarters Ended
June 30,		2020% Change
$ 3,358$ —$ 3,358$ 295$ 3,063$ —$ 3,063Europe$ 2,644$ —$ 2,64427.0 %15.8 %15.8 %
2,204(246)2,450552,395—2,395SSEA, CIS & MEA2,195—2,19511.6 %9.1 %9.1 %
1,602—1,602411,561—1,561EA, AU & PMI DF1,444—1,44410.9 %8.1 %8.1 %
430—43029401—401Americas368—36816.8 %9.0 %9.0 %
———————Wellness & Healthcare———— %— %— %
$ 7,594$ (246)$ 7,840$ 420$ 7,420$ —$ 7,420Total PMI$ 6,651$ —$ 6,65117.9 %11.6 %11.6 %
2021Years Ended
December 31,		2020% Change
$ 13,155$ —$ 13,155$ 623$ 12,532$ 8$ 12,524Europe$ 11,534$ —$ 11,53414.1 %8.7 %8.6 %
9,858(246)10,104(63)10,167—10,167SSEA, CIS & MEA9,742—9,7423.7 %4.4 %4.4 %
6,448—6,448726,376—6,376EA, AU & PMI DF5,717—5,71712.8 %11.5 %11.5 %
1,843—1,843461,797—1,797Americas1,701—1,7018.3 %5.6 %5.6 %
101—101—101101—Wellness & Healthcare———— %— %— %
$ 31,405$ (246)$ 31,651$ 678$ 30,973$ 109$ 30,864Total PMI$ 28,694$ —$ 28,69410.3 %7.9 %7.6 %
(a) Represents the reduction in net revenues of $246 million related to the Saudi Arabia customs assessment impacting only second quarter and full-year


Schedule 4 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Operating IncomeCurrencyOperating Income excluding CurrencyAcquisitionsOperating Income excluding Currency & AcquisitionsOperating IncomeTotalExcluding CurrencyExcluding Currency & Acquisitions
2021Quarters Ended
March 31		2020% Change
$ 1,573$ 165$ 1,408$ —$ 1,408Europe$ 1,20330.8 %17.0 %17.0 %
1,011 (3)1,014 — 1,014 SSEA, CIS & MEA827 22.2 %22.6 %22.6 %
726 19 707 — 707 EA, AU & PMI DF633 14.7 %11.7 %11.7 %
134 6 128 — 128 Americas126 6.3 %1.6 %1.6 %
$ 3,444$ 187$ 3,257$ —$ 3,257Total PMI$ 2,78923.5 %16.8 %16.8 %
2021Quarters Ended
June 30		2020% Change
$ 1,713$ 173$ 1,540$ —$ 1,540Europe$ 1,23538.7 %24.7 %24.7 %
552 (47)599 — 599 SSEA, CIS & MEA765 (27.8)%(21.7)%(21.7)%
752 — 752 — 752 EA, AU & PMI DF639 17.7 %17.7 %17.7 %
112 2 110 — 110 Americas92 21.7 %19.6 %19.6 %
$ 3,129$ 128$ 3,001$ —$ 3,001Total PMI$ 2,73114.6 %9.9 %9.9 %
2021Quarters Ended
September 30		2020% Change
$ 1,770$ 86$ 1,684$ —$ 1,684Europe$ 1,6666.2 %1.1 %1.1 %
888 (4)892 — 892 SSEA, CIS & MEA872 1.8 %2.3 %2.3 %
727 (21)748 — 748 EA, AU & PMI DF595 22.2 %25.7 %25.7 %
121 4 117 — 117 Americas110 10.0 %6.4 %6.4 %
(51)— (51)— (51)Wellness & Healthcare— — %— %— %
$ 3,455$ 65$ 3,390$ —$ 3,390Total PMI$ 3,2436.5 %4.5 %4.5 %


