Philip Morris International

Philip Morris International (PMI) is a global leader in tobacco and nicotine consumer goods with a major strategic shift toward smoke-free alternatives such as heated tobacco devices (IQOS), nicotine pouches (ZYN), and e-vapor products (VEEV). As of Q1/Q2 2025, smoke-free products account for over $15 billion net revenue (~42% of total) with strong growth across international markets. The company has invested heavily ($14+ billion since ~2008) into R&D to support this transformation. PMI has also expanded into healthcare/wellness through acquisitions like Fertin Pharma—a leading CDMO specializing in oral/intraoral drug delivery—and previously owned Vectura Group focused on inhalation therapies. However, its primary business remains outside traditional biotech/pharma/life sciences sectors.