PMI Q3 Revenue Rises 5.5%; VEEV Shipments Grow 61.6%
PMI reported higher quarterly revenue and VEEV shipments. The company figures track its own portfolio and supply to distributors.
Key points
- PMI reported Q3 net revenue of about $11.4 billion, up 5.5% year on year.
- VEEV e-vapor shipments increased 61.6%.
- Company shipments do not measure total market size or consumer purchases.
Philip Morris International reported third-quarter net revenue of about $11.4 billion, up 5.5% from a year earlier. Its October 21 results show shipment growth across the company’s smoke-free categories.
VEEV e-vapor shipments increased 61.6%. IQOS heated-tobacco shipments rose 1.5% to 41.5 billion units, while U.S. ZYN shipments grew 4.2% to 3.2 billion pouches. The figures describe different product categories and should not be combined as a count of devices or customers.
PMI said smoke-free products generated more than 40% of quarterly revenue. Its overall shipment volume, including cigarettes, rose 0.6% to 206.2 billion equivalent units.
These are company-reported figures for PMI’s portfolio, rather than estimates of the entire nicotine market. Shipments measure product supplied into distribution and do not directly measure purchases by consumers.
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