Schedule 4 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Operating IncomeCurrencyOperating Income excluding CurrencyAcquisitionsOperating Income excluding Currency & AcquisitionsOperating IncomeTotalExcluding CurrencyExcluding Currency & Acquisitions
2021Quarters Ended
December 31		2020% Change
$ 1,353$ (31)$ 1,384$ 2$ 1,382Europe$ 1,2488.4 %10.9 %10.7 %
844 (43)887 — 887 SSEA, CIS & MEA812 3.9 %9.2 %9.2 %
631 (43)674 — 674 EA, AU & PMI DF609 3.6 %10.7 %10.7 %
120 6 114 — 114 Americas236 (49.2)%(51.7)%(51.7)%
(1)— (1)(1)— Wellness & Healthcare— — %— %— %
$ 2,947$ (111)$ 3,058$ 1$ 3,057Total PMI$ 2,9051.4 %5.3 %5.2 %
2021Full Year Ended
December 31		2020% Change
$ 6,409$ 393$ 6,016$ 2$ 6,014Europe$ 5,35219.7 %12.4 %12.4 %
3,295 (97)3,392 — 3,392 SSEA, CIS & MEA3,276 0.6 %3.5 %3.5 %
2,836 (45)2,881 — 2,881 EA, AU & PMI DF2,476 14.5 %16.4 %16.4 %
487 18 469 — 469 Americas564 (13.7)%(16.8)%(16.8)%
(52)— (52)(1)(51)Wellness & Healthcare— — %— %— %
$ 12,975$ 269$ 12,706$ 1$ 12,705Total PMI$ 11,66811.2 %8.9 %8.9 %



Schedule 5
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Net Revenues and Operating Income: Price, Volume/Mix and Cost/Other Variances
($ in millions) / (Unaudited)
2021 vs. 2020
Quarters
Ended March 31		 Quarters
Ended June 30		 Quarters
Ended September 30		 Quarters
Ended December 31		Full Year
Ended December 31
PriceVolume/MixCost/OtherPriceVolume/MixCost/OtherPriceVolume/MixCost/OtherPriceVolume/MixCost/OtherPriceVolume/MixCost/Other
Net Revenues
Europe$ 51$ 106$ —$ 13$ 406$ —$ (22)$ 143$ —$ (17)$ 310$ —$ 25$ 965$ —
SSEA, CIS & MEA33 (1)30 118 114 (278)119 6 (29)29 48 (10)299 167 (287)
EA, AU & PMI DF121 (130)— 84 33 — 45 269 — 48 189 — 298 361 — 
Americas1 (6)2 11 22 — 16 21 (1)17 8 5 45 45 6 
Wellness & Healthcare— — — — — — — — — — — — — — — 
Total PMI$ 206$ (31)$ 32$ 226$ 575$ (278)$ 158$ 439$ (30)$ 77$ 555$ (5)$ 667$ 1,538$ (281)
Operating Income
Europe$ 51$ 105$ 49$ 13$ 345$ (53)$ (22)$ 123$ (83)$ (17)$ 224$ (73)$ 25$ 797$ (160)
SSEA, CIS & MEA33 (4)158 118 48 (332)119 (23)(76)29 30 16 299 51 (234)
EA, AU & PMI DF121 (87)40 84 25 4 45 125 (17)48 101 (84)298 164 (57)
Americas1 (16)17 11 10 (3)16 3 (12)17 (1)(138)45 (4)(136)
Wellness & Healthcare— — — — — — — — (51)— — — — — (51)
Total PMI$ 206$ (2)$ 264$ 226$ 428$ (384)$ 158$ 228$ (239)$ 77$ 354$ (279)$ 667$ 1,008$ (638)



