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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