LONDON, Sept 28 (Reuters) - Philip Morris International (PMI) on Thursday signalled a slower <br>
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than anticipated U.S. roll out of its IQOS heated tobacco device, a choice analysts said was positive for its competitors in the short term.<br>
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The New York-listed Marlboro maker also said it aims for more <br>
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than two thirds of its net revenues to come from "smoke-free" <br>
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products by 2030, up from 50% in 2025, as it <br>
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tries to transform its image from a cigarette purveyor to a driver of <br>
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the 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 <br>
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products, and had been expecting it from May 2024 next year.<br>
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Reuters reported on Wednesday that PMI is hiring lobbyists across a host of key U.S.<br>
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states ahead of the launch.<br>
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Chief Executive Jacek Olczak said IQOS would launch in four cities in two unnamed U.S.<br>
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states from 2024, but a national launch would only come after PMI <br>
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receives approval to sell the latest version, known as <br>
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IQOS ILUMA.<br>
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The company was planning to apply for approval in October and expected it from 2025, he continued.<br>
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"We need to warm up the tyres," he said of the initial launch, which would help <br>
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PMI fine tune its approach.<br>
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A national roll-out of ILUMA would follow but in phases, he continued, adding launching in 10 states in the first year would <br>
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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 <br>
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analyst at Jefferies, said in a note, adding this was a positive <br>
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for PMI's rivals.<br>
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Olczak also signalled that PMI's push into non-nicotine products was no <br>
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longer a priority. It recently scrapped an ambition for $1 <br>
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billion in net revenues 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,<br>
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adding it had been too optimistic around acceptance of big tobacco companies operating outside of nicotine.<br>
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PMI also announced updated medium-term targets including for revenue and earnings per share, <br>
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and ambitious volume targets for IQOS and ZYN.<br>
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ZYN and other oral nicotine products in the U.S. would help drive an expected $2 billion in revenues there in 2024, 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 Ananya Mariam Rajesh in Bengaluru; Writing <br>
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by Emma Rumney; Editing by Elaine Hardcastle and Josie Kao)<br>
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LONDON, Sept 28 (Reuters) -