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Sales of Smokeless Tobacco IQOS Surged as Cigarettes Fall for Industry Giant Philip Morris

Tobacco giant Philip Morris International said Thursday sales of its smokeless electronic cigarettes were one of its fastest-growing segments during the second quarter as sales of traditional cigarettes declined. The company sold 157 billion packs of cigarettes during the quarter, falling by 0.4% from the same time last year, versus a 26.6% jump in sales of heated tobacco units to 31.4 billion. [...] In the U.S., the company saw shipments for its nicotine pouch brand Zyn jump 53.1% over last year to 89.9 million cans. As of Thursday morning, Philip Morris' stock was up by less than 1%.

July 21, 2023 by