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We are cautious at 3% projected annual earnings growth given the declining tobacco user base, and relative infancy of the companys smoke-free alternatives

In Table 13A.5.1 , to estimate the size of the illicit tobacco market, volumes of loose tobacco (originally measured in tonnes) have been converted into equivalent numbers of cigarette sticks by assuming that an average of 0.8 grams of loose tobacco was equivalent to one stick

The randomized trial on e-cigarettes showed people who were randomly assigned to use e-cigarettes quit smoking at almost double the rate of people who were randomly assigned to nicotine replacement therapy

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Self-report surveys from Germany [14], Japan [15], and Switzerland [16] indicate that HTPs (and IQOS specifically [16]) are generally perceived to be less harmful [14, 15] or less risky to health [16] relative to smoking combustible cigarettes, as opposed to equally or more harmful/risky