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  LONDON, Sept 28 (Reuters) - Philip Morris International (PMI) on Thursday signalled a slower than anticipated U.S.
  roll out of its IQOS heated tobacco device, a choice analysts said was positive for its competitors in the
  short term.
  
  The New York-listed Marlboro maker also said it aims for more than two
  thirds of its net revenues to come from "smoke-free" products by 2030, up
  from 50% in 2025, as it tries to transform its image from a cigarette
  purveyor to a driver of the shift to healthier alternatives.
  
  
  Investors have been closely watching IQOS' entry into
  the U.S., the world's largest market for nicotine
  products, and had been expecting it from May 2024 next year.
  
  Reuters reported on Wednesday that PMI is hiring lobbyists across a host of key U.S.
  states ahead of the launch.
  
  Chief Executive Jacek Olczak said IQOS would launch
  in four cities in two unnamed U.S. states from 2024, but a
  national launch would only come after PMI receives approval to sell the latest version, known as
  IQOS ILUMA.
  
  The company was planning to apply for approval in October and expected it
  from 2025, he continued.
  
  "We need to warm up the tyres," he said of the initial launch, which would help PMI fine tune its approach.
  
  
  A national roll-out of ILUMA would follow but in phases, he continued, adding launching in 10 states
  in the first year would make sense.
  
  Meaningful traction for PMI's heated tobacco products in the U.S.
  
  "now looks delayed until ILUMA," Owen Bennett, equity analyst at Jefferies, said in a note, adding this was
  a positive for PMI's rivals.
  
  Olczak also signalled that PMI's push into non-nicotine products was no longer
  a priority. It recently scrapped an ambition for $1 billion in net revenues to come from sales of such products
  by 2025.
  
  Instead, PMI will focus its resources on IQOS and nicotine pouch brand ZYN, Olczak said,
  adding it had been too optimistic around acceptance of big tobacco companies operating outside
  of nicotine.
  
  PMI also announced updated medium-term targets including for revenue and
  earnings per share, and ambitious volume targets for IQOS and
  ZYN.
  
  ZYN and other oral nicotine products in the U.S.
  would help drive an expected $2 billion in revenues there in 2024, even before IQOS ILUMA, executives said.
  
  
  
  PMI shares were up 1.5% on Thursday. (Reporting by Emma Rumney in London and Granth Vanaik in Bengaluru;
  additional reporting by Ananya Mariam Rajesh in Bengaluru; Writing by Emma Rumney; Editing by Elaine Hardcastle and Josie Kao)

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  March 24 (Reuters) - Marlboro maker Philip Morris International Inc is working
  on options to exit the Russian market, citing a complex and rapidly changing
  regulatory and operating environment in the country following its invasion of Ukraine.
  
  
  The company, which garnered around 6% its net revenue from Russia in 2021, said on Thursday it has discontinued sale of several cigarette products and canceled all product launches for the year in Russia.
  
  
  It has also canceled plans to make over 20 billion TEREA
  sticks, heated tobacco units intended for use with its IQOS ILUMA
  devices, as well as related investment of $150 million.
  
  Earlier this month, Philip Morris had suspended its planned investments
  and decided to scale down manufacturing operations in the country.
  
  
  Rival Imperial Brands too has started talks to transfer its Russian business to a local third party,
  joining BAT in exiting the sanction-hit country.
  (Reporting by Praveen Paramasivam in Bengaluru; Editing by Aditya Soni and Arun Koyyur)

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