• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    SEC Form 11-K filed by Philip Morris International Inc

    6/27/25 3:14:58 PM ET
    $PM
    Medicinal Chemicals and Botanical Products
    Health Care
    Get the next $PM alert in real time by email
    11-K 1 a11kfy2024.htm 11-K Document

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549
     
     
    FORM 11-K
     
     

    (Mark One)
    ýANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
      For the fiscal year ended December 31, 2024
      OR
    ¨TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
      For the transition period from             to            
    Commission file number 001-33708
     
     
    Philip Morris International Deferred Profit-Sharing Plan
    (Full title of the plan)
    PHILIP MORRIS INTERNATIONAL INC.
    677 Washington Boulevard, Suite 1100
    Stamford, Connecticut 06901
    (Name of issuer of the securities held pursuant to the plan
    and address of its principal executive office.)






    PHILIP MORRIS INTERNATIONAL DEFERRED PROFIT-SHARING PLAN
    ANNUAL REPORT ON FORM 11-K
    FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024
    TABLE OF CONTENTS
     
     Page (s)
    Report of Independent Registered Public Accounting Firm3-4
    Financial Statements:
    Statements of Net Assets Available for Benefits at December 31, 2024 and 2023
    5 
    Statement of Changes in Net Assets Available for Benefits for
        the Year Ended December 31, 2024
    6 
    Notes to Financial Statements 7-14
    Supplemental Schedule*:
    Schedule H - Line 4i - Schedule of Assets (Held at End of Year) 15 
    Signatures16 
    Exhibit:
    23. Consent of Independent Registered Public Accounting Firm
    *    Other schedules required by 29 CFR 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, are omitted because they are not applicable.
    -2-


    Report of Independent Registered Public Accounting Firm

    To the Administrator and Plan Participants of Philip Morris International Deferred Profit-Sharing Plan

    Opinion on the Financial Statements

    We have audited the accompanying statements of net assets available for benefits of Philip Morris International Deferred Profit-Sharing Plan (the “Plan”) as of December 31, 2024 and 2023 and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

    Basis for Opinion

    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

    Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

    Supplemental Information

    The supplemental Schedule H - Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule,




    -3-


    including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.


    /s/ PricewaterhouseCoopers LLP

    New York, New York
    June 27, 2025

    We have served as the Plan’s auditor since 2008.
















    -4-




    PHILIP MORRIS INTERNATIONAL DEFERRED PROFIT-SHARING PLAN
    STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
     at December 31, 2024 and 2023
     (in thousands of dollars)
    20242023
    Investments:
        Total investments at fair value (Note 7)$294,717 $273,693 
    Receivables:
        Employer's contribution6,715 5,515 
        Participants' contributions530 290 
        Participants' loans828 597 
        Dividends683 835 
              Total receivables8,756 7,237 
    Net assets available for benefits$303,473 $280,930 












    The accompanying notes are an integral part of these financial statements.
    -5-


    PHILIP MORRIS INTERNATIONAL DEFERRED PROFIT-SHARING PLAN
    STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
     for the Year Ended December 31, 2024
     (in thousands of dollars)
    2024
    Additions to net assets attributed to
    Investment income:
         Net appreciation in fair value of investments $39,022 
         Dividends and interest10,681 
                  Total investment income49,703 
    Interest income on notes receivable from participants51 
     Contributions to the Plan:
         By employer9,150 
         By participants5,936 
                  Total contributions15,086 
                  Net additions64,840 
     Deductions from net assets attributed to:
         Distributions and withdrawals42,223 
     Other 74 
                  Total deductions42,297 
                  Net increase22,543 
     Net assets available for benefits:
         Beginning of year280,930 
         End of year$303,473 







    The accompanying notes are an integral part of these financial statements.

