PM - Philip Morris International Inc. (PM) 2024 Deutsche Bank Global Consumer Conference (Transcript)
2024-06-04 16:17:08 ET
Philip Morris International Inc. (PM)
2024 Deutsche Bank Global Consumer Conference
June 04, 2024 2:30 AM ET
Company Participants
Emmanuel Babeau - CFO
Conference Call Participants
Gerry Gallagher - Deutsche Bank
Presentation
Gerry Gallagher
Welcome to the 21st Deutsche Bank Global Consumer Conference, 21st time ex-COVID held here in Paris. And it is great to have everybody back here again. My name is Gerry Gallagher. I'm the Co-Head of European Company Research at Deutsche Bank and I sometimes masquerade as a Tobacco Analyst as well on the side. With me today is Emmanuel Babeau, the Chief Financial Officer of Philip Morris, who I believe will open up with a few comments. And then we'll go into a fireside chat format, and I'll be very welcome for anybody to raise their hands in the audience at any time to ask a question they may have.
With that, over to you Emmanuel.
Emmanuel Babeau
Good morning, Gerry. And thank you for having us. Good morning everyone. Great to have this next 40 minutes together. So allow me to start with a few introductory comments. As always please read carefully our forward-looking and cautionary statements. So just a few words of introduction to confirm that we are on course to deliver a strong performance for 2024. You have seen that our Q1 was excellent. We confirm that we expect a solid Q2. And that is pointing to H1 that will show strong growth in terms of organic performance or before ForEx, if you want both for revenue and adjusted EPS evolution.
This performance of course has been built on the very strong momentum that we are enjoying on our smoke-free portfolio. IQOS continue to enjoy a nice dynamism. First of all, in the market where IQOS has been historically, I would say, successful like Japan, you have seen that in Q1, we were still very nicely above 10% growth in Japan, and we keep growing our market share in the country. And it is really important to see that IQOS has its potential over time to deliver sustained growth. We’re also seeing a number of I would say, emerging growth relay in the western world in countries such as Germany and Spain, and that bodes very well, of course, for the continuation of the growth of IQOS in the developed economy.
And then we have all these new economies where we see an emerging pool of promising market. We've been talking a lot about Egypt. We see now clearly Indonesia with very good traction. We see the Gulf country with great potential, we see now Mexico that is starting to have nice traction on IQOS. So we see a growing list of country in this new economy with a nice potential that is firming up, and that's very nicely....
Philip Morris International Inc. (PM) 2024 Deutsche Bank Global Consumer Conference (Transcript)