Newer Nicotine and Tobacco Products: Philip Morris International

This page was last edited on at

Since the early 2000s transnational tobacco companies (TTCs) have developed interests in newer nicotine and tobacco products, including e-cigarettes (also known as electronic delivery systems, or ENDS), heated tobacco products (HTPs), snus and nicotine pouches.

Companies have referred to these types of product as ‘next generation products’ (NGPs) although terminology changes over time.

As the harms from conventional products have become better understood, and tobacco control measures have been put in place, the cigarette market – from which tobacco companies make most of their profits – has started to shrink. To secure the industry’s longer-term future, TTCs have invested in, developed and marketed various newer products, including in low and middle-income countries.1  They are often publicly linked to tobacco companies’ harm reduction strategies and labelled ‘reduced risk’ or ‘modified risk’ products.

There is ongoing scientific and policy debate about the role of these products in tobacco control, with concerns around long term health effects, marketing to youth, and how this diversification may help the industry to build credibility and influence policy makers.12

It is important to note that, despite increasing investment in these products, the core of the global tobacco industry’s business remains unchanged. Newer products form a small proportion of their revenue, compared to conventional products like cigarettes, and will do so for the foreseeable future.

An image of PMI's products

Image 1: PMI’s newer products portfolio, as of 2024 (Source: PMI website)3

Background

Like its competitors, Philip Morris International (PMI) has been investing in newer nicotine and tobacco products that, unlike cigarettes, have potential for growth in developed markets.4 PMI’s current newer products portfolio consists of e-cigarettes, heated tobacco products and smokeless tobacco products (nicotine pouches and snus) (see Image 1).

In 2016, PMI began marketing its flagship new product IQOS (an HTP) under the catchphrase “this changes everything”, a phrase that was trademarked in 2017.56 In conjunction, PMI began making claims of corporate transformation and commitment to social change focussed on a “smoke-free” future:7

“Society expects us to act responsibly. And we are doing just that by designing a smoke-free future.”8

By October 2019, PMI had replaced the word “designing” with “delivering” (a smoke-free future), signposting the central role of the company in the realisation of this future.910

Despite the promising language in 2016-17, the majority of the company’s earnings still come from conventional cigarettes.1112 At its 2019 Annual General Meeting, PMI CEO André Calantzopoulos further confirmed to shareholders that “Our combustible tobacco portfolio remains the foundation of our business”.13 During the Covid-19 pandemic, PMI stated that in 2020 its “combustible tobacco portfolio showed resilience”12 and Marlboro cigarettes remain key to PMI’s business model.14 

In May 2017, Vaping Post quoted Calantzopoulos (from an interview with Nikkei Asian Review), saying that in five years’ time (i.e. by 2022) “PMI could start talking to governments about phasing out combustible cigarettes entirely”.15 However, in 2020 PMI’s business is still predominantly focused on the sale of conventional tobacco products. There is evidence of new cigarette brand variants being launched in lower income countries, and conventional tobacco products continue to be vigorously promoted.16171819

Snus & Nicotine Pouches

From 2002, a time of increased tobacco regulation and declining cigarettes sales in Europe, the international tobacco companies started investing in a Swedish smokeless tobacco called snus.20 The product is sold as a paste or in a tiny pouch, and placed between the gum and lip for a period of time.

PMI was the last of the big international tobacco companies to invest in snus, albeit with little apparent enthusiasm. In October 2006, PMI acquired snus manufacturer Rocker Productions, and briefly sold 1847 by Phillip Morris on the Swedish market.21 Three years later, it sold Rocker Productions to Swedish Match as part of a deal that saw PMI and Swedish Match set up joint venture SMPM International to “globalise snus”.22 The joint venture never achieved commercial success, and in 2015 the two companies “mutually agreed” to dissolve the company.23

Although the other transnational tobacco companies had invested in snus-style products, including nicotine pouches, it was not until late 2019 that PMI expressed an interest. When questioned about the company’s plans at an investment conference, Calantzopoulos conceded that this was “an emerging category….which we are looking at as well”.24 

