Integrated Strategic Choices

A woman looking in the mirror applies Olay Regenerist Vitamin C + Peptide 24 cream to her face.

P&G employees have delivered great results over the past four years in a very challenging macro environment against very capable competition. In those four years, P&G people have added more than $13 billion in annual sales and roughly $5 billion in after-tax profit—executing our integrated strategies with excellence.

The progress we have made, and our collective commitment to our strategies, give me confidence we can manage through the challenges we will continue to face. Still, we are clear-eyed about the trials ahead. The operational, cost and currency challenges we dealt with over the last two years will continue in fiscal year 2023, and we begin the new fiscal year with consumers facing inflation levels not seen in the last 40 years.

The best response to the uncertainties and challenges—double down on the integrated set of strategies that are delivering very strong results.

We are focused on delighting and serving consumers, customers, society and shareowners through five strategic and integrated choices: a portfolio of daily-use products in categories where performance drives brand choice; superiority across product, package, brand communication, retail execution and value; productivity in everything we do; constructive disruption across the value chain; and an agile, accountable and empowered organization.

These are not independent strategic choices. They reinforce and build on each other, and when executed well, they lead to balanced top- and bottom-line growth and value creation. There is still meaningful opportunity for improvement and leverage in every facet of this strategy, and we continue to work to strengthen our execution of these choices.



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VARIOUS STATEMENTS IN THIS ANNUAL REPORT, including estimates, projections, objectives and expected results, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are generally identified by the words “believe,” “expect,” “anticipate,” “intend,” “opportunity,” “plan,” “project,” “will,” “should,” “could,” “would,” “likely” and similar expressions. Forward-looking statements are based on current assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements, including the risks and uncertainties discussed in Item 1A – Risk Factors of the Form 10-K included in this Annual Report. Such forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise publicly any forward-looking statements, except as required by law.