Editing Albert test

Philip Morris International, the world’s largest publicly traded tobacco company, operates in approximately 180 countries and reported 18.31 billion USD in profits in 2017.<ref name="PMI_AR_2017_Selected_Financial_Data>Philip Morris International website, [http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjkwOTgzfENoaWxkSUQ9NDAwNjU5fFR5cGU9MQ==&t=1 Philip Morris International 2017 Annual Report], p. 15, Accessed December 2018</ref> Philip Morris International, a U.S.-based corporation, only sells its products outside the United States. Philip Morris International was separated from its parent company, the [[Altria Group]], in March 2008, in part to protect the company from increased U.S.-based regulation and Litigation. Philip Morris International and [[Altria Group|Altria]] are now legally separate companies.
==Company Overview==
According to Philip Morris International's website, Philip Morris International is a leading international tobacco company engaged in the manufacture and sale of cigarettes and other nicotine-containing products in markets outside the United States of America. Philip Morris International Inc. is a Virginia holding company incorporated in 1987. The company's vision is for their products to "ultimately replace cigarettes to the benefit of adult smokers, society, our company and our shareholders."<ref name="PMI_AR2017" >Philip Morris International, [http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjkwOTgzfENoaWxkSUQ9NDAwNjU5fFR5cGU9MQ==&t=1  Philip Morris International 2017 Annual Report], Page 1, Accessed September 2018 </ref>
===Key Executives===

{| class="wikitable sortable"
! style="font-weight:bold; width:20%" |Name
! style="font-weight:bold; width:20%" |Position
! style="font-weight:bold; width:40%" |Bio
|-
|André Calantzopoulos
|Director and Chief Executive Officer 
(since 2013)
|Calantzopoulos was named Chief Executive Officer and was elected to the Board of Directors on May 8, 2013. He served as Chief Operating Officer from Philip Morris’s spin-off on March 28, 2008 to May 8, 2013. Calantzopoulos was Philip Morris International’s President and Chief Executive Officer between 2002 and the date of the spin-off. After joining the company in 1985, he worked extensively across Central Europe, including as Managing Director of PM Poland and President of the Eastern European Region.

Calantzopoulos holds a degree in electrical engineering from Swiss Federal Institute of Technology in Lausanne and an MBA from INSEAD in France.<ref name="PMI_our_leadership_team">Philip Morris International Website, [https://www.pmi.com/who-we-are/our-leadership-team Our Leadership team], 2018, Accessed September 2018</ref> 
|-
|Martin King
|Chief Financial Officer 
(since January 2018)
|King joined Philip Morris International in 2003 as Managing Director of Tabaqueira SA, Philip Morris International’s Portuguese subsidiary. He was then named Managing Director, Philip Morris Management Co. Ltd in Beijing. Following Philip Morris Indonesia’s acquisition of PT HM Sampoerna Tbk in May 2005, he served as President Director of PT HM Sampoerna Tbk until April 2009. King was appointed Senior Vice President, Operations in April 2009, and President, Latin America & Canada Region in February 2014. Between 2015 and 2017, he held the position of President, Asia Region.

Prior to joining Philip Morris International, King served in various positions within Philip Morris USA between 1991 and 2003.

A graduate of Harvard University with a bachelor’s degree in government, King also holds an MBA from the Darden School, University of Virginia.<ref name="PMI_our_leadership_team" />
|-
|Jacek Olczak
|Chief Operating Officer 
(since January 2018)
|Olczak joined Philip Morris Polska in 1993 as Manager, Finance and Administration. After serving as Manager, Internal Controls in 1995 in Lausanne, Switzerland, Mr. Olczak returned to Poland in 1996 where he held various positions in finance, sales, and operations. Between 2002 and 2006, Olczak worked extensively across Central Europe and the Baltic States, and in 2004 was appointed Managing Director, Poland & Baltic States. In October 2006, he became Managing Director, Germany & Austria, and from April 2009 until July 2012, he served as President of Philip Morris International’s European Union Region, responsible for managing Philip Morris International operations. From August 2012 until his current appointment, Olczak held the role of Chief Financial Officer. 

Prior to joining Philip Morris International, Olczak worked for BDO Binder Sp. z o.o. in London and Warsaw. 

Olczak holds a master’s degree in economics from the University of Lodz, Poland.<ref name="PMI_our_leadership_team" />
|-
|Paul Riley
|President, East Asia & Australia Region 
(since January 2018)
|Riley joined Philip Morris Australia in 1988. Over the following two decades, he held a number of positions in Australia, Hong Kong, and Japan, before being named Managing Director, Serbia & Montenegro in 2010. Riley returned to Asia in 2013, when he became President of Philip Morris Fortune Tobacco Corporation in the Philippines. He was appointed President of Philip Morris Japan in 2015.

Riley holds a degree in technology innovation and services management from the Royal Melbourne Institute, and is a graduate of Harvard Business School.<ref name="PMI_our_leadership_team" />
|-
|Marco Mariotti
|President, Eastern Europe Region 
(since January 2018)
|Since joining Philip Morris International in 1997, Mariotti has held numerous leadership roles in Argentina and across Europe. He started in business development for the European Union Region and moved to Italy in 2001 as Director, Finance and then Director, Corporate Affairs. In 2005, Mariotti became Managing Director, Argentina, followed by his appointment as Managing Director, Italy in 2008. In 2010 Mariotti was named President, Russia & Belarus and became Senior Vice President, Corporate Affairs in 2015.

Before joining Philip Morris International, Mariotti worked in the financial sector in Switzerland. 

Mariotti studied economics in Lausanne, Switzerland, and holds an MBA from INSEAD in Fontainebleau, France.<ref name="PMI_our_leadership_team" />
|-
|Frederic de Wilde
|President, European Union Region 
(since July 2015)
|De Wilde joined Philip Morris International in 1992 as Brand Manager L&M for Philip Morris Belgium. In 1996 he became Marketing Director for Philip Morris Spain S.L. and four years later Sales Director of Spain. He was then named Managing Director of Philip Morris Greece, where he led the acquisition and integration of the Papastratos Cigarette Manufacturing Company. In 2005 De Wilde became Managing Director of Philip Morris International’s affiliate in Italy, and from January 2008 until the end of June 2011, he held the position of President, Philip Morris Japan KK. In July 2011 de Wilde became Senior Vice President, Marketing & Sales.

Prior to joining Philip Morris International, de Wilde worked at Colgate Palmolive, Belgium from 1991 to 1992 as Regional Sales Manager.

De Wilde holds a degree in economics from the Université Libre de Bruxelles and a master degree in management from the Vrije Universiteit Brussel.<ref name="PMI_our_leadership_team" />
|-
|Mario Masseroli
|President, Latin America & Canada Region 
(since July, 2018)
|Mr. Masseroli became President, Latin America & Canada Region in July 2018. 
Mr. Masseroli joined Philip Morris Argentina in 1998 and served in a variety of roles in Argentina, Switzerland and New York. He was named Managing Director, Guatemala in 2006, followed by his appointment as Director, Corporate Affairs for PMI Spain in 2007. Mr. Masseroli was named Vice President, Corporate Affairs Latin America & Canada in 2009. He then went on to become Managing Director Spain and Canary Islands in 2012, adding responsibility for Portugal in April 2016, a position he held until his current appointment. Mr. Masseroli received a bachelor’s degree from the Torcuato di Tella University in Buenos Aires, Argentina, and master’s degree in business administration from the University of California at Berkeley.<ref name="PMI_our_leadership_team" />
|-
|Stacey Kennedy
|President, South & Southeast Asia Region 
(since January 2018)
|Kennedy began her career with Philip Morris USA in 1995 as a Territory Sales Manager. She held a number of positions of increasing responsibility in the sales organization, until becoming Vice President Sales, Southeast Region in Atlanta in 2006. In 2010 Kennedy joined Philip Morris International’s Operations Center in Lausanne as Vice President, Sales Strategy, and in April 2013 Area Vice President, Southeast Europe. Kennedy served as Managing Director for Germany, Austria, Croatia, and Slovenia from 2015 until her current appointment.

Kennedy received a bachelor degree in sociology and cultural anthropology from Randolph College in the United States, and an Executive MBA from IMD in Lausanne, Switzerland.<ref name="PMI_our_leadership_team" />
|-
|Drago Azinovic
|President, Middle East, Africa & Philip Morris International Duty Free 
(since January 2018)
|Azinovic joined Philip Morris Asia Limited in March 2009 as Vice President of Marketing and Sales for Philip Morris International’s Asia Region. He became President of Philip Morris Japan in July 2011, a position he held until July 31, 2012, when he was named President of the European Union Region. In July 2015 he became President, Eastern Europe, Middle East & Africa and Philip Morris International Duty Free. From 1997 until 2009 Azinovic held a variety of positions at Altadis and, after the acquisition of Altadis in 2008, at [[Imperial Tobacco]]. Previously, Azinovic had worked at Procter & Gamble. Azinovic received a law degree from the University of Alcalá in Spain and an MBA from Saint Louis University in Missouri (USA).<ref name="PMI_our_leadership_team" />
|-
|Marc S. Firestone
|President, External Affairs and General Counsel 
(since January 2018)
|Firestone held positions from 1988 to 2003 in the law departments of Philip Morris Companies Inc. and Philip Morris International Inc. Firestone is cofounder and chairman of the Institute for Inclusion in the Legal Profession; adjunct professor of law at New York Law School; a frequent speaker on international antitrust law, diversity, and in-house legal practice; and a recipient of the Director’s Roundtable Distinguished General Counsel award. From 2012 until his current appointment, Mr. Firestone served as Philip Morris International’s Senior Vice President and General Counsel.

Firestone was previously Executive Vice President, Corporate and Legal Affairs and General Counsel of Kraft Foods Inc., where he served since 2003. 

Firestone began his legal career as an attorney at Arnold & Porter in Washington, D.C. He received a BA, magna cum laude, in romance languages and philosophy from Washington & Lee University and a JD, magna cum laude, from Tulane University School of Law.<ref name="PMI_our_leadership_team" />
|-
|Charles Bendotti
|Senior Vice President, People & Culture 
(since January 2018)
|Bendotti joined Philip Morris International in Lausanne in 1999 as Business Analyst. From 2000 until 2006, he served in various cross-functional roles in Marketing & Sales and Business Development in different markets of the Eastern Europe, Middle East & Africa, and Latin America & Canada Regions. Bendotti then became Managing Director, Ecuador & Bolivia, followed by his appointment as Vice President, Human Resources for the Latin America & Canada Region in 2008. In 2012 he was named Vice President, Human Resources Asia, a position he held until December 2016, and then Senior Vice President, Human Resources.

Bendotti holds a master’s degree in international relations, economy, and law from the Graduate Institute of International & Development Studies in Geneva, Switzerland, and an Executive MBA from HEC Paris.<ref name="PMI_our_leadership_team" />
|-
|}



===Board Members===
{| class="wikitable"
! style="font-weight:bold; width:20%" |Name
! style="font-weight:bold; width:20%" |Position
! style="font-weight:bold; width:40%" |Bio
|-
|Louis C. Camilleri
|Former Chairman of the Board
|On July 21, 2018 it was announced Ferrari appointed Camilleri as next CEO. <ref>[https://www.bloomberg.com/news/articles/2018-07-21/ferrari-proposes-camilleri-to-replace-ailing-marchionne-as-ceo Ferrari Enlists Philip Morris Veteran Camilleri as Next CEO], ''Bloomberg'', July 2018, Accessed September 2018</ref>