In May 2021, PMI acquired Danish snus manufacturer AG Snus, which produces tobacco leaf products and nicotine pouches.2526 This acquisition was not widely publicised. However, in 2022 PMI reported it had launched “a reformulated version” of the Shiro branded nicotine pouches it acquired from AG Snus.27

More significantly, in the same year PMI acquired Swedish Match, manufacturers of snus and nicotine pouches, with a large market share in Northern Europe and the US.2829 This acquisition included Swedish Match’s nicotine pouch brand, Zyn, which in 2023 replaced PMI’s Shiro brand.303132

See below for information on PMI’s acquisition of Fertin Pharma, which produces other oral nicotine products.

Heated Tobacco Products

The year before the snus joint venture came to an end, PMI entered the HTP and e-cigarette markets (see below). At the time, CEO Calantzopoulos told the Wall Street Journal that he believed the future was in HTPs.33

PMI’s flagship HTP product, called IQOS, uses a battery-operated device that heats tobacco sticks originally called HEETS, which are available under several brand names (including TEREA) and in several flavours. They are also sold under cigarette brands Marlboro and Parliament in some countries.12

PMI periodically launches new and updated versions of its products which it tests in various markets. In 2019 it launched the IQOS Multi and IQOS Duo, followed by the IQOS ILUMA in 2021 and Bonds by IQOS in 2022. PMI were developing a second HTP brand, TEEPS, but following consumer testing PMI discontinued the TEEPS technology.

In September 2023, PMI announced that it had developed a “non-tobacco” stick for IQOS devices called LEVIA.3435 See below for details.

E-cigarettes

As with snus, PMI was the last of the international tobacco companies to move into the e-cigarette market. In November 2013, PMI announced that it was going to produce its own e-cigarette.36 By 2019 the company had three e-cigarette brands in its product portfolio, two of which were sold only in the United Kingdom (UK) and Ireland, and the other only in Spain and Israel.

PMI has developed its own e-cigarette, IQOS VEEV (formally IQOS MESH),  the only PMI e-cigarette labelled under the IQOS brand. CEO Calantzopoulos informed investors in December 2019 that Mesh was ready for further commercialisation, but that a global roll-out had been postponed due to the backlash against e-cigarettes following the sudden deaths of a number of vapers in the US.24 In January 2020, the roll-out appeared to be going ahead, with Calantzopoulos announcing “a launch in the coming months”.37 However it was delayed further by the Covid-19 pandemic and finally launched under the VEEV brand name in September 2020.381239

Market Expansion and Consolidation

At the beginning of 2020 PMI stated that its “Reduced Risk Products” (RRPs) account for nearly 20% of its net revenue, although it does not disclose publicly the profits from IQOS or other newer products.40 In early 2022, it stated that this figure was nearly 30%.27 It continues to expand the sales of its products through independent retailers and IQOS stores. In January 2020, the company reported that it had opened 26 new IQOS stores in South Africa since launching there in 2017.41

Collaboration with KT&G on HTPs and Hybrids

In January 2020, PMI announced a new “collaboration” with South Korean tobacco company KT&G (which dominates the South Korean market), to commercialize KT&G’s range of “smoke-free” products globally, alongside IQOS.37 The deal covered KT&G’s e-cigarettes and HTPs . Although KT&G has a US subsidiary, PMI stated at the time, that there were “no current plans to commercialize KT&G products in the U.S.”3742 

In August 2020, KT&G’s lil SOLID HTP devices and Fiit heated tobacco sticks were launched in Russia, followed by Ukraine three weeks later.3843 It appears that lil SOLID is a rebranded Lil Plus device.44

When announcing its financial results in October 2020, PMI made clear the importance of having KT&G’s products in its product portfolio:

“This means that in both these markets [Russia and Ukraine] we now have HTU brands at three price points within the heat-notburn category: super-premium HEETS Creations/Dimensions, premium HEETS and mid-priced Fiit, all of which present attractive margins.”38

