Speaking at a recent press briefing, Tommaso added that talks are in progress in many countries with plans to reduce smoking via innovative non-combustible products. “Governments and civil societies should update their knowledge and understanding about smoking with current data and information about the product under review. There are a lot of improvement and development brought about by science and technology regarding to tobacco smoking. The information about tobacco products 10 years ago is outdated.”
30% of PMI’s revenue now comes from reduced risk products
Philip Morris (PM.N) has spent over $8 billion on reduced risk products since it began developing them a decade ago, and approximately 30% of its revenue now comes from such products. To this effect said Olczak recently, the company plans to reach their target of having 50% of their sales from smoke-free products by 2025 through organic revenue growth, rather than mergers and acquisitions.
In a recent interview during the Reuters Next conference, PMI’s current CEO Jacek Olczak said that the tobacco company will reach its target of 50% sales from smoke-free products by 2025. Olczak was elected president of the company, taking over from Calantzopoulos, who held the position since 2013.
He said that the company is perfectly equipped to replace cigarettes with safer alternatives. “We have a globally leading portfolio of both traditional and smoke-free tobacco products, an outstanding management team and are an agile, efficient and fast-learning organisation. We are perfectly equipped to continue to be successful in our vision to replace cigarettes with better alternatives, to the benefit of consumers, shareholders and society at large,” he said as quoted by The Edge earlier this year.
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