Earnings GrowthFlat to positive cigarette volumes internationally are expected to revert to declines, which could impact PM's earnings growth.
Financial PerformancePM took a $680 million impairment charge at its W&H unit after unsuccessful clinical trials and slower than expected innovation.
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.