    -6-

    PHILIP MORRIS INTERNATIONAL DEFERRED PROFIT-SHARING PLAN
    NOTES TO FINANCIAL STATEMENTS


    1.    Description of the Plan:

        General:

    The Philip Morris International Deferred Profit-Sharing Plan (the “Plan”) is a defined contribution plan maintained for the benefit of eligible salaried U.S. employees of Philip Morris International Inc. (the "Company") and certain of its current subsidiaries including PMI Global Services Inc., Philip Morris Global Brands Inc., Triaga Inc., Philip Morris U.S. Corporate Services and Vectura Inc. The Plan is designed to provide eligible employees with an opportunity to share in the profits of the Company and to invest certain of their funds in a tax-advantaged manner. Participants should refer to the official Plan document that legally governs the operation of the Plan for a complete description of the Plan's provisions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

    The administration of the Plan has been delegated to the Administrator, as defined in the Plan document. The Administration Committee, the Investment Committee and the Benefits Control Committee (hereinafter collectively referred to as “the Committees) are responsible for the operation and management of the investment of the assets of the Plan, other than the following investment options: the “PMI Stock Investment Option”; the “Altria Stock Investment Option”; the “Mondelēz International Stock Investment Option”; and the “Kraft Heinz Stock Fund Investment Option”, (hereinafter collectively referred to as “Stock Investment Options”) which are invested exclusively in the common stock of Philip Morris International Inc. (“PMI Stock”), Altria Group, Inc. (“Altria Stock”), Mondelēz International, Inc. (“Mondelēz Stock”) and The Kraft Heinz Company (“Kraft Heinz Stock”), respectively (hereinafter collectively referred to as “Common Stock”). Newport Trust Company is the named fiduciary with respect to the management of the Stock Investment Options. The Administrator, the Committees and Newport Trust Company are hereinafter collectively referred to as the “Fiduciaries”.

    Contributions:

    Each eligible employee of the Company may make before-tax, Roth after-tax and traditional after-tax contributions to the Plan as soon as administratively feasible after a participant’s date of hire. All eligible grandfathered employees (hired by, rehired by or transferred to the Company by January 1, 2009), other than Match-Eligible Employees, are eligible for the Company's contribution (the “Company Contribution”). Match-Eligible Employees (defined as employees who are hired or rehired by, or transferred to, the Company on or after January 1, 2009) become eligible for a Company Contribution after completing 12 months of service. In addition, Match-Eligible Employees, who make before-tax, Roth after-tax and/or traditional after-tax contributions become eligible for a company match contribution (the “Company Match Contribution”) after 90 days of service. Participants can direct all contributions among twenty investment options. The business rating (further discussed in Note 3), which is determined by the Philip Morris International Inc. Board of Directors Compensation and Leadership Development Committee (the "Compensation and Leadership Development Committee"), resulted in a 2024 Company Contribution to eligible Plan participants of 15% of eligible compensation.

    Employee Stock Ownership Plan:

    The employee stock ownership plan (“ESOP”) portion of the Plan permits each participant who invests in the PMI Stock Investment Option to elect, no later than the business day immediately
    -7-

    PHILIP MORRIS INTERNATIONAL DEFERRED PROFIT-SHARING PLAN
    NOTES TO FINANCIAL STATEMENTS (continued)

    preceding an ex-dividend date with respect to a dividend payable on shares of PMI Stock, to have the dividend paid to them in cash or have the dividend reinvested in additional shares of PMI Stock.

    Any cash dividends paid on Altria Stock, Mondelēz Stock or Kraft Heinz Stock cannot be reinvested in their respective Stock Investment Options, but instead will be invested according to the participant's current investment elections. If the participant has not provided an investment election, cash dividends will be invested in the Vanguard Target Date Retirement funds. The participant does not have the right to elect to have these dividends paid to them in cash.

    Participant Accounts:

    Each participant's Plan account is credited with the Company Contribution, Company Match Contribution (for Match-Eligible Employees), participant's personal contributions and the allocated share of the investment activities of each investment option in which he or she participates, and is charged with an allocation of Plan expenses, as defined by the Plan document.

    Vesting:

    Each participant is fully vested in the balance held in their Plan accounts. Eligible participants are vested immediately in the Company Contribution and Company Match Contribution.

    Distributions and Withdrawals:

    Distributions are made only when a person ceases to be a participant. Upon termination, including retirement, a participant has various options available, as described in the Plan, with respect to the distribution of his or her Plan account balances.

    Participants may make in-service withdrawals in accordance with the provisions outlined in the Plan document.

