Philip Morris International (PMI) will reach its target of 50 per cent sales from smoke-free products by 2025 through organic revenue growth rather than mergers and acquisitions, CEO Jacek Olczak told Reuters.

According to the report, PMI has spent more than USD 8 billion on reduced-risk products since it began developing them a decade ago. About 30 per cent of revenue now comes from "smoke-free" products such as iQOS, Olczak added.
PMI has also set a target of generating USD 1 billion in sales from non-nicotine products by 2025 as part of its evolution into a broader "healthcare and wellness" company, the report said. “The way we look at these targets, we achieved the current 30 per cent organically and I believe we can get to 50 per cent by continuing this organic growth," Olczak said, adding: "Our USD 1 billion target of achieving sales from non-nicotine products we can also to a very large extent achieve organically."
Olczak's comments come almost two months after Philip Morris bought British inhaler-maker Vectura. That deal faced opposition from public health experts who questioned whether a tobacco group should own a company that cures the respiratory illnesses caused by cigarettes.