PMI launched KT&G’s lil HYBRID device in Japan in October 2020.45 This device uses as form of tobacco leaf and an e-liquid. While the tobacco contains nicotine, PMI referred to these as “Miix consumables and nicotine-free liquid cartridge”.38 This is likely to be because e-cigarette liquids containing nicotine are banned in Japan.  KT&G stated that its lil Hybrid was a “distinctive platform”. However Japan Tobacco International (JTI) markets a range of hybrid HTPs (for details see Newer Nicotine and Tobacco Products: Japan Tobacco International). It appears that PMI aims to gain further market share in JTI’s home market, which is already dominated by IQOS.

By the end of 2022, PMI reported lil products were available in over 30 markets.46 In January 2023, PMI extended its collaboration with KT&G until January 2038.46

Collaboration with Kaival Brands on Single Use E-cigarettes

In June 2022, Kaival Brands International (KBI), exclusive distributor of Bidi Vapor products based in the US,47 entered into a distribution agreement with PMI to market its e-cigarette products outside the US.48 Central to this agreement is KBI’s single use e-cigarette, VEEBA, now part of PMI’s “smoke-free” portfolio.47 VEEBA was launched in Canada in 2022.47 BAT and Imperial Brands launched similar ‘disposable’ products in 2022, see E-cigarettes.

Undermining Tobacco Control Legislation

Although PMI has been promoting a “smoke-free” narrative, including funding the Foundation for a Smoke-Free World and its “Unsmoke” marketing campaign, it has also been working to undermine smoking bans and enable the use of IQOS in smoke-free areas.49 Just two months after the public smoking ban was introduced in the Czechia (then the Czech Republic) in 2017, PMI promoted IQOS on Radio Praha to Czech smokers. According to the radio station it: “might allow them [smokers] to ‘smoke’ in public places once again”.50

PMI has also been courting the hospitality industry to relax smoking bans by allowing the use of IQOS where smoking is banned.49 Allegedly more than 1,000 hotels around the world were offering “IQOS friendly rooms” in 2018, and “…in some cases, allow the use of smoke-free products in common areas”.51 The UK IQOS website published a list of the “15 Best IQOS Friendly Locations in London”, venues that are “happy to accommodate users of heated tobacco technology”.52 PMI has also promoted “smoke-free islands” in Greece and the Canary Islands.

In January 2020, Calantzopoulos argued that advertising regulations should be relaxed, saying that in the UK it was “difficult to talk to a consumer about a tobacco product” if the product could not be easily seen, which would make it “very difficult to switch”.53 However, although PMI has opened multiple IQOS stores in London, Bristol, Cardiff and Manchester, as an investigation by the Bureau of Investigative Journalist pointed out, as of February 2020 there were none in the UK towns and cities with the highest smoking rates.49

In February 2020, an investigation by The Guardian newspaper revealed that, in the UK, PMI lobbied for lighter regulation of IQOS, as a “considerably less harmful novel smokeless tobacco product” (CLHTP). PMI also proposed setting up a UK£1 billion fund for cessation services in exchange for the relaxation of advertising regulations for e-cigarettes and HTPs.54 It also tried to get IQOS adopted as a cessation product in New Zealand.555657

PMI has also taken advantage of tobacco control measures being implemented in the UK in order to promote its HTPs. In January 2019, PMI promoted IQOS and new, stronger variants of menthol HEETS sticks in the UK, ahead of the deferred EU Tobacco Products Directive ban on menthol cigarettes (due to come into effect in May 2020).58596061 An “IQOS Menthol starter kit” aimed at convenience stores was available to retailers via a website called “menthol-ban-retail.co.uk”.5862 Run by Philip Morris Ltd (PML), the website stated that “From 20th May 2020, the only menthol tobacco you can sell is HEETS” (noting that specialist cigars and cigarillos were exempted from the ban). It also contained a claim that “51% of menthol smokers would replace menthol cigarettes with IQOS after the ban”.62

PMI has used threats of litigation to attempt to delay proposed tobacco control measures that cover its HTPs. In 2023, PMI sent a letter to the UK Department of Health and Social Care threatening legal action following the announcement and consultation on a newly proposed smokefree generation bill. The company cited particular concern over the inclusion of HTPs in the bill, stating it does “not believe that reduced-risk smoke-free products—including heated tobacco—should be included alongside combustible cigarettes in any potential legislation”.63

PMI has lobbied to overturn HTP and e-cigarette bans and create a market for its products in Australia.646566  For more details see Heated Tobacco Products.