    Participant Loans:

    The loan program permits active participants to borrow from their Plan accounts in accordance with the provisions outlined in the Plan document. Interest on participant loans, which is determined at the time of the loan issuance, is equal to the prime rate as published in The Wall Street Journal generally as of the last day of the quarter preceding the loan and is fixed for the term of the loan. The minimum loan amount is $1,000 and the maximum loan amount is the lesser of one-half of a participant's account balance at the time of the loan request or $50,000, less the participant's highest outstanding loan balance during the 12-month period preceding the loan request. Loan repayment periods range from two to twenty-five years depending on the type of loan.

    A participant's loan account equals the original principal amount less principal repayments. The principal amounts of loan repayments reduce the loan account and are added back to the participant's Plan accounts originally used as the source of the loan. The repaid amount (including interest) is reinvested in the investment options according to the participant's investment authorization in effect at the time of repayment.



    -8-

    PHILIP MORRIS INTERNATIONAL DEFERRED PROFIT-SHARING PLAN
    NOTES TO FINANCIAL STATEMENTS (continued)



    2.    Summary of Significant Accounting Policies:

    Basis of Presentation:

    The financial statements are prepared using the accrual basis of accounting.

    Use of Estimates:

    The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the applicable fiduciary to make estimates and assumptions that affect the reported amounts in the financial statements and related disclosures. Actual results could differ from those estimates.

    Risks and Uncertainties:

    The Plan provides for various investment options in investment securities. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the Statement of Net Assets Available for Benefits.

    Certain assets of the Plan are invested in common stock and mutual funds, which could be subject to significant market fluctuations. A small portion of the assets are held in money market accounts.

    Factors beyond our control, such as, without limitation, natural disasters, extreme weather events, pandemics (including COVID-19), economic, political, regulatory, acts of war or threats of war, or other developments may adversely impact global financial markets.


    Valuation of Investments:

    The Plan's investments are composed of the following:
    •A commingled fund consisting of investment contracts (primarily synthetic guaranteed investment contracts). The Plan's investment in the BNYM Insight Stable Value Fund is fully benefit-responsive and therefore, contract value is the relevant measurement attribute for the portion of the net assets available for benefits attributable to this investment. Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. The BNYM Insight Stable Value Fund, a collective trust, is valued based on information reported by the investment advisor using the audited financial statements of the collective trust which are as of and for the year ended December 31, 2024.

    •Mutual funds are stated at the respective funds' net asset value per share, which is determined based on market values at the closing price on the last business day of the year.

    -9-

    PHILIP MORRIS INTERNATIONAL DEFERRED PROFIT-SHARING PLAN
    NOTES TO FINANCIAL STATEMENTS (continued)

    •Equity securities, primarily consisting of common stock, that are listed on an exchange are valued at the closing price on the last business day of the year.

    •Short-term temporary investments, such as money markets, are generally carried at amortized cost, which approximates fair value.

    Investment Transactions and Investment Income:

    An investment transaction is accounted for on the date the purchase or sale is executed. Dividend income is recorded on the ex-dividend date; interest income is recorded as earned on an accrual basis.

    Realized gains or losses from security transactions are reported on the average cost method.

    Distributions and Withdrawals:

    Distributions and withdrawals are recorded when paid.

    Expenses:

    Investment management fees, brokerage commissions (excluding those for Common Stock held in the Stock Investment Options) and other expenses charged by the manager of the investment option are charged against the net asset value of the specific investment option and reduce investment return.

    Administrative fees such as participant recordkeeping fees are charged directly to the participant accounts, usually on a quarterly basis.

    Transaction fees (including fees associated with the trading of Common Stock) are charged solely to the accounts of the participants that initiate the transactions.

    3.    Contributions:

    The Company Contribution to the Plan, on behalf of employees of the Company who have met their eligibility service requirement (“Philip Morris Participants”) is based on the business rating of PMI as determined by the Compensation and Leadership Development Committee each year. Based on the annual business rating, the Company Contribution to eligible Plan participants will range from 7% to 15% of eligible compensation. The Company Contribution is allocated ratably among Philip Morris Participants in the Plan at the end of the year according to their eligible participant compensation as defined by the Plan.

    Match-Eligible Employees are not eligible to participate in the Philip Morris International Retirement Plan (a non-contributory defined benefit pension plan). However, in addition to the Company Contribution, Match-Eligible Employees who make before-tax, Roth after-tax and/or traditional after-tax contributions for any payroll period after 90 days from their date of hire will also receive a Company Match Contribution. The Company will match the participant's before-tax contributions, Roth after-tax and traditional after-tax contributions, dollar for dollar, up to the first 5% of eligible compensation that the participant contributes for each payroll period.

