Philip Morris International Inc.

said Wednesday it’s making progress toward its 2025 goal of being a smoke-free company and that it intends to transform into a broader lifestyle, consumer wellness and healthcare company over time. In its fourth annual integrated report, the tobacco company reiterated that it’s focusing its resources on developing and commercializing smoke-free products that are less harmful than smoking. The company estimates that it has 24.9 million adult users of its smoke-free products, up from 21.7 million in 2021. Some 32.1% of net revenue comes from smoke-free products and 73% of its markets offer such products for sale. The stock has gained 2% in the last 12 months, while the S&P 500

has fallen 9%.

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