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ReutersPhilip Morris results beat estimates on demand for heated tobacco sticks
The Marlboro maker's flagship heated tobacco device IQOS, expected to launch in the United States in the second quarter, has been a driving force behind its effort to make more money from alternatives to traditional cigarettes. The company's first-quarter revenue of $8.79 billion beat market expectations of $8.47 billion, according to LSEG data. Demand for the IQOS device and associated tobacco sticks in major markets like Japan helped the company offset the impact of a ban on flavored heated tobacco products in the European Union.
ReutersPhilip Morris nears Texas launch of flagship heated tobacco device
LONDON (Reuters) -Philip Morris International is preparing to launch its flagship heated tobacco device IQOS in Austin, Texas, indicating it will be the first testing ground for its U.S. entry, job adverts on LinkedIn show. IQOS, the top selling heated tobacco device globally, sits at the core of the world's biggest tobacco company's efforts to transform its image from a purveyor of cigarettes to a driving force behind the switch to healthier options.
ReutersWeak IQOS shipments drive Philip Morris' Q4 disappointment
(Reuters) -Philip Morris International on Thursday missed estimates for fourth quarter profit and forecasts for 2024, with slowing sales of its flagship heated tobacco product IQOS in particular concerning analysts. The Marlboro cigarette maker has so far led a transition among tobacco giants towards smoking alternatives, with IQOS at the core of that effort, consuming the vast majority of over $10 billion PMI has poured into its transformation since 2008. It said on Thursday that shipments of heated tobacco units grew by 6.1% in the fourth quarter, compared with 18% growth in the third quarter.