Camilleri was Philip Morris International Chairman, having served as the Chairman and Chief Executive Officer from the spin-off in 2008 until the 2013 Annual Meeting of Shareholders. Mr. Camilleri remained Chairman and an employee of the company following the 2013 Annual Meeting. He retired effective December 31, 2014, and continues to serve as a non-employee Chairman. Before the spin-off, Mr. Camilleri was Chairman and Chief Executive Officer of Altria Group, Inc., positions he had held since 2002. From 1996 to 2002, he served as Senior Vice President and Chief Financial Officer of Altria Group, Inc. He had been employed continuously by Altria Group, Inc. and its subsidiaries (including Philip Morris International Inc.) in various capacities since 1978. Camilleri is a director of América Móvil, S.A.B. de C.V. and Ferrari N.V. He previously served on the Board of Telmex International SAB from 2009 to 2011. Camilleri was a director of Kraft Foods Inc. from 2001 to 2007 and was Kraft’s Chairman from 2002 to 2007.<ref name="pmiexecwebref">Philip Morris International Website, [https://www.pmi.com/our-business/about-us/corporate-governance/board-of-directors Board of Directors], 2018, Accessed September 2018</ref> 
|-
|Harold Brown
|Director
| Brown has been a Counselor at the Center for Strategic and International Studies since 1992. He was a partner of Warburg Pincus, a leading private equity firm, from 1990 until his retirement in 2007. Previously, he was Chairman of the Foreign Policy Institute at The Johns Hopkins University School of Advanced International Studies. Brown is President Emeritus and life trustee of the California Institute of Technology and served as Secretary of Defense for the United States from 1977 through 1981. Brown is a member of the board of directors of Chemical Engineering Partners, Inc., a member of the North American Group of the Trilateral Commission and a Trustee Emeritus of the RAND Corporation. Brown served as a Director of Altria Group, Inc. from 1983 to 2003, and again from 2004 to 2008. At Philip Morris International, Brown is Chair of the Product Innovation and Regulatory Affairs Committee and a member of the Compensation and Leadership Development and Finance Committees.<ref name="pmiexecwebref"/>
|-
|Massimo Ferragamo
|Director
|Ferragamo has served as Chairman of Ferragamo USA Inc. since 2000, having previously served as President of that company since 1985. He is also Vice President of the Lungarno Hotel Group and Executive Vice President of the Ferragamo Foundation. Ferragamo is a director of Ferragamo Finanziaria S.p.A. and served on the board of directors of Yum! Brands, Inc. from 1997 until 2016. Ferragamo is a member of the Finance and Product Innovation and Regulatory Affairs Committees.<ref name="pmiexecwebref"/>
|-
|Werner Geissler
|Director
|Geissler became an Operating Partner of Advent International in 2015. He previously served as Vice Chairman and Special Advisor to the Chairman and CEO of Procter and Gamble until his retirement in January 2015. He joined that company in 1979 and served in various capacities, including President, Northeast Asia, from 2001 to 2004, Group President, Central and Eastern Europe, Middle East and Africa, from 2004 to 2007, and Vice Chairman, Global Operations, from 2007 to 2014. Mr. Geissler is a director of The Goodyear Tire & Rubber Company. He is Chair of the Compensation and Leadership Development Committee and a member of the Audit, Finance, and Product Innovation and Regulatory Affairs Committees.<ref name="pmiexecwebref"/>
|-
|Jennifer Li
|Director
|Li currently serves as Chief Executive Officer and Managing Partner of Changcheng Investment Partners, Baidu's newly initiated growth fund. She previously served as Chief Executive Officer and General Managing Director of Baidu Capital, the investment arm of Baidu, Inc. Li joined Baidu, Inc., the largest internet search engine in China and the third-largest independent search engine in the world, in 2008, as Chief Financial Officer, responsible for a wide range of corporate functions, including Finance, Human Resources, International Operations, Marketing, Communications, and Purchasing. From 1994 to 2008, she held a number of senior finance positions at various General Motors companies in China, Singapore, the United States, and Canada, rising to Chief Financial Officer of GM’s business in China and Financial Controller of the North American Operations for GMAC. Li is a director of Flex Ltd. She is the Chair of the Audit Committee and a member of the Finance and Nominating and Corporate Governance Committees.<ref name="pmiexecwebref"/>
|-
|Lisa Hook
|Director
|Hook has served as Chief Executive Officer of Neustar, Inc. since October 2010, as a member of its board since November 2010, and as President since January 2008. She was President and Chief Executive Officer of Sunrocket, Inc. from 2006 to 2007, and held several executive-level posts at America Online, Inc. from 2001 to 2004. Previously, she was a partner at Brera Capital Partners, a global private equity investment firm, managing director of Alpine Capital Group, LLC., an investment banking firm, an executive at Time Warner, Inc., a legal advisor to the Chairman of the Federal Communications Commission, and a senior attorney at Viacom International, Inc. Hook serves on the board of Worldpay, Inc., a payment processing firm. Hook was as a senior independent director of RELX PLC and RELX NV, providers of information solutions, from 2006 to 2016. Previously, she served as a director of Covad Communications, Time Warner Telecom, Inc., and National Geographic Ventures. In 2012, she was appointed by President Obama to serve on the National Security Telecommunications Advisory Committee.<ref name="pmiexecwebref"/>
|-
|Jun Makihara
|Director
|Makihara was employed at Goldman, Sachs & Co. from 1981 to 2000, during which time he was a General Partner for six years, working in New York, Los Angeles, and Tokyo. During his tenure in Tokyo, he was co-head of the investment banking group and the Japanese equities group and also served as co-branch manager. Subsequently, he was Chairman of Neoteny Co., Ltd., a Japanese venture incubator, until 2015. Makihara is a director of Monex Group, Inc. and Shinsei Bank, Ltd. He is a trustee of the Protestant Episcopal Cathedral Foundation in Washington, D.C., and a board member of the Japan Society in New York. He also served on the board of RHJ International S.A. from 2005 to 2014. Makihara is Chair of the Finance Committee and a member of the Audit and Product Innovation and Regulatory Affairs Committees.<ref name="pmiexecwebref"/>
|-
|Kalpana Morparia
|Director
|Ms. Morparia assumed her current position as CEO South and South East Asia for J.P. Morgan Chase in April 2016, having previously served as CEO of J.P. Morgan India since 2008. She is a member of J.P. Morgan’s Asia Pacific Management Committee. Prior to joining J.P. Morgan India, Ms. Morparia served as Joint Managing Director of ICICI Bank, India’s second-largest bank, from 2001 to 2007 and the Vice Chair of ICICI’s insurance and asset management business from 2007 to 2008. Ms. Morparia is a director of Dr. Reddy’s Laboratories Ltd. and Hindustan Unilever Limited. She is Chair of the Nominating and Corporate Governance Committee and is a member of the Finance and Product Innovation and Regulatory Affairs Committees.<ref name="pmiexecwebref"/>
|-
|Lucio A. Noto
|Director
|Noto assumed his current position as Managing Partner of Midstream Partners, LLC in March 2001. He retired as Vice Chairman of ExxonMobil Corporation in January 2001, a position he had held since the merger of the Exxon and Mobil companies in November 1999. Before the merger, Noto was Chairman and Chief Executive Officer of Mobil Corporation. Noto had been employed by Mobil continuously since 1962. Mr. Noto is a director of Penske Automotive Group, Inc. He also served on the boards of IBM from 1995 to 2008, Altria Group, Inc. from 1998 to 2008, Shinsei Bank from 2005 to 2008, Commercial International Bank from 2006 to 2009, and RHJ International S.A. from 2011 to 2015. MNoto is the Presiding Director, and a member of the Audit, Compensation and Leadership Development, Finance, and Nominating and Corporate Governance Committees.<ref name="pmiexecwebref"/>
|-
|Frederik Paulsen
|Director
|Dr. Paulsen has been Chairman of the Ferring Group, a research-driven, specialty biopharmaceutical group since 1988, having joined that company in 1976. Dr. Paulsen is a member of the boards of MGIMO University in Moscow, Russia, and the Pro Universitate of the Christian Albrechts University in Kiel, Germany, and a trustee of the Salk Institute of Biological Research in La Jolla, California, USA. Dr. Paulsen is a member of the Finance and Product Innovation and Regulatory Affairs Committees.<ref name="pmiexecwebref"/>
|-
|Robert B. Polet
|Director
|Polet is currently serving as Chairman of Rituals Cosmetics Enterprise B.V. He was Chairman of Safilo Group S.p.A. from 2011 to 2017, and President, Chief Executive Officer and Chairman of the Management Board of the Gucci Group from 2004 to 2011. Previously, Polet spent 26 years in the Unilever Group in a variety of executive roles, including President of Unilever’s Worldwide Ice Cream and Frozen Foods division, Chairman of Unilever Malaysia, Chairman of Van den Bergh and Executive Vice President of Unilever’s European Home and Personal Care division. He is a director of Safilo Group S.p.A., William Grant & Sons Limited, and Arica Holding B.V. Polet serves on the Compensation and Leadership Development, Finance, Nominating and Corporate Governance, and Product Innovation and Regulatory Affairs Committees.<ref name="pmiexecwebref"/>
|-
|Stephen M. Wolf
|Director
|Wolf has been Managing Partner of Alpilles, LLC since 2003. Previously, he was Chairman of US Airways Group from 2001 to 2003, and Chief Executive Officer of US Airways, Inc. from 1996 to 1998. Prior to joining US Airways, he had served since 1994 as senior advisor in the investment banking firm of Lazard Frères & Co., LLC. From 1987 to 1994, he was Chairman and Chief Executive Officer of UAL Corporation and United Air Lines, Inc. Wolf is Chairman of the Advisory Board of Trilantic Capital Partners and served as Chairman of R.R. Donnelley & Sons Company from 2004 to 2014. Wolf served as a director of Altria Group, Inc. from 1993 to 2008 and as a director of Fiat Chrysler Automobiles N.V. from 2009 to 2017. He is a trustee emeritus of the Brookings Institute. Wolf is a member of the Audit, Compensation and Leadership Development, Finance, Nominating and Corporate Governance, and Product Innovation and Regulatory Affairs Committees.<ref name="pmiexecwebref"/>
|-
|}
@@ Line 154: / Line 154: @@
 |-
 |}
-===Investments in Unconsolidated Subsidiaries===
-An unconsolidated subsidiary is a company that is owned by a parent company, but whose individual financial statements are not included in the consolidated or combined financial statements of the parent company to which it belongs. Instead, this type of company appears in the combined financial statement as an investment.<Ref>Investopedia, [https://www.investopedia.com/terms/u/unconsolidated-subsidiary.asp Unconsolidated Subsidiary],2018, Accessed September 2018 </ref>
-{| class="wikitable"
-! style="font-weight:bold; width: 30%;" | Subsidiary Name
-! style="font-weight:bold;" | Country
-! style="font-weight:bold;" | Interest amount (percentage)
-! style="font-weight:bold;" | Interest Type
-! style="font-weight:bold; width: 30%;" | Notes
-|-
-| Emirati Investors-TA (FZC)
-| United Arab Emirates
-| 49
-| Equity
-|
-|-
-| Société des Tabacs Algéro-Émiratie ("STAEM")
-| Algiers
-| 25
-| Economic
-| Algerian joint venture 51 percent owned by EITA and 49 percent  owned by Algerian state-owned enterprise Société Nationale des Tabacs et Allumettes SpA.Manufactures and distributes under license some of Philip Morris International's brands.
-|-
-| Megapolis Distribution BV
-| Russia
-| 23
-| Equity
-| Holding company of CJSC TK Megapolis, Philip Morris International's distributor in Russia
-|}
-===List of Significant Subsidiaries===
-Listed below are subsidiaries of Philip Morris International Inc. as of December 31, 2017 and their state or country of organization. This list omits the subsidiaries of the Company that in the aggregate would not constitute a “significant subsidiary” of the Company, as that term is defined in Rule 1-02(w) of Regulation S-X.<ref> U.S. Securities and Exchange Commission. [https://www.sec.gov/Archives/edgar/data/1413329/000141332918000007/pm-ex21_123117xq4.htm List of Significant Subsidiaries], 2018, Accessed September 2018 </ref>
-{| class="wikitable sortable"
-! style="font-weight:bold; width: 33%;" |Subsidiary Name
-! style="font-weight:bold; width: 33%;" |State or Country of Organization
-|-
-| f6 Cigarettenfabrik GmbH & Co. KG
-| Germany
-|-
-| Leonard Dingler (Proprietary) Limited
-| South Africa
-|-
-| Limited Liability Company "Philip Morris Sales & Distribution"
-| Ukraine
-|-
-| Massalin Particulares S.R.L.
-| Argentina
-|-
-| Papastratos Cigarettes Manufacturing Company S.A.
-| Greece
-|-
-| Philip Morris Benelux BVBA
-| Belgium
-|-
-| Philip Morris Brands Sàrl
