Philip Morris International Inc at Morgan Stanley Global Consumer & Retail Conference (Virtual) Transcript
Pamela Kaufman, Morgan Stanley's U.S. tobacco and food analyst. Before we get started, a quick comment on disclosures. For important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please feel free to reach out to your Morgan Stanley sales representative. We have Emmanuel Babeau, Philip Morris' Chief Financial Officer, joining us this morning for a fireside chat.
2021 has been an eventful year for Philip Morris, which has continued to deliver on its strategy of transitioning the business towards smoke-free products. This year, PM had a CEO change, introduced its Beyond Nicotine strategy, made several acquisitions in the health care space and diversified its portfolio by expanding into new products like IQOS, ILUMA, VEEV and nicotine patches. The current operating environment has created near-term supply challenges for IQOS, but we believe the
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