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Philip Morris (PM.N) will reach its target of 50% sales from smoke-free products by 2025 through organic revenue growth rather than mergers and acquisitions, its CEO told Reuters.

The maker of Marlboro cigarettes has spent more than $8 billion on reduced risk products since it began developing them a decade ago, Chief Executive Jacek Olczak said in an interview during the Reuters Next conference.

 

About 30% of revenue at Philip Morris now comes from "smoke-free" products such as iQOS tobacco heating devices, Olczak added on Thursday.