STAMFORD, CT - Philip Morris International Inc. (NYSE: NYSE:PM) has announced a regular quarterly dividend of $1.30 per common share, which is slated for payment on April 9, 2024, to shareholders on record by March 21, 2024. The ex-dividend date is set for March 20, 2024.
The declaration comes as the company continues to invest heavily in its transition towards a smoke-free future, a strategic shift that has seen it pour $12.5 billion into the development and commercialization of innovative smoke-free products since 2008. The aim of this substantial investment is to phase out cigarette sales entirely.
Philip Morris International's efforts in this direction include the acquisition of Swedish Match, a company known for its oral nicotine delivery systems. Together, their IQOS and ZYN brands lead the smoke-free product market. The U.S. Food and Drug Administration has granted Modified Risk Tobacco Product status to certain IQOS devices and consumables as well as to Swedish Match's General snus.
As the end of 2023 approached, PMI's smoke-free products were available in 84 markets globally. The company reports that approximately 20.8 million adults have switched from smoking to their IQOS product. In 2023, smoke-free products constituted roughly 37% of PMI's total net revenues.
In addition to its focus on smoke-free products, PMI has signaled its intention to venture into the wellness and healthcare sectors. Through its Vectura Fertin Pharma business, the company aims to create integrated health experiences that enhance life quality.
This dividend announcement reflects Philip Morris International's ongoing profitability and its commitment to return value to shareholders even as it navigates a significant industry transformation. The information is based on a press release statement from the company.
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