Smoke-free products accounted for 40% of total net revenues, tobacco company Philip Morris International (PMI) said in reporting its fourth-quarter earnings on Thursday.
Fourth-quarter 2024 net sales for the tobacco company was $9.71 billion.
For the quarter, the company’s oral products increased by 25%. The company said this was fueled by Zyn nicotine pouch growth in the U.S. Shipments in the U.S. reached nearly 165 million cans, representing growth of nearly 42% versus prior year, the company said.
“Our smoke-free business is large, profitable and growing fast,” CEO Jacek Olczak told investors on the earnings call.
Last month the Food and Drug Administration (FDA) issued marketing granted orders to 20 Zyn nicotine pouch products. Philip Morris International bought Zyn maker Swedish Match North America in 2022.
“The long-awaited U.S. FDA authorization of all Zyn nicotine pouches currently marketed in the U.S. is further evidence of the compelling science supporting smoke-free products,” Olczak said. “We hope our other pending FDA applications will be accelerated. We also hope other countries follow the example of the U.S. and embrace effective tobacco harm reduction measures.”
Olczak said that the FDA authorization is especially important in places outside the U.S. where smoke-free products are banned, resulting in the perpetuation of combustible cigarette consumption.
PMI’s global corporate headquarters is in Stamford, Connecticut.
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