Philip Morris International Inc. PM, -5.34% tried to reassure investors Wednesday, by saying that it didn’t expect to be hurt very much by U.S. sanctions on Russia. The cigarette seller’s stock, which was little changed in premarket trading, had dropped 2.7% on Tuesday after the sanctions were announced. The company said that in 2021, Russia and Ukraine accounted for about 12% of total cigarette and heated tobacco unit shipment volume, and around 8% of total net revenue. “Our primary concern is the safety and security of our colleagues and their families, and we are monitoring the situation closely,” the company stated, in response to investor questions about the current geopolitical situation. “At this time, we do not anticipate any material impact on our business related to the announced sanctions.” President Biden announced on Tuesday sanctions on Russia after the country ordered troops into breakaway regions of Ukraine. Separately, Philip Morris expressed “confidence” in its 2021 to 2023 compound annual growth targets for net revenue of more than 5%, and adjusted earnings per share of more than 9%. The stock has run up 21.1% over the past three months, while the S&P 500 SPX, +1.50% has dropped 8.2%.
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