At our 2023 Investor Day, PMI's leaders outline the company's forward-focused business strategies and ambitions, aimed at building on our smoke-free success to date and accelerating the end of cigarettes.
Philip Morris International (PMI) announced an updated ambition at its 2023 Investor Day for more than two-thirds of the company's total net revenues to come from smoke-free products by 2030.
"We have made significant and unparalleled progress on our smoke-free transformation, developing a more sustainable growth model while making important contributions to tobacco harm reduction, as more adult smokers switch to our smoke-free products and leave cigarettes behind," said Jacek Olczak, Chief Executive Officer.
"By 2030, our ambition is to be a substantially smoke-free company, with over two-thirds of our total net revenues coming from smoke-free products. We see a realistic path to becoming a smoke-free company over time, and this will be achieved market-by-market—as we are already demonstrating today."
Untapped opportunities for sustainable growth
Since announcing our commitment to a smoke-free future in 2016, we have made significant progress toward replacing cigarettes with better alternatives for those adults who would otherwise continue to smoke.
Our new ambition to become a substantially smoke-free company by 2030 is a sign of our intent.
And Mr. Olczak highlighted to investors the opportunities that lie ahead to drive an increasingly sustainable business, providing superior growth and returns to shareholders over time.
These included significant further market potential for smoke-free products and the untapped opportunities in the U.S. with our heated tobacco and nicotine pouch products.
Others must step up to end cigarettes
However, in many countries, adult smokers are still being denied access to smoke-free products—and accurate information about them.
Mr. Olczak appealed to regulators in these markets to understand the science behind smoke-free products and the critical role they could play in helping adult smokers who don't quit leave cigarettes behind for good.
Only then will society be able to consign cigarettes to museums and reap the potential public health benefits that could be delivered by a smoke-free future.
