What drove PM's earnings growth in 2024?

Philip Morris International's (PM) earnings growth in 2024 was driven by several key factors:

1. **Expansion in Smoke-Free Products**: PM's strategic shift towards reduced risk products (RRPs) and smoke-free alternatives is a significant growth driver. The company's investment in innovation and technology for smoke-free products has been substantial, with over $14 billion invested since 2008. The success of IQOS, a leading RRP, indicates the potential for continued growth in this segment.
2. **Geographic Market Expansion**: PM's global footprint, with operations in over 95 markets, provides a broad base for revenue generation. The company's focus on expanding its smoke-free products into new markets is likely contributing to its earnings growth.
3. **Financial Transformation**: PM's commitment to delivering a smoke-free future is evident in its financial strategies. The company's bottom line is projected to rise by 8.3% year-over-year for 2024, and the top line is expected to improve by 6.5%. This financial outlook suggests that PM's business transformation is not only sustainable but also profitable.

In conclusion, Philip Morris International's earnings growth in 2024 can be attributed to its successful expansion into smoke-free products, strategic geographic market expansion, and financial transformation towards a smoke-free future.