Earnings GrowthFlat to positive cigarette volumes internationally in 2024 are expected to revert to declines in 2025, which could impact PM's earnings growth.
Foreign ExchangeForeign exchange is a real headwind, already reflected in estimates and market sentiment with a notable pullback in the stock from its highs.
Regulatory ChangesPotential regulatory changes in the EU, such as the EU Tobacco Products Directive and EU Tobacco Excise Directive, could have significant implications for PM, especially concerning next generation products.