PMI has also conflated its e-cigarette and HTPs, both now branded as IQOS, which has implications for product regulation and public information.67 For details see IQOS: Use, “switching” and “quitting”.

Nicotine products designed to circumvent regulation

In September 2023, PMI announced in a presentation to investors, that it had developed a product for IQOS devices called LEVIA containing “non-tobacco substrate infused with nicotine and tobacco, menthol and fruit flavourings.3435 It did not specify what the substrate contained.

It appeared that this product was developed in order to circumvent regulations which apply to heat sticks containing tobacco, specifically potential bans on flavours. PMI stated that “in some jurisdictions this may not be subject to, for example, flavor regulations” and that it would likely not be regulated before the product arrived on the market.3435

PMI piloted LEVIA in Indonesia (where it stated there was a “lack of readiness” for HTPs) before a planned launch in the US.68 PMI’s presentation to investors indicated that other markets of interest might be India and Pakistan.68

The company stated that this product would was “designed for the early adopters within the IQOS franchise and for legal age nicotine users that are flavor explorers” and cause “minimal social disturbance”.34

Acquired Pharmaceutical Companies and NRT-Type Products

In a presentation to investors in February 2021, PMI stated that it planned to go “beyond nicotine” into “botanicals” and “respiratory drug delivery” (image 3).69 It said that this was part of its “long term evolution into a broader lifestyle & consumer wellness company”.69

Screenshot of PMI Beyond Nicotine slide

Image 3: Slide from PMI presentation to investors, 10 February 2021. (Source PMI website)

It is not clear if this strategy includes cannabis products (see below).

Syqe Medical

In 2016, PMI bought an Israeli company, Syqe Medical, which was developing a cannabis inhaler.70

Fertin Pharma

In July 2021, PMI acquired Fertin Pharma, a manufacturer of “innovative pharmaceutical and well-being products based on oral and intra-oral delivery systems” and “Nicotine Replacement Therapy (NRT) solutions”.71 PMI referred to these products as “modern oral” and includes nicotine pouches in the same category.71 (The term “modern oral” appears to have been first used by British American Tobacco). PMI’s acquisition was completed in September 2021. 

Vectura

Also in July 2021, PMI announced its intention to acquire Vectura, a UK company specialising in inhaler products to deliver medicines.7273 PMI gained control of the company in September 2021.

Vectura Fertin Pharma was established by PMI in 2022 to oversee the commercial development of its pharmaceutical acquisitions.74

OtiTopic

In August 2021, PMI also announced its acquisition of OtiTopic, a US-based respiratory drug development company which was developing an inhalable treatment for heart attacks, called ASPRIHALE.75

TobaccoTactics Resources

Relevant links

TCRG Research

Identifying misleading corporate narratives: The application of linguistic and qualitative methods to commercial determinants of health research, I. Fitzpatrick , A. Bertscher, A.B. Gilmore, PLOS Global Public Health, 16 November 2022, doi:10.1371/journal.pgph.0000379

Tobacco industry messaging around harm: Narrative framing in PMI and BAT press releases and annual reports 2011 to 2021, I. Fitzpatrick, S. Dance, K. Silver, M. Violini, T.R. Hird, Frontiers in Public Health, 18 October 2022, doi:10.3389/fpubh.2022.958354

Transnational tobacco company interests in smokeless tobacco in Europe: Analysis of internal industry documents and contemporary industry materials, S. Peeters, A. Gilmore, PLoS Medicine, 2013,10(9):1001506,  doi:10.1136/tobaccocontrol-2013-051502

Understanding the emergence of the tobacco industry’s use of the term tobacco harm reduction in order to inform public health policy, S. Peeters, A.B. Gilmore, Tobacco Control, 2015; 24:182-189

For a comprehensive list of all TCRG publications, including research that evaluates the impact of public health policy, go to the Bath TCRG’s list of publications.