    The Company Contribution for the year is accrued by the Plan based upon the amount to be funded each year as determined by the Compensation and Leadership Development Committee, as described
    -10-

    PHILIP MORRIS INTERNATIONAL DEFERRED PROFIT-SHARING PLAN
    NOTES TO FINANCIAL STATEMENTS (continued)

    above. Company Match Contributions are recorded in the period in which the participants contribute. Participants' contributions are recorded in the period in which they are withheld by the Company.

    Due to limitations under the Internal Revenue Code of 1986, as amended (the “Code”), certain amounts for highly compensated employees are not contributed to the Plan.

    No contribution is required from any participant under the Plan. However, new employees are automatically enrolled in the Plan to make before-tax contributions of five percent (5%) of their eligible compensation beginning with the first payroll period that is administratively practicable after the employee has completed 90 days of service. Employees that are automatically enrolled can elect not to make contributions or to contribute a different percentage of their eligible compensation.

    Participants may make contributions on a before-tax, Roth after-tax and/or traditional after-tax basis to the Plan. Participants who are age 50 or older by the end of a Plan year are eligible to make before-tax and Roth after-tax catch-up contributions up to the limit prescribed in the Code. For 2024, the catch-up contribution was limited to $7,500. If a participant has not made the maximum after-tax contribution, he or she may make an additional after-tax contribution or Roth after-tax contribution in a lump sum, subject to certain statutory limits. The percentage of compensation available for these contributions may vary from year to year. The aggregate contributions actually made by participants may not cause the Plan to violate limitations on such contributions set forth in the Code. The Code also imposes a dollar limitation on the amount of before-tax and Roth after-tax contributions for a calendar year. For 2024, a participant's before-tax and Roth after-tax contribution was limited to a combined maximum of $23,000, with a Plan limitation of 75% of compensation on the total amount of before-tax, Roth after-tax and traditional after-tax contributions. Before-tax catch-up contributions are not subject to these limits.

    The Plan provides, in the event of a Change of Control (as defined in the Plan) of Philip Morris International Inc., for the Company Contribution for the year in which the Change of Control occurs and for two years thereafter to be at least equal to the lesser of (a) the percentage of participants' compensation that was contributed to the Plan for the year prior to the year in which the Change of Control occurs, or (b) 10 percent of the participants' aggregate annual compensation.

    4.    Transactions with Parties-in-Interest:

    The applicable Fiduciaries are not aware of any transaction between the Plan and a party-in-interest (as defined by ERISA) or disqualified person (as defined in the Code) to the Plan (1) which is prohibited under the fiduciary responsibility provisions of ERISA or the prohibited transaction provisions of the Code, or (2) which has not been exempted from such prohibitions pursuant to a statutory or regulatory exemption or a class exemption issued by the Department of Labor. The Plan invests in PMI Stock. During the year ended December 31, 2024, there were $14.1 million of purchases and $24.9 million of sales of PMI Stock. For the year ended December 31, 2024, the Plan earned $6.8 million, primarily related to net realized gains and dividends, from the investment in PMI Stock. These transactions are exempt from the party-in-interest transaction prohibitions of ERISA. Certain Plan investments are shares of mutual funds managed by Fidelity Management & Research Company LLC, an affiliate of Fidelity Management Trust Company, the trustee as defined by the Plan. These transactions also qualify as exempt party-in-interest transactions under ERISA.




    -11-

    PHILIP MORRIS INTERNATIONAL DEFERRED PROFIT-SHARING PLAN
    NOTES TO FINANCIAL STATEMENTS (continued)

    5.    Plan Termination:

    The Board of Directors of Philip Morris International Inc. (the “Board”) has the right, subject to the applicable provisions of ERISA and the Code, to amend (retroactively or otherwise) the Plan, suspend making the Company Contribution and/or Company Match Contributions to the Plan or to terminate the Plan. The Board has delegated to the Benefits Control Committee and the Administrator the right to amend the Plan, provided that the first year cost of such amendment does not exceed specified dollar limits. The Company has the right to terminate its participation in the Plan. However, no such action may deprive any participant or beneficiary under the Plan of any vested right.