-| Switzerland
-|-
-| Philip Morris Brasil Industria e Comercio Ltda.
-| Brazil
-|-
-| Philip Morris & Company (UK) Limited
-| United Kingdom
-|-
-| Philip Morris CR a.s.
-| Czech Republic
-|-
-| Philip Morris Exports Sàrl
-| Switzerland
-|-
-| Philip Morris Finance SA
-| Switzerland
-|-
-| Philip Morris Finland Ltd
-| Finland
-|-
-| Philip Morris Global Brands Inc.
-| USA
-|-
-| Philip Morris GmbH
-| Germany
-|-
-| Philip Morris Holland B.V.
-| Netherlands
-|-
-| Philip Morris Holland Holdings B.V.
-| Netherlands
-|-
-| Philip Morris International Holdings B.V.
-| Netherlands
-|-
-| Philip Morris International Management SA
-| Switzerland
-|-
-| Philip Morris Investments B.V.
-| Netherlands
-|-
-| Philip Morris Italia S.r.l.
-| Italy
-|-
-| Philip Morris Japan Limited
-| Japan
-|-
-| Philip Morris Kazakhstan LLP
-| Kazakhstan
-|-
-| Philip Morris Korea Inc.
-| Korea, Republic of
-|-
-| UAB "Philip Morris Lietuva"
-| Lithuania
-|-
-| Philip Morris Limited
-| Australia
-|-
-| Philip Morris Manufacturing GmbH
-| Germany
-|-
-| Philip Morris Manufacturing & Technology Bologna S.p.A.
-| Italy
-|-
-| Philip Morris Mexico Productos Y Servicios, Sociedad de Responsabilidad Limitada de Capital Variable
-| Mexico
-|-
-| Philip Morris Mexico, Sociedad Anónima de Capital Variable
-| Mexico
-|-
-| Philip Morris Misr Limited Liability Company
-| Egypt
-|-
-| Philip Morris Operations a.d. Nis
-| Serbia
-|-
-| Philip Morris (Pakistan) Limited
-| Pakistan
-|-
-| Philip Morris Philippines Manufacturing Inc.
-| Philippines
-|-
-| Philip Morris Polska Spolka Akcyjna
-| Poland
-|-
-| Philip Morris Polska Distribution Sp. z.o.o.
-| Poland
-|-
-| Philip Morris Romania S.R.L.
-| Romania
-|-
-| Philip Morris Products S.A.
-| Switzerland
-|-
-| Philip Morris SA Philip Morris Sabanci Pazarlama ve Satis A.S.
-| Turkey
-|-
-| Limited Liability Company "Philip Morris Sales and Marketing"
-| Russia
-|-
-| PHILSA Philip Morris Sabanci Sigara ve Tutunculuk Sanayi ve Ticaret A.S.
-| Turkey
-|-
-| PMFTC Inc.
-| Philippines
-|-
-| PM Tobakk Norge AS
-| Norway
-|-
-| PT Hanjaya Mandala Sampoerna Tbk.
-| Indonesia
-|-
-| PT Philip Morris Indonesia
-| Indonesia
-|-
-| Rothmans, Benson & Hedges Inc.
-| Canada
-|-
-| Tabaqueira II, S.A.
-| Portugal
-|-
-| Tabaqueira - Empresa Industrial de Tabacos, S.A.
-| Portugal
-|-
-| ZAO "Philip Morris Izhora"
-| Russia
-|}
-===2018 Forecast===
-Several media outlets <ref> [https://www.fool.com/investing/2018/07/22/are-e-cigs-fizzling-out-for-philip-morris-internat.aspx Are E-Cigs Fizzling Out for Philip Morris International?], ''The Motley Fool'', July 2018, Accessed October 2018 </ref> reported on disappointing sales of heated tobacco products in Japan. In October 2018, Philip Morris reported a decline by 4 billion units in Japan.  <ref> [https://www.fool.com/investing/2018/10/10/philip-morris-getting-burned-by-slow-iqos-sales.aspx Philip Morris International Getting Burned by Slowing iQOS Sales], ''The Motley Fool'', October 2018, Accessed October 2018 </ref> Wells Fargo Securities called the Philip Morris International Stock their top pick. <ref name="PMI_WF">Wells Fargo Securities, November 14, 2018 Equity Research newsletter, November 2018, Accessed November 2018 </ref>
-   "We believe PM has reached an inflection point and the set up heading into 2019 is even more positive than we originally thought... While management is maintaining realistic/conservative mid-term guidance (which we applaud), we think next year could present a step change especially given the “good base” established (and relatively easy comps) in 2018. We believe PM should be a core holding now and in 2019 and encourage l.t. investors to accumulate shares ahead of the next positive catalyst (FDA’s PMTA approval of iQOS). We reiterate our Outperform rating on PM and maintain our $100 price target." {{r|PMI_WF}}
-Forbes expects the volume share of heated tobacco to the total volume of the company to continue grow in financial year 2018. This is based on substantial growth in the markets it was present in at the end of financial year 2017, as well as launch in a number of new markets. At the end of financial year 2017, IQOS was available for sale in key cities in 37 markets and nationwide in Japan. This number has increased to 43 as of the end of September 2018. Forbes further expects the volume of heated tobacco units to cross 42.7 billion, as compared to company estimates of between 41 and 42 billion. Forbes estimates the share price to grow to USD 105 which is substantially higher than the current market price. <ref> [https://www.forbes.com/sites/greatspeculations/2018/10/05/how-much-will-iqos-contribute-to-philip-morris-revenue-in-fy-2018/#55b64e8c7851 How Much Will iQOS Contribute To Philip Morris' Revenue In FY 2018?], ''Forbes'', September 2018, Accessed October 2018 </ref>
-In a 2017 interview with Bloomberg, CEO Andre Calantzopoulos said to interviewer Kevin Cirilli that Philip Morris International's traditional cigarette business will continue to contribute to the majority of the company's revenue for the mid-term. Philip Morris International only have an 18.6 percent share of the world market and therefore plenty of opportunity to grow. He outlined Philip Morris International's ambition that Reduced Risk Products (RRPs) surpass the sales of combustible cigarettes as soon as possible.<ref>Bloomberg, [https://www.youtube.com/watch?v=2T2mO2Rzk7Q Philip Morris Int'l CEO Bets on Smoke-Free Products], November 2017, Accessed September 2018</ref>
-==Profitability==
-===Annual Trends===
-According to Yahoo, the transition away from cigarettes has weighed on Philip Morris International. Shares tumbled 16 percent on April 25 2018 when the company reported mixed first-quarter earnings. That marked the biggest one-day drop since the Altria spinoff as first-quarter cigarette shipments fell by 5.3 percent, as important markets, like Japan, Russia and Saudi Arabia, saw weak performance. The second quarter brought slight relief with cigarette volumes off by 1.5 percent. But the stock stayed under pressure for most of the summer, only recovering a bit of ground following the company’s investor day presentation last month. Yahoo also reported that while IQOS shipment volume rose 5.5 percent in the second quarter of 2018 in the key market of Japan, market share fell sequentially, by 0.3 percent, for the first time. And IQOS market share rose a modest 0.7 percent sequentially in Korea amid a barrage of negative ads on the health concerns of reduced risk products. <ref> [https://finance.yahoo.com/news/philip-morris-international-tries-risky-move-making-cigarettes-extinct-181322924.html Philip Morris International tries risky move of making cigarettes extinct], ''Yahoo'', October 2018, Accessed October 2018</ref>
-According to Philip Morris International's 2017 Annual Report, their total cigarette and heated tobacco unit shipment volume of 798.2 billion units is a decline of 2.7 percent on the previous year, primarily reflecting lower cigarette industry volume in the Asia and Eastern Europe, Middle East & Africa (EEMA) Regions, but partly offset by higher heated tobacco unit volume, driven principally by Japan. The total international market share, excluding China and the U.S., declined by 0.1 percentage point to 28.0 percent, mainly due to mid-and-low price segments cigarette brands in the Asia and EEMA Regions. Market share of the premium brands increased, driven by the strong performance of their heated tobacco portfolio. <ref>Philip Morris International, [http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjkwOTgzfENoaWxkSUQ9NDAwNjU5fFR5cGU9MQ==&t=1  Philip Morris International 2017 Annual Report], Accessed September 2018 </ref>
-Quarter Three saw the shares of Philip Morris International rose 4.7 percent. <ref>[https://www.reuters.com/article/us-pmi-results/philip-morris-posts-rise-in-third-quarter-sales-and-profit-idUSKCN1MS1NW Pricing boost helps Philip Morris quarterly results to beat estimates], ‘’Reuters’’, October 2018, Accessed October 2018 </REF> Reported and adjusted diluted earnings per share of USD 1.44 were up by USD 0.17 or 13.4% versus USD 1.27 in 2017. <ref>Philip Morris International, [https://www.pmi.com/investor-relations/press-releases-and-events/press-releases-overview  Press Releases Overview], October 2018, Accessed October 2018 </REF>
-{| class="wikitable"
-!  style="font-weight:bold; width: 25%;" |Fiscal year
-''in billions USD''
-!  style="font-weight:bold; width: 15%;" |2017 {{r|PMI_AR2017|p=15}}
-!  style="font-weight:bold; width: 15%;" |2016 {{r|PMI_AR2017|p=15}}
-!  style="font-weight:bold; width: 15%;" |2015 <ref name="PMI_AR_2015_Selected_Financial_Data">[http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjM4NDQzfENoaWxkSUQ9MzI3NzI2fFR5cGU9MQ==&t=1 Philip Morris International 2015 Annual Report, p.25]</ref>
-!  style="font-weight:bold; width: 15%;" |2014 <ref name="PMI_AR_2015_Selected_Financial_Data"/>
-!  style="font-weight:bold; width: 15%;" |2013 <ref name="PMI_AR_2015_Selected_Financial_Data"/>
-|-
-| Revenues or Net Sales
-| 78.09
-| 74.95
-| 73.91
-| 80.11
-| 80.03
-|-
-| Gross Profit
-| 18.31
-| 17.29
-| 17.43
-| 19.33
-| 20.81
-|}
-===Profits per Region (in Millions USD)===
-====European Union====
-{| class="wikitable"
-! European Union
-''in Millions USD''
-! 2017 <ref name="PMI_AR_2017_Consolidated_Operating_Results>[http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjkwOTgzfENoaWxkSUQ9NDAwNjU5fFR5cGU9MQ==&t=1 Philip Morris International 2017 Annual Report, pp.22-24]</ref>
-! 2016 <ref name="PMI_AR_2017_Consolidated_Operating_Results/>
-! 2015 <ref name="PMI_AR_2015_Consolidated_Operating_Results>[http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjM4NDQzfENoaWxkSUQ9MzI3NzI2fFR5cGU9MQ==&t=1 Philip Morris International 2015 Annual Report, P.31]</ref>
-! 2014 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-! 2013 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-|-
-| Net Revenues
-| 27,580
-| 27,129
-| 26,563
-| 30,517
-| 29,656
-|-
-| Excise taxes on products
-| 19,262
-| 18,967
-| 18,495
-| 21,370
-| 20,770
-|-
-| Net Revenues, excluding excise taxes on products
-| 8,318
-| 8,162
-| 8,068
-| 9,147
-| (NA)
-|-
-| Operating companies income
-| 3,775
-| 3,994
-| 3,576
-| 3,815
-| 4,309
-|}
-====Eastern Europe, Middle East and Africa ====
-{| class="wikitable"
-! Eastern Europe, Middle East and Africa
-''in Millions USD''
-! 2017 <ref name="PMI_AR_2017_Consolidated_Operating_Results/>
-! 2016 <ref name="PMI_AR_2017_Consolidated_Operating_Results/>
-! 2015 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-! 2014 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-! 2013 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-|-
-| Net Revenues
-| 18,045
-| 18,286
-| 18,328
-| 20,469
-| 19,342
-|-
-| Excise taxes on products
-| 11,346
-| 11,286
-| 10,964
-| 11,855
-| 10,866
-|-
-| Net Revenues, excluding excise taxes on products
-| 6,669
-| 7,000
-| 7,364
-| 8,614
-| (NA)
-|-
-| Operating companies income
-| 3,775
-| 3,016
-| 3,425
-| 4,033
-| 3,708
-|}
-====Asia====
-{| class="wikitable"
-! Asia
-''in Millions USD''
-! 2017 <ref name="PMI_AR_2017_Consolidated_Operating_Results/>
-! 2016 <ref name="PMI_AR_2017_Consolidated_Operating_Results/>
-! 2015 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-! 2014 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-! 2013 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-|-
-| Net Revenues
-| 22,635
-| 20,531
-| 19,469
-| 19,255
-| 20,987
-|-
-| Excise taxes on products
-| 11,845
-| 11,850
-| 11,266
-| 10,527
-| 10,486
-|-
-| Net Revenues, excluding excise taxes on products
-| 10,790
-| 8,681
-| 8,203
-| 8,728
-| (NA)
-|-
-| Operating companies income
-| 4,149
-| 3,196
-| 2,886
-| 3,187
-| 4,622
-|}
-====Latin America & Canada====
-{| class="wikitable"
-! Latin America and Canada
-''in Millions USD''
-! 2017 <ref name="PMI_AR_2017_Consolidated_Operating_Results/>
-! 2016 <ref name="PMI_AR_2017_Consolidated_Operating_Results/>
-! 2015 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-! 2014 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-! 2013 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-|-
-| Net Revenues
-| 9,838
-| 9,007
-| 9,548
-| 9,865
-| 10,044
-|-
-| Excise taxes on products
-| 6,897
-| 6,165
-| 6,389
-| 6,587
-| 6,690
-|-
-| Net Revenues, excluding excise taxes on products
-| 2,944
-| 2,842
-| 3,159
-| 3,278
-| (NA)
-|-
-| Operating companies income
-| 1,002
-| 938
-| 1,085
-| 1,030
-| 1,134
-|}
-===Acquisitions===
-{| class="wikitable"
-!  style="font-weight:bold; width: 40%;" |Recent acquisitions<ref name="CHRUCHBASE_PMI">Crunchbase, [https://www.crunchbase.com/organization/philip-morris-international#section-acquisitions Philip Morris International], Accessed May 2018</ref>
-!  style="font-weight:bold; width: 40%;" |Acquired Organization Name
-!  style="font-weight:bold; width: 20%;" |Acquiring Organization Name
-!  style="font-weight:bold; width: 10%;" |Announced Date
-!  style="font-weight:bold; width: 10%;" |Value (in USD)
-|-
-| Papastratos Cigarette Manufacturing Company acquired by Philip Morris International
-| Papastratos Cigarette Manufacturing Company
-| Philip Morris International
-| 9/15/2003
-| 0.00
-|-
-| DIN Fabrika Duvana AD acquired by Philip Morris International
