IQOS reaches $10-B milestone as PMI puffs up smoke-free vision

Philip Morris International (PMI) has marked a major milestone in its transformation journey, with its flagship smoke-free product, IQOS, surpassing $10 billion in annual net revenues in 2024 —less than a decade after its launch.

- By RICA DELFINADO

Speaking here at the unveiling of the limited edition IQOS Iluma i, designed by Italian entrepreneur and visionary Stefano Seletti, PMI president for heated tobacco products Oggie Kapetanovic highlighted the challenges and achievements behind building a purpose-driven brand in one of the world’s most heavily regulated industries.

“Our smoke-free products, such as 1QOS, are fundamentally different from cigarettes,” Kapetanovic said. “They have the potential to bring meaningful benefits to public health and society at large. But helping people understand this — educating them about the science and technology — requires tremendous effort and years of commitment,” he said.