Over 40% of revenues and gross profit now come from smoke-free products, with presence in 106 markets, surpassing previous targets.
Three out of four regions have exceeded 50% revenue from smoke-free products, representing 75% of operating income.
Ambitious goal set for 2/3 of revenues from smoke-free products by 2030, with strong momentum in key markets.
Rapid market share gains in new markets like Taiwan, doubling nicotine market share within a year.
The executive team highlighted a multicategory approach to address evolving consumer preferences and deliver superior shareholder returns.
Markets with smoke-free products see cigarette volume declines five times faster than those without; some restricted markets show rising cigarette sales.
Regulatory and fiscal policies are increasingly favorable, with more science-based, pragmatic discussions on nicotine and product standards.
Over 40 markets have recognized tobacco harm reduction as a guiding principle, with increasing regulatory and fiscal differentiation for SFPs.
Large countries like India, Turkey, Brazil, and Vietnam remain closed to smoke-free products but are expected to open as global momentum builds.
Only about 20% of the global nicotine market is smoke-free, but double-digit growth continues as consumer awareness and trial rates rise.
Significant investment in R&D and commercial spend is focused on smoke-free products, with 1.5 million points of sale and over 7,600 IQOS stores and partners.
Infrastructure built for IQOS now supports other brands like ZYN and VEEV with minimal incremental cost.
Continuous innovation across SFPs includes new technologies and product launches in heated tobacco, e-vapor, and nicotine pouches.
Marlboro maintains record international market share, supporting the transition by leveraging existing infrastructure.
High consumer registration rates support multicategory growth.
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Philip Morris first saw the light of day when Mr. Philip Morris, in 1847, opened a shop on London’s Bond Street, selling tobacco and ready-made cigarettes.
Philip Morris is the leader in manufacturing and selling cigarettes, tobacco, and nicotine-containing products. They are the makers of Marlboro, the world’s best-selling cigarette. Despite operating in an industry plagued by scandal, health concerns, regulations, and taxation, Philip Morris has continuously posted record-breaking profits and sales year after year.
As this industry is highly controversial, Philip Morris, early on, diversified their interests and expanded into international markets. By acquiring Miller Brewing in 1970, General Foods in 1985, and Kraft Inc. in 1988, Philip Morris became the world’s largest food corporation and beverage company in North America by revenue. Philip Morris is, on their behalf, owned by Altria.
Further reading: The Rise of ZYN: Redefining Nicotine Consumption
Today’s Philip Morris expects a bright future for heat-not-burn (HNB) tobacco products sold under its “I Quit Original Smoking” (IQOS) brand. In 2021, the number of adults who have stopped smoking and switched to IQOS reached 15.3 million across 71 markets.
"We are investing behind innovation and delivering sustainable growth from our leading smoke-free products, which are a much better choice than continued smoking." – James Bushnell, Vice President, Investor Relations & Financial Communications
Other companies within the business are British American Tabacco, Japan Tabacco Inc, and Imperial Brands.
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