-| DIN Fabrika Duvana AD
-| Philip Morris International
-| 12/18/2003
-| 0.00
-|-
-| Compania Colombiana de Tabaco S.A.S. acquired by Philip Morris International
-| Compania Colombiana de Tabaco S.A.S.
-| Philip Morris International
-| 8/31/2004
-| 310,000,000.00
-|-
-| Rocker Production AB acquired by Philip Morris International
-| Rocker Production AB
-| Philip Morris International
-| 9/3/2006
-| 0.00
-|-
-| Lakson Tobacco Company acquired by Philip Morris International
-| Lakson Tobacco Company
-| Philip Morris International
-| 1/19/2007
-| 0.00
-|-
-| Rothmans acquired by Philip Morris International
-| Rothmans
-| Philip Morris International
-| 8/1/2008
-| 0.00
-|-
-| Swedish Match (South Africa) acquired by Philip Morris International
-| Swedish Match (South Africa)
-| Philip Morris International
-| 7/2/2009
-| 222,000,000.00
-|-
-| Productora Tabacalera de Colombia acquired by Philip Morris International
-| Productora Tabacalera de Colombia
-| Philip Morris International
-| 7/10/2009
-| 452,000,000.00
-|}
-===Investments===
-{| class="wikitable"
-! style="font-weight:bold; width: 40%;" | Investments
-! style="font-weight:bold; width: 40%;" | Organizational Name
-! style="font-weight:bold; width: 20%;" | Funding Type
-! style="font-weight:bold; width: 20%;" | Amount Raised (in USD)
-! style="font-weight:bold; width: 20%;" | Date Announced
-|-
-| Funding Round
-| Syqe Medical
-| Funding Round
-| 20,000,000.00<ref name="CHRUCHBASE_PMI" />
-| 1/19/2016<ref name="CHRUCHBASE_PMI" />
-|}
-In August 2018, The Guardian reported that more than GBP 1.7 billion had "been directly invested in tobacco company stocks by healthcare providers, fire authorities and schools via UK council pension funds[...] Council retirement schemes in the UK are major investors in firms including [[British American Tobacco]], [[Imperial Brands]] and Philip Morris, according to data compiled from more than 100 freedom of information requests." <ref>[https://www.theguardian.com/world/2018/aug/13/council-pension-funds-major-investors-tobacco-companies Council pension funds are major investors in tobacco companies], ''The Guardian'', August 2018, Accessed November 2018 </ref>
-Analysis by Post suggests that "institutional investors currently hold around $100.15 billion or 74 percent in PM [Philip Morris] stock". <ref>[https://www.postanalyst.com/2018/10/30/146-institutional-investors-exited-positions-in-philip-morris-international-inc-pm/ 146 Institutional Investors Exited Positions In Philip Morris International Inc.], ''Mason, Amelie'', October 30, 2018, Accessed November 2018</ref>
-{| class="wikitable"
-! Name
-! Number of ordinary shares
-! percentage of market cap
-|-
-| Vanguard Group Inc
-| 114,749,469 <ref name="PMI_INV">SECURITIES AND EXCHANGE COMMISSION website, [https://www.sec.gov/Archives/edgar/data/102909/000093247118004954/philipmorrisinternationalinc.htm SC 13G/A Filed 02/13/2018 SC 13G/A 1 philipmorrisinternationalinc.htm], Accessed November 2018 </ref>
-| 7.38 {{r|PMI_INV}}
-|-
-| BlackRock, Inc.
-| 94,653,613 <ref name="PMI_INV2">SECURITIES AND EXCHANGE COMMISSION website, [https://www.sec.gov/Archives/edgar/data/1364742/000021545718003695/us7181721090_012418.txt SC 13G/A Filed 02/13/2018], Accessed November 2018 </ref>
-| 6.1 {{r|PMI_INV2}}
-|-
-| Capital World Investors
-| 73,630,703 <ref name="PMI_INV3">SECURITIES AND EXCHANGE COMMISSION website, [https://www.sec.gov/Archives/edgar/data/1413329/000142284817000111/edgpm.txt SC 13G/A Filed 02/13/2017], Accessed November 2018 </ref>
-| 4.7 {{r|PMI_INV3}}
-|-
-|}
-===Other Notable Investors===
-{| class="wikitable"
-! Name
-! Number of ordinary shares
-! percentage of market cap
-|-
-| Franklin Resources Inc.
-| 6,103,206 <ref> [https://focuswashington.com/2018/11/30/franklin-resources-497mn-holdings-philip-morris-international/ Franklin Resources Has $497mn Holdings in Philip Morris International], "Focus Washington", November 2018, Accessed December 2018</ref>
-| 0.39%
-|-
-|}
-===Market Share===
-According to Philip Morris International's 2017 Annual report, the total international market share, excluding China and the U.S., declined by 0.1 percentage point
-to 28.0 percent, mainly due to mid- and low price segments cigarette brands in the Asia and EEMA Regions. Market share of Philip Morris International's premium brands increased, driven by the strong performance of the heated tobacco portfolio. Philip Morris International recorded growing or stable total market share in 16 of the top 30 operating companies income markets.<ref>Philip Morris International, [http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjkwOTgzfENoaWxkSUQ9NDAwNjU5fFR5cGU9MQ==&t=1  Philip Morris International 2017 Annual Report], Accessed September 2018 </ref>
-===Emerging Markets===
-Philip Morris International opened a flagship store in Johannesburg, South Africa, in a bid to stoke demand in Africa for IQOS. <ref name= "PMI_Stores">[https://www.fin24.com/Companies/ICT/philip-morris-opens-first-africa-store-to-stoke-demand-for-alternative-cigarettes-20181116 Philip Morris opens first Africa store to stoke demand for alternative cigarettes], Fin 24, November 2018, Accessed November 2018 </ref>
-Research shows that tobacco companies specifically target and market to lower socio-economic groups, and those countries with a more favourable regulatory landscape. <ref name="EUROMONITOR">Euromonitor International [database on the Internet]. Philip Morris International Inc, in Tobacco. Euromonitor
-International. c 2009. </ref> It’s clear that their marketing strategy focuses on two main demographics. Aggressively pursuing larger volumes of combustibles, mainly cigarettes, to lower socio-economic groups around the world, particularly EMMA and Asia Pacific. And convincing those in developed economies to switch from combustibles to heated tobacco products at a much higher price-point, whilst touting ‘reduced risks’ to lure over more educated and health conscious consumers. According to Euromonitor International, in 2008, Philip Morris International had a market share of over 50 percent  in 13 markets and a market share of over 30 percent  in 36 markets. 21 of the 35 markets are emerging markets. Philip Morris International also had a share of over 20 percent  in 12 additional markets including Russia and Japan. <ref name="EUROMONITOR" />
-According to Euromonitor International, Philip Morris International has increased its cigarette market share in the Middle East and Africa region more than any of its competitors over the last five years, from about 10 percent to 13 percent by retail volume sales. <ref name="CFTFK_BAD_ACTS"> Campaign for Tobacco-Free Kids, [https://www.tobaccofreekids.org/what-we-do/industry-watch/pmi-foundation/bad-acts Industry Watch THE PHILIP MORRIS-FUNDED FOUNDATION FOR A SMOKE-FREE WORLD], 2018, Accessed September 2018</ref>
-Philip Morris has also targeted India and its 1.3 billion people as a major growth opportunity, stating in a 2014 internal company document that “India remains a high potential market with huge upside with cigarette market still in infancy,” according to a July 2017 Reuters report. <ref name="CFTFK_BAD_ACTS" />
-===Factory Openings and Closures===
-Russian Daily Kommersant.ru reported Philip Morris International will invest RUB 13 billion at the Philip Morris Izhora plant in the Leningrad Region of Russia. <ref>[http://www.kommersant.ru/doc/3786719 Philip Morris вложит 13 млрд рублей в развитие производства табачных стиков], Kommersant.ru, October 2018, Accessed November 2018 </ref> In May 2018, the factory of Philip Morris International's Greek affiliate (Papastratos) in Aspropyrgos ceased cigarette production and is now exclusively producing HEETS, the tobacco units used with IQOS, the company’s most advanced smoke-free product.<ref> [https://finance.yahoo.com/news/philip-morris-international-shifts-entire-123100038.html Philip Morris International Shifts Entire Capacity of Its Cigarette Factory in Greece to Smoke-Free Products], ''Yahoo! Finance'',  March 2018, Accessed September 2018</ref>
-The 2017 annual report states that at on 31st December 2017 Philip Morris International owned and operated 46 manufacturing facilities. <ref> Philip Morris International, [http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjkwOTgzfENoaWxkSUQ9NDAwNjU5fFR5cGU9MQ==&t=1  Philip Morris International 2017 Annual Report], Page 11, Accessed September 2018 </ref>
-On October 10, 2014, Philip Morris opened it's first pilot plant in the EU for producing Reduced Risk Products (RRPs) near Bologna. Italy, after an announced investment of up to €500 million.
-<ref> Philip Morris International, [http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjkwOTgzfENoaWxkSUQ9NDAwNjU5fFR5cGU9MQ==&t=1  Philip Morris International 2017 Annual Report], P.4, Accessed September 2018 </ref> Later the company announced a doubling of the Bologna facility backed by another €500 million.<ref>[http://www.italy24.ilsole24ore.com/art/business-and-economy/2017-07-04/philip-morris-doubles-its-investments-the-emilia-region-rocketing-to-1-billion--191741.php?uuid=AEfzEfrB Philip Morris doubles its investments in the Emilia region, rocketing to €1 billion], ''Italy24'', July 2017, Accessed September 2018</ref>
-===Dividends===
-In June 2018, The Board of Directors of Philip Morris International announced the increase the company’s regular quarterly dividend by 6.5 percent to an annualized rate of USD 4.56 per share. The new quarterly dividend of USD 1.14 per share, up from USD 1.07 per share, is payable on July 11, 2018, to shareholders of record as of June 22, 2018. <ref>Businesswire, [https://www.businesswire.com/news/home/20180608005223/en/Philip-Morris-International-Increases-Dividend-6.5-Annualized Philip Morris International Inc. Increases Dividend by 6.5% to an Annualized Rate of $4.56 Per Share], June 2018, Accessed September 2018 </ref>
-==Products==
-Philip Morris International cigarettes are sold in more than 180 markets, and in many of these markets they hold the number one or number two market share position. Philip Morris International have a wide range of premium, mid-price and low-price brands. Philip Morris International portfolio comprises both international and local brands and is led by Marlboro, the world’s highest-selling international cigarette, which accounted for approximately 35 percent  of the company's total 2017 cigarette shipment volume. Marlboro is complemented in the premium-price category by Parliament. Other leading international cigarette brands are Bond Street, Chesterfield, L&M, Lark and Philip Morris International. These seven international cigarette brands contributed approximately 75 percent  of cigarette shipment volume in 2017.<ref name="PMI_2017_FORM_10K">SECURITIES AND EXCHANGE COMMISSION website, [https://www.sec.gov/Archives/edgar/data/1413329/000141332918000007/pm123117form10kwrapinclfsm.htm PHILIP MORRIS INTERNATIONAL INC. 2017 10-K form], Accessed August 2018</ref> {{rp|1}}
-===Key Portfolio===
-====Marlboro====
-In 2017, Marlboro’s international cigarette share increased slightly to 9.7 percent . The brand’s cigarette share increased in the Asia and EEMA Regions, reflecting robust growth in the Philippines and across markets in North Africa. <ref name="PMI2017AR">Philip Morris International, [http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjkwOTgzfENoaWxkSUQ9NDAwNjU5fFR5cGU9MQ==&t=1  Philip Morris International 2017 Annual Report], Accessed September 2018 </ref>{{rp|1}}
-====L&M====
-In 2017 Philip Morris International's cigarette shipment volume of the following brands decreased: L&M, mainly due to Russia, Saudi Arabia and Turkey, partly offset by Algeria, Argentina, Colombia and Kazakhstan; Parliament, mainly due to Japan, Russia and Saudi Arabia, partly offset by Kazakhstan; Bond Street, mainly due to Kazakhstan, Russia and Ukraine; Lark, principally due to Japan; and "Others," mainly due to low-price brands in Indonesia, Pakistan, the Philippines, Russia and Ukraine.{{r|PMI2017AR|p=25}}
-====Chesterfield====
-In 2017 Philip Morris International's cigarette shipment volume of the following brands increased: Chesterfield, notably driven by Argentina, Brazil, Colombia, Saudi Arabia, Turkey and Venezuela, partly offset by Italy and Russia; and Philip Morris, mainly driven by Russia and Ukraine, notably reflecting successful portfolio consolidation of local, low-price brands in "Others," partly offset by Argentina and Italy.{{r|PMI2017AR|p=25}}
-===Heated Tobacco Products===
-According to Philip Morris International's website, the company is engaged in the development and commercialization of smoke-free alternatives to cigarettes. Reduced Risk Products (RRPs) is the term Philip Morris International use to refer to products that present, are likely to present, or have the potential to present less risk of harm to smokers who switch to these products versus continued smoking.
