Philip Morris Incorporated - Tobacco Specimen Stock Certificate

Unissued Stock printed by Security-Columbian United States Banknote Corporation.

Philip Morris International (PMI), a prominent and influential tobacco corporation, has a rich history spanning over a century. Originating in a mid-19th-century London tobacconist, the company rose to global dominance under the Altria Group for much of the 20th century, driven by the massive commercial success of the Marlboro brand. In 2008, PMI was spun off from Altria to focus on international markets outside the United States. Headquartered in Stamford, Connecticut, and with operations in Lausanne, Switzerland, the company operates in over 180 countries and consistently ranks as a leader in market share within the combustible cigarette industry.

In recent years, Philip Morris has undergone a significant strategic shift by committing to a “smoke-free future.� Recognizing the severe health risks associated with traditional smoking and facing increasingly stringent global regulations, the company has invested billions of dollars in research and development of non-combustible alternatives. Their flagship heated tobacco product, IQOS, represents the core of this transition, aiming to replace traditional cigarettes with technologies that heat rather than burn tobacco. While this shift has sparked debate among public health advocates regarding the long-term effects of “reduced-risk� products, it marks a pivotal moment for the corporation as it seeks to transform its identity from a traditional cigarette manufacturer into a broader science and technology-led nicotine company.