    6.    Tax Status:

    By letter dated May 13, 2015, the Internal Revenue Service ("IRS") has determined that the Plan constitutes a qualified plan under Section 401(a) of the Code and the ESOP portion of the Plan is a stock bonus plan as described in Section 401(a) and 4975(e) of the Code. The Plan has since been amended, and the Administrator and counsel believe that the Plan has been and is currently being operated in compliance with the applicable requirements of the Code. Therefore both the Plan and the ESOP portion of the Plan are exempt from federal income taxes under the provisions of Section 501(a) of the Code and no provision for income taxes has been included in the Plan's financial statements.

    The Plan's management has reviewed the Plan's tax exempt status and analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2024 and 2023, there are no uncertain tax positions taken or expected to be taken that would require recognition or disclosure in the financial statements during the year ended December 31, 2024 and 2023, respectively.

    The Plan is subject to routine audits by the taxing jurisdictions, however, there are currently no audits for any tax periods in progress.

    7.    Fair Value Measurements:

    The authoritative guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

    The guidance describes three levels of input that may be used to measure fair value, which are as follows:
    Level 1 -
    Quoted prices in active markets for identical assets or liabilities;
    Level 2 -
    Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
    Level 3 -
    Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.


    -12-

    PHILIP MORRIS INTERNATIONAL DEFERRED PROFIT-SHARING PLAN
    NOTES TO FINANCIAL STATEMENTS (continued)

    Plan Assets

    Equity Securities: Equity securities directly held by the Plan consist of common stocks with quoted prices in active markets. These securities have been classified within Level 1.

    Mutual Funds and Money Markets: Shares of mutual funds are valued at the net asset value of shares held by the Plan at year end. The net asset value of the mutual funds are based on prices in active markets. Investments held in the money market funds are valued at amortized cost, which approximates fair value. These investments have been classified within Level 1.

    The aggregate fair values of the Plan's assets as of December 31, 2024 and 2023, were as follows (in thousands):



    For the Year
    Ended
    Dec. 31, 2023



    For the Year
    Ended
    Dec. 31, 2024
    Quoted Prices
    In Active
    Markets for
    Identical
    Assets/Liabilities
    (Level 1)

    Significant
    Other
    Observable
    Inputs
    (Level 2)


    Significant
    Unobservable
    Inputs
    (Level 3)
        Mutual Funds (1)
    $172,019 $193,042 $193,042 $— $— 
        Equity Securities72,132 71,807 71,807 — — 
        Money Market Funds451 453 453 — — 
    Total Assets in Fair Value Hierarchy244,602 265,302 $265,302 $— $— 
    Assets Measured at Net Asset Value (2)
    29,091 29,415 
    Total Assets$273,693 $294,717 
    (1)Mutual Funds were comprised of U.S. and international investments, 92.7.8% and 7.3% respectively, at December 31, 2024, and 90.8% and 9.2% respectively, at December 31, 2023.
    (2)In accordance with FASB ASC Subtopic 820-10, an investment measured at fair value using the net asset value per share practical expedient has not been classified in the fair value hierarchy. This investment is the BNYM Insight Stable Value Fund, which is comprised of a diversified portfolio of fixed-income instruments which primarily include guaranteed investment contracts ("GICs") including synthetic, and insurance company separate account GICs. Participant redemptions can be made from the BNYM Insight Stable Value Fund on a daily basis with settlement one business day after the trade is submitted. Plan sponsor initiated withdrawals from the BNYM Insight Stable Value Fund may be subject to a redemption notice period of up to twelve months. The contract value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net assets available for benefits.
    Hierarchy valuations at December 31, 2024 are consistent with December 31, 2023.
    The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities.








