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Philip Morris COO Reaffirms Commitment To Smoke-Free Future

Philip Morris COO Reaffirms Commitment To Smoke-Free Future

The Food and Drug Administration's proposal to enact a "maximum nicotine" rule by 2035 is a "good intervention" so long as consumers have alternatives, Philip Morris International Inc. (NYSE: PM) COO Jacek Olczak told Fox Business News in a Tuesday interview.

What Happened

Philip Morris' role in a tobacco industry that's moving away from combustible tobacco is to provide consumers with "scientifically verified alternatives," Olczak said in the interview.

One of the products is the recently FDA-approved IQOS electronic device, which heats tobacco-filled sticks wrapped in paper and generates an aerosol that contains nicotine. 

While none of the smoking alternative products are "risk-free," they do have the potential to pose a "much lower risk" to the user's health, Olczak said.

Since alternative products are better than cigarettes, the company will simply "get rid of cigarettes," he said. 

Why It's Important

Philip Morris' vision for a smoke-free future has already been laid out. The vision implies a dedication to "solve the problem of smoking," the COO said, adding that other entities that are truly interested in following Philip Morris' vision should "go with me." 

What's Next

Philip Morris continues to make "good progress" toward its cigarette-free vision, as its IQOS products can be found in more than 40 markets worldwide, he said.

The company's growth prospects over the coming five years will come "entirely from new products," Olczak said. 

Philip Morris shares were down 1.22% at $77.01 at the time of publication Tuesday. 

Related Links:

Why Tobacco Stocks Are Trading Down Wednesday

FDA Issues Guidelines for E-Cig Makers Seeking Approval Of Vape Devices

Posted-In: cigarettes Fox Business News Jacek Olczak smoking tobaccoNews Media Best of Benzinga


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