-Philip Morris International market heated tobacco units under the brand names HEETS, HEETS Marlboro and HEETS FROM MARLBORO, defined collectively as HEETS, as well as Marlboro HeatSticks and Parliament HeatSticks. IQOS was first introduced in Nagoya, Japan in 2014. To date, IQOS is available for sale in key cities in 37 markets and nationwide in Japan.{{r|PMI_2017_FORM_10K|p=1}} Japan is the most developed IQOS launch market in terms of geographic coverage. Heated Tobacco Products accounted for USD 823 million of PMI's revenue during the third quarter, or 11 percent of its USD 7.5 billion total revenue. <ref name="PMI_CNBC">[https://www.cnbc.com/2018/10/23/philip-morris-unveils-new-versions-of-iqos-cigarettes-to-boost-sales.html Philip Morris unveils new smokeless cigarettes in a bid to rev up sales], ''CNBC'', October 2018, Accessed October 2018 </ref> On 23 October 2018, Philip Morris International introduced two new IQOS devices — the IQOS 3 and the IQOS 3 Multi — in the markets where IQOS products are already available, Japan and South Korea. {{r|PMI_CNBC}}
-Philip Morris has 70 IQOS shops in 23 countries.{{r|PMI_Stores}}
-At the 2018 Consumer Analyst Group of New York Conference, Philip Morris International, CEO André Calantzopoulos read out a statement which said:
-   “Nearly five million adult consumers around the world have already stopped smoking and switched to IQOS… Regulators must differentiate supply and demand measures – for example, product, communication and fiscal policies – based on product attributes and risk profiles. This is of critical importance for the people who smoke and who deserve policy choices that respect them, and their ability to decide. And policies should be sensible, and based on principled pragmatism rather than influenced by ideology. 1.1 billion men and women who smoke cannot be held hostage to, and misled by, absolutism that foments nihilistic rhetoric. Otherwise the vision of a smoke-free world will be harder and take longer to materialize, to their detriment.” <ref name ="SEEKINGALPHA_Q12018_EARNINGS-TRANSCRIPT">Seeking Alpha, [https://seekingalpha.com/article/4164124-philip-morris-international-pm-q1-2018-results-earnings-call-transcript] Philip Morris International (PM) on Q1 2018 Results - Earnings Call Transcript], March 2018, Accessed September 2018</ref>.
-At the Philip Morris International 2017 Full-Year Results and launch webcast overview, CEO Calantzopoulos stated the company expects the price of IQOS to be reduced in upcoming years. Calantzopoulos also explained Philip Morris International's ongoing efforts to have IQOS classified as not a 'tobacco product'. According to Calantzopoulos, a recently released report by the U.K. government had endorsed IQOS as “healthier” option and suggested that other governments are joining “a movement” at a faster than expected rate. <ref name="MOTLEY_FOOL_Q42017_EARNINGS-TRANSCRIPT"> The Motley Fool [https://www.fool.com/earnings/call-transcripts/2018/02/08/philip-morris-international-inc-pm-q4-2017-earning.aspx Philip Morris International Inc. (PM) Q4 2017 Earnings Conference Call Transcript], February 2018, Accessed September 2018 </ref>
-Co-opting and pushing the “quit” message in the media in recent marketing shows how they are strategically aligning their new product segment to work with the more difficult market conditions (regulation/education/social stigma) of more advanced economies. The use of passive language to point out statistics suggesting the number of tobacco consumers will remain stagnant is both non-committal to the traditional message of quitting and subtly absolving themselves of responsibility. Philip Morris International also points out that in cases where a smoker doesn't quit tobacco, Reduced Risk Products (RRPs) offer “a viable alternative” for them to continue consuming tobacco as a ‘mid-way point’ or ‘third option’ to quitting. In the 2015 annual report, CEO André Calantzopoulos and Chairman of the Board, Louis C. Camilleri outlined the organizations goals to:
-   “lead a full-scale effort to ensure that Reduced Risk Products (RRPs) ultimately replace cigarettes to the benefit of adult smokers, society, our company and our shareholders.” <ref name="PMI_2016_AR">[http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjYzNjk3fENoaWxkSUQ9MzcwOTE0fFR5cGU9MQ==&t=1 Philip Morris International, 2016 Annual Report], 2016, Accessed August 2018</ref> {{rp|1}}
-The same message was also presented across the 2016 annual report. Philip Morris International keeps on using bold and broad statements:
-   "2016 was a pivotal year for Philip Morris International, reflecting exciting progress in our transformation from a cigarette company to one that is focused on RRPs. While our cigarette portfolio continued to drive our income growth, we began to see clear signs of the enormous potential for our RRP portfolio.”{{r|PMI_2016_AR}}
-===Sales of Heated Tobacco products in Japan===
-{| class="wikitable"
-! style="font-weight:bold;width=10%" |
-! style="font-weight:bold;width=10%" |Price
-! style="font-weight:bold;width=10%" | Number of Tobacco Brands Available
-! style="font-weight:bold;width=10%" |Available Areas
-|-
-|Ploom Tech <ref name="PMI_REUTERART"> [https://asia.nikkei.com/Business/Business-Trends/New-rules-in-Japan-take-aim-at-heated-tobacco New rules in Japan take aim at heated tobacco], ''Reuters'', February 2018, Accessed October 2018 </ref>
-([[Japan Tobacco International]])
-|4,000
-|5
-|Tokyo, Osaka, Sapporo,Sendai, Yokohama, Nagoya, Hiroshima, Fukuoka
-|-
-|IQOS {{r|PMI_REUTERART}}
-([[Philip Morris International]])
-|10,980
-|6
-|Nationwide
-|-
-|GLO {{r|PMI_REUTERART}}
-([[British American Tobacco]])
-|8,000
-|8
-|Nationwide
-|-
-|}
-===Volumes===
-According to Philip Morris International's 2017 Annual report, the total cigarette and heated tobacco unit shipment volume of 798.2 billion units declined by 2.7 percent, primarily reflecting lower cigarette industry volume in the Asia and Eastern Europe, Middle East & Africa regions, partly offset by higher heated tobacco unit volume, driven principally by Japan.<ref name="PMI_AR_2017_Consolidated_Operating_Results/>
-====Volume of Cigarettes by Region====
-{| class="wikitable"
-! Region
-! 2017 <ref name="PMI_AR_2017_Consolidated_Operating_Results/>
-! 2016 <ref name="PMI_AR_2017_Consolidated_Operating_Results/>
-! 2015 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-! 2014 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-! 2013 <ref name="PMI_AR_2015_Consolidated_Operating_Results/>
-|-
-| European Union
-| 187,293
-| 193,586
-| 194,589
-| 194,746
-| 194,464
-|-
-| EMEA
-| 256,157
-| 271,393
-| 279,411
-| 278,374
-| 287,094
-|-
-| Asia
-| 234,253
-| 260,029
-| 281,350
-| 288,128
-| 301,324
-|-
-| Latin America & Canada
-| 84,223
-| 87,938
-| 91,920
-| 94,706
-| 97,287
-|-
-| Total
-| 761,926
-| 812,946
-| 847,270
-| 855,954
-| 880,169
-|}
-====Product Unit Volumes====
-{| class="wikitable"
-! Product Category
-! 2017 <ref name="PMI_AR_2017_Consolidated_Operating_Results/>
-! 2016 <ref name="PMI_AR_2017_Consolidated_Operating_Results/>
-! 2015 <ref name="PMI_AR_2017_Consolidated_Operating_Results/>
-! 2014 <ref name= "PMI_AR14"> Philip Morris International, [http://www.annualreports.com/HostedData/AnnualReportArchive/p/NYSE_PM_2014.pdf Annual Report 2018], P.29, Accessed December 2018 </ref>
-! 2013 {{r|PMI_AR14}}
-|-
-| Tobacco Units (in millions)
-| 761,962
-| 812,946
-| 847,270
-| 855.9
-| 880.2
-|-
-| Heated tobacco (in billions)
-| 36,226
-| 7,394
-| 396
-| 0.0
-| 0.0
-|-
-| Total
-| 798,152
-| 820,340
-| 847,666
-| 855.9
-| 880.2
-|-
-| Percentage
-| (2.7)
-| (3.2)
-| (1.0)
-| (2.8)
-| (5.1)
-|}
-==Marketing and External Relations==
-===Global Campaigns===
-In October 2018, Philip Morris International hired Aaron Sherinian as VP of global communications transformation, reporting to Marian Salzman — who became global communications SVP earlier this year. <ref> [https://www.holmesreport.com/latest/article/philip-morris-hires-aaron-sherinian-as-agency-revamp-takes-shape Philip Morris Hires Aaron Sherinian As Agency Revamp Takes Shape], The Holmes Report, October 2018, Accessed October 2018 </ref> {{#ev:youtube|https://www.youtube.com/watch?v=ebWtPthdqcw|300|right|Marian Salzman, Senior Vice President, Communications at the 2018 Cannes Lions International Festival of Creativity. Salzman spoke to the company’s goals for being at the event and setting up the PMI Science Beach.|frame}}
-Philip Morris International has launched an initiative called “[https://www.missionwinnow.com Mission Winnow]” to get around tobacco marketing ban laws and to endorse innovation "driving towards a better future". <ref name="PMI_f1"> Philip Morris International, [https://www.missionwinnow.com Mission Winnow], November 2018, Accessed November 2018 </ref>. It is tied closely with Formula 1 racing, but there are numerous images of Philip Morris International scientists, and the [https://www.missionwinnow.com website] openly mentions Philip Morris International and its "goal" of reducing smoking. {{r|PMI_f1}}
-In October 2018, Philip Morris International set up a “PMI Science Engagement Hub” during the World Health Organization’s tobacco treaty conference in Geneva to explain the company’s transformation from maker of Marlboro cigarettes to maker of Marlboro HeatSticks, and watch a machine compare cigarette smoke and heatstick vapor. New York Times reported that a group of people stood outside the convention hall handing out a report titled N''o Fire, No Smoke: Global State of Tobacco Harm Reduction''. It was written by [https://kachange.eu/ Knowledge-Action-Change], an organization that receives funding from the Philip Morris Foundation for a Smoke-Free World. Its message was 'There is “a third way beyond quit or die.' <ref> [https://www.nytimes.com/2018/10/07/health/tobacco-e-cigarettes-treaty.html Flashy Science Hub and Vaping Parties Fail to Win Friends at W.H.O. Tobacco Talks], ''The New York Times'', October 2018, Accessed October 2018 </ref>
-{{#ev:youtube|https://www.youtube.com/watch?v=Nco9D4FT8fE|300|right|In October 2018, Philip Morris launched "Hold my light" with a campaign website and a film in which a woman navigates a maze of lasers to relinquish her cigarette lighter to a group of friends.|frame}}
-According to Marketing Week, Philip Morris is launching a new campaign to encourage smokers to give up cigarettes. The [https://smokefreefuture.co.uk/hold-my-light/ Hold My Light campaign] aims to persuade smokers to go smoke-free by encouraging friends and family to offer rewards in the first 30 days of quitting. The campaign suggests four ways to give up cigarettes, including going cold turkey, using nicotine patches, vaping and using heated tobacco products. <ref> [https://www.marketingweek.com/2018/10/22/everything-that-matters-this-morning-22-october-2018/ Netflix, Philip Morris, Ryanair: Everything that matters this morning], ''Marketing Week'', October 2018, Accessed October 2018 </ref> The campaign was labelled as PR stunt by a number of British anti-smoking charities, including Cancer Research UK and Action on Smoking and Health. <ref>[https://www.reuters.com/article/us-pmi-advert/philip-morris-stop-smoking-campaign-attacked-as-pr-stunt-idUSKCN1MW1EP Philip Morris stop-smoking campaign attacked as PR stunt], ''Reuters'', October 2018, Accessed October 2018 </ref> In an interview with Campaign, Corporate Affairs Director for Philip Morris International Mark MacGregor said:
-   "It’s very naïve of people to think we’re just going to shut down our business... And if we’re not going to do that, it feels like the action we’ve taken is proof [of our intentions], whether people want to believe it or not." <ref> [https://www.campaignlive.co.uk/article/philip-morris-exec-defends-quit-smoking-campaign/1498461 Philip Morris exec defends quit-smoking campaign], ''Campaign'', November 2018, Accessed November 2018 </ref>
-A profile on Philip Morris International in a German daily Spiegel revealed Philip Morris International is hoping governmental requirements for its new products will be loosened. For instance, they'd like to be rid of the compulsory "smoking kills" banners that adorn their every advertisement. And once they've completed all the necessary studies and long-term investigations, they would like the regulatory watchdogs to allow the tobacco companies to advertise their new products as "safer." <ref>[http://www.spiegel.de/international/business/philip-morris-hypocrisy-on-new-healthy-image-a-1229690.html Big Tobacco's Dubious Health-Conscious Makeover], ''Spiegel'', September 2018, Accessed September 2018 </ref>
-An investigative report published by Reuters in July 2017 revealed a large-scale secret campaign by Philip Morris International to undermine the World Health Organization Framework Convention on Tobacco Control <ref>[https://www.reuters.com/investigates/special-report/pmi-who-fctc/ Inside Philip Morris’ campaign to subvert the global anti-smoking treaty], ''Reuters'', July 2017, Accessed September 2018</ref>, depicting “a company that has focused its vast global resources on bringing to heel the world’s tobacco control treaty.” <ref> Campaign For Tobacco-Free Kids, [https://www.tobaccofreekids.org/assets/images/content/PMI_bad_acts.pdf The Facts about Philip Morris International:Company Is Cause of the Tobacco Problem, Not the Solution], November 2017, Accessed September 2018 </ref>
