A heat-not-burn product is a consumer device that warms processed tobacco or nicotine material to generate an inhalable aerosol without burning it, similar to how a hot plate steams food instead of frying it. Investors watch these products because they can change demand for traditional cigarettes, face distinct regulatory and legal risks, and influence long-term revenue and public perception in tobacco and nicotine markets.
pre-clinical systems toxicologymedical
Pre-clinical systems toxicology is the study of a drug or biological product’s potential harmful effects before any human testing, using a mix of laboratory experiments, animal data and computer models to look at how whole organs and body systems respond. For investors, it functions like a safety checklist and early warning system — good results reduce the chance of costly surprises, delays or regulatory setbacks, while problems can signal higher development risk and potential extra expense.
post-market studiesmedical
Studies conducted after a medical product or device has been approved and is being sold, aimed at tracking real-world safety, effectiveness, and long-term performance. They matter to investors because their results can trigger regulatory actions, label changes, additional costs, or reputational effects—similar to ongoing vehicle safety checks that can lead to recalls or software updates and influence a company’s future sales and legal exposure.
modified risk tobacco productregulatory
A modified risk tobacco product is a tobacco or nicotine product that is marketed with claims it reduces health risks or exposure to harmful substances compared with other tobacco products; such claims are typically subject to regulatory review and approval. For investors, this matters because approved modified-risk status can change consumer demand, legal exposure, labeling requirements and market access—similar to how a government-backed “low-risk” label can alter a product’s sales and liability profile.
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Philip Morris International Inc. (PMI) (NYSE: PM) will host a live audio webcast on Wednesday, July 22, 2026, at 9:00 a.m. ET, to discuss its 2026 second-quarter and first six-months financial results, which will be issued at approximately 7:00 a.m. ET the same day. The webcast can be accessed here.
The webcast will be hosted by Emmanuel Babeau, Group Chief Financial Officer, and Massimo Andolina, incoming Group CFO, and will include discussion of PMI’s financial results and a Q&A session with the investment community. The webcast will be in a listen-only mode.
The webcast may also be accessed on mobile devices by downloading PMI’s Investor Relations App at www.pmi.com/irapp.
The webcast recording and the slides and script will be available here. The recording will be available for one year after the event.
Philip Morris International: A Global Smoke-Free Champion
Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025 PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption.The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues.Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.
