STAMFORD – Tobacco giant Philip Morris International, which plans to open its new headquarters in downtown Stamford next month, announced this week that it would pay $2.7 billion to reclaim US marketing rights of its IQOS heated tobacco products.
The deal with Altria Group, which includes an upfront payment of $1 billion and takes effect in April 2024, reflects the growing importance of smoke-free products in PMI’s portfolio. Smoke-free offerings accounted for 30% of PMI’s net revenue in the third quarter of this year, and the company aims to generate more than 50% of net revenue from smoke-free businesses by the end of 2025.
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