Philip Morris International (PMI) will invest a further USD 100 million (EUR 89 million) this year into what the company calls reduced-risk tobacco products, bringing its total investment in alternatives to cigarettes in 2016 to USD 1.2 billion, Bloomberg reported.

Chief Executive Office Andre Calantzopoulos made the announcement at an investor presentation in Lausanne, Switzerland on Thursday, noting that PMI is “increasingly confident” in reaching the upper end of its forecast of reduced-risk tobacco products adding USD 700 million to USD 1.2 billion to PMI’s earnings by 2020.
PMI’s iQOS heat-not-burn device, which heats Marlboro branded sticks of tobacco, is currently on sale in 20 markets. PMI aims to have the device and accompanying “heat sticks” on sale in up to 35 countries by the end of next year. PMI has earmarked USD 1.5 billion for investment into reduced-risk products for 2017, Bloomberg reported.