    -13-

    PHILIP MORRIS INTERNATIONAL DEFERRED PROFIT-SHARING PLAN
    NOTES TO FINANCIAL STATEMENTS (continued)




    8. Subsequent Events:

    Subsequent events have been evaluated through June 27, 2025, the date the financial statements were available to be issued and determined that no additional disclosures are required.
    -14-


    PHILIP MORRIS INTERNATIONAL DEFERRED PROFIT-SHARING PLAN
    Schedule H - Line 4i - Schedule of Assets (Held at End of Year)
    December 31, 2024
    (a)


    (b) Identity of issue, borrower,
    lessor, or similar party
    (c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value



    (d) Cost (1)


    (e) Current
    Value
    BNYM Insight Stable Value FundCommingled Fund$29,414,879 
    Vanguard Institutional Index FundMutual Fund90,851,885 
    Vanguard LifeStrategy Moderate Growth FundMutual Fund26,471,239 
    *Fidelity Extended Market Index FundMutual Fund24,791,112 
    Vanguard Intermediate-Term Treasury FundMutual Fund16,083,398 
    *Fidelity International Index FundMutual Fund10,133,475 
    Vanguard European Stock Index FundMutual Fund4,046,680 
    Vanguard Target Retirement 2045 Fund Investor SharesMutual Fund3,389,028 
    Vanguard Target Retirement 2050 Fund Investor SharesMutual Fund3,170,270 
    Vanguard Target Retirement 2030 Fund Investor SharesMutual Fund3,105,694 
    Vanguard Target Retirement 2035 Fund Investor SharesMutual Fund2,796,214 
    Vanguard Target Retirement 2025 Fund Investor SharesMutual Fund2,382,378 
    Vanguard Target Retirement 2040 Fund Investor SharesMutual Fund2,248,900 
    Vanguard Target Retirement 2055 Fund Investor SharesMutual Fund1,317,453 
    Vanguard Target Retirement 2020 Fund Investor SharesMutual Fund1,297,190 
    Vanguard Target Retirement Income Fund Investor SharesMutual Fund469,460 
    Vanguard Target Retirement 2060 Fund Investor SharesMutual Fund328,472 
    Vanguard Target Retirement 2065 Fund Investor SharesMutual Fund158,246 
    Vanguard Target Retirement 2070 Fund Investor SharesMutual Fund1,048 
    *Philip Morris International Inc. Stock Common Stock60,874,119 
    Altria Group, Inc. StockCommon Stock6,978,280 
    Mondelēz International, Inc. StockCommon Stock3,425,223 
    The Kraft Heinz Company StockCommon Stock529,481 
    *Fidelity Government Money Market FundMoney Market438,030 
    *Fidelity Cash Reserves FundMoney Market14,997 
         Total$294,717,151 
    *Outstanding Loan Balance 2/04/2025 6/21/2045 interest 3.25%-8.5%$827,498 

    (1) All investments are participant directed, therefore cost is not applicable.


    -15-





    SIGNATURES


        Pursuant to the requirements of the Securities Exchange Act of 1934, the Director TR Americas, having administrative responsibility for the Plan, has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.


    PHILIP MORRIS INTERNATIONAL
    DEFERRED PROFIT-SHARING
    PLAN

    By/s/ CHAD RYAN
    Chad Ryan
    Director US Total Rewards and P&C Operations

    Date: June 27, 2025

    -16-
    Get the next $PM alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $PM

    DatePrice TargetRatingAnalyst
    5/22/2025$195.00Buy
    Needham
    4/25/2025$170.00Sell → Neutral
    UBS
    3/14/2025Hold → Buy
    Argus
    1/16/2025$140.00Overweight
    Morgan Stanley
    3/5/2024Buy → Hold
    Argus
    2/13/2024Sell → Hold
    Societe Generale
    1/23/2024$105.00 → $86.50Buy → Sell
    UBS
    11/16/2023$95.00Neutral
    Redburn Atlantic
    More analyst ratings

    $PM
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • New insider Trumpaitis Mindaugas claimed ownership of 73,002 shares (SEC Form 3)

      3 - Philip Morris International Inc. (0001413329) (Issuer)

      6/9/25 3:34:30 PM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • Director Temperley Dessislava was granted 1,002 shares, increasing direct ownership by 15% to 7,756 units (SEC Form 4)

      4 - Philip Morris International Inc. (0001413329) (Issuer)

      5/9/25 4:54:43 PM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • Director Bough Bonin was granted 1,002 shares, increasing direct ownership by 11% to 9,834 units (SEC Form 4)

      4 - Philip Morris International Inc. (0001413329) (Issuer)

      5/9/25 4:54:34 PM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care

    $PM
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Philip Morris International Declares Regular Quarterly Dividend of $1.35 Per Share

