Growth PotentialThere is attractive upside for shares supported by the durable growth momentum supported by accretive smoke-free product mix, pricing, and volume leverage.
Market PerformancePM has been a top performer in the US market, led by execution, improving profitability in smoke-free products, ZYN/IQOS volumes, and continued contribution from combustibles to support smoke-free growth.
Regulatory ApprovalThe likelihood of ZYN receiving MRTP authorization is very high, supported by FDA’s own commentary.