Schedule 6 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Operating IncomeSpecial Items (a)Adjusted Operating IncomeCurrencyAdjusted Operating Income excluding CurrencyAcquisitionsAdjusted Operating Income excluding Currency & AcquisitionsOperating IncomeSpecial Items (a)Adjusted Operating IncomeTotalExcluding CurrencyExcluding Currency & Acquisitions
2021Quarters Ended
March 31		2020% Change
$ 1,573$ (19)$ 1,592$ 165$ 1,427$ —$ 1,427Europe$ 1,203$ (9)$ 1,21231.4 %17.7 %17.7 %
1,011 (12)1,023 (3)1,026 — 1,026 SSEA, CIS & MEA827 (6)833 22.8 %23.2 %23.2 %
726 (32)758 19 739 — 739 EA, AU & PMI DF633 (1)634 19.6 %16.6 %16.6 %
134 (3)137 6 131 — 131 Americas126 (2)128 7.0 %2.3 %2.3 %
$ 3,444$ (66)$ 3,510$ 187$ 3,323$ —$ 3,323Total PMI$ 2,789$ (18)$ 2,80725.0 %18.4 %18.4 %
2021Quarters Ended
June 30		2020% Change
$ 1,713$ (45)$ 1,758$ 173$ 1,585$ —$ 1,585Europe$ 1,235$ (38)$ 1,27338.1 %24.5 %24.5 %
552 (274)826 (47)873 — 873 SSEA, CIS & MEA765 (31)796 3.8 %9.7 %9.7 %
752 (18)770 — 770 — 770 EA, AU & PMI DF639 (14)653 17.9 %17.9 %17.9 %
112 (7)119 2 117 — 117 Americas92 (7)99 20.2 %18.2 %18.2 %
$ 3,129$ (344)$ 3,473$ 128$ 3,345$ —$ 3,345Total PMI$ 2,731$ (90)$ 2,82123.1 %18.6 %18.6 %
2021Quarters Ended
September 30		2020% Change
$ 1,770$ (22)$ 1,792$ 86$ 1,706$ —$ 1,706Europe$ 1,666$ (10)$ 1,6766.9 %1.8 %1.8 %
888 (14)902 (4)906 — 906 SSEA, CIS & MEA872 (5)877 2.9 %3.3 %3.3 %
727 (22)749 (21)770 — 770 EA, AU & PMI DF595 (1)596 25.7 %29.2 %29.2 %
121 (3)124 4 120 — 120 Americas110 (2)112 10.7 %7.1 %7.1 %
(51)(51)— — — — — Wellness & Healthcare— — — — %— %— %
$ 3,455$ (112)$ 3,567$ 65$ 3,502$ —$ 3,502Total PMI$ 3,243$ (18)$ 3,2619.4 %7.4 %7.4 %
(a) For details on Special Items, refer to Schedule 7


Schedule 6 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Operating IncomeSpecial Items (a)Adjusted Operating IncomeCurrencyAdjusted Operating Income excluding CurrencyAcquisitionsAdjusted Operating Income excluding Currency & AcquisitionsOperating IncomeSpecial Items (a)Adjusted Operating IncomeTotalExcluding CurrencyExcluding Currency & Acquisitions
2021Quarters Ended
December 31		2020% Change
$ 1,353$ (23)$ 1,376$ (31)$ 1,407$ 2$ 1,405Europe$ 1,248$ (39)$ 1,2876.9 %9.3 %9.2 %
844 (19)863 (43)906 — 906 SSEA, CIS & MEA812 (34)846 2.0 %7.1 %7.1 %
631 (23)654 (43)697 — 697 EA, AU & PMI DF609 (16)625 4.6 %11.5 %11.5 %
120 (4)124 6 118 — 118 Americas236 112 124 — %(4.8)%(4.8)%
(1)(18)17 — 17 17 — Wellness & Healthcare— — — — %— %— %
$ 2,947$ (87)$ 3,034$ (111)$ 3,145$ 19$ 3,126Total PMI$ 2,905$ 23$ 2,8825.3 %9.1 %8.5 %
2021Full Year Ended
December 31		2020% Change
$ 6,409$ (109)$ 6,518$ 393$ 6,125$ 2$ 6,123Europe$ 5,352$ (96)$ 5,44819.6 %12.4 %12.4 %
3,295 (319)3,614 (97)3,711 — 3,711 SSEA, CIS & MEA3,276 (76)3,352 7.8 %10.7 %10.7 %
2,836 (95)2,931 (45)2,976 — 2,976 EA, AU & PMI DF2,476 (32)2,508 16.9 %18.7 %18.7 %
487 (17)504 18 486 — 486 Americas564 101 463 8.9 %5.0 %5.0 %
(52)(69)17 — 17 17 — Wellness & Healthcare— — — — %— %— %
$ 12,975$ (609)$ 13,584$ 269$ 13,315$ 19$ 13,296Total PMI$ 11,668$ (103)$ 11,77115.4 %13.1 %13.0 %
(a) For details on Special Items, refer to Schedule 7



