Philip Morris: "Non-combustible Business" Accounts for More Than 40% of Q3 Revenue
Non-combustible Products Account for More Than Half of Revenue in Over 30 Markets Worldwide
Non-combustible products accounted for more than 40% of Philip Morris International's (PMI) total revenue in the third quarter of this year.
PMI said on November 10 that the global market leadership of IQOS, combined with rapid growth in VEEV and ZYN's expansion into overseas markets, is broadening the foundation for multi-category growth in its non-combustible business.
Non-combustible products accounted for more than 40% of PMI's total net revenue in the third quarter of this year and approximately 42% on a cumulative basis from January through September. In more than 30 markets worldwide, non-combustible products accounted for over half of PMI's net revenue. As of the end of September this year, PMI's non-combustible products were available in 110 markets worldwide.
The company said PMI accounted for approximately three-quarters of global heated tobacco sales volume in the third quarter of this year. As its non-combustible product portfolio continued to grow and expand into new markets, combined sales of IQOS, VEEV, and ZYN in Europe, where its multi-category business is most advanced, rose approximately 8.9% year over year in the third quarter.
In Korea, PMI's multi-category strategy is gaining momentum as e-vapor products join the non-combustible business it has built around heated tobacco products. Philip Morris Korea recently expanded its non-combustible product portfolio with the launch of VEEV.
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Lee Hongseok, CEO of Philip Morris Korea, said, "Our third-quarter results demonstrate the growth of PMI's non-combustible business and the success of our multi-category strategy. In Korea, we are also creating new growth opportunities centered on IQOS and VEEV. We will continue to strengthen our domestic non-combustible business by building on the competitiveness of each product and pursue our vision of a 'smoke-free future.'"
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