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Philip Morris sees FY25 adjusted EPS $7.01-$7.14, consensus $7.24

This forecast assumes: An estimated total international industry volume decline of around 1% for cigarettes and HTUs, excluding China and the U.S.; Total cigarette and smoke-free product shipment volume growth for PMI of up to 2% driven by smoke-free products volume growth of 12% to 14%. Net revenue growth of around 6% to 8% on an organic basis; Organic operating income growth of 10.5% to 12.5%; Operating cash flow of more than $11 billion at prevailing exchange rates, subject to year-end working capital requirements. Capital expenditures of around $1.5 billion, including further investments in ZYN capacity in the U.S.

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