Schedule 7 (1/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (unaudited)
Quarter
Ended March 31		Quarter
Ended June 30,		Quarter
Ended September 30		Quarter
Ended December 31		Full Year
Ended December 31
20212021202120212021
PMI
Reported Operating Income$ 3,444$ 3,129$ 3,455$ 2,947$ 12,975
Asset impairment and exit costs(48)(79)(43)(46)(216)
Asset acquisition cost— — (51)— (51)
Saudi Arabia customs assessments— (246)— — (246)
Amortization and impairment of intangibles(18)(19)(18)(41)(96)
Adjusted Operating Income$ 3,510$ 3,473$ 3,567$ 3,034$ 13,584
Europe
Reported Operating Income$ 1,573$ 1,713$ 1,770$ 1,353$ 6,409
Asset impairment and exit costs(10)(36)(13)(13)(72)
Amortization and impairment of intangibles(9)(9)(9)(10)(37)
Adjusted Operating Income$ 1,592$ 1,758$ 1,792$ 1,376$ 6,518
SSEA, CIS & MEA
Reported Operating Income$ 1,011$ 552$ 888$ 844$ 3,295
Asset impairment and exit costs(6)(22)(8)(9)(45)
Saudi Arabia customs assessments— (246)— — (246)
Amortization and impairment of intangibles(6)(6)(6)(10)(28)
Adjusted Operating Income$ 1,023$ 826$ 902$ 863$ 3,614
EA, AU & PMI DF
Reported Operating Income$ 726$ 752$ 727$ 631$ 2,836
Asset impairment and exit costs(31)(17)(21)(22)(91)
Amortization and impairment of intangibles(1)(1)(1)(1)(4)
Adjusted Operating Income$ 758$ 770$ 749$ 654$ 2,931



Schedule 7 (2/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (unaudited)
Quarter
Ended March 31		Quarter
Ended June 30,		Quarter
Ended September 30		Quarter
Ended December 31		Full Year
Ended December 31
20212021202120212021
Americas
Reported Operating Income$ 134$ 112$ 121$ 120$ 487
Asset impairment and exit costs(1)(4)(1)(2)(8)
Amortization and impairment of intangibles(2)(3)(2)(2)(9)
Adjusted Operating Income$ 137$ 119$ 124$ 124$ 504
Wellness & Healthcare
Reported Operating Income$ —$ —$ (51)$ (1)$ (52)
Asset acquisition cost— — (51)— (51)
Amortization and impairment of intangibles— — — (18)(18)
Adjusted Operating Income$ —$ —$ —$ 17$ 17



Schedule 7 (3/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (unaudited)
Quarter
Ended March 31		Quarter
Ended June 30,		Quarter
Ended September 30		Quarter
Ended December 31		Full Year
Ended December 31
20202020202020202020
PMI
Reported Operating Income$ 2,789$ 2,731$ 3,243$ 2,905$ 11,668
Asset impairment and exit costs— (71)— (78)(149)
Brazil Indirect Tax Credit— — — 119 119 
Amortization and impairment of intangibles(18)(19)(18)(18)(73)
Adjusted Operating Income$ 2,807$ 2,821$ 3,261$ 2,882$ 11,771
Europe
Reported Operating Income$ 1,203$ 1,235$ 1,666$ 1,248$ 5,352
Asset impairment and exit costs— (29)(1)(29)(59)
Amortization and impairment of intangibles(9)(9)(9)(10)(37)
Adjusted Operating Income$ 1,212$ 1,273$ 1,676$ 1,287$ 5,448
SSEA, CIS & MEA
Reported Operating Income$ 827$ 765$ 872$ 812$ 3,276
Asset impairment and exit costs— (25)1 (28)(52)
Amortization and impairment of intangibles(6)(6)(6)(6)(24)
Adjusted Operating Income$ 833$ 796$ 877$ 846$ 3,352
EA, AU & PMI DF
Reported Operating Income$ 633$ 639$ 595$ 609$ 2,476
Asset impairment and exit costs— (13)— (16)(29)
Amortization and impairment of intangibles(1)(1)(1)— (3)
Adjusted Operating Income$ 634$ 653$ 596$ 625$ 2,508



Schedule 7 (4/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (unaudited)
Quarter
Ended March 31		Quarter
Ended June 30,		Quarter
Ended September 30		Quarter
Ended December 31		Full Year
Ended December 31
20202020202020202020
Americas
Reported Operating Income$ 126$ 92$ 110$ 236$ 564
Asset impairment and exit costs— (4)— (5)(9)
Brazil Indirect Tax Credit— — — 119 119 
Amortization and impairment of intangibles(2)(3)(2)(2)(9)
Adjusted Operating Income$ 128$ 99$ 112$ 124$ 463