-In July 2017, The Guardian published a series of stories which detailed large tobacco companies, including Philip Morris International, have fought tobacco control efforts throughout Africa. <ref>[https://www.theguardian.com/world/2017/jul/12/big-tobacco-dirty-war-africa-market Threats, bullying, lawsuits: tobacco industry's dirty war for the African market], ''The Guardian'', July 2017, Accessed September 2018</ref>
-===Corporate Social Responsibility===
-Philip Morris International is listed as one of side event organisers for the [http://www.un.org/en/conf/migration/ Global Forum on Migration and Development]. <ref>United Nations, [http://www.un.org/en/conf/migration/ Intergovernmental Conference on the Global Compact for Migration], Accessed November 2018 </ref> In March 2018, a Philip Morris representative was invited to participate in the Mexican Forum on Electronic Cigarettes and New Products Regulation which contravenes the Article 5.3 of the FTCT agreement. <ref> [https://www.opendemocracy.net/democraciaabierta/guadalupe-de-la-torre/uncontested-power-of-tobacco-industry-in-mexico Tobacco lobby and smugling in Mexico], ''Open Democracy'', November 2018, Accessed November 2018</ref>
-In September 2017, Philip Morris International announced a pledge of USD 80 million dollars a year	for 12 years beginning in 2018 for the creation of its	latest	“independent” research	 effort, the [https://www.smokefreeworld.org/ Foundation for a Smoke-Free World]. <ref>[http://fortune.com/2017/09/13/philip-morris-billion-smoke-free-foundation/ Philip Morris Pledges Almost $1 Billion to Anti-Smoking Fight], ''Fortune'', September 2017, Accessed September 2018</ref> According to the Foundation's website, it has four focus areas and works to reduce health impacts and deaths from smoking, with the ultimate goal of eliminating smoking worldwide.<ref> Foundation for a Smoke-Free World, [https://www.smokefreeworld.org/our-areas-focus Our areas of focus], Accessed September 2018</ref> In October 2018, a statement by a number of anti-tobacco organisations and universities called for the [https://www.conradchallenge.org/conrad-foundation/ Conrad Foundation] to severe its ties with the Philip Morris International-funded Foundation for a Smoke-Free World on an initiative working with high school students in the United States. <ref> Cision, [https://www.prnewswire.com/news-releases/conrad-foundation-should-sever-ties-with-philip-morris-funded-foundation-for-a-smoke-free-world-300736373.html Conrad Foundation Should Sever Ties with Philip Morris-Funded Foundation for a Smoke-Free World], October 2018, Accessed October 2018</ref> The Foundation published a report that encourages tobacco company ‘rebranding’ and offers examples of how other companies, including IBM, GE or Ford, redefined and in some cases (like Ford) rebranded themselves to secure future customers. <ref name="PMI_FSFW"> Foundation For A Smoke-Free World, [https://www.smokefreeworld.org/sites/default/files/fsfw_business_transformation_white_paper.pdf?utm_source=twitter&utm_medium=social&utm_content=nov282018_kol&utm_campaign=always_on_social BUSINESS TRANSFORMATION An Analysis of Case Studies Relevant to Achieving a Smoke-Free World], November 2018, Accessed November 2018 </ref> The report included the following call to action:
-  "We invite stakeholders in the business and financial communities, researchers, NGOs, regulators, smokers, and tobacco farmers to join the discussion of the transformational possibilities available to the tobacco industry. We believe the case studies presented in this report will help frame and promote the conversation." {{r|PMI_FSFW}}
-In 2016, Philip Morris International launched Philip Morris International [https://www.pmi-impact.com/ IMPACT], a private fund aiming to support third-party projects dedicated to fighting illegal trade and related crimes such as corruption, organized criminal networks and money laundering which continues to be a major risk to their business. The organization has pledged to donate USD 100 million to fund individual projects. <ref> Philip Morris International Impact, [https://www.pmi-impact.com/explore/about] About, Accessed September 2018</ref> The World Health Organization released an official statement:
-    "... Strengthening implementation of the WHO FCTC for all tobacco products remains the most effective approach to tobacco control. Policies such as tobacco taxes, graphic warning labels, comprehensive bans on advertising, promotion and sponsorship, and offering help to quit tobacco use have been proven to reduce demand for tobacco products. These policies focus not just on helping existing users to quit, but on preventing initiation."<ref> World Health Organization, [http://www.who.int/news-room/detail/28-09-2017-who-statement-on-philip-morris-funded-foundation-for-a-smoke-free-world WHO Statement on Philip Morris funded Foundation for a Smoke-Free World], September 2017, Accessed September 2018. </ref>
-List of organisations funded under PMI Impact can be found on the [https://ggtc.world/track-and-trace-systems-tobacco-industry-links/ Global Center for Good Governance in Tobacco Control website] and [[PMI CSR|here]]. Complete profile on the Philip Morris International-funded Foundation for a Smoke-Free World can be found [http://www.tobaccotactics.org/index.php?title=Foundation_for_a_Smoke-Free_World here].
-===Lobbying===
-Corporate Europe Observatory published an analysis of leaked documents outlining the lobbying strategy of tobacco giant Philip Morris International , highlighting top 10 Members of European Parliament with the strongest relationship with Philip Morris. The  we highlighted a top-10 of MEPs with the strongest relations to Philip Morris, including Othmar Karas, Christofer Fjellner and Wim van de Camp.  <ref> Corporate Europe Observatory, [https://corporateeurope.org/power-lobbies/2014/06/mediapart-exposes-unhealthy-liaisons-between-french-mep-and-tobacco-industry Mediapart exposes unhealthy liaisons between French MEP and the tobacco industry], June 2014, Accessed November 2018 </ref>
-Philip Morris South Africa previously contributed to the [http://www.freemarketfoundation.com/ Free Market Foundation], a South African libertarian think-tank. <ref>Free Market Foundation, [https://web.archive.org/web/20130315120814/http://www.freemarketfoundation.com:80/about/members Members], Accessed October 2018 </ref>
-Philip Morris International is behind #futurosinhumo [https://www.futurosinhumo.com/ website], requesting the Mexican public to sign a petition that would allow the sale of reduced-risk products in the country. <ref> Futuro Sin Humo, [https://www.futurosinhumo.com/#unete COMPLETA LOS SIGUIENTES CAMPOS], Accessed October 2018 </ref> As of November 2018, the same website is now available in Colombia, promoting e-cigarrettes and IQOS as “healthier” choices. <ref name="PMI_FSH"> Futuro Sin Humo, [http://sinhumo.com.co/inicio CONOCE EL MOVIMIENTO], Accessed December 2018 </ref> On the website, they claim:
-  "We join in this movement against combustion, against smoke. Because we want a life without smoke, without frightening people every time we light a cigarette. A life without combustion, without bad smells, with new alternatives, with new devices that make our lifestyle better. This is a movement created so that you know the new alternatives that technology offers today. We set ourselves the task of collecting those testimonies from people who live a life away from the Smoke. Join a #SinHUmo life."{{PMI_FSH}}
-In October 2018, Guardian reported that Philip Morris International has been lobbying the members of Australian federal government to overturn Australia’s ban on vaping, but its efforts remain hidden from the public as Philip Morris International was not required to register as lobbyist because it uses own staff rather than third-party consultants. Guardian Australia reported Philip Morris International has been seeking meetings with Coalition MPs as part of its bid to overturn the vaping ban. Some within government have refused to meet with the company. Philip Morris International has also placed prominent ads on page three of both the Australian and the Australian Financial Review, calling for staff to help it achieve a “future without cigarettes” and a “smoke-free Australia”. Tobacco advertisements are banned under Australian law, but Philip Morris appears to have relied on an exemption allowing job ads.<ref> [https://www.theguardian.com/australia-news/2018/oct/03/philip-morris-lobbying-on-e-cigarettes-hidden-from-australian-public Philip Morris lobbying on e-cigarettes hidden from Australian public], ''The Guardian'', October 2018, Accessed October 2018</ref>
-According to Politico, among the lobbyists on the EU Transparency Register, representing Philip Morris International is lobby firm [https://www.pantarhei-advisors.com/en/home-en/ Pantarhei Advisors Europe]. <ref>[https://www.politico.eu/article/tobacco-lobbyists-demand-say-in-eu-debate-on-tobacco-lobbying-european-parliament-european-ombudsman-emily-oreilly/ Tobacco lobbyists demand say in EU debate on … tobacco lobbying], ''Politico'', April 2016, Accessed September 2018</ref> Philip Morris has previously donated to one of Australia’s most prominent right-wing think tank, the Institute of Public Affairs (IPA). <ref> [https://thenewdaily.com.au/news/national/2018/07/24/ipa-membership-donors/ Institute of Public Affairs growing but think tank remains tight-lipped about donors], ''The New Daily'', July 2018, Accessed October 2018</ref>
-[http://www.tobaccotactics.org Tobacco Tactics] reported a number of tobacco companies, including British American Tobacco were a donors to the [https://www.atlasnetwork.org/ Atlas Network] in 2015 and 2016. According to the organisation's Wiki "internal tobacco industry documents show the Atlas Network has had a longstanding funding relationship with the tobacco industry." <ref> Tobacco Tactics, [http://www.tobaccotactics.org/index.php?title=Atlas_Network#cite_note-six-8 Atlas Network], Accessed November 2018 </ref>. Full profile on the organisation can be found [http://www.tobaccotactics.org/index.php?title=Atlas_Network#cite_note-six-8 here].
-In 2013, Philip Morris International spent EUR 5.25 million to lobby members of European Parliament. The amount was the highest for any company in the European Union that year. <ref>[https://www.forbes.com/sites/greatspeculations/2014/10/03/why-did-philip-morris-spend-more-than-anyone-else-lobbying-the-e-u/#771e59a92963 Why Did Philip Morris Spend More Than Anyone Else Lobbying The E.U.?], ''Forbes'', October 2014, Accessed September 2018 </ref>
-===Research and Development===
-Portal Chemical & Engineering News reported that representatives from [[British American Tobacco]], [[Japan Tobacco International]], Philip Morris International, and Reynolds American attended the annual meeting of the [https://www.ascctox.org/ American Society for Cellular & Computational Toxicology] focused on non-animal toxicology testing. The website cited the ultimate goal to:
-   "to convince officials at the U.S. Food & Drug Administration’s Center for Tobacco Products (CTP) that in vitro methods for predicting respiratory toxicology in humans are ready for prime time." <ref> [https://cen.acs.org/biological-chemistry/toxicology/Big-tobacco-embraces-vitro-toxicology/96/i43 Big tobacco embraces in vitro toxicology], ''Chemical & Engineering News'', October 2018, Accessed October 2018 </ref>
-A study conducted by Philip Morris International claims that smoking IQOs resulted in a “significant reduction” in lung-tumor formation in mice compared with traditional burnt tobacco. According to Bloomberg, the company studied the effects in mice of different levels of aerosol from heated tobacco, cigarette smoke and fresh air over 18 months. <ref>[https://www.bloomberg.com/news/articles/2018-11-01/philip-morris-s-iqos-device-causes-fewer-lung-tumors-in-mice Philip Morris's iQos Device Causes Fewer Lung Tumors in Mice], ''Bloomberg'', November 2018, Accessed November 2018 </ref>
-In 2017, Philip Morris International published 46 peer-reviewed papers in leading scientific journals. In 2017, Philip Morris International filled over 170 new patent applications. Philip Morris International currently have more than 2,900 Reduced Risk Products related patents granted worldwide and over 4,600 such patent applications pending.<ref>Philip Morris International, [http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjkwOTgzfENoaWxkSUQ9NDAwNjU5fFR5cGU9MQ==&t=1  Philip Morris International 2017 Annual Report], Accessed September 2018 </ref>
-===Marketing to Kids===
-For a list of youth-related marketing click [[Marketing to Kids|<strong>here</strong>]].
-The company’s youth-oriented marketing efforts in recent years include: <ref> Campaign for Tobacco-Free Kids, [https://www.tobaccofreekids.org/what-we-do/industry-watch/pmi-foundation/bad-acts THE PHILIP MORRIS-FUNDED FOUNDATION FOR A SMOKE-FREE WORLD], Accessed September 2018 </ref>
-*'''A new global campaign found to target youth:''' In 2011, Philip Morris launched a new global marketing campaign for its best-selling Marlboro cigarettes, called “Be Marlboro,” that used themes and images appealing to youth. With the slogan “Don’t be a Maybe. Be Marlboro,” the campaign’s ads featured young people partying, falling in love, playing music and engaging in risky behavior. The campaign expanded to more than 60 countries despite being banned by German authorities for targeting youth. <ref>Campaign for Tobacco-Free Kids, [https://www.tobaccofreekids.org/press-releases/2014_03_12_target, Press Release], March 2014, Accessed September 2018</ref>
