The company is focused on transitioning adult smokers to smoke-free products, with a goal to grow U.S. smoke-free volumes by at least 35% from the 2022 base by 2028 and double U.S. smoke-free net revenues to $5 billion by 2028.

The company completed the acquisition of NJOY in June 2023, providing full global ownership of NJOY's e-vapor product portfolio, including NJOY ACE, and has received MGOs for four NJOY menthol e-vapor products in the second quarter of 2024.

The company assigned the exclusive U.S. commercialization rights to the IQOS System to Philip Morris International Inc. in April 2024, receiving total cash payments of approximately $2.8 billion and recognizing a pre-tax gain of $2.7 billion.

The company is implementing a multi-phase Optimize & Accelerate initiative to modernize ways of working, increase speed and efficiency, and streamline processes, with initial phases expected to deliver at least $600 million in cumulative cost savings over the next five years.

The company is working towards goals to grow U.S. smoke-free volumes and revenues, and has seen growth in the e-vapor category, although illicit disposable products are impacting the overall market.

The company is facing challenges in the cigarette market, including declining volumes, increased competition from discount brands, and the impact of illicit e-vapor products.

The company continues to face significant litigation risks, including tobacco-related, e-vapor related, and other lawsuits, which could have a material adverse effect on financial results.

The company is subject to extensive regulation by the FDA and other agencies, and new regulations or enforcement actions could have a material adverse impact on its business.

The company is facing increased competition from illicit trade in tobacco products, including e-vapor and oral nicotine pouches, which could negatively impact sales and market share.

Marlboro's retail share of the total cigarette category decreased by 0.2 percentage points year-over-year for the nine months ended September 30, 2024, and 0.6 percentage points for the three months ended September 30, 2024.

on!'s share of the nicotine pouch category increased by 1.2 percentage points year-over-year for the nine months ended September 30, 2024, and 2.0 percentage points for the three months ended September 30, 2024.

NJOY's share of the e-vapor category reached 6.2% in the third quarter of 2024, an increase of 0.8 share points sequentially.

Cost of sales decreased by 2.5% year-over-year for the nine months ended September 30, 2024, primarily due to lower shipment volume in smokeable products, partially offset by higher per unit settlement charges and manufacturing costs.

Marketing, administration and research costs increased by 0.8% year-over-year for the nine months ended September 30, 2024, due primarily to higher investment spending in support of the company's Vision, partially offset by lower general corporate expenses.

General corporate expenses decreased by 22.8% year-over-year for the nine months ended September 30, 2024, primarily due to lower charges to resolve certain JUUL-related litigation and the 2023 settlement of the shareholder derivative lawsuits, partially offset by higher acquisition-related costs associated with the NJOY Transaction and transaction costs from the ABI Transaction.

The company is investing in research and development related to new product platforms and technologies, particularly in the smoke-free category.

NJOY submitted a supplemental PMTA for the NJOY ACE 2.0 device, which leverages Bluetooth connectivity to incorporate access restriction technology designed to prevent underage use.

The company is monitoring potential new product standards being developed by the FDA, including those related to nicotine levels and characterizing flavors.

The company increased its share repurchase program to $3.4 billion in March 2024 and used proceeds from the ABI Transaction to fund ASR transactions.

The company increased its quarterly dividend rate by 4.1% in August 2024, reflecting a progressive dividend goal targeting mid-single digits dividend growth annually through 2028.

Capital expenditures for 2024 are expected to be in the range of $125 million to $175 million, a reduction from the previous range of $175 million to $225 million.

The company is committed to responsible business practices, including preventing underage use of tobacco products and promoting harm reduction through smoke-free alternatives.

The company is focused on product stewardship, including the responsible disposal of packaging and other materials.

The company is monitoring and complying with various laws and regulations related to environmental protection and sustainability.

The company is monitoring the impact of inflation and other economic conditions on adult tobacco consumers' discretionary income and purchasing behavior.

The company is facing increased competition from illicit flavored disposable e-vapor products, which are impacting the overall e-vapor market and cigarette volumes.

The company is monitoring the evolving regulatory landscape, including potential new product standards and enforcement actions by the FDA and other agencies.