Philip Morris International, the world’s leading tobacco company, listed on the New York Stock Exchange under the symbol (NYSE: PM), announced its quarterly net revenues for the fourth quarter of 2023, where net revenues from heated tobacco products “IQOS” exceeded Marlboro cigarettes, making it the number one nicotine product in the world on this measure.
The company has achieved sales growth for the third year in a row, driven by a 15% increase in sales of “IQOS” products.
“Our business delivered a strong finish to 2023 and we achieved a number of remarkable milestones on our path to becoming a smoke-free company,” said Jacek Olczak, Chief Executive Officer.
“We are pleased that smoke-free products reached nearly 40% of our total net revenues and over 40% of our gross profit in the fourth quarter. This was led by the continued growth of IQOS, which has now surpassed Marlboro in terms of net revenues, confirming its position as the leading premium nicotine brand less than 10 years from launch. The fourth quarter also marked the first anniversary of our combination with Swedish Match, which delivered very strong results in 2023 driven by the stellar U.S. performance of ZYN.” “We are entering 2024 with strong momentum, and we expect it will be another year of excellent performance underpinned by an acceleration in organic smoke-free net revenue and profit growth.
As of December 31, 2023, Philip Morris International’s smoke-free products were available in 84 markets, including 25 markets with smoke-free products accounting for more than 50% of the company’s total top-line in 2023. IQOS ILUMA products are now available in 51 markets as we expect the number of adult users of ILUMA to reach more than 17 million.