-*'''Introducing and marketing new flavored cigarettes that attract kids:''' Philip Morris has introduced and promoted new flavored cigarettes in countries across the globe, products which have been banned in the United States precisely because they have been found to attract youth and other new smokers. Research conducted in five Latin American countries found that flavored cigarettes – including Marlboro and other Philip Morris brands – were observed at over two-thirds of retail locations visited. Examples of Philip Morris brands using menthol and other flavor descriptors include Marlboro Fusion Blast, Marlboro Double Fusion, Chesterfield Fresh Capsule, Marlboro Ice Blast and Marlboro Blue Ice. The introduction of new Marlboro brands that appeal to youth isn’t limited to Latin American. Philip Morris also touts the introduction of brands such as Marlboro Double Ice and Marlboro Touch Slim as “innovations delivering strong growth” in countries such as Turkey and the UAE. <ref> Institute for	Global Tobacco Control, [https://www.globaltobaccocontrol.org/resources/technical-report-flavored-cigarettes-point-sale-latin-america Technical	Report on	Flavored	Cigarettes at	the	Point-of-Sale in	Latin	America:	Availability and	Marketing	around	Primary	and	Secondary	Schools in	Five	Countries], Baltimore, MD: Johns Hopkins Bloomberg School of Public Health; June 2017, Accessed September 2018</ref>
-*'''Marketing near schools:''' In its Code of Conduct, Philip Morris International promises not to market tobacco products to minors. However, research in more than 22 countries found cigarettes are being sold and promoted near schools, exposing children on a daily basis.<ref>[https://www.theguardian.com/world/2018/mar/09/how-children-around-the-world-are-exposed-to-cigarette-advertising How children around the world are exposed to cigarette advertising], ''The Guardian'', March 2018, Accessed September 2018</ref> Previous research has found that advertising and promotions for Marlboro and other Philip Morris brands were prominently visible around primary (elementary) and secondary schools. This research has been conducted in several African countries, Indonesia and other low and middle-income countries. <ref>ATCA, http://atca-africa.org/en/big-tobacco-tiny-targets-tobacco-industry-targets-schools-in-africa AFRICA : BIG TOBACCO TARGETS SCHOOLS, Accessed September 2018</ref> <ref>Southeast Asia Tobacco Control Alliance, [https://seatca.org/dmdocuments/Indonesia_Press%20release_Outside%20School%20Gates_15%20Jun%202015.pdf Press release New Report Shows Extensive Cigarette Advertising Near Schools in Five Cities] June 2015, Accessed September 2018</ref>
-*'''Violating India’s tobacco marketing laws:''' According to a July 2017 report by Reuters, Philip Morris marketed Marlboro cigarettes by placing colorful ads at kiosks and handing out free cigarettes at parties frequented by young adults, in apparent violation of India’s tobacco control laws. <ref>[https://www.reuters.com/investigates/special-report/pmi-india/ PART 2 Philip Morris takes aim at young people in India, and health officials are fuming], ''Reuters'', July 2017, Accessed September 2018 </ref>
-Campaign for Tobacco-Free Kids investigation into over 100 social media campaigns by Philip Morris International, [[British American Tobacco]], [[Japan Tobacco International]] and [[Imperial Brands]] revealed tobacco companies pay social media influencers on platforms like Instagram, Facebook and Twitter to advertise their products. <ref>Campaign for Tobacco-Free Kids, [https://www.tobaccofreekids.org/press-releases/2018_08_27_ftc PRESS RELEASE New Investigation Exposes How Tobacco Companies Market Cigarettes on Social Media in the U.S. and Around the World],August 2018, Accessed October 2018 </ref>
-Response from Philip Morris International:
-   "Philip Morris International does not market or sell any tobacco or nicotine-containing products in the United States. We agree that youth should not have access to or use tobacco or nicotine in any form. PMI’s products are only for, and our marketing and sales activities are tailored to, adult smokers, in compliance with applicable laws in countries outside of the U.S.  None of our international activities are directed toward U.S. consumers or youth. <ref> [http://www.cbs8.com/story/39420380/how-big-tobacco-is-using-social-media-to-lure-teens How Big Tobacco is using social media to lure teens], ''CBS 8'', 6 November 2018, Accessed November 2018 </ref>
-===Political Spending===
-For a list of political contributions in the United States look [[Political Spending|<strong>here</strong>]].
-==Reporting and Regulation==
-===Investigations===
-As of September 2018, U.S. national securities law firm [http://www.faruqilaw.com/ Faruqi & Faruqi] is investigating potential claims against Philip Morris International, encourages investors who suffered losses exceeding USD 100,000 investing in the company to contact them. <ref> PR Newswire, [https://www.prnewswire.com/news-releases/philip-morris-investor-alert-faruqi--faruqi-llp-encourages-investors-who-suffered-losses-exceeding-100-000-investing-in-philip-morris-international-inc-to-contact-the-firm-300707554.html PHILIP MORRIS INVESTOR ALERT], September 2018, Accessed September 2018 </ref>
-===Tobacco Litigation===
-A full list of tobacco industry litigation cases can be found [[Tobacco Control Litigation | <strong>here</strong>]].
-In recent years, Philip Morris has also filed numerous legal challenges, both in national and international courts, to strong measures designed to reduce smoking adopted by Australia, Canada, France, Norway, Panama, Uruguay and the United Kingdom. One of the company’s favorite tactics has been to challenge tobacco control laws as violations of international trade and investment agreements. Examples of the company’s legal challenges include:
-*Philip Morris International challenged '''Australia’s pioneering law requiring plain cigarette packaging''' both in Australia’s courts and in an international tribunal as a violation of a bilateral investment treaty between Australia and Hong Kong. The company lost both cases. According to media reports, Philip Morris has also helped finance an ongoing World Trade Organization challenge that several countries filed against Australia’s plan packaging law (Australia has reportedly won the case, but the World Trade Organization has not officially released its ruling).<ref>[https://www.bloomberg.com/news/articles/2017-05-04/wto-said-to-uphold-australia-s-ban-on-cigarette-logos Tobacco Logo Ban Said to Get WTO Backing in Landmark Case], ''Bloomberg'', May 2017 Accessed September 2018</ref>
-*Philip Morris challenged Uruguay’s strong cigarette warning and labeling laws as violations of a bilateral investment treaty between Uruguay and Switzerland. In a landmark ruling, an arbitration panel of the World Bank ruled for Uruguay and ordered Philip Morris to pay Uruguay’s legal costs. <ref> Campaign for Tobacco-Free Kids, [https://www.tobaccofreekids.org/assets/content/press_office/2016/2016_07_08_uruguay.pdf INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES WASHINGTON, D.C.], July 2016, Accessed September 2018</ref>
-*In Thailand, Philip Morris’ ongoing legal challenge temporarily stopped the Ministry of Health from increasing the size of pictorial health warnings on cigarette packs. <ref>Campaign for Tobacco-Free Kids, [https://www.tobaccocontrollaws.org/litigation/decisions/th-20130823-philip-morris-thailand-limit-1 LITIGATION BY COUNTRY THAILAND], August 2013, Accessed September 2018</ref>
-*In Colombia, a Philip Morris subsidiary is suing a local government for protecting kids and vulnerable populations by banning sales of cigarette and other tobacco products around schools and health facilities, among other sales restrictions.<ref>[http://www.eltiempo.com/archivo/documento-2013/DR-910957 Coltabaco, contra norma de Alcaldía de Popayán], ''El Tiempo'', March 2015, Accessed September 2018 </ref>
-==Partners and Allies==
-===Audit and Accounting===
-[https://www.pwc.com/ PricewaterhouseCoopers (PWC)] are Philip Morris International's current auditors.<ref>Phillip Morris International, [https://www.pmi.com/our-business/about-us/corporate-governance/corporate-audit-our-auditors CORPORATE GOVERNANCE Corporate Audit & Our Auditors], Accessed September 2018 </ref> Appointed at the 2017 annual shareholder meeting. In 2017 PWC were selected by the office of the Directorate-General for Health and Food Safety, European Parliament, to perform an implementation study on ‘track and trace’ solutions in the tobacco industry. A question was raised if there would be a conflict of interest since PricewaterhouseCoopers offers it's own "track and trace" solution already and would potentially be in a position to audit themselves.
-<ref>European Parliament, [http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+WQ+E-2016-009343+0+DOC+XML+V0//EN&amp;language=en Subject:  Conflict of interest between PwC and tobacco industry], December 2016, Accessed September 2018</ref>
-===Banking===
-{| class="wikitable"
-! style="font-weight:bold;width=10%" |Name
-! style="font-weight:bold;width=10%" |Contract Status
-! style="font-weight:bold;width=20%" |Notes
-! style="font-weight:bold;width=30%" |Other Clients
-|-
-|[Morgan Stanley https://www.morganstanley.com/]
-|Active
-| Philip Morris International presented at the Morgan Stanley Global Consumer & Retail Conference in New York, November 2018. <ref> [https://www.businesswire.com/news/home/20181113005617/en/Philip-Morris-International-Presents-Morgan-Stanley-Global/?feedref=JjAwJuNHiystnCoBq_hl-aH2gtkQQ1l6W3ZaPesXFm57cpar2z2OJ_5SQGMGwVHJgBtFNItNzWaC-E-WdoEDnkz6i6lCdteeEqxiTxGYcX8eF_GK2rQqAnK3e1SETIZU Philip Morris International Inc. Presents at the Morgan Stanley Global Consumer & Retail Conference; Reaffirms 2018 Full-Year Reported Diluted EPS Guidance], ''Business Wire'', November 2018, Accessed November 2018 </ref>
-|
-*Coca-Cola<ref> [https://www.marketwatch.com/press-release/ww-to-present-at-morgan-stanley-global-consumer-retail-conference-2018-11-12 WW to Present at Morgan Stanley Global Consumer & Retail Conference], ''Market Watch'', November 2018, Accessed November 2018 </ref>
-*WV <ref> [https://seekingalpha.com/article/4221906-coca-cola-co-ko-presents-morgan-stanley-global-consumer-and-retail-conference-transcript WThe Coca-Cola Co. (KO) Presents at Morgan Stanley Global Consumer & Retail Conference (Transcript)], ''Seeking Alpha'', November 2018, Accessed November 2018 </ref>
-|-
-|}
-===Consultancies and International Organizations===
-{| class="wikitable"
-! style="font-weight:bold;width=10%" |Name
-! style="font-weight:bold;width=10%" |Contract Status
-! style="font-weight:bold;width=20%" |Notes
-! style="font-weight:bold;width=30%" |Other Clients
-|-
-|[https://home.kpmg.com/us/en/home.html KPMG] (2014)
-|NA
-| A KPMG conducted a study for British American Tobacco, Imperial Tobacco, Japan Tobacco International and Philip Morris International that revealed one in every ten cigarettes consumed in the European Union in 2013 were illicit. <ref> Japan Tobacco International, [https://www.jti.com/our-views/newsroom/one-ten-cigarettes-consumed-eu-2013-were-illegal-dramatic-rise-consumption One in Ten Cigarettes Consumed in the EU in 2013 Were Illegal; Dramatic Rise in Consumption of ‘Illicit Whites’], June 2014, Accessed October 2018 </ref>
-|
-*Siemens
-*Dangote Group
-*The State of Hawaii <ref>KPMG website,[https://home.kpmg.com/xx/en/home/about/clients/empowering-access-to-healthcare.html Empowering access], Accessed October 2018 </ref>
-|-
-|[http://www.verite.org/ Verite] (2016)
-|NA
-| Philip Morris International's global program partner, Verité has guided the development of the company’s  Agricultural Labor Practices Program Progress Code and the approach to dealing with labor issues in tobacco-growing. <ref>Philip Morris International website, [https://www.pmi.com/media-center/news/details/philip-morris-international-marks-progress-in-addressing-labor-issues-in-tobacco-growing Philip Morris International marks progress in addressing labor issues in tobacco-growing], March 2016, Accessed November 2018 </ref>
-|
-*Keurig
-*KnowTheChain
-*Patagonia <ref>Verite website, [https://www.verite.org/our-work/ Our work],Accessed November 2018 </ref>
-|-
-|[https://www.iom.int/ International Organization for Migration] (2016)
-|NA
-| Philip Morris International partnered with the International Organization for Migration (IOM) to provide assistance to the most vulnerable migrants and reduce exploitation and other forms of human-rights abuses in Italy's agricultural sector. The collaboration addressed immediate material needs, supports better access to social services, and provides legal and social counseling. The organization also provided emergency support to IOM in Serbia and the former Yugoslav Republic of Macedonia to build winterproof facilities for migrants at all stages of their journey.  <ref>Philip Morris International website, [https://www.pmi.com/sustainability/good-agricultural-practices/protecting-migrant-workers Protecting Migrant Workers], March 2016, Accessed November 2018 </ref>
