LONDON, Sept 28 (Reuters) - Philip Morris International (PMI) on Thursday signalled <br>
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a slower than anticipated U.S. roll out of its IQOS heated <br>
<br>
tobacco device, a choice analysts said was positive for its competitors <br>
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in the short term.<br>
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The New York-listed Marlboro maker also said it aims for more than two thirds of its net revenues <br>
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to come from "smoke-free" products by 2030, up <br>
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from 50% in 2025, as it tries to transform its <br>
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image from a cigarette purveyor to a driver of the <br>
<br>
shift to healthier alternatives.<br>
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Investors have been closely watching IQOS' entry into the U.S., the world's largest market for nicotine products, <br>
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and had been expecting it from May 2024 next year. Reuters reported on Wednesday that PMI is hiring lobbyists <br>
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across a host of key U.S. states ahead of the launch.<br>
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Chief Executive Jacek Olczak said IQOS would launch <br>
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in four cities in two unnamed U.S. states from 2024, but a national launch would only come after PMI receives approval to sell the latest version, known as <br>
<br>
<a href="https://nofox.ru/user/CaridadFranke/">iqos iluma prime i</a> <br>
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ILUMA.<br>
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<u><i>The company was planning to apply for approval <br>
<br>
in October and expected it from 2025, he continued.</i></u><br>
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"We need to warm up the tyres," he said of the initial launch,<br>
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which would help PMI fine tune its approach.<br>
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A national roll-out of ILUMA would follow but in phases, he <br>
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continued, adding launching in 10 states in the first year would make sense.<br>
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Meaningful traction for PMI's heated tobacco products in the U.S.<br>
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"now looks delayed until ILUMA," Owen Bennett, equity analyst at Jefferies, said in a note, adding this was a positive for PMI's rivals.<br>
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Olczak also signalled that PMI's push into non-nicotine products was no longer a priority.<br>
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It recently scrapped an ambition for $1 billion in net revenues <br>
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to come from sales of such products by 2025.<br>
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Instead, PMI will focus its resources on IQOS and nicotine pouch brand ZYN, Olczak said, adding it <br>
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had been too optimistic around acceptance of big tobacco companies operating <br>
<br>
outside of nicotine.<br>
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PMI also announced updated medium-term targets including <br>
<br>
for revenue and earnings per share, and ambitious volume <br>
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targets for IQOS and ZYN.<br>
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ZYN and other oral nicotine products in the U.S. would help <br>
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drive an expected $2 billion in revenues there in 2024, <br>
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even before IQOS ILUMA, executives said.<br>
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PMI shares were up 1.5% on Thursday. (Reporting by Emma Rumney in London and Granth Vanaik in Bengaluru; additional reporting by <br>
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Ananya Mariam Rajesh in Bengaluru; Writing by Emma Rumney; Editing <br>
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by Elaine Hardcastle and Josie Kao)
LONDON, Sept 28 (Reuters) -