Philip Morris International (PMI) is a leading multinational tobacco company that manufactures and sells a wide range of tobacco products worldwide. The company was founded in 1847 in London, United Kingdom, by Philip Morris, and has since grown to become one of the largest tobacco companies globally.
PMI's primary business is the production and sale of cigarettes and other tobacco products under well-known brands such as Marlboro, Parliament, and L&M. The company operates in over 180 countries and has a diverse product portfolio that includes both combustible and non-combustible alternatives. In recent years, PMI has been focusing on developing and commercializing reduced-risk products, such as heated tobacco products and electronic devices.
The company has invested heavily in research and development to create smoke-free alternatives to traditional cigarettes. Its star product in this category is IQOS, a heat-not-burn device that heats tobacco instead of burning it, producing a vapor containing nicotine. IQOS has gained significant popularity in several markets and has been recognized for its potential to reduce the harm associated with smoking.
PMI is listed on the New York Stock Exchange (NYSE) under the ticker symbol "PM" and is also included in the S&P 500 index. The company has a strong global presence and operates through a network of manufacturing facilities, sales offices, and distribution channels worldwide. It has a diverse customer base and caters to different consumer preferences and regulations in each market.
In recent years, PMI has been actively transforming its business model to shift towards a smoke-free future. The company has set ambitious targets to achieve a smoke-free portfolio and aims to replace conventional cigarettes with reduced-risk products. This strategic shift reflects PMI's commitment to offering less harmful alternatives to adult smokers who would otherwise continue to smoke traditional cigarettes.
As a leader in the tobacco industry, PMI faces ongoing challenges related to public health concerns and changing regulations around tobacco products. The company is committed to adhering to applicable regulations and working towards reducing the harm caused by smoking. PMI's efforts to innovate and develop alternative products align with the evolving consumer preferences and global trends towards reduced-risk tobacco products.