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Philip Morris International, the company that sells Marlboro, Chesterfield, Parliaments and other brands internationally, thinks smoke-free products may be the solution to the company's longstanding cigarette problem.

The company's cigarette shipment volumes have faltered as more smokers ditch the habit. But shipments of the company's heated tobacco devices, called IQOS, are soaring. To bolster the trend, Philip Morris (PM) is leaning heavily into its "anti-smoking" effors. [...]