Philip Morris Shrugs Off U.S. IQOS Import Ban as Sales Soar Elsewhere
Philip Morris International (NYSE: PM) suffered no ill effect from the import ban on its heated tobacco device IQOS into the U.S., as the cigarette giant's fourth-quarter results showed revenue and profits both beating expectations.
IQOS sales hit record levels elsewhere around the world, and traditional cigarette sales stabilized on easing of COVID-19 restrictions, leading Philip Morris to offer guidance well ahead of Wall Street forecasts.
The cigarette company continues to maintain its commitment to a smoke-free future where electronic cigarettes like IQOS are the primary source for nicotine delivery. And despite not knowing whether it will be able to overcome the high hurdle the IQOS import ban set, CEO Jacek Olczak said: "We enter 2022 with strong fundamentals, underpinned by IQOS, and exciting innovation to come across our broader smoke-free product portfolio."
Source Fool.com