Schedule 8 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Adjusted Operating Income (a)Adjusted Net Revenues (b)Adjusted Operating Income MarginAdjusted Operating Income excluding Currency
(a)		Adjusted Net Revenues excluding Currency
(b)		Adjusted Operating Income Margin excluding CurrencyAdjusted Operating Income excluding Currency & Acqui- sitions
(a)		Adjusted Net Revenues excluding Currency & Acqui- sitions
(b)		Adjusted Operating Income Margin excluding Currency & Acqui- sitionsAdjusted Operating Income (a)Adjusted Net Revenues (b)Adjusted Operating Income
Margin		Adjusted Operating Income
Margin		Adjusted Operating Income Margin excluding CurrencyAdjusted Operating Income Margin excluding Currency & Acqui- sitions
2021Quarters Ended
March 31		2020% Points Change
$ 1,592$ 3,12251.0 %$ 1,427$ 2,90049.2 %$ 1,427$ 2,90049.2 %Europe$ 1,212$ 2,74344.2 %6.85.05.0
1,023 2,486 41.2 %1,026 2,547 40.3 %1,026 2,547 40.3 %SSEA, CIS & MEA833 2,485 33.5 %7.76.86.8
758 1,543 49.1 %739 1,468 50.3 %739 1,468 50.3 %EA, AU & PMI DF634 1,477 42.9 %6.27.47.4
137 434 31.6 %131 445 29.4 %131 445 29.4 %Americas128 448 28.6 %3.00.80.8
$ 3,510$ 7,58546.3 %$ 3,323$ 7,36045.1 %$ 3,323$ 7,36045.1 %Total PMI$ 2,807$ 7,15339.2 %7.15.95.9
2021Quarters Ended
June 30		2020% Points Change
$ 1,758$ 3,35852.4 %$ 1,585$ 3,06351.7 %$ 1,585$ 3,06351.7 %Europe$ 1,273$ 2,64448.1 %4.33.63.6
826 2,450 33.7 %873 2,395 36.5 %873 2,395 36.5 %SSEA, CIS & MEA796 2,195 36.3 %(2.6)0.20.2
770 1,602 48.1 %770 1,561 49.3 %770 1,561 49.3 %EA, AU & PMI DF653 1,444 45.2 %2.94.14.1
119 430 27.7 %117 401 29.2 %117 401 29.2 %Americas99 368 26.9 %0.82.32.3
$ 3,473$ 7,84044.3 %$ 3,345$ 7,42045.1 %$ 3,345$ 7,42045.1 %Total PMI$ 2,821$ 6,65142.4 %1.92.72.7
2021Quarters Ended
September 30		2020% Points Change
$ 1,792$ 3,43352.2 %$ 1,706$ 3,29951.7 %$ 1,706$ 3,29751.7 %Europe$ 1,676$ 3,17652.8 %(0.6)(1.1)(1.1)
902 2,555 35.3 %906 2,598 34.9 %906 2,598 34.9 %SSEA, CIS & MEA877 2,502 35.1 %0.2(0.2)(0.2)
749 1,678 44.6 %770 1,682 45.8 %770 1,682 45.8 %EA, AU & PMI DF596 1,368 43.6 %1.02.22.2
124 456 27.2 %120 436 27.5 %120 436 27.5 %Americas112 400 28.0 %(0.8)(0.5)(0.5)
$ 3,567$ 8,12243.9 %$ 3,502$ 8,01543.7 %$ 3,502$ 8,01343.7 %Total PMI$ 3,261$ 7,44643.8 %0.1(0.1)(0.1)
(a) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 6
(b) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 3