Print Friendly, PDF & Email

References

  1. ↑abSTOP, Addiction At Any Cost: The Truth About Philip Morris International, 20 February 2020, accessed January 2021
  2. ↑S. Peeters, A.B. Gilmore, Understanding the emergence of the tobacco industry’s use of the term harm reduction in order to inform public health policy, Tobacco Control, 2015; 24:182-189, doi:10.1136/tobaccocontrol-2013-051502
  3. ↑Philip Morris International, Our smoke-free products, PMI website, undated, accessed April 2024
  4. ↑Euromonitor International, Global Tobacco Key Findings Part 2: Vapour Products. August 2016 (behind paywall)
  5. ↑Philip Morris International, This Changes Everything: Annual Report 2016, 2017, accessed January 2020
  6. ↑Justia Trademarks, IQOS this changes everything- Trademark details, undated, accessed December 2019
  7. ↑R. Davies, A. Monaghan, Philip Morris’s vision of cigarette-free future met with scepticism, The Guardian, 30 November 2016, accessed September 2017
  8. ↑Philip Morris Products S.A., Delivering a smoke-free future. How long will PMI be in the cigarette business?, PMI website, undated, accessed December 2019
  9. ↑Philip Morris International, Designing a Smoke-Free future, PMI website, archived 30 September 2019, accessed December 2019
  10. ↑Philip Morris International, Delivering a smoke-free future, PMI website, archived 16 October 2019, accessed December 2019
  11. ↑Philip Morris International, 2018 Annual Report, accessed December 2019
  12. ↑abcdPhilip Morris International, 2020 Annual Report, accessed June 2021
  13. ↑L.C. Camilleri, A. Calantzopoulos, Annual Meeting of Shareholders New York 1 May 2019, Philip Morris International, Presentation Script, accessed December 2019
  14. ↑Philip Morris International, Philip Morris International Inc. Reports 2019 Fourth-Quarter & Full-Year Results, PMI press release, 6 February 2020, accessed February 2020
  15. ↑D. Caruana, PMI CEO talks about phasing out cigarettes in Japan & S. Korea, Vaping Post, 18 July 2017, accessed February 2020
  16. ↑Stopping Tobacco Organizations and Profits, Philip Morris International Licensing Marlboro Production in Uzbekistan is More Evidence Its “Unsmoke” Rhetoric Is A Lie, STOP press release, Expose Tobacco website, 5 December 2019, accessed February 2020
  17. ↑Campaign for Tobacco Free Kids, Philip Morris Declares the “Year of Unsmoke,” But Launches New Cigarette in Indonesia and Sells Over 700 Billion Cigarettes a Year Worldwide, PR newswire, 18 April 2019, accessed February 2020
  18. ↑T. Kary, Philip Morris Says It Doesn’t Want You to Buy Its Cigarettes, Bloomberg, 17 April 2019, accessed February 2020
  19. ↑Euromonitor International, Tobacco in Indonesia, July 2020, accessed March 2021 (paywall)
  20. ↑S. Peeters, A. Gilmore, Transnational tobacco company interests in smokeless tobacco in Europe: Analysis of internal industry documents and contemporary industry materials, PLoS Medicine, 2013,10(9):1001506
  21. ↑PMI buys into Swedish Snus, Tobacco Reporter Magazine, December 2006 (paywall)
  22. ↑Swedish Match, Interim Report: January-March 2010, Swedish Match website, accessed December 2019
  23. ↑Swedish Match, Swedish Match and Philip Morris International to dissolve smokeless joint venture, 16 July 2015, accessed December 2019
  24. ↑abA. Calantzopoulos, M. King, Morgan Stanley Global Consumer & Retail Conference Webcast, Philip Morris International, 3 December 2019, accessed December 2019
  25. ↑Mazanti-Andersen, AG Snus Aktieselskab sold to Phillip Morris International, law firm website, 7 May 2020, accessed July 2021
