CEO Upbeat About PMI’s Prospects Despite Crisis

Despite the uncertainty created by the coronavirus crisis, CEO Andre Calantzopoulos expressed confidence in the midterm outlook for Philip Morris International (PMI) during the company’s 2020 annual meeting of shareholders.

“Our main focus at this time is on the health and well-being of our employees, their families and the communities in which we operate,” said Calantzopoulos.

“The strong, underlying performance of our business, especially the impressive growth of reduced-risk products, was evident in our full-year 2019 and first-quarter 2020 results. However, there is considerable uncertainty as to the development and duration of the Covid-19 pandemic and its economic and social consequences, including those which impact our operating environment and our consumers.

“We remain confident in our structural midterm growth prospects and, when the current headwinds have passed, expect to resume growth consistent with our 2019 to 2021 currency neutral compound annual growth targets. Crucially, our organization, liquidity and balance sheet are strong. We will continue to protect and support our employees, serve our consumers and reward our shareholders, which includes our strong commitment to our dividend.”

This year’s shareholders meeting was held in virtual format only.

An archived copy of the webcast will be available for approximately one year from the date of the meeting. Presentation slides and script will also be available.