Philip Morris reports Q4 shipment volume up 2.3% y/y

The company states: “Quarterly shipments of HTU and oral smoke-free products exceeded 40 billion units for the first time, driving our smoke-free business to a superior performance, with full-year net revenues increasing by 14.2% (16.7% organically) and gross profit increasing by 18.7% (22.7% organically). In the fourth quarter, we delivered 9.2% net revenue growth (9.0% organically) and 15.1% gross profit growth (both reported and organically), despite a tough comparison due to shipment phasing. The smoke-free business accounted for 40% of our total net revenues and around 42% of gross profit (up by 0.7pp and 0.9pp respectively, versus fourth-quarter 2023), with 38.6 million estimated adult users of our smoke-free products (up by 5.3 million versus December 2023), which are now available in 95 markets.”