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.

• Russia's invasion of Ukraine, with Russia accounting for around 9% of total cigarette and heated tobacco unit shipment volume and around 6% of total net revenues in 2025, and Ukraine accounting for around 2% of volume and 1% of net revenues2025
• Pillar Two global minimum tax effective for taxable years beginning after December 31, 20232023-12-31
• As of March 2024, we began facing litigation related to our oral nicotine products before certain courts in the United States2024-03
• FDA's premarket tobacco product and modified risk tobacco product authorizations of two versions of IQOS and premarket tobacco authorizations of 20 varieties of ZYN
• Prolonged disruption at ZYN production facility in Kentucky, U.S., which currently supplies substantially all of our capacity for ZYN sales in the U.S.
• Possibility of legal action by the Russian government against PMI or its employees
• Risk of nationalization of foreign businesses or assets in Russia
• Allegations of contraband shipments of cigarettes
• Allegations of unlawful pricing activities within certain markets
• Allegations of underpayment of income taxes, customs duties and/or excise taxes
• Allegations of false and misleading usage of descriptors
• Allegations of unlawful advertising or distribution
• Product safety or specification allegations
• Allegations of unlawful labor practices
• PMI must comply with the EU General Data Protection Regulation
• PMI must comply with various U.S. state and federal privacy, data, and information security laws
• PMI must comply with artificial intelligence regulations