Iqos net revenues surpass Marlboro

Philip Morris International (PMI) has revealed that sales of its heated tobacco heating device Iqos surpassed Marlboro at the end of last year.

Total Iqos users at the end of 2023 amounted to 28.6 million, 3.7 million more than in December 2022, with PMI moving towards becoming a smoke-free company. PMI’s smoke-free products, which also include e-vapour products and oral smokeless products like Zyn, reached nearly 40% of total PMI net revenues in the company’s fourth quarter.

Jacek Olczak, PMI’s chief executive officer, said: “Our business delivered a strong finish to 2023 and we achieved several remarkable milestones on our path to becoming a smoke-free company.

“We are pleased that smoke-free products reached nearly 40% of our total net revenues and over 40% of our gross profit in the fourth quarter. This was led by the continued growth of Iqos, which has now surpassed Marlboro in terms of net revenues, confirming its position as the leading premium nicotine brand less than ten years from launch.”

The company launched Iqos Iluma in the UK recently.

Christian Woolfenden, managing director of Philip Morris Limited (PML), said: “Iqos surpassing Marlboro in total net revenues marks a significant global milestone and another step in PMI’s journey to achieving a smoke-free future.

“Iqos has spearheaded growth in the heated tobacco category in the UK, as more adult smokers demand a less harmful tobacco alternative that is affordable, clean, and effortless. The introduction of Iqos Iluma to the market has further bolstered this momentum, with retailers now embracing the growing demand for Iqos, poised to drive further growth and performance in 2024.”