EX-99.1 2 ex991recastschedules_2022v.htm EX-99.1 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 %
444 440 — 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 %
311 306 — 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)%
469 465 — 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)%
508 506 — 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 %
536 535 — 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 %
2,5142,514(37)2,5512,551SSEA, CIS & MEA2,204(246)2,4502.6 %4.1 %4.1 %
1,4641,464(125)1,5891,589EA, AU & PMI DF1,6021,602(8.6)%(0.8)%(0.8)%
4694694465465Americas4304309.1 %8.1 %8.1 %
Swedish Match— %— %— %
76767676Wellness & 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 %
10,46710,467(419)10,88610,886SSEA, CIS & MEA9,858(246)10,1043.6 %7.7 %7.7 %
5,9365,936(635)6,5716,571EA, AU & PMI DF6,4486,448(7.9)%1.9 %1.9 %
1,9031,903(15)1,9181,918Americas1,8431,8433.3 %4.1 %4.1 %
316316316316Swedish Match— %— %— %
271271(11)28218993Wellness & Healthcare101101+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)%
130 126 — 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 83 — 83 Americas121 (29.8)%(31.4)%(31.4)%
(151)(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)(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)(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 30 (4)(1)29 (11)(6)102 (23)(4)
Wellness & Healthcare— — — — — — 11 — — (21)— (10)— 
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 69 120 (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 (11)30 (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)134 130 — 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 96 — 96 Americas121 (3)124 (21.0)%(22.6)%(22.6)%
(151)(121)(30)(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 95 (15)110 — 110 Americas120 (4)124 (23.4)%(11.3)%(11.3)%
(22)(151)129 — 129 129 — Swedish Match— — — — %— %— %
(42)(13)(29)(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)(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)(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