Philip Morris International

Philip Morris International Inc. (PMI) stands as the world's leading international tobacco company and the largest publicly traded tobacco company globally, with a market capitalization of $285 billion as of June 2025. Founded in 1847 when Philip Morris opened a tobacco shop on London's Bond Street, the company has evolved from a small British retailer into a global powerhouse serving consumers in approximately 170 markets with over 83,000 employees representing 130+ nationalities.

PMI's corporate structure took shape in 1987 when it was incorporated as a Virginia holding company, becoming an independent U.S. public company listed on the New York Stock Exchange in March 2008 following its separation from Altria Group. Since 2002, the company's operational headquarters has been in Lausanne, Switzerland, positioning it at the heart of European and global markets.

The company is undergoing a historic transformation from traditional combustible cigarettes to smoke-free products, representing one of the most ambitious pivots in consumer goods history. In fiscal year 2024, PMI generated $37.9 billion in net revenues (excluding excise taxes) with $7.06 billion in earnings, demonstrating the strength of both its legacy and future-focused business lines. Remarkably, smoke-free products now account for 41% of total global net revenues as of Q3 2025, with the company's ambition to increase that figure to over two-thirds by 2030 and ultimately phase out cigarettes completely.

PMI's product portfolio spans two distinct categories: combustible tobacco products led by Marlboro—the world's best-selling cigarette brand launched in 1924—alongside L&M, Chesterfield, and Parliament; and an increasingly dominant smoke-free portfolio headlined by IQOS heated tobacco products and ZYN nicotine pouches. In 2024, the company sold approximately 617 billion cigarettes, 140 billion heated tobacco units, and 1 billion cans of oral tobacco products. Notably, IQOS surpassed Marlboro in net revenue at the end of 2023, marking a symbolic milestone in the company's transformation.

The $16 billion acquisition of Swedish Match in 2022 significantly accelerated PMI's smoke-free strategy, adding the ZYN nicotine pouch brand which has become a phenomenon in the U.S. market. ZYN shipments surged 53% year-over-year to 202 million cans in Q3 2024, with projected shipments of 800-840 million cans in 2025. Meanwhile, IQOS continues expanding globally and is now available in 95 markets, with an estimated 38.6 million adult users of PMI's smoke-free products worldwide as of December 2024.

PMI's international cigarette market share reached 25.3% in 2024, with Marlboro and its global brands portfolio achieving all-time market share highs. The company operates through four geographic segments: European Union, Eastern Europe/Middle East & Africa, South & Southeast Asia, and East Asia & Australia. PMI's smoke-free business delivered approximately $15 billion in net revenues in 2024, representing 42% of total net revenues and over 42% of total gross profit by Q3 2025.

As the tobacco industry faces increasing regulation and changing consumer preferences, PMI's leadership position, diversified geographic footprint, substantial R&D investments (including 'The Cube' research center in Neuchâtel, Switzerland opened in 2009), and accelerating smoke-free momentum position it as the company best equipped to navigate the industry's evolution. With FDA authorization for 20 ZYN products received in January 2025—the first and only nicotine pouch to receive such approval—and continuous expansion of IQOS, PMI is actively reshaping the future of nicotine delivery while maintaining the financial strength of its traditional business.