-|
-NA
-|-
-|[http://www.europtimum.eu/index.html Europtimum] (2014)
-|Not Active
-| The office of former French MEP Dominique Vlasto nurtured a special relationship with Europtimum, a lobby consultancy firm based in Strasbourg. Edouard Debra, the director and founder of Europtimum, is a former parliamentary assistant of Vlasto. Philip Morris International was one of Europtimum's largest clients, generating between EUR 150,000 and 200,000 turnover for Europtimum in 2013. Philip Morris France was another client, generating between EUR 50,000 and EUR100,000 in 2013. <ref> Corporate Europe Observatory, [https://corporateeurope.org/power-lobbies/2014/06/mediapart-exposes-unhealthy-liaisons-between-french-mep-and-tobacco-industry Mediapart exposes unhealthy liaisons between French MEP and the tobacco industry], June 2014, Accessed November 2018 </ref>
-|
-NA
-|-
-|[http://www.ideas.org.my/ Institute for Democracy and Economic Affairs] (2015)
-|NA
-| According to Tobacco Watch, the Malaysian libertarian think tank [http://www.ideas.org.my/ Institute for Democracy and Economic Affairs] started receiving funds from Japan Tobacco International and Philip Morris in 2015. That same year, the organization started publicly opposing to tobacco control measures. <ref>Tobacco Watch website, [https://tobaccowatch.seatca.org/index.php/fact-figure/tobacco-industry/ti-supporter/research-institutions/ Research Institutions and Researchers], Accessed November 2018 </ref>
-|
-NA
-|-
-|[http://www.rahmatlim.com/SitePages/home/default.aspx Rahmat Lim & Partners, Malaysia] (Allen & Gledhill)
-|NA
-| Law firm for Philip Morris (Malaysia) Sdn Bhd <ref name="PMI_TI"> Tobacco Industry Watch website, [https://tobaccowatch.seatca.org/index.php/fact-figure/tobacco-industry/ti-supporter/law-firms/ Lawyers and Law Firms], Accessed December 2018 </ref>
-|
-NA
-|-
-|[http://www.bustaman.com/ Bustaman & Co]
-|NA
-| Law firm for Philip Morris (Malaysia) Sdn Bhd {{r|PMI_TI}}
-|
-NA
-|-
-|}
-===Conferences===
-{| class="wikitable"
-! style="font-weight:bold;width=10%" |Name
-! style="font-weight:bold;width=10%" |Contract Status
-! style="font-weight:bold;width=20%" |Notes
-! style="font-weight:bold;width=30%" |Other Clients
-|-
-|[https://www.oneyoungworld.com/ One Young World]
-|Active
-| Anti-Illicit Trade Intelligence Manager for Philip Morris International, Mustapha Ramli was one of the delegates for the 2018 One Young World Conference. <ref> One Young World website, [https://www.oneyoungworld.com/profile-main/204781 Mustapha Ramli], Accessed November 2018 </ref> One Young World is a UK-based charity that gathers together young leaders from around the world. <ref> One Young World website, [https://www.oneyoungworld.com/about-us About Us], Accessed November 2018 </ref>
-|
-NA
-|-
-|}
-===Marketing, Communications and PR Companies===
-In 2018, number of Romanian social media influencers and IQOS brand ambassadors, including @Christina_ich  <ref name="PMI_Christina"> Instagram, [https://www.instagram.com/p/Bm3cLWNlQgk/?taken-by=christina_ich @Christina_ich], 24 August 2018, Accessed October 2018 </ref> and @Mirela.Bucovicean <ref name= "PMI_Mirela"> Instagram, [https://www.instagram.com/p/BmIJvV2jYuQ/?taken-by=mirelabucovicean @Mirela.Bucivicean], 6 August 2018, Accessed October 2018 </ref> posted about IQOS products. They often use IQOS-related posts with #ad. Some also have included the hashtags:  #promisiuneaiqos (IQOS promise), #iqosisnotriskfree, and #exclusivfumatoriloradulti (only adult smokers). <ref name="PMI_Christina"/> <ref name= "PMI_Mirela"/>
-In October 2018, Philip Morris International won Gold Stevie Award in the Marketing Campaign of the Year - Corporate Reputation/ Professional Services category for the ''Philip Morris Makes a New Year's Resolution to Give Up Cigarettes''. <ref> Stevie Awards, [http://stevieawards.com/iba/marketing-awards-category-winners Marketing Awards Category Winners], October 2018, Accessed October 2018 </ref>
-{| class="wikitable"
-! style="font-weight:bold;width=10%" |Name
-! style="font-weight:bold;width=10%" |Contract Status
-! style="font-weight:bold;width=20%" |Notes
-|-
-|[http://www.halogencomms.com/ Halogen] (2018)
-|Active
-|According to a Public Interest Investigation website, Powerbase, Halogen Communications has been working with Philip Morris International to undermine the Scottish government's plan packaging laws. <ref> Powerbase website, [http://powerbase.info/index.php/Halogen_Communications Halogen Communications], Accessed November 2018 </ref>
-|-
-|[http://www.klive.agency/ Klive] (2018)
-|Active
-|Philip Morris International, along with several other brands and startups, have signed on to work with Klive – a new agency founded by a cohort of ex-Omnicom and WPP marketers. <ref>[https://www.thedrum.com/news/2018/11/08/creative-martech-agency-klive-launches-with-ey-and-philip-morris-clients Creative martech agency Klive launches with EY and Philip Morris as clients], ''The Drum'', November 2018, Accessed November 2018 </ref>
-|-
-|[https://instinctif.com/global/ Instinctif Partners] (2015)
-|NA
-|The UK Public Aīairs and Lobbying Register from June-August 2016 lists Philip Morris UK as one of Instinctif Partners clients. <ref>Public Aīairs and Lobbying Register website, [https://www.prca.org.uk/sites/default/files/PublicAffairsRegister%20June-August.pdf Instinctif Partners], Accessed November 2018 </ref>
-|-
-|[http://other.co.uk/ Other Creative London] (2018)
-|Active
-|In October 2018, Philip Morris launched "Hold my light" with a campaign website and a film in which a woman navigates a maze of lasers to relinquish her cigarette lighter to a group of friends. The film was created by Trigger, while content is by Other Creative. Biddable media and programmatic video display was handled by Merkle Periscopix and Amplifi.  <ref name="PMI_Campaign1">[https://www.prweek.com/article/1496807/philip-morris-spoofs-mission-impossible-2m-campaign-calling-smokers-quit Philip Morris spoofs Mission Impossible with GBP 2 million campaign calling on smokers to quit], ''PR Week'', October 2018, Accessed October 2018 </ref>
-The company was also responsible for Philip Morris'imagery behind the 2018 New Year's resolution announcement. <ref>[https://www.campaignlive.co.uk/article/were-trying-give-cigarettes-says-philip-morris-ad/1453528 'We're trying to give up cigarettes', says Philip Morris ad], ''Campaign Live'', January 2018, Accessed October 2018 </ref>
-|-
-|[https://www.periscopix.co.uk/ Merkle Periscopix] (2018)
-|Active
-|In October 2018, Philip Morris launched "Hold my light" with a campaign website and a film in which a woman navigates a maze of lasers to relinquish her cigarette lighter to a group of friends. The film was created by Trigger, while content is by Other Creative. Biddable media and programmatic video display was handled by Merkle Periscopix and Amplifi. {{r|PMI_Campaign1}}
-|-
-|[http://global.dentsuaegisnetwork.com/ournetworks/specialistbrands/amplifi Amplifi](2018)
-|Active
-|In October 2018, Philip Morris launched "Hold my light" with a campaign website and a film in which a woman navigates a maze of lasers to relinquish her cigarette lighter to a group of friends. The film was created by Trigger, while content is by Other Creative. Biddable media and programmatic video display was handled by Merkle Periscopix and Amplifi.  {{r|PMI_Campaign1}}
-|-
-|[https://www.thisistrigger.com/ Trigger] (2018)
-|Active
-|In October 2018, Philip Morris launched "Hold my light" with a campaign website and a film in which a woman navigates a maze of lasers to relinquish her cigarette lighter to a group of friends. The film was created by Trigger, while content is by Other Creative. Biddable media and programmatic video display was handled by Merkle Periscopix and Amplifi.  {{r|PMI_Campaign1}}
-|-
-|[http://www.pagefield.co.uk/ Pagefield Communications] (2017)
-|Active
-|
-'''Official statement on working with the tobacco industry:'''
-"Working for a tobacco company is always a contentious decision for agencies like ours, especially when the role involves reputation management. Too many consultancies – if they take on that work – are only too happy to conceal the work they are doing.
-We did the opposite from day one of our three-year partnership with Philip Morris’s Reduced Risk business.
-Up on our website went the Philip Morris logo. Three years later and as recently as last night, we won an international PR industry award for our work launching the groundbreaking IQOS – a reduced risk, heat-not-burn product which is 95 percent less harmful than standard cigarettes. Getting shortlisted against far less contentious brands was a victory in itself. Winning for work with a tobacco brand was a massive achievement and a pleasant but not complete surprise.
-We were in a fortunate situation. First and foremost, we had already made the decision that if we were to work Philip Morris, it would be because it was creating viable, safer and scientifically-proven alternatives to traditional tobacco products.
-When they approached us to help lay the groundwork for the launch of IQOS, it was an easy decision.  This – alongside the business’ move towards reinventing itself – made for a worthwhile and fascinating brief.
-So, what lessons have we learnt from this campaign that are applicable to other distrusted companies planning to launch a significant, transformative new product or business model?
-Firstly, the work we all do for our clients is essentially about developing a robust argument. This does not need to be in the confrontational sense. It can be a strident view, a case or perhaps just a story. But central to all of these there is usually a position which is designed to convey or convince, with evidence in support. Essentially, this is all about putting across the position of our clients in the most interesting and convincing way – but most crucially, always remaining loyal to facts and values.
-Second, equally important is the purpose (or values) behind the transformation. For the first time Philip Morris was prepared to commit to a smoke-free future. Purpose was put ahead of product and that made for a more captivating story.
-Third is the power of transparency. In a highly regulated market where advertising of tobacco products is illegal, it was crucial for Philip Morris to open up as much as possible. Historically, tobacco businesses have been evasive and reluctant to do this. We therefore made an early decision to push to be as transparent as possible. What better way to do this than giving The Today programme full access to the story and Philip Morris’ headquarters and research and development centre in Switzerland.
-Tobacco businesses, like other businesses in controversial sectors, will never fully escape their past and earn the halo that less contentious businesses can earn. But if they are finally trying to change and are investing billions in creating products and scientific solutions that will eventually consign cigarettes to the past, then why shouldn’t people know about it?"<ref> Pagefield, [http://www.pagefield.co.uk/insight/helping-distrusted-companies-gain-acceptance/ Helping distrusted companies gain acceptance], Accessed September 2018 </ref>
-SABRE awards winners for launching IQOS and Helping the Tobacco Giant Quit Smoking <ref> Holmes Report, [https://www.holmesreport.com/events-awards/sabre-awards/sabre-awards-EMEA/2017-sabre-awards-emea/2017-sabre-emea-winners 2017 SABRE Awards EMEA Winners], Accessed September 2018 </ref>
-|-
-|[https://www.fkhealth.com/ Feinstein Kean Healthcare] (2017)
-|Active
-|Feinstein Kean Healthcare, wholly owned subsidiary of Ogilvy PR, provides an array of communications and consulting services to biotechnology, pharmaceutical and other healthcare companies. As of March 2018, Lynn Blenkhorn is listed as a media contact for the Philip Morris-funded Foundation for a Smoke-Free World.  <ref>Businesswire, [https://www.businesswire.com/news/home/20180319005647/en/New-Global-Survey-Points-Key-Issues-Gaps New Global Survey Points to Key Issues, Needs and Gaps in Fight to End Smoking], Accessed September 2018 </ref>
-|-
-|CNC Communications, now [https://www.kekstcnc.com/ KEKST CNC] (2014)
-|TBC
-|Kekst CNC's clients include a broad range of public and private companies, institutions, alternative investment firms, and non-profit organizations. <ref>[https://www.prnewswire.com/news-releases/kekst-and-cnc-join-forces-to-create-premier-global-strategic-communications-consultancy-300727405.html Kekst and CNC Join Forces to Create Premier Global Strategic Communications Consultancy], ''PR Newswire'', October 2018, Accessed November 2018 </ref> Tobacco Tactics reposrts CNC listed Philip Morris as a client in the 2014 EU Transparency Register. <ref> Tobacco Tactics website, [http://www.tobaccotactics.org/index.php?title=Communications_%26_Network_Consulting_AG#cite_note-2 Communications & Network Consulting AG], Accessed November 2018 </ref>
-|}
-=References=
-{{reflist}}