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Analyst
Callum Elliott
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q1 (6 quarters; questions recorded in 3).
- Questions
- 5on tracked calls
- Challenge rate
- 0%none of 5 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 3with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 5 of 5 questions from 2 companies
PMPhilip Morris International4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q2
what's changed over the past year or two to
Show response
Emmanuel confirmed VEEV gross margin improved by more than 10 percentage points, with potential to reach IQOS-level profitability given the right loyalty and repurchase rates.
how the commercial activities sort of flow into that reacceleration that that you're forecasting for Q4
Show response
Emmanuel pointed to June/July offtake data as validation, noting commercial/marketing restart is gradual and will happen over Q3, with full 360-degree activation still ramping.
Calendar 2024 Q4
what you're seeing in Italy, You mentioned that the fourth quarter was a little bit softer than you had anticipated
Show response
Jacek acknowledged Italy recovery was slower but noted some markets quickly returned to pre-ban growth. Poland implementation timing not yet finalized, expected towards end of 2025.
on FX, it seems like the FX headwind that you called out for the year and the guidance was know, a bit less
Show response
Emmanuel detailed the hedging structure: 60% yen exposure at 138, ~25% euro exposure at 1.12, plus natural hedging from 60%+ euro-denominated debt.
MOAltria1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
do you have any thoughts about maybe trying to do the same thing with Copenhagen or Skol?
Show response
Gifford explained a master settlement agreement prevents using legacy tobacco brands on non-tobacco products, expressing confidence in on! and on! PLUS.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| PM Philip Morris International | 4 | 0%none of 4 questions |
| MO Altria | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | No questions recorded | — | — |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q1No questions recorded
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q3No questions recorded
- 2025 Q4No questions recorded
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics2
- Innovation & R&D2
- Demand1
- Revenue Growth1
- Regulation Policy1
- Geographic Expansion1
- Fx1