Philip Morris International Inc at Morgan Stanley Global Consumer and Retail Conference Transcript
Good morning. I'm Pam Kaufman, Morgan Stanley's U.S. tobacco and food analyst.
Before we get started, I have to read all the important disclosures. Please note that important disclosures, including my personal holdings disclosures and Morgan Stanley disclosures, all appear as a handout available in the registration area and on the Morgan Stanley public website.
Some of the statements we will make may be considered forward-looking. These statements involve a number of risks and uncertainties that could cause the actual results to differ materially. Any forward-looking statements made are based on assumptions as of today, and Philip Morris undertakes no obligation to update them. Please refer to Philip Morris' Form 10-K for a discussion of the risk factors that may affect actual results.
Now that we have that out of the way, I'd like to introduce Philip Morris for the next presentation. The tobacco industry is facing a dynamic backdrop as tobacco companies and consumer preferences evolve towards reduced-risk
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