Philip Morris International (PMI) will focus on heated tobacco (HTP) and nicotine pouches as the tobacco alternatives that can help it meet its goal of transitioning to a majority smoke-free revenue company by 2025, while scaling back and partially outsourcing its vaping business.
The company said in its 2023 first quarter results that it was pleased with the positive performance from its HTP range, which saw a significant increase (10.4%) in HTP unit shipment volumes that helped the company offset a conventional cigarette shipment volume decline of 3.1% to report an overall 3.2% increase of net revenues in organic terms over the first quarter of 2023.
