Philip Morris International Inc.’s (NYSE: PM) Chief Operating Officer, Jacek Olczak, and Chief Financial Officer, Emmanuel Babeau, address investors today at the Deutsche Bank Global Consumer Conference.

The presentation and Q&A session will be conducted in a virtual format, beginning at approximately 7:00 a.m. Eastern Time. A live audio call for the entire PMI session will be held in a listen-only mode. Investors and other parties may register for the call at www.pmi.com/2020deutschebank, in order to receive dial-in instructions and numbers. Presentation slides will be available on the same site.

An archived copy of the call will be available at www.pmi.com/2020deutschebank until 5:00 p.m. Eastern Time on Friday, July 10, 2020. The archived call can also be accessed on iOS or Android devices by downloading PMI’s free Investor Relations Mobile Application at www.pmi.com/irapp.

2020 Second-Quarter Forecast

The company is on-track to deliver second-quarter reported diluted EPS toward the upper end of its previously communicated range of $1.00 to $1.10, provided on Tuesday, April 21st. The forecast includes an unfavorable currency impact, at prevailing exchange rates, of approximately $0.07 per share, compared to an unfavorable impact of approximately $0.12 per share, communicated previously.

The forecast assumes a currency-neutral net revenue decline – wholly attributable to COVID-19-related factors – around the high end of the company’s previously communicated decline range of 8% to 12%. This primarily reflects industry cigarette volume declines at the high end of our initial estimates due to stricter or longer lockdowns in certain Latin America and EU markets during April and May. We have observed, however, better-than-anticipated IQOS performance and, in recent weeks, signs of recovery for combustible products.

The forecast also assumes no disruption in the company's ability to supply its customers, based on its current operations and inventory levels.

Until PMI is able to estimate the full-year 2020 impact of COVID-19 on its business with greater certainty, the company plans to continue providing quarterly forecasts on a one quarter forward basis, with the exception of the following items forecasted for the full year:

• capital expenditures of approximately $0.7 billion, compared to approximately $0.8 billion disclosed previously; and
• an effective tax rate of approximately 23%, subject to changes in full-year earnings mix.

The company will issue its 2020 second-quarter results on Tuesday, July 21st.

The forecasts in this press release exclude the impact of any future acquisitions, unanticipated asset impairment and exit cost charges, future changes in currency exchange rates, further developments related to the U.S. Tax Cuts and Jobs Act, further developments pertaining to the judgment in the two Québec Class Action lawsuits and the Companies’ Creditors Arrangement Act (CCAA) protection granted to RBH, any unusual events, and any COVID-19-related developments different from the assumptions set forth in the company's forecasts.

Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.