Philip Morris International (PM) Announces New Three-Year Share Repurchase Program of up to $7 Billion, With Target Spending of $5 to $7 Billion

June 11, 2021 9:01 AM EDT

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The Board of Directors of Philip Morris International Inc. (NYSE: PM) today authorized a new share repurchase program of up to $7 billion, with target spending of $5 to $7 billion over a three-year period expected to commence after the company’s second-quarter 2021 earnings call.

The Board of Directors also declared a regular quarterly dividend of $1.20 per common share, payable on July 12, 2021, to shareholders of record as of June 25, 2021. The ex-dividend date is June 24, 2021.

“Since our spin-off in March 2008, we have returned, on a cumulative basis, approximately $115 billion to our shareholders through dividends and share repurchases,” said Jacek Olczak, Chief Executive Officer.

“Our announcements today are further testament to our steadfast commitment to generously reward our shareholders as we transform into a smoke-free company.”

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