      Regulatory News: The Board of Directors of Philip Morris International Inc. (PMI) (NYSE:PM) today declared a regular quarterly dividend of $1.35 per common share, payable on July 15, 2025, to shareholders of record as of June 27, 2025. The ex-dividend date is June 27, 2025. For more details on stock, dividends and other information, see www.pmi.com/dividend. Philip Morris International: A Global Smoke-Free Champion Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company's current product portfolio primar

      6/13/25 5:45:00 AM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • Illicit Cigarettes in European Union at Highest Level Since 2015, KPMG Study Shows

      Smokers in the European Union (EU) consumed 38.9 billion illicit cigarettes in 2024, a 10.8% increase versus 2023, with serious repercussions for tax revenues, crime rates, and public health. France, the largest illicit market in Europe, reached 18.7 billion illicit cigarettes consumed last year, 37.6% of total consumption. Adding 10.2 ppt year-on-year, the Netherlands saw the largest increase in illicit cigarettes share, which doubled to 17.9% of total consumption. Countries such as Bulgaria, Greece, Italy and Portugal—and Ukraine, outside the EU—have shown sizeable decreases in illicit consumption in 2024. Greece and Ukraine, in particular, saw as much as 30% declines vs. 2023.

      6/11/25 6:00:00 AM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • Philip Morris International Participates in dbAccess Global Consumer Conference

      Reaffirms 2025 Full-Year Forecast for Reported Diluted EPS of $7.01 to $7.14 and Adjusted Diluted EPS of $7.36 to $7.49, Representing Growth of 12% to 14%, 10.5% to 12.5% Excluding Currency Regulatory News: Philip Morris International Inc.'s (PMI) (NYSE:PM) Chief Financial Officer, Emmanuel Babeau, will address investors today at the 2025 dbAccess Global Consumer Conference in Paris. The event will be webcast live in listen-only mode, beginning at approximately 11:15 a.m. CEST (5:15 a.m. EST), at www.pmi.com/2025dbaccess and on the PMI Investor Relations Mobile Application (www.pmi.com/irapp). An archived copy of the webcast will be available for approximately one year. 2025 Full-Ye

      6/3/25 1:30:00 AM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care

    $PM
    SEC Filings

    See more
    • SEC Form 11-K filed by Philip Morris International Inc

      11-K - Philip Morris International Inc. (0001413329) (Filer)

      6/27/25 3:14:58 PM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • Philip Morris International Inc filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - Philip Morris International Inc. (0001413329) (Filer)

      6/24/25 8:10:16 AM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • Philip Morris International Inc filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - Philip Morris International Inc. (0001413329) (Filer)

      6/13/25 6:06:09 AM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care

    $PM
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Needham initiated coverage on Philip Morris International with a new price target

      Needham initiated coverage of Philip Morris International with a rating of Buy and set a new price target of $195.00

      5/22/25 8:27:06 AM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • Philip Morris International upgraded by UBS with a new price target

      UBS upgraded Philip Morris International from Sell to Neutral and set a new price target of $170.00

      4/25/25 8:25:28 AM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • Philip Morris International upgraded by Argus

      Argus upgraded Philip Morris International from Hold to Buy

      3/14/25 7:44:58 AM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care

    $PM
    Leadership Updates

    Live Leadership Updates

    See more
    • Molex, a Parent to Phillips Medisize, Announces Agreement to Acquire the Vectura Group Limited, Expanding Its Drug Delivery Capabilities in Inhalation

      Pharmaceutical customers and patients to benefit from the combined design, development and manufacturing services of Vectura and Phillips Medisize Phillips Medisize to add a market-leading position in inhalation combination product development to its existing suite of drug delivery device design capabilities Vectura employees to join a large global company, dedicated to improving patients' lives through innovative products and world class quality and manufacturing capabilities Molex, a parent to Phillips Medisize, a leader in the design, engineering and manufacturing of pharmaceutical drug delivery, in vitro diagnostic and medtech devices, announced that, through its affiliate Molex

      9/17/24 9:11:00 AM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • Philip Morris International Names New External Affairs Leader

