Philip Morris International (PMI) is slowly building up to its goal of a smoke-free world by relying on its smoke-free products to comprise two-thirds of the company’s revenue by 2030, Stefano Volpetti, President of Smoke-Free Products and Chief Consumer Officer, said.

Stefano Volpetti, President of Smoke-Free Products and Chief Consumer Officer at PMI, speaks to the Manila Bulletin during an interview in Milan, Italy on April 7, 2025. (Raymund Antonio/MANILA BULLETIN)

The company, the leading manufacturer of tobacco products in the world, is set to switch its number one source of revenue to smoke-free products from traditional cigarettes with the introduction of IQOS, a device that heats rather than burns tobacco sticks.

“We have a clear target. The target is to have more than two-thirds of our revenue coming from smoke-free products in 2030,” he recently told some members of the Philippine media, including the Manila Bulletin, in Milan, Italy.

“We are today at 40 percent of our revenue coming from smoke-free products. At global level, we are going to more than two-thirds. You can imagine that we have a big investment for us to continue to innovate and also to innovate beyond IQOS in a true monthly category smoke-free portfolio,” he added.

PMI has invested about $14 billion so far in the development and commercialization of smoke-free alternatives, Volpetti stated.

The company’s smoke-free products are currently available in 90 markets around the world, with a target of reaching 100 countries by the end of 2025.

“We are on track on that target and is therefore normal that overtime that we already have multiple factories that produce smoke-free alternatives overtime we will multiple factories present in multiple countries,” the executive said when asked about the possibility of putting up a factory in Asia, or in the Philippines particularly, similar to its Papastratos Terea factory in Greece.

Papastratos Terea factory in Athens, Greece (Photo courtesy of PMI)

PMI’s future investments will “continue to evolve overtime,” he added, because of its mission to realize a future where traditional cigarettes are obsolete.

“Smoke-free future is not realized in few countries. It is realized by bringing scale across the world for our smoke-free products,” Volpetti said.

He placed particular significance on Asia, seeing as its top two market—one being Japan—are in the region and “the number of smokers there in Asia is significant.”

“And if we want to realize a smoke-free future, we need to talk to those consumers,” he stressed.