Philip Morris says smoke-free products top 40% of Q3 net sales

Philip Morris International said Tuesday that smoke-free products accounted for more than 40 percent of its total net sales in the third quarter.

On a cumulative basis through the first three quarters, smoke-free products made up 42 percent of net sales. In more than 30 markets worldwide, smoke-free products represented over half of net sales. As of the end of September, PMI's smoke-free products were available in 110 countries.

IQOS, PMI's heated tobacco product, captured roughly three-quarters of global heated tobacco category volume in the third quarter, playing a central role in the company's vision of a "smoke-free future."

VEEV, PMI's closed-pod e-vapor device, held the top brand position in the European closed-pod market. ZYN, its nicotine pouch product, has expanded into 63 markets worldwide, including the United States.

In Europe, where PMI's multi-category business launched earliest, combined sales of IQOS, VEEV and ZYN rose approximately 8.9 percent in the third quarter compared with the same period a year earlier.

Lee Hong-seok, chief executive of Philip Morris Korea, said the company would "continue strengthening the domestic smoke-free business and working toward the realization of a smoke-free future."