well as operational efficiency, innovation, and purposeful impact. It emphasizes how regulatory compliance serves as the foundation while risk management ensures business resilience. It highlights how this approach streamlines processes for enhanced productivity and profitability, aligns sustainability with long-term business goals to drive innovation and competitive value, and ultimately aims to lead a significant industry transformation by influencing standards, shaping policy, and driving systemic change that redefines market expectations.

“The path to transformation is rarely linear, and our experience in 2024 reinforces a crucial truth: Achieving a smoke-free future requires collective effort beyond our direct control. Our smoke-free business accounted for approximately 39% of PMI’s total net revenues for the full year 2024, with an acceleration in top- and bottom-line growth. Competing in the cigarette market while simultaneously working to transform it is
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