Philip Morris International Inc. has announced an increase in its regular quarterly dividend by 3.8% to an annualized rate of $5.40 per share. The new quarterly dividend of $1.35 per share, up from $1.30 per share, is payable on October 10, 2024, to shareholders of record as of September 26, 2024. The ex-dividend date is also September 26, 2024.
Philip Morris International has been actively working towards delivering a smoke-free future and evolving its portfolio beyond tobacco and nicotine products. The company's smoke-free products were available for sale in 90 markets as of June 30, 2024, and it estimates that 36.5 million adults around the world use its smoke-free products. The smoke-free business accounted for approximately 38% of the company's total first-half 2024 net revenues.
In addition, the company has invested over $12.5 billion since 2008 to develop, scientifically substantiate, and commercialize innovative smoke-free products for adults. This includes the acquisition of Swedish Match, a leader in oral nicotine delivery, in 2022.
Furthermore, Philip Morris International has announced its ambition to expand into wellness and healthcare areas through its Vectura Fertin Pharma business, aiming to enhance life through the delivery of seamless health experiences. Following these announcements, the company's shares moved -0.6%, and are now trading at a price of $124.48. For more information, read the company's full 8-K submission here.
