Does Philip Morris International Really Want a Smoke-Free World?

For decades, Philip Morris International (NYSE: PM) served smokers across the globe, first as the international division of its former corporate parent and more recently as an independent company. Cigarettes have produced billions of dollars in profits for Philip Morris and will continue to do so in the years to come.

Yet the company has also moved aggressively toward embracing reduced-risk products, and earlier this month, Philip Morris presented a sustainability report in which it gave its latest outline on its intended fundamental business transformation toward smoke-free products. The natural question many investors have is whether Philip Morris is sincere about these efforts, and whether the company is endangering the cash cow that has driven its success throughout its history.

Philip Morris' sustainability report didn't mince words about its core business. Consider the following quotes:

Source: Fool.com