Schedule 8 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Adjusted Operating Income (a)Adjusted Net Revenues (b)Adjusted Operating Income MarginAdjusted Operating Income excluding Currency
(a)		Adjusted Net Revenues excluding Currency
(b)		Adjusted Operating Income Margin excluding CurrencyAdjusted Operating Income excluding Currency & Acqui- sitions
(a)		Adjusted Net Revenues excluding Currency & Acqui- sitions
(b)		Adjusted Operating Income Margin excluding Currency & Acqui- sitionsAdjusted Operating Income (a)Adjusted Net Revenues (b)Adjusted Operating Income
Margin		Adjusted Operating Income
Margin		Adjusted Operating Income Margin excluding CurrencyAdjusted Operating Income Margin excluding Currency & Acqui- sitions
2021Quarters Ended
December 31		2020% Points Change
$ 1,376$ 3,24242.4 %$ 1,407$ 3,27043.0 %$ 1,405$ 3,26443.0 %Europe$ 1,287$ 2,97143.3 %(0.9)(0.3)(0.3)
863 2,613 33.0 %906 2,627 34.5 %906 2,627 34.5 %SSEA, CIS & MEA846 2,560 33.0 %—1.51.5
654 1,625 40.2 %697 1,665 41.9 %697 1,665 41.9 %EA, AU & PMI DF625 1,428 43.8 %(3.6)(1.9)(1.9)
124 523 23.7 %118 515 22.9 %118 515 22.9 %Americas124 485 25.6 %(1.9)(2.7)(2.7)
17 101 16.8 %17 101 16.8 %— — — %Wellness & Healthcare— — — %———
$ 3,034$ 8,10437.4 %$ 3,145$ 8,17838.5 %$ 3,126$ 8,07138.7 %Total PMI$ 2,882$ 7,44438.7 %(1.3)(0.2)—
2021Full Year Ended
December 31		2020% Points Change
$ 6,518$ 13,15549.5 %$ 6,125$ 12,53248.9 %$ 6,123$ 12,52448.9 %Europe$ 5,448$ 11,53447.2 %2.31.71.7
3,614 10,104 35.8 %3,711 10,167 36.5 %3,711 10,167 36.5 %SSEA, CIS & MEA3,352 9,742 34.4 %1.42.12.1
2,931 6,448 45.5 %2,976 6,376 46.7 %2,976 6,376 46.7 %EA, AU & PMI DF2,508 5,717 43.9 %1.62.82.8
504 1,843 27.3 %486 1,797 27.0 %486 1,797 27.0 %Americas463 1,701 27.2 %0.1(0.2)(0.2)
17 101 16.8 %17 101 16.8 %— — — %Wellness & Healthcare— — — %———
$ 13,584$ 31,65142.9 %$ 13,315$ 30,97343.0 %$ 13,296$ 30,86443.1 %Total PMI$ 11,771$ 28,69441.0 %1.92.02.1
(a) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 6
(b) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 3


Document

Exhibit 99.3




Fiscal Year 2022 Unaudited Pro Forma
Combined Financial Information

PMI and Swedish Match AB Combined












Schedule 1
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Pro Forma Financial Information – PMI and Swedish Match Combined
($ in millions) / (unaudited)
Quarter
Ended March 31		Quarter
Ended June 30		Quarter
Ended September 30		Quarter
Ended December 31		Full Year
Ended December 31
20222022202220222022
Total PMI
Net Revenues$ 7,746$ 7,832$ 8,032$ 8,152$ 31,762
Cost of sales2,608 2,648 2,935 3,211 11,402 
Gross Profit$ 5,138$ 5,184$ 5,097$ 4,941$ 20,360
Swedish Match
Net Revenues$ —$ —$ —$ 316$ 316
Cost of sales— — — 247 247 
Gross Profit$ —$ —$ —$ 69$ 69
Total PMI excl. Swedish Match
Net Revenues$ 7,746$ 7,832$ 8,032$ 7,836$ 31,446
Cost of sales2,608 2,648 2,935 2,964 11,155 
Gross Profit$ 5,138$ 5,184$ 5,097$ 4,872$ 20,291
Pro Forma Swedish Match Financial Information
Net Revenues$ 490$ 557$ 579$ 619$ 2,244
Cost of sales190 218 225 244 877 
Gross Profit$ 300$ 338$ 354$ 375$ 1,367
Pro Forma Combined Financial Information
Net Revenues$ 8,236$ 8,389$ 8,611$ 8,455$ 33,690
Cost of sales2,798 2,866 3,160 3,208 12,032 
Gross Profit$ 5,438$ 5,522$ 5,451$ 5,247$ 21,658
The unaudited pro forma combined financial information was prepared using the acquisition method of accounting as required by ASC 805 Business Combinations and was based on the historical financial information of PMI and Swedish Match as disclosed in Form 10-K for the year ended December 31, 2022, Item 8, Note 3. Acquisitions

The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations would have been had the acquisition been completed on January 1, 2021. In addition, the unaudited pro forma financial information is not a projection of future results of operations of the combined company