      Philip Morris International Inc. (PMI) (NYSE:PM) is pleased to announce the appointment of Christos Harpantidis to the position of Senior Vice President, External Affairs effective May 1, 2024. In his new role, Mr. Harpantidis will report to the company's CEO, Jacek Olczak. "Christos is an experienced business leader with a proven track record of engaging society on the benefits of tobacco harm reduction and risk-proportionate regulation for smoke-free products," said CEO Jacek Olczak. "He has been instrumental in building our smoke-free business in Greece and the South East Europe Area as we evolve away from cigarettes. I'm looking forward to working with Christos and excited to see what

      3/26/24 5:48:00 AM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • Philip Morris International's U.S. Business Champions Female Economic Growth in Connecticut with Record-Setting $5 Million Investment Through New Partnership with Women's Business Development Council

      In honor of Women's History Month and in advance of International Women's Day, investment and partnership support female economic empowerment and equality through entrepreneurship Today, Philip Morris International (PMI) (NYSE:PM) announces the launch of an extended partnership via its U.S. business to support female empowerment with a record-setting $5 million investment in the Women's Business Development Council (WBDC), a 501(c)(3) charitable organization dedicated to providing tools and resources to help women entrepreneurs thrive in business throughout Connecticut. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/202403048002

      3/4/24 6:48:00 PM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care

    $PM
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G/A filed by Philip Morris International Inc (Amendment)

      SC 13G/A - Philip Morris International Inc. (0001413329) (Subject)

      2/9/24 6:21:26 PM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • SEC Form SC 13G/A filed by Philip Morris International Inc (Amendment)

      SC 13G/A - Philip Morris International Inc. (0001413329) (Subject)

      2/9/24 6:05:54 PM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • SEC Form SC 13G/A filed by Philip Morris International Inc (Amendment)

      SC 13G/A - Philip Morris International Inc. (0001413329) (Subject)

      1/29/24 3:26:29 PM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care

    $PM
    Financials

    Live finance-specific insights

    See more
    • Philip Morris International Declares Regular Quarterly Dividend of $1.35 Per Share

      Regulatory News: The Board of Directors of Philip Morris International Inc. (PMI) (NYSE:PM) today declared a regular quarterly dividend of $1.35 per common share, payable on July 15, 2025, to shareholders of record as of June 27, 2025. The ex-dividend date is June 27, 2025. For more details on stock, dividends and other information, see www.pmi.com/dividend. Philip Morris International: A Global Smoke-Free Champion Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company's current product portfolio primar

      6/13/25 5:45:00 AM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • Philip Morris International Participates in dbAccess Global Consumer Conference

      Reaffirms 2025 Full-Year Forecast for Reported Diluted EPS of $7.01 to $7.14 and Adjusted Diluted EPS of $7.36 to $7.49, Representing Growth of 12% to 14%, 10.5% to 12.5% Excluding Currency Regulatory News: Philip Morris International Inc.'s (PMI) (NYSE:PM) Chief Financial Officer, Emmanuel Babeau, will address investors today at the 2025 dbAccess Global Consumer Conference in Paris. The event will be webcast live in listen-only mode, beginning at approximately 11:15 a.m. CEST (5:15 a.m. EST), at www.pmi.com/2025dbaccess and on the PMI Investor Relations Mobile Application (www.pmi.com/irapp). An archived copy of the webcast will be available for approximately one year. 2025 Full-Ye

      6/3/25 1:30:00 AM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care
    • Philip Morris International Reports First-Quarter 2025 Results and Raises 2025 Full-Year Adjusted Diluted EPS Forecast for Currency Only

      Reported Diluted EPS Grew 24.6% to $1.72 Adjusted Diluted EPS Grew 12.7% to $1.69; and by 17.3% excluding currency Regulatory News: Philip Morris International Inc. (PMI) (NYSE:PM) today announces its 2025 first-quarter results.1 "We achieved exceptionally strong performance in the first quarter, with continued volume growth supporting an excellent top-line performance and very strong margin expansion," said Jacek Olczak, Chief Executive Officer. "Our smoke-free business goes from strength to strength, delivering organic growth of over 20% in net revenues and over 33% in gross profit." "We remain confident in our ability to deliver superior results, despite an uncertain and volatile glob

      4/23/25 6:59:00 AM ET
      $PM
      Medicinal Chemicals and Botanical Products
      Health Care