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Philip Morris International Inc. (NYSE:PM), a prominent player in the tobacco industry with a market capitalization of $235.6 billion and impressive last twelve months revenue of $37.9 billion, announced today a recasting of its segment reporting structure. This update follows the sale of Vectura Group Ltd. on December 31, 2024, and includes the integration of the remaining Wellness and Healthcare results into the Europe segment. According to InvestingPro analysis, the company maintains strong financial health with a 64.8% gross profit margin.
The company has also renamed its "PMI Duty Free" business as "PMI Global Travel Retail." As a result, Philip Morris now reports under four segments: Europe Region; South & Southeast Asia, Commonwealth of Independent (LON:IOG) States, and Middle East & Africa Region (SSEA, CIS & MEA); East Asia, Australia & PMI Global Travel Retail (EA, AU & PMI GTR); and the Americas Region.
On Monday, the company posted recast financial information on its website to reflect these changes. The unaudited recast historical financial information is intended to provide supplemental information to investors, and it has no impact on the company’s previously reported consolidated financial position or results of operations. This recast does not represent a restatement of previously issued consolidated financial statements.
The recast financial information for 2024 and 2023, along with other financial data, has been furnished as Exhibit 99.1 and is incorporated by reference into this announcement. Similarly, the recast financial information for 2023 and 2022 is provided in Exhibit 99.2.
Philip Morris emphasizes that the shipment volumes and financial information on a consolidated basis remain unchanged from previously disclosed results. With $15 billion in EBITDA and a moderate debt level, the company maintains strong financial fundamentals. The company has also provided key terms, definitions, explanatory notes, and reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures in the exhibits. For comprehensive analysis and detailed financial metrics, access the full Pro Research Report available exclusively on InvestingPro, covering what really matters about Philip Morris and 1,400+ other top stocks.
This information is being furnished pursuant to Item 7.01 of the SEC filing and is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor is it incorporated by reference into any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such a filing.
The recast information is based on a press release statement and is furnished to aid investors in understanding the company’s updated segment reporting. Philip Morris International’s Chief Financial Officer, Emmanuel Babeau, signed off on the report on March 25, 2025.
In other recent news, Philip Morris International reported strong financial results for 2024, achieving a 9.8% increase in organic revenue and a 14.9% rise in adjusted operating income. This growth was driven by the company’s performance in smoke-free products. Fitch Ratings revised its outlook for Philip Morris to stable from negative, affirming its ’A’ rating due to the company’s progress in reducing debt and improving cash flow. Fitch expects Philip Morris’s net EBITDA leverage to decrease to 2.5x by the end of 2025 and further to 2.0x by 2026.
In a significant legal development, Philip Morris, along with Japan Tobacco (OTC:JAPAF) and British American Tobacco (NYSE:BTI), agreed to a settlement of $22.6 billion USD to resolve tobacco-related claims in Canada. This settlement aims to conclude longstanding litigation over the health risks associated with tobacco products. Analyst firms have also shown confidence in Philip Morris, with Citi raising its stock target to $163 and maintaining a Buy rating, citing strong revenue and margin growth. Stifel similarly increased its price target to $160 from $145, highlighting the company’s robust fourth-quarter earnings and optimistic projections for 2025.
Philip Morris’s guidance for 2025 includes expectations of 6-8% organic sales growth and 10.5-12.5% EPS growth, with a focus on expanding its smoke-free product market. Both Citi and Stifel analysts emphasized the potential for continued growth in the company’s earnings, supported by increased capacity for new products and expanding gross margins. These developments reflect Philip Morris’s strategic focus on smoke-free products and its commitment to financial stability and growth.
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