  26. ↑Open Corporates, AG Snus Aktieselskab, Company number 32883044, accessed July 2021
  27. ↑abPhilip Morris International, Next Level Forward, 2021 Annual Report, 2022, available from the PMI website
  28. ↑Philip Morris International, PMHH acquires shares in Swedish Match outside the offer and becomes the owner of nearly 86% of the shares, BusinessWire, 10 November 2022, accessed November 2022
  29. ↑M. Mannes, Philip Morris to de-list Swedish Match after raising stake to 93%, Reuters, 28 November 2022, accessed November 2022
  30. ↑Philip Morris is phasing out Shiro in favor of ZYN, snuset website, May 2023, accessed April 2024
  31. ↑Philip Morris International, Oral smokeless products, website, archived 21 September 2023, accessed April 2024
  32. ↑Philip Morris International, Oral smokeless products, website, archived 16 January 2024, accessed April 2024
  33. ↑T. Gara, What Do Smokers Really Want: E-Cigarettes, or Safer Tobacco?, The Wall Street Journal, Corporate Intelligence blog, 10 January 2014, accessed February 2020 (paywall)
  34. ↑abcdPhilip Morris International, 2023 Investor Day Presentation, transcript, 28 September 2023, accessed October 2023, available from pmi.com
  35. ↑abcPhilip Morris develops zero-tobacco heat stick that may avoid regulations, Reuters, 28 September 2023, accessed October 2023
  36. ↑S. Cavale, D.K. Kumar , Marlboro make Philip Morris to end e-cigarette business, Reuters, 20 November 2013, accessed May 2019
  37. ↑abcPhilip Morris International Inc. Announces Agreement with KT&G to Accelerate the Achievement of a Smoke-Free Future, Business Wire, 28 January 2020, accessed January 2020
  38. ↑abcdPhilip Morris International, 2020 Third quarter results, transcript, 20 October 2020, accessed October 2020
  39. ↑IQOS Veev launch offer, IQOS NZ website, archived 20 September 2020, accessed October 2020
  40. ↑Philip Morris International, 2019 Fourth-Quarter and Full-Year Results, PMI website, 6 February 2020, accessed February 2020
  41. ↑Cigarette and tobacco giant backs South Africa with R650 million investment drive and retail store expansion, businesstech.co.za, 20 January 2020, accessed January 2020
  42. ↑KT&G, KT&G USA, company website, undated, accessed January 2020
  43. ↑C. Moon-hee, KT&G’s e-Cigarette ‘Lil SOLID’ Goes on Sale in Ukraine, 9 September 2020, accessed November 2020
  44. ↑KT&G, Product Innovation, PDF download available from https://en.ktng.com/product, accessed November 2020
  45. ↑K. Min-jee, KT&G, Philip Morris to launch sales of e-cigarette ‘lil Hybrid 2.0’ in Japan, 22 October 2020, accessed November 2020
  46. ↑abPhilip Morris International, 2022 Annual Report, 2023, available from the PMI website
  47. ↑abcPoised for Growth, Tobacco Reporter, 3 October 2022, accessed February 2023
  48. ↑Kaival Brands Innovations Group, Kaival Brands Reaches Agreement with Philip Morris International for International Electronic Nicotine Delivery System Product Distribution, Press Release, 13 June 2022, accessed February 2023
  49. ↑abcM. Davies, B. Stockton, M. Chapman, T. Cave, The ‘UnSmoke’ Screen: The Truth Behind PMI’s Cigarette-Free Future, The Bureau of Investigative Journalism, 24 February 2020, accessed February 2020
  50. ↑D. Lazarova, Czech smokers taking stock of heat-not-burn tobacco products as smoking ban starts to bite’, Radio Praha, 31 July 2017, accessed September 2017
  51. ↑D.Szpytma, PMI Calls On The Travel Industry To Join the Journey Toward a Smoke-Free World, hotel-magazine.co.uk, 7 November 2018, accessed December 2019
