PMI posts strong 2024 results, with Veev among top three pod brands in Europe

Philip Morris International (PMI) achieved positive results last year, with its vaping brand Veev playing a significant role in the company’s smoke-free multi-category strategy.

During the presentation of its financial results, the company said that Veev One was recognised as one of the top three pod brands in 13 European markets, holding the first position in five markets, including Italy, Romania and the Czech Republic.

“Within e-vapour, we continue to see strong consumer traction behind Veev One,” said chief financial officer Emmanuel Babeau. “Veev is progressively contributing to growth,” he added, “with encouraging volume momentum in closed pods and a strengthening market position with a premium offer.”

Looking at the volume performance, the company delivered its fourth consecutive year of shipment growth, up 2.3% in the fourth quarter and close to 3% for the full year. The company’s total 2024 smoke-free volume growth, including the vaping segment, increased by 13.5% from 2023.

Focusing on its smoke-free business, the company grew its estimated user base by over 5m in 2024 to reach approximately 38.6m legal-age users – including an estimated 32.2m Iqos users, 5.7m oral users and 1m Veev users.

The company saw its total revenue for the year go up by 7.7% to $37.88bn. Looking ahead, PMI expects net revenue growth of around 6% to 8% on an organic basis for the year.

– Antonia Di Lorenzo ECigIntelligence staff

Image: AI-generated

Antonia Di Lorenzo

Newsdesk editor/EU lead reporter

Antonia is a member of the editorial team and holds a masters degree in Law from the University of Naples Federico II, Italy. She moved in 2013 to London, where she completed a postgraduate course at the London School of Journalism. In the UK, she worked as a news reporter for a financial newswire and a magazine before moving to Barcelona in 2019.