Philip Morris International Inc. (PM) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Philip Morris International Inc. surfaced in its latest filing.

• FDA granted premarket tobacco product and modified risk tobacco product authorizations for two versions of IQOS.
• FDA granted premarket tobacco authorizations for 20 varieties of ZYN nicotine pouches.
• The OECD's Pillar Two global minimum tax is effective for taxable years beginning after December 31, 2023.December 31, 2023
• Russia's invasion of Ukraine has led to proposed punitive tax legislation applicable to companies doing business in Russia.
• Russia accounted for around 9% of total cigarette and heated tobacco unit shipment volume in 2025.2025
• Russia accounted for around 6% of total net revenues in 2025.2025
• Ukraine accounted for around 2% of total cigarette and heated tobacco unit shipment volume in 2025.2025
• Ukraine accounted for around 1% of total net revenues in 2025.2025
• As of March 2024, the company began facing litigation related to its oral nicotine products before certain courts in the United States.March 2024
• See Note 16 for a description of certain intellectual property proceedings.
• A divestment of the Russian business would likely be subject to material impairment.