  52. ↑Philip Morris Products S.A., Blog: 15 Best IQOS Friendly Locations in London, uk.iqos.com, 25 June 2018, accessed December 2019
  53. ↑R. Lynch, Philip Morris boss calls for UK tobacco advertising rules to be relaxed, The Telegraph, 21 January 2020, accessed January 2020 (paywall)
  54. ↑S. Bosely, Philip Morris drew up plan for £1bn tobacco transition fund, The Guardian, 24 February 2020, accessed February 2020
  55. ↑G. Espiner, Philip Morris tried to target poor through poverty group and Counties Manukau DHB, 27 August 2019, accessed September 2020
  56. ↑Philip Morris Back to Old Tricks, Hāpai Te Hauora press release, website, 28 August 2019, accessed September 2020
  57. ↑New Zealand Ministry of Health, Letter from Dr Ashley Bloomfield to District Health Board Chief Executives and PHO Chief Executives, PDF available from website, August 2019
  58. ↑abPMI to launch Iqos heated tobacco device in convenience channel, Conveniencestore.co.uk, 2 January 2020, accessed January 2020
  59. ↑Association of Convenience Stores, Menthol Cigarettes Ban, ACS website, 2019, accessed January 2020
  60. ↑Action on Smoking and Health, Tobacco Policy and the European Union, ASH fact sheet, August 2016
  61. ↑European Commission, Directive 2014/40/EU Of The European Parliament And Of The Council, 3 April 2014, accessed January 2020
  62. ↑abPhilip Morris Ltd, IQOS, menthol-ban-retail.co.uk, undated, accessed January 2020
  63. ↑L. Donnelly, Tobacco giant threatened Sunak with legal action over smoking Bill, The Telegraph, 18 January 2024, accessed March 2024
  64. ↑Stopping Tobacco Organizations and Products, Addiction At Any Cost: The Truth About Philip Morris International, STOP report, 20 February 2020, accessed February 2020
  65. ↑T. Elliott, Big Tobacco’s shadowy new play, The Sydney Morning Herald, 18 May 2019, accessed February 2020
  66. ↑C. Watts, S. Burton, B. Freeman, Creating a market for IQOS: analysis of Philip Morris’ strategy to introduce heated tobacco products to the Australian consumer market, Tobacco Control, Published Online First: 15 November 2020, doi:10.1136/tobaccocontrol-2020-056057
  67. ↑L. Robertson, J. Hoek, K. Silver, PMI New Zealand conflates IQOS heated tobacco products with electronic nicotine delivery systems, Tobacco Control, Published Online First: 19 November 2021. doi: 10.1136/tobaccocontrol-2021-056964
  68. ↑abPhilip Morris International, 2023 Investor Day: Jacek Olzcak, presentation slides, 28 September 2023, accessed October 2023, available from pmi.com
  69. ↑abAndre Calantzopoulos/Philip Morris International, The Next Growth Phase, Investor day presentation, 10 February 2021, accessed July 2021
  70. ↑S. Solomon, Philip Morris investment in Syqe was 2nd-largest 2016 cannabis deal – report, The Times of Israel, 9 January 2018, accessed July 2021
  71. ↑abPhilip Morris International, Philip Morris International Announces Agreement to Acquire Fertin Pharma, press release, 1 July 2021, accessed July 2021
  72. ↑Vectura, About Vectura, website, undated, accessed July 2021
  73. ↑Philip Morris International, Earnings Release – Qtr 2 2021, press release, accessed July 2021
  74. ↑Vectura Fertin Pharma, Homepage, Vectura Fertin Pharma website, accessed January 2023
  75. ↑Philip Morris International Acquires Inhaled Drug Specialist OtiTopic; Growing Pipeline of “Beyond Nicotine” Inhaled Therapeutic Products, Businesswire, 9 August 2021, accessed August 2021

Categories