Philip Morris expands ‘smoke-free’ ambition, updates targets

Philip Morris International (PMI) said on Thursday it aims for more than two thirds of its net revenues to come from "smoke-free" products by 2030, as the world's top tobacco company continues to shift away from cigarettes. It already aims for 50% of net revenues to come from "smoke-free" products like its heated tobacco device IQOS by 2025, and on Thursday expanded that target to over two thirds of net revenues by 2030. "We see a realistic path to becoming a smoke-free company over time, and this will be achieved market-by-market," Jacek Olczak, PMI's Chief Executive Officer, said in a statement ahead of the company's investor day on Thursday.