Philip Morris International (PMI) is optimistic about achieving its smoke-free target by 2030. The company has invested heavily in research and development, and its flagship heat-not-burn product, IQOS, has been a key factor in reducing cigarette smoking prevalence.
With just five years remaining until Philip Morris International's ( PMI ) 2030 smoke-free target, aiming for over two-thirds of the company’s revenue to come from smoke-free products, PMI is optimistic about achieving this goal right on schedule. Over the past three decades, PMI has invested $12.5 billion in scientific research and innovative product development, which the company credits for expediting its smoke-free vision.
PMI’s flagship heat-not burn product, IQOS, launched a decade ago and today, PMI's smoke-free products are now available for sale in 92 markets. Speaking at the 2024 Technovation Summit in Abu Dhabi, United Arab Emirates (UAE), PMI Chief Executive Officer Jacek Olczak emphasised that the company is already planning beyond 2030. “The last 10 years have been great. We have made significant progress, and in terms of where we are today, we are almost approaching 30% of our total revenue coming from smoke-free products. I am sure 10 years ago, when we said we would achieve it, most people would say, ‘Maybe, let’s see,’ but we did it,” said Olczak. Currently, approximately 36.5 million adults around the world use PMI's smoke-free products. Olczak attributed much of the progress to the Heat-not-burn and other smoke-free products, which he said had brought PMI’s vision closer to reality. Launched in Japan and Italy in 2014, the Heat-not-burn product IQOS has been a key factor in reducing cigarette-smoking prevalence. Data from the Japanese Ministry of Health, Labour, and Welfare indicates a 40% decline in smoking prevalence since 2014, dropping from 19.6% of adults to 10.6% in 2022. PMI’s data reveals that smoke-free products accounted for 38% of its net revenue in the third quarter of 2024 (Q3’24), up from nearly 0% in 2014. Stephano Volpetti, PMI’s President of Smoke-Free Inhalable Products and Chief Consumer Officer, stressed the importance of expanding PMI’s reach beyond its current 92 market
PMI Smoke-Free IQOS Heat-Not-Burn Innovation Revenue
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